New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-08-24

Friday, Aug 23-p. IN.

There is no panic, nor any signs OF one III uiie
s+ocl, market Neither is there even an ahAley
or uncasiness among the large holders OIL sc.
curities But there is a curious combination VI
circumstances which is greatly aeltaune thao "rsc
class of SPECTATORS who own no securities anu
have no occasion to borrow money-eAccpO !"
pay differences. They so worked up over inc
refusal of Secretary Window TO accept pohus ~
the owners asking prices that their VISION taxes
in a monetary crisis. The Western railway sltua-
ton. notwithstanding reported gains IN earnings
is TO them black with National disasters. Ana 81
from purely philanthropic purposes they nave
largely increased their already large lines o.
" shorts" only so as to be in position to sustain
the market and let the drop be gradual lor the
poor holders of stocks who are not BORROWING
cent. - ....,.o,
is here: but il did not come naturally nor without
some manipulatlon The two National banks
allies eitl.er directly as lenders, OF the GoTern-
ment bond syndicate-who for three weeks nae
strVen TO mark their rates up are wei Known.
IL is also we'll understood that the object Is not
q higher rate of interest but TO create q puphc
demand upon the Treasury to come 70 ine relel
of the merchants-namey buy their bonds al
100 instead of l28. The philanthropo banker
who goes about wrnging his hands and bewaliinS
the distress of the merchants because the Secretary
will not buy bonds never thinks that his sales
at 1873 would relieve the distress = generally
lust as much as if he got ] 30 Nor does III occur
TO him that % for United States As, unc IN
1907 is the highest price security IN the world
The present rate for money. however, is bringing
to the Treasury bonds other than those belonging
TO the syndicate Yesterday and to-
$3.50 bonds at face value, or to
over 81 300, 600 cash. AT this rate of purchas
ing the Treasury disbursements will keep pace
with the autumn demand for money, and the syn
dicate may see the Government price reduced to
1877 or l26. The syndicates bonds were pur
chased to sell TO the Government. and there is
no other purchaser for them at the ruling figures.
Next to the cry of tight money I'VE pm our
faith to the ncompetency or something else OF the
Western railroad managers We expect that the
big lines controlling from l 900 TO 5000 miles
Of road. will follow the lead of Burlington and
Northern 1860 miles, acting solely under the d.
rectiOn of THE Burlington and Quincy. and carry
freight for nothing when they have not the ca
pacty. and we expect that Judge Cooley, OF the
Interstate Commerce Commission, Will continue TO
talk instead of act-will, for the ftieth time, tell
the managers they are breaking the law, instead
Of attempting to enforce it by bringing the guilty
parties into court We trust that Judge Cooley
is not responsible for much of the talk put into
his mouth, and we have SO little faith in Chicago
railroad reports that we do not believe ne is.
But it is the abundant talk of the commission
and its non-actiOn that are making the commission
a laughing stock" Notwithstanding that
ing stock-jobbing Chicago article saying that the
earnings of the roads would be reduced 10 per cent
we venture to predict that the fourth week in
August will give an incx,se in earnings for nearly
all the Western roads.
even the - bears TO swallow. Otherwise they
would have been justified in selling all they could
within 0 per cent of market prices, knowing that
the notification Of it would rapidly open all the
strong boxes in Europe and America On the
other hand, their attacks prices were feeble
and spasmodic, and evidently made with the
intent of purchasing and not to increase the short
lines. dozen CT more of just such markets as
those of the last three days have been witnessed
during the last twelve months. But il is the first
time that we have seen holders Of Government
bonds work for high rates for money 10 increase
the value Of their bonds The position is unique
TO expect that a higher rate for money would
induce the Government to discount its debt at a
lower rate. Io-day's market was less active than
that of yesterday with final prices little changed
some little higher and some little lower.
Stocks are now scarcer than money, but TO
morrow being only half day. the sequel probably
must be waited for until next week.
TIE DAY IN TIE BOND MARKET.
Nothing was done IN United State bonds at the
Board The holders Of some 81 100000 or
$50, 10000 Of the per cents, however. boldly
hold their bids up to the Government figures
The nominal quotations are as follows