New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-24
crns1Na pn1ors or rHIIApE1pHIA STOCKS
A CIRCULAR LETTER.

Tuesday, July 23-p. m.
a Grave Question is the startling title given
TO a circular letter issued by the firm which IN
the autumn of $50 the principal, otferer and
seller of Government bonds 10 the Treasury II
then was understood that the firm stood Tor a
syndicate or any other name one chooses to give
il which purchased bonds in the open market
or over the counter. and gradually advanced inc
price 10 the Government. 1t is well known mat
IFS onerations met with success till on October
10, 1888, it offered something like sl5,O0OOO0
la- cents 10 Secretary Fairchild at 30, which
offer he rejected and thereafter to the END oil
his administration he only purchased The IL
per cents. The circular referred to starts OUT
with the following hackneyed and philanthropic
question:
With the small amount of excess reserve IN
the banks, how are we going to tide over the great
demand for currency-now almost on us-to move
the fall crop of wheat, cotton, corn and otheF
products, as well the increased needs Tor manu-
featuring purposes?
If the question was honestly put and was based
on the conditions which it intends shall be IN
fetred, the answer would be easy. Bc Phllan-
thropc in act we'll rs in word, ana sen your
81 100000 per cents to the treasury az iar
market value, and thus scatter Sl9,O0O,OO0 OF
money in the channels of trade and commerce
When the financial institutions mark the rates OF
your loans up to per cent. as they VIII 90 later
promises TO be, the Secretary of the Treasury may
think that at going rates for money - Is too
high figure for the per cents AT all events,
tile Treasury Is not called upon 10 be more plllhn-
thfopc than are bankers who are not restricted to
Government bonds for the use OF their surplus
funds" The plain intent OF the circular, whlch
is as full OF misfr prese nations as an egg Is or
meat, is TO create public scare on the money
question, and thereby IA public demand That the
Treasury shall be more liberal In meeting the
views OF holders of large amounts OF Government
Vho
than the Treasury for them. In the meantime,
because the expansion OF legal money ana the
scattering of IL throughout the country warrants
IT, the local money market at the end of July is
drifting toward lower rates, despite the export OF
s86 ,OOO, 900 OF gold in the last six months.
WHAT WAS DONE IN STOCKS
Today's stock market not active meas.
ured by the amount of transactions, but it was
dsy concerning the railway situation was of
contradictory character. Judging by the surface
indications Chicago and other Western centres
of information p had played New Workers for
Of their shorts" from the local short sellers
In the meantime whether Western dispatches are
favorable or not the returns Of gsilroqa earnings
In the last twenty days were true they should
show decline OF 33 Ia per cent. Out of forty.
nine companies which have reported for the second
on the week Of 1883 In the edrly dealings
Atchison was sold off 3-4 per cent to 80 I-9 but
at the same time the general market was making
good advances. which, with moderate fluctuations
and light trading, continued to the end. Prices
generally closed strong 40 about the highest figures
Of the day
The raids against the trust stocks Also give
indications Of fatigue. and after some further early
depression the improvement Is general and in
some instances important. 1t looks as if the dis.
tributors of two weeks ago had fully recoupcd
their stocks and again were nearly ready TO en-.
large upon their merits as producers of dividends
on legitimate industrial basis.
TIE DAY IN THE BOND MARKET
There no transactions at the board in Gov.
eminent bonds, and the quotations were easy thc
nominal bids for the As however still held 4 per
cent higher than the days sales 10 the Treasury
as follows: