New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-08-23
MONEY MATTERS.


The Treasury to-day purchased $4,000 ounces
of fine silver at 81 1913 to 81 1913, making the
total purchased 10 date under the law of July IA
Oe3 600 ouncc, Toward these purchases since
August IS there has been only S142,soo para
ont in the new lcga-tendcr notes up TO the cloSc
of business TO-DAY. Thus il seems that IL DaS
required nearly week after the purchases 10 Get
into circulation the new notes paid ont Tor thc
same But by an order issued yesterday |e
Supcrintcndents of the MINIS are authorized 10
make advances on silver bars ON reception, pending
assay and final settlement This method Will
make the CONVERSION of merchandise into newly
created money hereafter more rapid
The new departure of the Treasury, as an
nounced in the morning papers, which IN eHec'
is an offer TO redeem on or before september
any part of 500, 100000 IL per cents at lace
vaIue and interest to date of neutrality-suspicious.
l. ls9l-was received with many doubts OF us
effectiveness before tie Sub-Treasury at Ncw-lork
had received 100000 of the S1.21l,OoV DohdS
that we're presented during the day. The Stock
Exchange rate for money had declined from IA
Der cent Tor three days and interest
down 10 s per cent per annum. OF course the
recent money market at the Stock Exchange has
not been sentimental; but a sudden outlet OF an
unexpected 100000 cash seems TO have pcen
sufficient to knock the sentiment and the manipu-
latiOn into fragments -.
No matter what may he expected OF to-IhorroW >
or the next weeks redemption OF IL per cehS,
the maximum OF new money to-day auueu 10 VT
loan market 100000. Aud to-day money wa, was
lent down 10 per cent ana cioseu, omc I.in a.
1 per cent. By the way, the bond "rcdemptlohS
of to-day having been paid for III CHECKS 90 nov
figure IN to-days Sub-Treasury cash stateincnt ana
Will not count for penny III tomorrow" D"nN
statement OF averages. "
At the close OF business the general opinion OF
those in a position correctly to measure uie
new offer Of the Department was ,haC tne r nup
week II one-half-Sl 0, OO,OOO-gO IN, IL - sul-
hcient 10 defeat the designs OF operators anu nhS
locks who for profit on stocks ana hiGh ra,S W.
their balances were and are willing 10 lcOpaTul%e
the whole countrys business for hall year
WHAT WAS DONE IN STOCKS.
The stock market was slightly responsive to
the changed condition Of monetary anahS' I'M
npdiately after the opening IL was raltlcu OH III
values on the continued high rates Tor money
and q bclittng of the effect OF The Treasury
new offer 10 redeem the ~ per GEM o"nu r'.
But before il was known that any bonds We're
going into the Sub-Trcasury, ana before lIerc vas
any let-up" in money, tho morning decline was
sharply recovered. In the early dcNlngS Nesic iri
4 Mon was A special point OF attack, and u faPldt
declined from 50 10 50 "a. Big fOnr was sold on
/ IL TO %. Lake Shore l per cent to l03 -
Northwesierh - to 100 80, ac al and Other
stocks generally in like ratio. OF the w-ioIN
Central strike scarcely word was said II was
regarded as a thing OF the pasta nlne days Won
BY the presence OF an eminent citizen OF the Si1ic
OF PENNSYLVANIA, who in long appeal for pnbIc
sNmpathy throws in some Information 10; DC
uinhted NeW-NOrkers about our own laws. he
consensus Of opinion in Wall Street that Mr..
Powdcrys appeal for sympathy was tic best CON
fpssion Of weakness and of an unwaflhn'cd lntfr-
ference with other peoples business that coGh
be written. 1t fell dead on tie stock market. II
il was not a stimulant 10 revived confidence in the
rights Of prOpcrty-OwneTs.
Before there was any "let-up" in money. the
market fully recovered its early decline. With
tie slow easement in money there was an equally
slow appreciation in values The advance
was fori9lit at every step. but IL made steady
propress and did not boom when the m0rey rnr
Tell to 6 per cent The days transactions In The
general market were only lGS, AZ shares, against
237.7ss shares yesterday, which only shows 10
what low depths the speculation has been reduced
The feature Of the week is the entire absence Of
any apDroach 10 excitement Tight money, the
strikes and material decline OF prices up % This
morning have failed 20 cause a ripple OF scnsl-
tion anywhere If anything, there has been less
than the usual congregation Of persons on The
curbstones in Broad and New SIS, contiguous ~
tlp Exchanges And elsewhere than at the Stock
ExcLnnge-not even on the produce exchanges
Of the country-has there been any experience Of
ticht money. Grain, cotton and general Inrr-
cliandise values have not been disturbed Only
al the Stock Exchange has the phantom Of tight
money raised IT'S head Curious Is II not ? OF
course there no sentiment in II. Tho one
Mace in the whole country where speculation Is
and has beer dead for n year las been disturbed
Jy n monetary crisis. Funny. is il not? And il
was All real and not at all sentimental. The
market closed strong with some reaction froA. the
best figures.