New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-09-16
Total for mos so 5ai102 e:'.d''a $50 s"""'ooo
A SENTIMENT TIE FACTOR

A SENTIMENT TIE FACTOR.
Early to-day some National barkS-charteIcd
institutions and the custodians Of other people
dcpos,s-did their uttcrmOs' to inluie The lh'cf
est of their depositors by demanding III per cen,
and itcrpst-06 per ccrt-f"r renewal 81 ''.,
loans And some state trust COMPROMISING, ';'
followed the example and some individual end
crs who haze the undispHici r=h' !" ZEN" u!
not to lcud money, did '"c same thih1
majority of borrowers. Influenced 10y scare OF!
tie money question, accepted me nr'Ls o,''l'r
Willie another portion, WHO DO their own tniIk-
ing REUSED the terms of rcncW'..o, ana !''''
secured their requirements al ~ !@r c'h' """"
to :; per cent d.. ,.o,,
est wonder Of tie century. There are t"o SLICES
10 il, which are not at all allied IN Their Purposes
The one is for the creation .: - monetary 'fis >
which will compel the Treasury to be purchaser
Of per cent Sends at l2Gal::: the o'il"r IS only
an attempt 10 fr;lten real holders ~ III s'.In!c-
ols securities into the market as sellers, tha' q!
large short" interest MAY be covered ~ IL pr"ht
The one part wants high price Tor novrrniirt'
IS, and the Othc. pnrt low prbe Tor 'hl,''.-
l;.ncous securities IL is " curious c.inD'i'a' ION
of speculative forces. Bnt 'hcy nay" d'Ti@ ia
last three weeks worked in I"ricc, accord for the
ACKNOWLEDGMENT Of tLrir separate Is!Ti"rc'
Money has been withdrawn from General cir,,
cua'ion and locked up bnt ,na' Is S''i nn.
caused the boarding Of money by 'Ihil
pcoplc and the extra demand created TO pro
vidc for future rcquiIeurh's IL Is he"IF
la,,r started ont with his ,,lk Of lhcasrrv hoard
inVs ani the effect Of witrIa"al Of inipor'c foods
from bUIdc.! warehouses because OF 'lIr lI"W faiil
II was printed and rclt"r"tci IN almost "N"'|
financial column, except This one. ihrnu2h"u'
tie Whole couptry. The Treasury absorption Was
a ir and III" effect Of he hr* tariI ""' ,"Nh
and rot. Still, this co.nnu could not stand up
alone against the whole press Of lii" country. \
,housand lies will travc! faster 'han on" irn'l';
Hence came the srarr, that caiscd the indy lual
hoarn9 ont side of the lookup # money. Finally
NJ b. irnl -
bar,in. firms. togcrhcr with come ianE pi"Ni..
dcnts-whose hamcs are not pubiishr' i-ai'l'r.%1
fal.,. statement that the absorption Of money
by the Treasury is faster than il can be- with
drawn" rs an excuse for asking that the new
Tariff bill he amended 50 that goods IL bond may
rrman there for a longer period subject 10 lir
tluties of the present law The request for a post
poucment Of time for withdrawal of goods un'.cr
Tho present law reflects IS great an ignorance %!
the immediate effect Of the law. passd By the
senate rs does IN" broad n,sstHtrnlcnf thar the
Treasury is absorbing money faster than II can !"
withdrawn. When such high authorities Civ"
inr.orsrments t the common stock in trade %!
professional wr"rking spectators AT tic stock En-
change. authorities that by common m"rtas are
suppo>pd never 10 utter an expression that Ii not
warranted by an exam nation of the situation. u
| is not wonderful that lesser liqhts have gathered
unto themselves their slnnllcr hank balanc"s-in
| the aggregate larrc-for sclf-prOtcctiOn.
The pnrty which has been manipulating III,
| money market to-day advanced the Buildings fo
4 per cents to 1?G. while sales were ma''' :" TN
| Government
| The offerings to the Treasury on "Wednesday next
| Tie holders Of per cents ought to hear III miro
| that probably the highest prices they will eve
! sell at will hc reached between now and
| Wcdnrsia, noon The Treasury is still undo
| Obligations to accept about $4,000 0h1 l.,
rcr cents at par and interest 10 maturity. There
Is littlc donbt that the fnll amount will I've pre-
| scrtpd by the expiration OF the option on s'rpc,n
Ter 20 ], is still. and will bc 10 October 10
| Under obligations TO prepay the interest on Tin
Ter cents up 70 that due july |. $50. We ms,
omit the offer 10 prepay years interest on tl
currency 6s because OF the probability tina
| little Of it will be accepted. With al
these options filed and the purchase OF
Wc,!ncstls" OF $4,000. ooo 4 per cents. and tn
| paymcnt on September 2? of S:.000,00O. the DC
tohcr interc~t on the registered - per cents. thu
Treasury surplus for q long time will hr Il thin'
| Of the past. and there vii. bc no more syndicair
picking up the bonds and then manipulating money
for the purpose Of forcing the Treasury to come
| the relief 81 the money mr. ket or TO- bny thci
| bonds The nominal quotation for per cen
| Governments probably will rule NJ about 100 b!
| October !.
But the Treasury will each month continue u
| converA 100000 ounces Of sil"er-merchnn
diso-intO over s., n01. coo new legal-tender note
| AIN expansion Of tho lc1al money OF the countr!
amounting to over $50. 200. 900 per year.
WHAT WAS DONE IN STOCKS.
| As was 70 be- expected after Saturdays markr
. and o reinforcement Till; "Wednesday Of the Treas