The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-11-14
orr TT6HT MONEY MARKET.
Tho Treasury Department Thinks the situn-
ton Has Been Exaggerated.

| WAsHIyGToS. Nov. 10. - Comments at the
Treasury Department to-day on the flnan-
| cial situation in New York made II more
than evident that there will he no purchase
Of Government bonds for the purpose Of re-
| lleving the tightness OF money. In fact,
| Il positive statement to that effect was
obtained from very high officer OF the
| Treasury Department. II was said. in modnca-
ton Of this statement. that In case the 'situa-
| ton grew so much worse as TO threaten IMAM
| cial disaster. tho Treasury administration
would not hesitate to buy bonds to the extent
| OF SIS O00. 900 or so, 100000 and perhaps more
The opinion in official circles 10 very strong
| however that this measure will not be neces-
| sary. and the Treasury Department looks for a
| favorable change In the New York situation
before the publication OF the local weekly bank
| statement next Saturday, or. at the farthest
within a fortnight. There 10 still tendency
among Treasury officers to believe that the
and al To Go a %Smss Rst
Rss S SfS" osisi tsdsy any ''m'' ana wi" not
mono makes the diiIersncs in New YORK be.
tween q state Of comparative Satisfaction and a
ooo more money 4ef in THE the market The
talk OF tightnesa and Of Federal aid would
would Z; es.s aRd s Xxi. @oa ani
does not seem large enough to justify SO much
In explanation Of his statement the oiflcial
According TO Saturdays New York bank
Sss s ss fsaS Ms.S sSeu' eve he
% ssnk q SD3 sss, 1sssnIs n9d5S
as they are now. This difference 10 not very
great; in fact the percentage Of difference is
so small that the present sxpressions OF alarm
from New York cannot be justified on that
Continuing. the same officer said that he CON.
TO the East would begin Very 81 soon " for the The
reason that the causes which called the money
Wes, wer. disappearing viz VIZ the fall season
s30000O0 below the legal requirement on
Sept. !. instead OF on Nov 10. thsrs would be
should be strongly coerosd TO make liauida.
ton. Considering the season. however. tho
soSs element. on ersa. %" snco%ra a were
3: found IL the MEM YSTk ssnS,9n;
was IN good demand. bringing 10 some cases 5
per cent. In his opinion the only thing to be
garding the tightnsss Of money In New York.
that Western bankers. who would naturally
s Sshod L y .sd som. wHSq
10 New York. when really there 10 no.chsncs OF
disaster. Tn. feeling 10 strong In the Treasury
impair the confidence OF Western banks 10 tho
ability OF New York money interests to pass
sSs. sssS change
the conditions 10 New York so favorably. In
the opinion OF Treasury officers. they believe
that the movement OF money from the West
will soon afford the desired relief. They add
that money would probably then be at some
thing like 3 per cent and no further cause OF
complaint would exist.
Money on call on tho New York Stock Ex-
change was not so tight yesterday as on some
days last week. The ruling rates were \ to p
Per cent, but several millions OF dollars were
loaned In the afternoon At q. The highest rate
was H. and the lowest 4, the last loan being
made at 4. The Central Trust Company's APP
pearance In the money market as heavy
lender at per cent. was the feature OF tho
dealings. This trust company 10 said never TO
charge more than y per cent. on It's loans, and
the money that II loaned represented large
block 81 money temporarily in its possession
which Ia t. be utilized to pay OF az issue OF
$500 900 general mortgage land grant bonds
OF the northern Pacific Railroad IL was the
loaning OF this big block OF cash that shsed the
money market for the day.
One reflection OF the sasier rates was sharp
partial recovery In sterling exchange rates late
In the day. after earlier wsakne that had
brought the demand sterling rate as low us
S4s4k. or within less than ono cent in the
pound Of the gold i'm porting point The clos
ING rate for demant sterling was S+.S5s. The
principal foreign exchange houses continued
to express the opinion that there would he no
banker said that he expected that the local
from tho return Of funds from the interior.
There has already been a falling on In the de-
mand for money TO be shipped South 10 move
cotton