The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-10-16

NEW YORK, Oct. 15.-Henry Clews'
weekly stock letter says: Wall street has
suffered another weeks embarrassment
from the effects of money pressure. Not
that the stringency has increased In
severity, but that there is as yet nc ma
terial alienation, nor any sign or lmme-
date effective relief. 1t IS true that
about 50, 10000 of gold has come to the
banks from abroad and the Pacific coast
and that the settlements of the subreas-
ury at the clearing house have been
more than usually favorable to the
banks; but the shipments of currency
t. the interior have been disappolntlngly
large and the foreign exchanges suggest
no hope of early importati0ns of specie.
Thu balance Of the money movements OF
TIE week cannot be closely estimated at
the hour of writing; but it does not seem
improbable that next week may open
with a son ewhat improved condition of
the banking reserves. Still, the situation
of the money market is less favorable
than it has been hoped to he at the
middle If October.
The coming week, however, may be eX-
pected to bring some relief. The offer OF
the treasury to pay out the whole inter-
est on the public debt up to the 1st OF
July next places an important resource
of gold within reach. The interest due on
NOV. l. amounting 10 9toOO,Srf, pay itSiAN
of which begins with Monday the 10th
inst. NAV be expected to be collected
promptly; and, as "a large proportion OF
the disbursements will find their way to
this center an appreciate relief to the
local banks will result, which may be
expected to appear in next week state
ruent During the succeeding eleven
weeks. bondholders will have the option
Of collecting interest in advance maturing
up to July, 1900; but it seems doubtful
whether that privilege will be awaited
of to any extent. On the interest due
during the first half of 1900. the treasury
imposes a rebate for advance payment
of one-ffth of ! per cent FER month,
which on the July item would amount TO
60 per cent Of the interest. 1t is an
open question how far the treasury's
offer may be accepted in respect to the
interest maturing on the lst Of January
next. amounting to 1885, 526 The rebate
upon it would be 3-5ths of l per cent,
If the demand were made before Nov. l;
and the willingness of bondholders to pay
such a rebate would depend principally
upon the condition of the money market.
1t does not seem likely that much of the
January interest will be collected un-
less the market rate for money should
continue persistently high for some time
to come; and that does not appear very
probable 1t would be entirely exception
al to experience if a considerable proper
ton of the money sent to the interior
did not find its way back to New York
In the second half Of November, and
during the interval before that the loan
market woulG be growing gradually
easier from receipts of currency. It
therefore seems quite possible that in re-
spect to the January interest, bondhold-
ers may prefer waiting fer its receipt
in due course to paying a considerable
rebate fn1 getting it earlier: the more
so as the immediate disbursement Of the
November interest can hardly fail to at
ford quite appreciate relief. If, how
ever, the money market should remain
unexpectedly stringent. the five and
half millions of January interest is with