New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-09-01
THE PROSPECTS OF MONEY.

Monday, Aug. 3l-p. N.
II Is now generally conceded that the crop
situation is SO we'll secured that 1t would require
unusual conditions 10 prevent harvests OF all
cereals which will add immensely to the wealth
Of the country. While the corn crop is still ex
posed to danger from frosts even it, in the great
portion of the corn-growing region, may be relied
upon to furnish high yield, and the warmer
weather promised by bulletins from the West
now serves 60 allay practically all solicitude as
regards this important product. The conduct Of
the money market in the next few weeks is the
principal element of uncertainty which may in
huencc speculation In short time. Decidedly
higher rates for call money were obtained to-
day, and the open market rates in London were
iirmer
II was announced to-day that the plan of
maseing the leading banks Of this city in syndi
cate to secure some 100000 4 l-2 per cent
Government bonds for basis of circulation had
been abandoned, but, nevertheless, the price OF
these bonds was advanced IA per cent, and the
agitation of the project has led to purchases
which will probably lessen the amount of bonds
that the Treasury will be called upon TO redeem in
September, The probabilities now are that
about $40 900 900 Say one-half OF the l-2s VIII
he paid of BY the Government. AS the matter
now STANDS, the money market Will receive neither
aid nor harm from the execution OF the extension
for the next few weeks that the city banks WIZ
lose in reserve in consequence of the call for
money TO move the crops. The question OF how
far reinforcement will come from gold imports Is
an interesting one. 1t was announced TO-DAY that
$4,000 gold had been shipped from Europe The
rate of foreign exchange is still 1-2a3-4 cent to
the + sterling above the figure generally accepted
as furnishing n basis for gold imports as a profit
able exchange transaction. Nevertheless, the
house which will receive the gold declares that 1t
comes without loss, and all idea of speculative
motives is repudiated.
1t must be remembered that the international
this year have been influenced by more
than ordinary conditions. AS the heavy export
movement Of gold early in the year was started by
special" transactions, perhaps that sort of trans
actions may be preliminary TO an influx that will
finally fulfil all conditions required by critics
This much is certain: that the foreign exchanges
are steadily weakening and the prospects OF in
creased offerings or commercial bills warrant rea
pecie importing point An adverse change in the |
current OF securities may upset calculations but |
unless Europe not only ceases to be a buyer but |
turns heavy seller Of American bonds and stocks
the conviction in foreign exchange circles is that
several millions OF gold will conc 10 this port in |
september. The tone Of the foreign financial |
Journals indicates that London is preparing for an
,arly export Of gold 10 AInerca and the purchases
IF our securities for foreign account would imply |
that Europe is prepared 20 witness the loss Of gold
With e0uanimitN.
WHAT WAS DONE IN STOCKS.
The activity in the Stock Exchange markets |
o-day reached about the highest point on the |
recent bull movement. The demand for bonds |
vas undated and the number Of issues drawn |
INTO the speculative circle was added 10. In |
locks the highest record Of activity WINS made.
ondon was an eager buyer and OveTcame the |
fleet of continued large realizations for local |
account. There was an carly difference between |