The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1890-09-17
FINANCIAL OUTLOOK.
TIGHT MONEY MARKET
QUITE GENERAL.
Large SpecuIations In Cereals A scribed
as tn. Cause of the Unwontrd Strin-
sency-Enorts al the Treasury Depart
ment To Ease the situation.

as tn. Cause of the Unwont-d strin-
sency-Efiorts al the Treasury Depart
Inent To Eas. the Situation.
Dun's weekly review OF trade has this
TO say:
THE last week has fully justified
those who gave warning that the money
ease. caused by treasury disbursements.
could be but temporary. The market
here has been tight; with extreme rates
paid i'm some eases. AT Boston and Phil
adelpha monetary pressure also affects
business; at Chicago the market. Is
somewhat frmer and the demand ac-
tive: at ~. Louis stiff at : to s per cent;
at Kansas City more firm; at Omaha
trlfe close, but fairly supplied. at Mil
waukee very active and 20 some extent
disturbed by large lumber failure In
the interior: at Detroit the demand Is
strong at : per cent; at Cleveland the
tightness is rightly ascrlbed 10 the
volume OF business; at Pittsburg the de-
mand is fair at ii TO : per cent, and only
ut New Orleans OF the cities reporting
is the market ea1ier.
THE immeda ate fright at New YORK
was about supposed eonrmous demands
for payment q duties n the new tariff
should 90 into effect Oct. /. The fact,
as officially reported, is that less than
~, 600. 900 will pay full duties on all
goods IN warehouse on which the rates
have been increased, but no one sup
poses that the entire quantity would be
taken out, and meanwhile the treasury
is now offering To- pay out $50, 900, 0OD for
~ per cents and S23, 001, 600 more In pre-
payment of interest on the ~ per cents.
IL there were no speculative tendency
interfering with free movements OF
crops, commercial bills would soon draw
money from abroad, but an unfavOrable
crop report causes higher prices FOR
staples, and prior 10 that the exports
had been very light, prices here being
too high for foreign markets.
"The business failures. occurring
throughout the country during tho last
seven days number 10S. as compared
with 2O3 the previous week and 1917 the
week previous to that For the CORES
pondlng week OF last year the figures
were 1913.
Washington dispatch: Gen. Nettle-
ton. Assistant Secretary Of the Treasury,
in res ponse 10 inquiries has issued the
following information:
The Treasury Department to-day, in
addition to its regular disbursements.
which were unusually heavy, paid out
and advance interest as follows: Inter
est prepaid, sos? 900; redemption OF
I 5, 1898. sos, purchase OF ! per .cents
$3.50, 00O The per cents purchase to-day
were accepted at l25 This is the first
considerable purchase OF 1 per cents for
some time, and the price paid Is | per
cent above that hitherto paid under the
circular Of July 10. 1t is thought that
there may be an impression among hold
ers of per cent bonds that the govern
ment has withdrawn from the market
for per cents This is not the fact,
as the treasurer is ready To take II
considerable amount of Is II they are TO
be had.
1.-THE inquiry instituted yesterday by
the Secretary of the Treasury developed
the fact that the total balance OF duties
due on all imported merchandise in bond
at the port of New York on Oct. / was
only SIT, 500, 600. Only moderate pOr-
tion OF these goods will be subject TO In
creased duty under the schedule in the
new tariff bill. These facts would seem
10 indicate that anxiety based on this
feature of the situation has been largely
without foundation.
LAS further measure Of relief in so
far as the existing strngcncy can est
sonably be said 10 be due to the newt
able operations of existing laws govern
ing the collection and disbursement of
the government revenue the Treasury
department will not hesitate TO apply
such effective remedies as the law per-
mits and the situation requires. The
Secretary of the Treasury on his return
to Washington from New England will
be in New York tomorrow and will
adopt such course as shall seem TO him
timely ana calculated to meet the diff
Guilty as il exists
Cresson (Pa.l dispatch: The Presi-
dent is watching the tone of the money
market with a view to meeting any
further emergencies. He swent nearly
two hours yesterday comforting by teie-
graph with the Treasury Department.
The result was the issuance OF orders
by the President To anticipate the inter
est on outstanding currency q per cent
bonds TO an amount not exceeding
$1,000. 900; TO offer TO pay l25 for out
standing 4 per cent bonds instead OF
124, the rate heretofore offered