New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-09-16
MONEY GROWING EASIER.
MIR. WINDOWS VIGOROUS EFFORTS ALREADY
LESSEN THE SCARE.
CRITICISM OF HOLDERS OF LARGE BLOCKS on
-FOUR PER CENT BONDS WHO NEGLECT A
LIC SERVICE AND ENRICH THEM.
SELVES AT THE SAME TIME


poses of Secretary Windows proposed purchase
of SIG, 100000 4 per cent bonds were put forth
in Wall Street yesterday. In the early dealings
at the Stock Exchange they were nGa altogether
unavailing, but long before the close of business
they were overcome by more generous sentiments.
Declines OF from to PER cent in the nkSt active
stocks gave rise to rumOrs Of enforced liquidation,
which in few may have had some
basis Still more alarming rumors OF possible
disaster were not wanting, and "a these influences
was added the continued sfrin2ency in rates for
cali loans. Money lenders were alert and prompt
in demanding a premium in addition to legal In
tereS. and during the morning hours premium
of IA per cent day, equivalent TO 80 per cent q
year, was ne common rate.
II was urged By member, Of the bear faction
that the relief promised ny the Treasury was TOO
slow and that 1t probably would not bc cffcctual
Even if the 81 OoO coo of bonds should be offered.
it was sad the proceeds would not reach inc
money market before Thursday, and before thas
time the stlingrncy IN rates might become arnte.
When call loans fell from n premium T. per cehh
at the hour whcr the money marker usually opens,
and atterwaih 70 > per cent NJ which the last
loans were made the moral influence Of the Treas
UT; acti,n was nani!cs; Th- change IN senti'
ment as mnnr: 'aieS rlaArd. was nearly UNI
versa and predictions of the complete sncresS "I
Secretary WINDOWS proposal were frequent an"
positive.
II was impoSsbr 10 learn definitely whc'Iier
any large amount of per cents w"nhi he oiiered
by any one interest. The Bow"ry SaNinGS I''hN
holds ST., 900. 900 of the bonds. and it was rN-
pcc,cd that il would he willing IL sell part,
pcrhaps half, of its holdings. II was SAID a'i-
thoritativcly yesterday that the bank wonh h"S
orer anv bonds The Bccckcr Street f'nH tor
SAVINGS is also a large holder of tic bonds, nlt 10
WAS not asccrtaincd whether it would dispose Oh
any under the present invitation OF the ""Vcrh-
ment The reluctance of Sivln:S banks All"
other trustees, corporate and indtvhinhl L" sell
considerable part of their holdings was Sharply
criticised in Wall Street. In the cas' OF lh'i-
vidual trustees the reluctance was called iazihes
and in the ease of savings banks 1t was Said ~
he virtually breach Of trust
Secretary Window said on Saturday tha' 1ne
Treasury would retire from the market alter ''''s
purchase was completed. and If II had any SET
plus funds would devote them exclusively I" 'ie
rpdcnp,i ion of the u per cent n"h"s WIZ"
mature next year. While II Is nor Known ""''
miro ". will cansidrr satisfactory, there IS a
moral certainty that hc VIII pay higher pr'e
than the bonds are really worth 10 the owners.
Tho savings lanLs are trustees for their dep"si-
tors. and IA serious financial disturbance woni'
fall heavily uuon the .reat majority of the de-
nosi,ors n was for this reason that the refusal
of the Bowery Savings Bank I" offer any par' vi
| it's bonds WAS stigmattYcd rs virtually "rca'h
| of trust Ii is by no means impossibP mat o'''-
| GERS and directors of savings instltn'i"'iS may
| personally avail themselves Of In" opportunity
which in their official capacity they NEGLECT OF
formally refuse. Structures somewhat "'S
fnrrbr were made about other lar-c h"l1cis
Th. Vandcrbilis, who are supposed 4" hr the
LARGEST individual holders. did moi escape 'f't''sn
nm arcount of their apparent apathy. II was re-
| portcd on excellent authority thar they lih 10"
| oven collected the advance interest on th''r
h,,I. II ,hcr holdincs are go 1000. .on0, tho
| vcar's interest would amonnt 10 S"o".o"", ana
| ,vcn if they deposited il in a trust company they
! wnuld derive an extra revenue of from S?+o"o
| T., 80" 900 As the greater part OF the |anicr-
hl, prorrty is invested in railroad s"urtc>'
which already have been affected ny IN" hiGh
rates for money. the indifference" "f the |ah'"r-
| b,s was not rclisicd in Wall Street. II Is uhder-
| ,,nod however. that one Reason why In" Interest
Ina, not been collected WAS The unjust ruling al thc
| Tma>urv in regard Ia registered bonds, "hch
| Secretary Window revoked when III ms ci'E Oh
| saturday. There is reason 10 believe, als'' tha'
thc prncipa members of the family were con-
sl,lcrnC the advisdblity Of offering few millions
| ON Wednesday, Another large holder of 10" !
u.r cents i, the Standard Oh Company, but criti-
r,,m WA, modified by the probability that the
,rust.,, will offer SltoOo.no". several ot them
arp out of town. but il is understood that most of
those in the city ARE in favor of selling. AS I'D
,hr amount Of speculative holdings, no definite
information is atianable.
The price which the Secretary Of the Treasury
will make was the subject Of many conJecturcS.
The price advanced AT the StoCk-EAchanSr from
10 Oh Saturday 10 l:d. hut III" only transaction
WAS - 600 AT 10. /; was considered probable
tina, the cticrinls on "Wednesday would range
from la6 10 l3o. The bulk Of them Will lie
probably in ;hc ncyhhorEoo': of -, and in soiae
nuartrrs il was believed that the supply at that
price would be- sufficient perhaps TO fill the QUOTA
H. i, possible that the Secretary may not accept
,hc whole 81 10000 even AZ l21, hut II the
trrlcr, are liberal, may fix Il price which he Will
p,y for the balance. Others were equally conn.,
dent that to secure the iull amount the Treasury
would hc Obliged to pay a, high us IFS ana pos
,ihlv l:9.
Harvey Fisk 4 Sons, who will probably Offer
a larer amount, were among those who were OF
the opinion that Ine Treasury would hav" to pay
lns to obtain the hole Of the $l6ooo,o"o. Az
the conference at the Sub-Treasury Oh saturday
President Coc, OF the American Exchange National
Bank was the first 10 suggest to the Secretary the
purchase of 4 per cents. The two officers of the
FRS, National and President Cannon, of the Chase
National, were warm supporters OF the proposition.
Mr. Cannon is strongly advising the selling OF bonds
upl,r thr Secrctarys invitation. He said yeStcr.
day:
While I have no knowledge of any syndicate being
made M I" collect considerable amount OF pec
rrular ; asking for tenders OF sl6OooooO. believe
lint tenders Will be made al once to lLm on con; %
siderable amount Of fours. think the tehoers VIII
bo made direct 10 him from the hoders dH,,,a numh.,
In response TO inquiries ! nave @ aa,'S.u ar n,rnI mu