New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-12-03
WALL STREET UNEASY.
SPREADING UNFAvoRABLE RUMoRs
NO PANIC, HOWEVER, IN ANY PART OF TN
HARKET-opINIoNs IN REGARD TO SEC.
RETARY WINDOWS CALLING IN

| RETARY WINDOWS CALLING IN
OF GOVERNMENT MONEYS.
The Wall Street atmosphere was charged with
forebodings of disaster at the opening OF business Az
the Stock EXCHANGE yesterday Distressing nImors n,
financial embarrass ment, left from Saturday wera
| rehearsed, and not without effect on the course "A
prices in the forenoon decline the subsequent rally
The early dealings were affected by the mere fear a,
disaster the later by the fresh courage arous.d
by the absence Of material developments The con.
dltions for a panic, result devouty prayed for bv
some interests, were not favorable apparently for
there was no panic in any part Of the market Pa,
tho disturbance that did tho unlisted dcpart
ment of the Stock Exchange has been chiefly "a
sponsble The consequences Of the rapid fluctuations
in the so-called industrial stocks may not be measured
In about nine months Sugar Rehncres stock bss
risen from 10 t. above 100 and fallen b 55 Tn.
opportunity for the rapid acquisition OF a fortune has
rarely been better the losses suffered By ordinary
specuators have seldom been larger or qucler
Popular knowledge about the affairs and earning.
OF the Sugar Trust has not been increased materially
IN the course OF these fluctuations. The Stock F,
change has afforded the insiders chance 10 markee
certain properties at high valuation, and the recent
decisions by the courts in regard TO trusts may cnabs
them IN rebuy them at about the original e.,just.
Sugar RefncIes certificates issued az several
nrices between IS and TO- and IL has been Suggested
In some quarters that at price the certificates might
be bought simply 10 Dissolve the combination. Tbs
rally IN the stock in the afternoon not incon.
sistrnt with this surmise and the rally In Cotton Oh
on the success of tho REORGANIZATION Of that company
was not an adverse influence
In the first dealings the action Of the Secretary
Of the Treasury in calling a small percentage Of
the Government money in depostary banks not
without unfavorable effect. 1t was argued thai
most az the banks had borrowed bonds secure
the Government deposits, and that. as they could
not sell them, they would be obliged to repay tia
deposits in cash. II urged also that the country
banks. which in this condition. would draw
on New York for their payments The actual dtua
ton is very different from that pictured by tho
advocates of lower prices Of stocks. The action OF
tho Treasury has been taken only after deliberate
consideration OF the question, and after consultation
with officers of prominent banks. The notice 10
oven six weeks in advance OF the repayment pro-
posed and with the provision that the bonds held
by the depositary banks may be surrendered al tho
Treasury prices at the time. II may De consldeFea
probabe that many banks Will take advantage OF
the opportunity to cancel the whole account BY ns
sale of the bonds securing the deposits Some viii
do so before the end Of the month, while others
will wait until the maturity Of the cau' when easier
rates for money are expected TO prevail. As 10 us
effects ON tho money market, there were hardly
two oninions among New-York bank officers. ms
nollcy was criticised quarters, ana oineren'
views were entertained about the prObaoie co"s
OF country banks. ~, ,,o.,n,,
Henry W. Cannon, president OF inc OhaSo ",
Bank and formerly Controller OF me 'uri'n,',
The action of the Treasury can have no o'her 'hsa
q good effect think that many banks VIII az once
lou,date their Government account by the SURRENDER
Of the underlying bonds. They lave louha tne ~
count profitable because they have held the deposIH
much longer than they expected, but they wiz on
willing TO accept this opportunity 10 close tnem. IN
dcati0ns Of this result are appacn, 10 ,ic.s.a
dsl atches country corresPonleiiS a., 49,
to-day. think these banks VIII ' tbose who bo
per cents At any rate, iho 'ehaSl.S VII ,,I,ar
make the rates for money easier rather than sptg ar
Most of the banks own the bonds whrn src1s s ns
denoslts and consequently Will have more money "hen
they have sold them 10 the treasury. 49, rou~h
5dT RsD s ssa sha. Rhere was G nothing he
ton. It was throwing fuel on the hre, ne ssi.,
sen sltive every influence. Tho sum that IS Salea
Is small however, and 10 the case OF the ely ~
TO pay that amount without distress. do not .Dn .
many banks will liqudate the accounts unta mo,9
is easier but that wl BE- s1ob b aiIer t me rn
Harris c. Fahnestock vice-pr'den q tne rns,
National Bank, said that the manifesto OF me Ieasy
simply piece of politics He exPlsneed' -.
retary Window gives the noce Just before the assem-
bling of Congress. 1t IS not prompt call o s. a.
ntmaon Of what be intends TO 90 IN ,s six wa.
political expedIent; the proposed reduction oI MN
nothing As rule the eu 9aH H5e awr they VIII
cell them 10 the Treasury at once depends upon ns
conditions OF the separate banks 40 ho' '""A
bonds will be surrendered with r',sh Nan. Al
the Republic, said The action Of the Treasury t =
a fair business proposition. Whether many JAM
VIII sell their b SSId b dspen re Worth 9o the the present @
and some banks may take out cnrieh'! iH'N"
selling the bonds