The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1890-08-21

in the foreign situation, have been entirely
cleared away. And, on the other hand, the
annual crop moving season with its accom-
panying 6ow of funds to the west, is now
here. A few years ago IL would have been
safe to put the total drain of funds from
New York TO the west at go, 900. The
recent changes in the financial methods of
that section, and the increased diap Aition
shown TO retain bank reserves Of tAe VET
at nearby central reserve cities, has Of couIss
modified the drain. But "a cQusidersbls
movement Of funds In that direction mast
b expected,
Under the circumstances, outside Of Z
heavy contraction Of loans, the only hslp
10 tho money market can come from snnk
assistance as the national treasury may
extend to 1t. Indeed, the treasury has
shown ito recognition of the necessity Inn
posed upon II, particularly in the recent
advance Of the prices paid for bonds and
the accompanying change Of method OBJ
served in the receipt and acceptance Of
for the moment effective in bringing out
offers for some millions of honda, thereby
losing corresponding amount of the
treasury's cash holdings, 1t has been in
effective since. because the floating supply
Of government bonds is 80 small and the
0>AAA OA vAA0A1A
pears TO be useless to expect larger offers
for sale to the treasury. As shown by thu
proceedings this week. the silver bill. too,
cannot be relied upon to effect any imme-
diate change In the financial situation. In
fact, the operations Of that Law must be ex-
tended over number of months before it
can produce any real influence.
Under these circumstances more than
customary share OF interest Is accorded to
the question. Among other plans it is sug-
Eestsd that the treasury might with advent-
age oher TO redeem forthwith the $1OO, ,0OO,-
GO OF TX per cent. bonds which mature in
1891. q little over year from now. The re-
demption OF q portion even Of this amount
would, 1t is argued, relieve the congestion
Fot the money market and perform task to
which tho other methods at the command
Of the treasury are evidently not adequate.
Thus Tar the treasury has made no an
nouncement 81 any change in Its bond poll
10y. Il 70, however, evident that the condi-
tiOn OF the money market may soon demand
further action on its part.
The New York Herald, in its review Of
the financial situation, has this to say with
oident Of the past week in Wall street wns
the purchase by tho government under tho
provisions Of the new law calling for the
purchase Of 40 tons per month in the form
OF the bullion certificates listed on the
stock exchange. There is net advance Of
Va oSA4V0 k0E OuuCo Al b1lVoI 90 pAAo ASoAAs Va
the six days trading, and the men who
were chiefly instrumental in having the
bullion stored and certificates issued on it
are very happy. They are predicting that
the advance will continue until the bullion
value of the silver dollar will equal its coin-
age value. Offerings of the white metal TO
the treasury are comparatively very Light,
and the millions which it was predicted
would be offered have not yet materialized:
The old cream ewers and sugar bowls ana
teapots which were to be melted
up and sold to the governments.
havc not apparently yet found their
way to the melting pot. Some people pro-
fess to believe that there is an lncipient
bull pool in silver. and that the quotations
in London and here are being rugged IN
its interests. It does not seem possible,
however, that the markets OF the whole
world could be rigged to make fictitious
price for go universally distributed COM
modify as silver. 1t is easier to believe that
the peremptory obligations of the treasury
to buy about 14O tons per month induced
holders of the bullion to sit on their accum-
ulation. and by thus reducing the supply
permit the price to be bid up.
The Times saws: 1.-THE silver men arc
much elated, and it is certain that the stock
market has been Influenced for the Detter
more by success in raising the price OF silver
in the markets of the world than by any
other event of the week. 1t is claimed now
that q rise of silver to parity with gold IL
a certainty, The fact is that the accumula-
tions Of silver in our market has been conn
perative small pile. The price has risen
fifteen points.