New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-09-13

TIE MONETARY SITUATION.

4 LITTLE retrospective view may help MS All VET
fer 10 comprehend the singular condition oil mo"'A
II tie Stock EXchan-c-a place winch lor hoh'hs
has been notable for n ,arl: OF s"rcain''on' anu
from which thr absorption OF %cnil'is y! III
vc,'nrS has been great tha' n"' III o'"'H NV
brokers been 81 small borrowers 81 money NJ 40"
Tb. ouocd rates for money AT the stock IN
change at any time are not Tie represent INV
If ,ic general rates in Nrw-Iori, CITY. and ln'"%
thry have not hccn a representative "' per ''"'
If the loans which broker, are carrying l''
,hcv are the official rates which are 'ccsr"p..ed
all over the world AZ the rate for money IN New
y-L Io., ricLt We showed that
the actual nnoaMn OF cash which Treas
urv o,erators had added to the general
circulation since August Ii was $i0,622.53e. and
vet today the official rntrs for money. by Stock
EXCHANGE record. ruled li2hcr than on any pre-
ccdlnc day OF this year, or for several years.
1t will he remembered that when lhc Irc'S1FN
on July 10 rcscnGcd III" circular OF Apfii -.
which invited daily oacrin@s of BOMBS ANA III
place of il asked for offerings I" he "l"h~i a
noon on july "a fer tie sale Of both ~" ana
L. Der cents, the purchases aiMonn'"d I" he"rN
s; ,ooo,ooo per cents, principally al ~ a@'"I''
l.2. tar last rrc' pad. and 10 nearly c'""."'
- per ccnls AZ l"J l.? 100 80 ''' W.
August Il daily Offer. "i '-c IL Al ia ana ."
! - Dor cents al lni "A were ;,cccp'rG. i"i"'r
August II hi, Column dir r'cI attention I" g
fact that onr N wall street was rohp'!hE
: with the Treasury III III" pl.rclas' "l IT, ! P'
cents and was LaN lng Tor them IA Large I''N
| Is IA per cent more th'n ~" ''"t"fn'n''
figures. ana Suggested thai !, i'"N'inH ,""' "u''
! an early adv.nc" "i i{,r Go '"rhn"i' pi'"N
| l,t ON August II H." Treasury i'S"'"i my
cirular resembling all prryi"n, ""rs -, g., l.
offering +" Tn'"n S:r'"" a,i ,r,. %a w. r..
maturity his was :. disappointment s. "a" LAT"
buyers Of the Irr cents. hnt set hey al
vanccd the bids for the per cert I" :" o. J. y,
expectation that TIE "lcr I" ncrih the J .
pcr cents would IT meet Response from III"
! nolicrs l;ut al the expiration "' ihr "p'i"" "''
| A,aust 20 more tAin IA" fun oncr t"i 92","""'-
900 had lren accepted, AMI n renewed over -
| S20.0u0.GO0 on tnr saiLc '"r;I" "a' n'dr nm
| Uption Of holders Z" expire ON N"pt"uWl 80
/ This made the holders of the rrrth'li pnr"H"S
/ 4 per cent, Inad--and the quotation for g."
4 I4r cents has declined - IA ~, al WIN"
| ngurc yesterday there WEI" sa'"N lna''' Ihri
came the o.fcI I" prepay the Interest ny y" "''
! including that due July !. 1891. o. i.r i"i
cents. calling for disbursement {" about 81 900 "
| 900 IL, addition to the Interest dine or '"'"'sr /
| or the last call for 500. h"0,"0" j.? PEI r"r'S
Which will expire on Np'c'a'"r %, ah'n' 800"
600 has been presented iUr redemption. ana about
| So 800 900 has been paid ont for IN" January
! April and July ua"i interest On IN" per cents :,
the October interest OF them 'S,o""''o" VII
| ls paid about September 80. N"w. as tie"
| wore before AuCIist - competitor, for tine pnr
| chase of the ( rci cents at higher henr"S ihri
those Of the ''ovcrhhi"it So there hrV' h"i
Of
per cents ~ Government price; w" believe maj
! The Ncw-York symIca'" neither presents me !
per cents for prepayment Of interest nor us t'
cuinuiniioh of 10 pr r'nts for r"dr'npti"n, ne
object, in connection with a l"cE-np 81
| money. being ~ Great" snrh a stIin:cncN ~ h'
| money market al the Stock ENrhangc--il" "nirl"
| Ncw-Iork pr0taton--;hat tho Secretary VIII !"
constrained TO purchase then block Of per cent
! bonds. Tor which there is no other market al
cnrrcn, liSnrcS: This probably fully c\p"ins W,
monetary condition =: the Sto"t EArhInTr u
al n
: chances Of a Wall Street panic with all IFS ~
! tending damage to the general bnSiurN* OF IN
thu, such offers w"uld I've received, ne rrcasnr,
| AT Washington accepted m offer Ia sell II 500" o"'
4 per cen,e nt 10 would seem 10 indic"'" th"
| an invitation Ia sell per cents VIII l'c i"ril
coming Aesrrtio hasfd npnr ito figure o
"a. the last nri"" paid persons to-day. il wonF
seem that the Treasury can rs well afford /" p',
| III for q large anOlnt III the L. as 10 prrp"l
| nine months interest without rebate. VI tina
figure the Treasury probably wond he swamr"'
by Offers. l.n' = seems 10 hc clear beyond dohh
that it is 10 the per cont syndicate that vi
may look for az explanation for the rcma ah'
condition. Of money in the block bounded bv Wal
and Broad SITS. Exchange Plar" and Ncw-si
THE STOCK MARKET.
Much OF the stuN that has ioiind circulation
concerning the effect Of the new tarin and regard
in. the continued absorption OF money by III
Treasury in excess Of, or cInal TO- its payn"nc. ha
been Of a character winch Indicated a breadth %
thought beyond the capabilities g! any of orr lead
ing professional sfprn!ators. BAT they nave quickly
"tuinblcd 10 it as being something IN their favo
and have known how u use IL Tor their purposes
suppose the syndicate OF per cents succeed il
their plans and tho Secretary Of the Treasury doc
make liberal purchases Of per cents, the ellics
to-day will I've the most prominent i'll their opinion
of the glorious prosperity of This great country
and it will be not only additional tiovernInn'n
money, but also locked-up money that will loo,
the market We dislike TO write anything which
tends to moke any one uneasy. but all the indica
tions tonight point to happenings such rs are sg
gcstcd. And then what will poor birdie do ,
fo-day's market was opened with renewed pressnr
against values, but generally the first or earl.
figures proved to lie the lowest Of the day. TIN
fluctuations were frequent and sometimes shnrl
There is undoubtedly q very general liqui
dation Of long" accounts on the par
L. hoor1.rnoIn traders hut there is