Los Angeles herald., 1890-11-12
THE PINCH is OVER.
THE MONEY MARKET TROUBLE
THOUGHT TO BE ENDED.
The Panic Caused by Artificial Influences.
Secretary Window Says the Situation
in Wall Street is Improving.

New YORK, Nov. l1.-There is an al
most universal agreement among the
leading New York bankers that the
money markets recent range and tight
ness came through artificial Influences
Funds have been locked up, taken out
OF the ordinary business channels, and
kept out of the reach of all in order to
carry forward bear campaign of de-
preston, apprehension and quotation
smashing. Provisions for clearing house
statistics, unlimited if need be, up to
f95, 900, 900 will Of course, put to rout
all these manipulation schemes. A
member Of the clearing house commit
tee, largely instrumental in bringing
about this official action, said this even
ing: "This ends the money market
trouble; loan rates will be normal now;
the pinch is over" s- ,~.>
A Financier's Opinion.
Mr.. Peabody, OF Kidder, Peabody &
Co., said this morning: "While pru-
dent business men are not at present
spreading sail, cannot see otherwise
than that the commercial trade and
general business of the United States
is on sound basis. There is no great
expansion and no large over speculation
here in the country, and the community
as whole is not over invested. Europe
has sent us an enormous amount of
money for breweries and other under
takings, but we have the money and Eu-
rope has the properties. don't see why
it should be any great concern of the
people here whether English people or
English underwriters hold these shares.
Whatever may be their intrinsic value,
they cannot sell them now, and they
cannot send them here and get their
money back. The resources of England
are enormous, and we have little con-
ception of the amount of money that
will be paid out after January 1st on
English capital, which will be available
for investment. think you will find
London will be able to right itself, and
in the end there will be large invest
mend demand for sound American Sc
curities."
WINDOWS Statements.
WASHINGTON, Nov. IL. = Secretary
Window said this evening that his
latest information from Wall street was
that the situation was improving, with
indications that the worst was over. He
declined to say whether the treasury de-
partment would or would not do any
thing for the relief of the money mar
ket, but admitted that he was giving
the matter s. rious consideration. The
department, he added, stands ready to
redeem AZ per cent bonds to the extent
of its resources, but is not ready to make
any overtures to holders of per cent
bonds. The secretary said further that
the recent heavy disbursements had re-
duced the available surplus to $9,000,-
600, and it was question in his mind
whether this small working balance
could be still further reduced with
safety to the business of the depart
ment. 1t is true, the national banks
hold 22,o0o,ooo of public funds,
but he did not care to dis
turb the deposits at the present.
In explanation of the small surplus, the
secretary said during the period from
July 10Th, last, the date of the circular
inviting proposals for the sale of bonds,
to October 31st, there was disbursed
from the treasury $l00,O00,00O for the
purchase of bonds and interest pay
ments, and $50,000,000 on account of
pension payments, which, together with
the issue of nearly $13,000,00 in new
notes for the purchase of silver, made
the total amount of money put into cir
culation $163 100000. "These disburse-
ments," said the secretary, "were $7O,-
100000 in excess OF the total receipts
during the same time, and venture the
assertion that never before in times of
peace were such heavy payments made
in excess of receipts"
The Tide Turned in London.
LONDON, Nov. IL. In the stock
market today, toward noon, an abrupt
change from the gloomy feeling was
caused by the semi-official announce
ment that large amounts of gold were
coming from Paris, and more expected
from Russia. Preparations for Settle
ment at once became energetic. Money
became easily borrowed at per cent.
Loans in many unexpected instances
were repaid, and the progress of the
liquidation OF accounts in every depart
ment, promised at the close to be quiet
and favorable. Recovery in American
railways ranges from Ia to Az.
The National bank of Brazil has
shipped 100000 in gold to its London
branch The gald ia drp in TnDdcn