The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-11-17
GAGE EASED MONEY RATES.
ss.e6o. ees56 PAID OUT FOR BONDS
HERE YESTERDAY


ss.Ioo. 900 OF This Money at Once Lent Out
on Call mt o Per Cent, with Many Mil
lions More-More Bonds Will be Turned
In rs Occasion Arises - stocks Go Up.
The offerings OF bonds at the Sub-Treasury
In this city yesterday under Secretary Cages
circular were S2894 200. par value, OF which
$4,000 were 5 per cents and $2.47n.200 per
cents. For these the Sub-Treasury paid
50. 20e. 29S So principal. premium and interest
One savings bank sold the Government ST.
5OO.O0O worth OF bonds and another S600.000
The money paid for them was deposited In a
| downtown National bank. which Immediately
lent II out on call on the Stock Exchange at 9
per cent
All who brought bonds to the ub-Tressury
for sale had to sign bills Of sale TO tho Govern
ment. after doing which and turning over tho
bonds to the Sub-Treasury officers they
received checks payable to their order. Under
the terms Of Secretary Cages offer they
received for the 4 per cent bonds 1879 and
accrued interest to the date Of the purchase. and
for 5 percent. bonds Ill and accrued interest.
The prices stated were the market values OF
the two classes OF bonds on Tuesday.
1t was reported In the street that Harvey
Fisk Sons had arranged to sell to the Gov
eminent block OF bonds amounting to S1O.-
000.OO and that J. p Morgan 4 Co. had
offered S15.O00.000 OF bonds to the Govern
ment The last report was denied by a
member Of the banking house in question.
Pliny Fisk. OF Harvey Fisk 4 Sons. declined to
deny or confirm the report regarding the
Asked II he thought that the Government
would receive the whole amour OF S25. 900 900
Of bonds called for. Mr.. Fisk. however. replied:
| they will be turned in"
From, other sources Il was learned that Il
would DO turnsd in az the sub Treasury "a nn IN
one lot. but that two or three millions might
The effect OF the bond purchases was at once
call loans ruled ats per cent. with exceptions
whore prices rose materially with heavy trans
actions, but in tho market for sterling ex-
being quoted as high as si,s6, a comp Se eie
recovery from the recent sharp decline as a
result OF which gold impor's were talked Of; II
market will advance sufficiently to make gold
exports threaten.
important financial interests which have been
endeavoring to relieve the money market
introduction OF the disturbing element repre-.
sented by az export movement Of gold. and
have II In their power to introduce checks
On the New York Stock Exchange tho call
loans m AIDE at y per cent. footed up many mil
lions. Ono Of the heaviest lenders was Howard
i. Rockingham. representing banks and other
Institutions. which loansd at that rate between
S7.ODO,OOO ami $S.0OOOOO. He made ON loan
OF $4,000 at per cent-the highest rate OF
! the day.
In financial circles commentator OF the
course OF the Secretary OF the Treasury was
more or less general. James Stillman, presi-
dent Of the National City Bank, said: Mr.
Gage has doo- the right thing in the right
way. II 10 immaterial whether the tonds go
into tho Treasury or not II will create con-
ndsnce. We know now that when II becomes
necessary for the Administration to act Il will
do go"
| Vice President A, B. Hepburn Of the Chase
National Bank said that ne approved OF the
Govern ment's action. and that all thoughtful
hnancers said that II was CO. ssary and highly
eIpedent. Russell Sage made this = atement:
Il am not inclined to sell bonds to the Gov
eminent on Mr.. Cages offer. There IL no
| doubt that the willingness Of the Governme nt to
buy bonds Ia sAlutary. 1t gives confidence an
shows that the Government Ia ready In cases OF
| emergency 70 step forward to give assistance
The sentim ntal effect should be greater than
| the actual act. II IL my i'm pression that not a
large amount Of bonds will be offered TO the
Government In fact. 1t will be = SPLEEN
Wall Street II II Is =, not necessary
| for the Government to take these bonds II il
| more than likely that the talk Of a real
| alarm, A. good many bonds have been bor-
| them To the lenders. which In tuin have been
| able to get much higher rates Of interest. ! do
not look for any radical changes in the price Of
| call money for some time. In fact. we should
| have steady D per cent. market for quite .
while"