Omaha daily bee., 1899-08-12
BRADsTREET's FINANCIAL REVIEW.
Significance of the Treasury Order to
Resume Issue of Gold Certificates.

Significance of the Treasury Order to
Resume Issue of Gold Certificates.
NEW YORK, Aug. Enthusiastically Finan-
ciaf Review tomorrow will say:
A rather bullish temper prevailed this
week in spite of the continuance of narrow
professional speculation. A slight relaxa-
tion of call loan rates, which, though by no
means general nor to all appearances as
suredly permanent, resulting in quotations Of
2a ito 3h per cent toward the end of the
week, had a good effect and supplemented
the favorable conclusions of Wall street
about the crops and their results in connec-
ton with railroad traffic and earnings
There was a disposition to take an exag-
gerated view Of the significance of the secre-
tary of the treasury's order to resume the
issue of gold certificates to the extent of
$40, 600, 900.
1t is an experiment, which, If successful in
relieving the demand for notes, will be
followed by a return to the more
or less unrestricted issue of the certif-
Gates In question. The market, how
ever, was influenced by unfounded re-
ports that the plans Of the treasury included
an increase in the governments national
bank deposits or other measures calculated
TO help the money market while subjected
to the pressure of the crop movement, COM
bined with. the augmented demands arising
from the activity Of business. Increased in
terest is shown in the conditions Of western
banks and In the question Of how far they
can provide the money needed to harvest
and move the crops without any large de-
mands on New York for assistance. the mat
ter being emphasized by the fact that con-
siderable amounts of money from other
cities are said to have been loaned in New
York this week.
The further decline in exchange referred
to elsewhere and the probability of gold i'm
ports as soon as the autumnal grain export
rnVannnnf ha0inc uyac on aH1ifinnaI raaEnn
for the increasing Indifference with which
Wall street regarded the question Of higher
money rates as an obstacle to a further ex-
hibition of bullish speculation. Conse-
quently the firmness of time money, which
has been held at Az to 5 per cent, has had
considerably less influence, though in con-
servative quarters the necessity of caution
is urged in view of the high prices of Sc
curities and the probability that money will
command permanently better rates.
London was hardly a factor in this market,
except SO far as the action of its money
market Influenced the financial situation
here. The foreign transactions In our
stocks were about equally divided between
buying and selling and amounted to little.
Activity on the part of commission houses
was restricted, indicating that the public's
share in speculation is rather unimportant,
though toward the end of the week there
appeared to be some renewed buying from
that source.
POOR operations In some or the leading
stocks and specialties furnished occasion,
however, for nearly all the activity the mar
ket exhibited and In most cases, where eff
forts were put forth to advance a stock, a
bunch of buying orders was secured. In
spite of its strong undertone the market has
been somewhat spasmodic and irregular and
in the bond department the combined eff
fects of dullness and higher rates for money
produced some concessions. particularly
among bonds bearing a low rate of interest
but which sell at a high figure.