The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1890-09-13
THE MONEY MARKET.
Efforts to Relieve the Present
Stringency.
Extensive Purchase Of 4 Per Cent Bonds
by the Treasury.
a Plan to Pay In Advance Years Inter-
est on Currency SiXss" The
Presidents Action.
Special Dispatches to THE MonNIse GALL

WASHINGTON, Sept. 12.-General Nettle-
ton, Assistant Secretary Of the Treasury, in
response to inquiries by reporter of the
the Associated Press tonight. made the fol-
lowing statement: "The Treasury Depart
ment to-day, in addition to the regular dis
bursements, which were unusually heavy,
paid out 81, 34S,0S4 on account of bond pur-
chases and advance interest,""
The 4 per cents purchased to-day were ac-
cepted at 125. This is the first considerable
purchase of per cents for some time and
the price paid is cent above that heretofore
paid under The circular of July 10Th. 1t is
thought that there might be an impression
among holders Of per cent bonds that the
Government has withdrawn from the mar
ket for per cents. Tbs is not fact. as the
Treasury is ready to take considerable
amount of As if they are to be had.
Inquiry instituted yesterday by the Secre-
tary 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 Septemb ber 1st was only
S17,500,000. Only a moderate portion of
duty in the new tariff bill. These facts
would seem to indicate that the anxiety
based on this feature of the situation is
largely without foundation. To further
measures of relief in so far as the existing
stringency can reasonably be said to
be due to the inevitable operations of the
existing laws governing the collection and
disbursement of Government revenues, the
Treasury Department will not hesitate to
apply such effective remedies rs the law
permits 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 and cal
culated to meet the difficulty as it exists
1t Is thought one OF the minor measures of
relief for the market that may be adopted by
the Treasurer will be the payment in ad-
vance of a years interest on S65, 900, 600 Of
Government bonds known as currency SKIES.
CREssoN SPRINGS, Sept. 12-That the
President IS taking deep interest in the
financial situation is shown by the fact
that he devoted nearly two hours this after
noon to telegrephic correspondence with
Secretary Window, at WiliiamstOwn, Massa-,
chusetts, and Assistant Secretaries Batchel-
lor and Nettleton, at Washington, as to the
best means of relieving the present strin-
gency In the money market. One OF the re-
suits Of the conference was an order forthe
000 on 6's, and for an 29yapce in the rate
for 4-per-cent bonds to S125. The latest adj
vices received by the President were to the
effect that money was easier at the close OF
business and the outlook more favorable.
The President and Mrs. Harrison took
long drive this afternoon.
New YORK, Sept. 12-An elaborate re-
view by the Commercial Bulletin of the
effects of the fluctuations in the price of
silver on the prices If products in India
during term OF years results in the con-
clusiOns following: During the fall in silver
in the years 1870 and 1876 India cotton de-
cline1 625 per cent and American 1913 per
cent. India wheat fell 26.6 per cent aud
American 81 per cent. Averaging the two
articles, their values run about even as be-
tween the two countries. India prices must,
therefore, have adjusted themselves to the
deterl0rated value of the rupee. Why
should not precisely the reversal fall in
India quotations corresponding to the in
creased value Of the rupee-occur under the
now opposite condition of things.
AT noon money on call was tight at 1s per
cent per day and interest, which is equal
to 90 per cent per year.
WASHINGTON, Sept 12.-The silver Of
fered to the Treasury to-day aggregated
43l, coo ounces. The amount purchased was
32l, 900 ounces at ST. 156 to S1.l57
LONDON, Sept. 12.-The anxiety expressed
by European journals on account OF Ameri-
can silver legislation is becoming constantly
more marked. The London Economist con-
talus several communications every issue
on the silver question, aud other foreign
financial journals are giving the discussion
wide scope.