The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1890-09-18
FINANCIAL OUTLOOK.
l TIGHT MONEY MARKET
QUITE GENERAL.

Large Speculations in Cereals Ascribed
as the Cause of the UnwOnted Strin-
gency-Eforts OF the Treasury Depart
ment to Ease 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 in some cases. At Boston and Phil
adelDhia monetary pressure also affects
business: at Chicago the market IS
somewhat frmer and the demand &C
tive; at st. Louis stiff at z to per cent;
at Kansas City more firm; at Omaha Il
tritle close, but fairly supplied, at Mil
Waukee very active and to some extent
disturbed by Il large lumber failure in
the interior; at Detroit the demand is
strong at per cent; at Cleveland the
tightneSs is rightly ascribed to the
volume of business; at Pittsburg the de-
mand is fair at 8 to 7 per cent, and only
at New Orleans Of the cities reporting
is the market easier.
1.-The immediate fright at New YORK
was about supposed eonrmous demands
for payment of duties if the new tariff
should go into effect Oct. l. The fact,
as officially reported, is that less than
SO, 900, 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 $40, 900, 600 for
AZ per cents and $23, 0O0, 600 more in pre-
payment Of interest on the 4 = per cents.
If 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 to that the exports
had been very light prices here being
too high for foreign markets.
''The business failures occurring
throughout the country during the last
seven days number 1913. as compared
with 203 the previous week and 1872 the
week previous to that. For the CORES
ponding week Of last year the figures
were 1873"
Washington dispatch Gen. Nettle-
ton, Assistant Secretary of the Treasury,
in response to inquiries has issued the
following information:
The Treasury Department to-day, in
which were unusually heavy, paid out
So, 34S, $50 on account of bond purchases
and advance interest as follows: Inter
est repaid, So OS?, 900; redemption of
AIS, 1885. sos, purchase of per cents
$3.50, 900. The per cents purchase to-day
were accepted at l25. This is the first
considerable purchase Of per cents for
some time, and the price paid is 1 per
ooO+ 81 b0t bitboptO maid under the
circular Of July 10. 1t is thought that
there may be an impression among hold
ers of 4 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 q
considerable amount Of As if they are to
De had.
''The inquiry instituted yesterday by
the Secretary of the Treasury developed
the fact that the total balance Of duties
due OH all imported merchandise in bond
at the port of New York on Oct was
only SIT, 500, 900. Only moderate por-
ton of these goods will be subject to in
creased duty under the schedule in the
new tariff bill. These facts would seem
to 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 stringency can rea-
sOnably be said to 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 us it exists"
Cresson (Pa.) dispatch: The Presi-
dent is watching the tone of the money
market with q view to meeting any
further emergencies. He swent nearly
two hours yesterday comforting by tele-
graph with the Treasury Department.
The result was the issuance of orders
by the President to anticipate the inter
est on outstanding currency = per cent
bonds to an amount not exceeding
SIS, 900. 900; to offer to pay 125 for out
standing per cenU bonds instead of
1874, the rate heretofore offered.