New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-08-21
CLOSING PRICES OF PHILADELPHIA STOCKS.
MONEY MATTERS.

Wednesday, Aug. 20-p. m.
1t IS something like ten days ago that tins
| column suggested that there was evidence OF an
intended new departure by the Treasury in its
| policy relating 10 bond purchases. That sug-
gestion WAS made on the same evidence that
six weeks earlier occasioncd the remark that the
Treasury was going TO advance It's price for bonds
whiN il did when it accepted on one day over
81 900 600 per cents at l24 the last previous
nrict pad having been 1872. Considering that the
offer to redeem" any time up 10 August 80 any
mart of Sl50OO.000 Of 1-2S at lOi l.? was
only announced in this mornings papers, to-day's
RESPONSE of Sl153,3aO offers was good begin
ming. The l-2 per cents mature September l.,
1s01 Therefore the offer TO redeem at 1Oi IL
is an offer 10 pay par with Interest up TO June
I 1891 Relating from the full value at ma
thrifty. if all coupons at TINT date remained on,
only | Is per cent. On July 81, 1891, thr
amount of outstanding 1-2 per cents was ssh
s7p3j0 registered and $22,I5i,200 coupons 10
tai. SlO7Oi7,550. by last Saturdays treasury
statement the -7atIonal ba.7ks had deposited WIN
the Treasury $3e. $3.50 II per cents 10
secure circulation and $6,s25,50O 10 secure uoV-
eminent deposits total, S4j,74Ol-O. Now u Is
money 10 each and every one of these banks as
well Ms 10 all other holders Of the 4 IL per cents
70 surrender them to the Treasury at the price
offered and 10 substitute for them the per CENTS
il they can be purchased at 90. But the lrels-
urv instead Of withdrawing from the market rs
a competitor for the a. al the soihe une y, ar
nouncing its new policy in regard 10 tne , ,oi
per cents, gives put on the per GentS "a ~ ,ho,
NV continuing the offer to purchase lheih Ut 'it'
GS,uro Tins doing its best toward defeating NV
redemption OF the IL per cents, ana 1919
speculative National banks pnt on po.n u,aS, o,
az bonds If the object Is 10 relieve me holtN
,r,.af q n,,y denarture is necded immediately.
10th classes of bonds to-day sold In the street
at above Government figures NO one khomS , ior
whom They were purchased, nut 1hcit ar ~"
persons cognizant of the facts who dllitr d. 10
The institution that is the real compe'i'o' WIZ"
the Government -, ,,iIor;r,
4bat while tiGht money is working 10 depfs, VA"
value Of securities generally, tiic thlnfs "l'G -;
the Government wishes 10 puichaSsc ,naner has
value almost as fast as the Tale LOT ui"n'S m,'
Government bonds bear fixed rate oil lhr''Ss.
/ il is the same whether money OF the StocK IN
change rules at per cent per ahnuih VI -
cent Der day Yet we have presented 10 us UNI
peculidr anomaly: When money was - -
per cent the Treasury was able 10 make uDrIaI
purchases Of per cents al l22 ana Oi - Pl
cont, AT 1913 -; whcE the money Hiuht' -
stringent at 2ja4O per cent, the offerings aie
mcngIc al l24 and lo4 IL. - WIN SIN'i "'
tincates which. because Of the daily GEMS F.'
81 900 carrying charges in addition 10 interest
cost more 10 carry than gOod fallroAu slorhs.
Yet the Treasury to-day pays ior aGo'0"" ommocs
Ilo 3-Sal2O A against ll3 for 3lO,uoO ounces
lust week ago The lower the value OF "oN-
crnlnent bonds because OF high rate for interest,"
the the Treasury Is OBLIGED 70 pay 10 co.
tain any. And in spite Of interest ana chhTp'S
silver rises per cent in week because the Gov
eminent buys 100000 ounces without rcduclng
The amount Of storage certificates II, unu'r
the facts any one believes the money market Is
not manipulated for speculative ehec', we, are
sorry for him Yet an operator ola enough 10
knoy all the ms and Outs Of the money Market
and with an experience which teaches him tlot
money always goes West at this season Of TIE
wear. cries crank" at the suggestion of man
ipulation. . ..,,,.,.,,,
Stack cancellation has been dead for more
than a year There practically has been none
during the year except on the bear SIDE Ihc
prices have luctuated UP and down according 10
The oyersoId condition Of the market, and the
result is that the nominal quotations are generally
lower now than they were year ago No one
will affirm that the brokers loans on stocks are
anywhere near as large as they were q year ago.
The New-York bank loans are $l3O00,0O0 less
than a year ago and he would be bold iinancier
who would dare say maj me pans 10 ieglii'nlaN
were A wear ago. Why this immediate pressure
for money at the Stock Exchange which does not
exist anywhere else in the country If IL be not for
an object? Why is any one competing with
the Treasury IN the dlscOuntlng OF Government
bonds at less than l-o and > 3-s per cent per
annum, with call loars up to % per cent $50
g"T" market Certainly the bonds are moi
Icing purchased for their Understanding quail
ties What is the object Of this grand manipnlG~
ton, the most mysterious NE street ever VII
messed, if it is not for the purchase of mis-
celIa ucors securities IN preparation Tor a nnal
la roe offering of bonds 10 the Treasury and
sudden et-up in money with the expectation that
fhen fhe speculative stock market will respond 10
Tho cause, which now are affecting all classes Of
ieritmatr business? What is a possible loss Of
/ lo1-o ncr cent on n few millions Of Governments
Ia tho nroGt on 100000 or 100000 shares Of
etock in great boom? The holders Of the per
cont and the ~ per cent Government bonds
nrnbobly will find il 10 their interest now 10 food
Either tho Government or the competing syndicate
,yifh these bonds Their prices have advanced on
tipht money: they probably will he no higher
ON low money. All other SECURITIES have de
cIincd ON tiQht money, and will be higher when
relief comes. - AN Hi, o-,o
nor Cents for money failed to mpart to it any
ppctivitv Prices after opening firm and from
"A 10 / per cent higher ruled steady I'LL past
midday After that there came the usual marking
down n values Money ami the threatened strike
simnly kept away buying orders They brought
no orders for liquidation OF long stocks. The
strike. which one week ago seemed 10 have
ended received new lie from the arrival OF
resident of the State of Pennsylvania. who since
his arrival has done his utmost 10 STIR up strie
ond cripple one of New-Yorks greatest arteries
for communication and business II the record
OF the last four DAYS ToCs not reveal evidence OF
conspiracy. the State Of New-Yors has no use for
a Governor or an Attorney General. of the Demo-
cratic stripe. The result yet seems 10 be iinccr-
tain. but there Is no question Of what II would
have been il Mr.. Powdery had remained az home
In the State Of Pennsylvania, attending 10 his
private business--the drawing 81 salary.
The end is certain, in spite Of the present doubt
nhout Immediate results The orOa ni2atiOn which