New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-07-23
CLOSING PRICES OF BOSTON STOCKS.
Uogtnn Julv
THE TREASURY SURPLUS.

Tuesday, July 22-p. m.
It is not strange that the ordinary man be-
comes mudded over the financial situation. II
he reads the outgoings of some writers. Con-
grcss has done just one thing which meets with
their approval. 1t has ordered covered into the
general account of the Treasury the special funds
deposited with it TO redeem surrendered National
bank notes, and therefore, according 10 ther
great financial wisdom, the Treasury has about
$4,000, 600 more money with which to purchase
bonds They also assert that the National banks
are not bound 10 redeem their own notes. that
il is the business of the Treasury TO do that
Now, whether or not a National bank has sur
rendered its circulation, has has not taken up
its bonds to its circulation. it Is bound 10
resnond 70 the demand of a holder Of its notes
for prompt payment in legal tender money The
Washington Bureau of General Redemption. in
which per cent of the circulation of any bank Is
required 10 be kept good, exists Tor the purpose
OF making Newly orlI note good in New-Orleans
and San Francisco note good IN New-l ork
The fund held for redemption OF surrendered CIR
culation is in lieu of Government bonds tat
were held before the circulation was surrendered
The law provides that when any BANK wishes
Ia co ont of tie business OF circulating notes 1t
may withdraw its deposited bonds by suDs'ltul-
ing therefor in legal money the amount Oh us
gross circulation or such part tD'rcoI as II N4sTi
10 retire. But even If the GoNernnchJ sloulu
fail TO retire ~ note, an exceedingly remote pos
sibility. the bank IS not released from us ~
sponsibility TO redeem II, Ihe BANK ho'c is al
obligation Of the bank issuing H. ana ii lI!c s.
curity deposited fails t. redeem IL thc ptnh'
like any individual, must do so or DuISt On, inG
order OF Congress TO transfer certain lruS' i"I'
10 the general account simply authorizes, IL oV
cason REQUIRES the Secretary 10 borrow 50 muCh
money without interest. 1t does not chahee Ii'c
actual cash in the Treasury, its liabilities helthcI
does il affect its surplus available for the purchase
of bonds The money deposited Tor the re-
tirement of surrendered circulation has ALREADY
been once used in payment OF the Ponas uane
up by the banks. The Treasury holds ~ IIis'c1 ;
OF the bond originally deposited TO secure ui1 CIR
culation The same legislative power win an
equal financial morality, might authoTriIzc ,nc
or all OF the bonds which II NOUS
for security Of bank note crcnIauoh and
for Government deposits in Natohai p4 TIf aI,'
TO cover the proceeds thereof into the treasury
The cate has been opened. and although the crcul.
of the United States is beyond reprOach, u cannot
afford TO deal IN tricks 'hat Ti,n The cate
should be speedily closed by the same IeSIsia'Ne
power which opened it, ,::.,o
The new departure of the Treasury IN soilci i
offers of bonds for the sinking fund has stlmu-
lated the ambition OF the old syndicate im polius'
which was so badly left" in 1883. Inc nrl
which then sent circulars all OYER thc COUNT I
saving that the Government could afford 10 pay
50 for the per cents is now out WIN STAT
mcnt that the holders Of the 4 j.? per cents
probably" will be satisfied If the treasury VIII
nav lO5 j-9 for them, which is the exact price
they will be worth on September !, 1871, 10 sul
holder who in the meantime ncslccts 10 collect
the coupons as they become due: september J.
1890 December !, 1890 March !, s9l; June
/ 1891 and September !, 1891, the date OF ma
turity The holder Of the l-2 per cents, VINO
does not embrace this opportunity 10 sen tI I
to the Government al ] o3al % l., Dc the Hol"cI
individual firm or corporation, should have some
friend who would apply TO the courts Ior ne 2l.
pointmcnt OF guardian. II Is not unlikely lhat
The Treasury purchase Of bonds during the current
wear NAV be confined 10 the requirements OF the
sinking fund because Of the heavy appropriations
made for general purposes. When the Govern
ment stops buying prices for both ana u pr
cents are likely to he lower.
WHAT WAS DONE II STOCKS.
There was nothing in to-day's stock market
that calls for comment The total transactions
amounted only 10 5l,657 shares IN thc RehcIa1
list and 1885 shares in the unlisted depaIl =
mcnt Tie duncss afforded an opportunity 10
hammer prices and il was improved, only 10 meet
AT the small concessions full orders Tor purchashg
The same force that week ago marked K1ck
Island at 80 "a to-day, as it did yesterday
exhausted its power in AtchisOn, which went down
10 "A ~ but il closed at A. the opcninF figures
and Rock Island, after being sold of 3-S 10 80 o.,
recovered 10 81 Is Nearly all the sales OF l1ig
Four at ,73 Liars IL, were for the " SNORT
account. II may be that the speculative pear
interest has made as close connection WIN Ihe
president Of that company as they four weeks ago
aid with some officials Of the Lake Shore Company
lust before the opening Of tine war on dressed
meat rates was begun. But we doubt IT. we sur
mise that the inspiration comes from Lake Shore
officials who are more engaged IN watching INC
stock tape than In taking Of their stock
holders properties. The sellers OF the stock war,
rant that conclusion But the decline yesterday and
today brought out nothing but short contracts.
IL is a pretty stock 10 he short Of; moderate
buver could easily carry It's price 10 50 or more,
and its earnings warrant figures even higher thnn
that Union Pacific another point Of attack 4;
H. was sold as low as So "a. but without any
"buI" effort 20 sustain il, il closed az GO IA The
market generally closed at the best figures of the
day. and strong at these.
THE DAY IN TIE BOND MARKET
II is a curious phenomenon in finance that
Simultaneous with the Trcasury's withdrawal
from the market as n daily purchaser Of bonds the
old syndicate appears as n bidder for the pei
cents at rs per cent higher figures than the last
Treasury purchases were made at. and lhe per
cents to-day actually sold up 10 1872. The reason
for The advance is explained above Annexed are
the closing quotations: