New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-08-31
- ocIT1. pp1cTS or pHILADELPHIA STouISb.
Friday. Aug. sop. m.


,-o.,;.ls+o,dire tbe fact that the Treasury dis.
bursemcnts for bond purchases-a return 10 the
markets of money which had been Withdrawn
bv tho collection OF taXes-has made the supply Of
Iooroble funds abundant and rates again low.
fine Treasury to-day was able 10 buy Sl,6l2,2oo
4 nor cents at 12S and $1,000 1-2 per cents at
,oe 7S Two lessons have been demonstrated by
tho ,novements of the last week so clearly that
va sLould hear no more of money strlngency
durino this auaumn 1t has been proved that an
active Z per cent money market will bring out the
bonds from all over the country, so that no honest
Derson should again express the rear OF
Treasury absorption Of money. The auto
matte financial machine of which we nave
written for three months has worked to a charm,
and the Treasury still has some SlO,OOQOVO OF
surplus available for its continued working when
ever the necessity arises. 1t also has been demon
strnted that holders generally realize that the
prices paid by the Treasury are high, ana lhat
no clique or syndicate can again say to the treas
ury: We OWE all the bonds that are for sale at
any price Buy ours at our figures or be respon-
sible for monetary crisis Because Of the two
lessons taught it is possible that bonds may con-
tinue to be offered at current prices, notwthstano-
ing the ease in money. When Secretary
Fairchild began the purchase oil Dohds
under circular of April II, 1883, the
quotation for per cents was 123 1-2al-4.
Intrnsically. the bonds are worth less to-day than
a year and half ago. The syndicate ~
Systematically marked the price up en- MIR. Fair
child TO 1870 with October coupon on and l%s
eX coupon.
WHAT WAS DONE IN STOCKS.
That cold wave which was TO destroy the
whole corn crop and upon which stocks were
sold yesterday afternoon: seems to have been
split in twain by iceberg somewhere IN the
Gulf of Mexico and thawed out, as the tier
mometer from Bismarck to 81 Louis ranged at
8 a. IN. to-day from - degrees TO degrees higher
than Yesterday morning and was from 80 degrees
TO Al degrees above frost. The great majority Of
the growing corn is now beyond frost danger
but probably the necessities OF the " bear III
tcrest month hence will demand that then
beneficial frost shall rum the whole crop: To-
days stock marllc' developed some widening Of
the speculation still the progress in that direction
is slOw-SlOweF than IL would be II II was possible
TO take in line OF stocks at current quotations
While the market continues to ne teNerlsh and
responsive 10 any attacks, 1t is steadily obtaining
and holding a higher plane of values in the
early hours wherever there was activity there
were substantial gains made III values To-day
being half day and Monday legal holiday led
10 some extensive realizing Of DrOhts IN the alter
noon. and. added 10 that. d" bears who lad been
early buyers hastened TO secure part OF their
contracts Nevertheless the market as a rule
cJoSea higher than last evening and strong.
Mucn has been said i'll England regarding an
ALLEGED failure Of the Erie Company 10 pay tie fun
amount claimed by the Neg-l Ork. Pennsylvania
and Ohio under the lease. il Is ascertaned that
The sum withheld in December and June is about
$50, coo. which the Erie insists is due by the
New-York, Pennsylvania and Ohio. As bearing
upon this controversy, we learn that the payment
Of 100000 monthly has been regularly made
and that the nstalment OF S240. 900 due in August
has also been paid.
TIE DAY IN THE BOND MARKET.
Government bonds were quiet The bids for
l.2 coupons and FOR Is advanced l.S per
cent but the asking prices of the as were reduced
Is per cent Annexed are the closing quotations