New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-10-04


general circulation s5l ,236, 500 more legal money
than there year ago. But there ere addi-
tions and deductions TO be made TO and from the
Treasury's loss, thus:
one years silver "a 900 900
Onehsf the countiy's gold product.-...... 100000
800 23G co.
Deduct for gold exports. 10000 900
Net addition the general circulation. $50 2sO 500
The sum of $50 600, 900 for one years increase
in the general circulation Of legal money is one
that should keep pace with the growth of the
country and with the most Sanguinc believer i'll
its prosperity Yet there are in Wall Street many
pessimists who think that because certain National
banks have combined with old-time bears in
stocks to make temporary high rates FOR money,
that there is not money enough to go round. Old
brokers, who in times past not disturbed by
temporary money rate of l per cent per diem,
now are panic stricken at Il per cent rate per
annum, which every one knows is the result of an
advantage taken of regular seasonable move
ment. The movements in the money market during
the whole week have been ludicrous to
an extreme, and not , per cent of brokers' call
loans have registered oIer per cent during the
late extreme stringency'
Now, as to late gold exports. The real eX-
porters have sought high and low for plausible
reason. With tremendous effort they evolved
a silly ebullition, and with little difficulty they
press, TO give ~ circulation. The lucid eXplana-
ton given reads as follows: We understand
that the Rothschilds have undertaken 10 furnish
the Brazilian Government certain amount of
gold bars. They drew from the Bank Of Eng
land until the reserves 5 ran down to the figures
reported BY us So Eo cGnd drsW
the rate ' to '' per "i' cent which dc would
have lnterfered with placing their Brazilian
from New-Yorli at a loss, rather than risk
results Of any further advance in the Bank of
England rate. They have not filed their con-
tracts vet, and more gold is therefore expected to
go out from here
What nonsense! A bright four month girl could
not have been induced to be its mother The
pound gold shipments rather than have the
Bank of England rate of discount advanced !
per cent per annum. Why. the Rothschilds can
buy and sell the Bank of England every day in
the year without materially affecting their cash
balance. The pith of the explanation is in its
tail: More gold is therefore expected to go out
More, gold may go out by Saturdays steamers,
hut the SITTER rates for exchange TO-
day do not indicate that, this is the
opinion OF leading bankers. But of fictitious
movements they can be no better guessers than
any one else. loss OF $4,000 or 81. 900 on the
export of sl,0oO,0OO gold is a small matter to
bears in stocks if thereby they can democrat
ize the stock market that they can recoup
their contracts.
WHAT WAS DONE IN STOCKS.
So far as to-day's stock market was concerned
the Stock Exchange should have illuminated
with red letters reading, "Quong Ling" or Hon
Lee The laundry business done would have
gladdened the hearts OF our Celestial residents
But aside from the laundry business there was
q large outpouring Of short" contracts, and the
pressure on dull market was effective in mark
ing lower prices for nearly the whole list The
sequel, whether or not the bears export any
more gold by Saturdays steamers, will be sharp
when they attempt TO recOup. The dealings are
almost exclusively in contracts, and the real
holders of stocks do not care a rush about gold
exports or rates for money. but they do watch
the railroad earnings. The market generally
closed a little better than the lowest prices
TIE DAY IN THE BOND MARKET
The Treasury purchased si51 800 bonds; sf15-
900 per cents at 127 and S236.5O0 l.2 per
cents at 05 "a. AT the Stock Exchange there
no sales, and the nominal quotations were I'm.
bofn foll