Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-09-14
LOCAL MONEY MARKET
Effect of Anticipating Payment of the Octo-
Der Interest.
Considerable Amount of the Four Per
Cent Bonds Held In This
City.

Inc local money market will soon receive
reinforcement Of funds by the payment of
the interest on government bonds which
secretary Gage yesterday ordered to be an
tlclpated. Large numbers of these bonds
are held in Washington, and the interest
money will go Immediately into circula-
ton.
The treasurers Office is hard at work
getting out the interest checks. These
number about $1,000, and they will be
mailed September 20, and the bond holders
can draw their money September 81. The
interest was computed after September 1,
and now the only work is to draw I'D the
checks and inclose them to the payees.
The exact amount of the per cent
bonds. upon which this interest accrues,
held In this city cannot be handily esti-
mated, but it is known to be large The
national banks alone hold S7O5,O0 worth
of the bonds as security for circulation,
and. Of course, they will get the interest
on that amount. One bank alone holds
$4,000 worth as security
But In addition to these amounts all the
banks, 1t Is said, hold 1 per cent bonds in
their assets, while undoubtedly other large
amounts are held by the trust companies,
the safe deposit companies and by individ-
uais, SO that there will be quite an increase
Secretary Gage anticipated the interest
payment IN order to put about $500, 00D
INTO circulation to relieve the money mar
ket AT this season of the year there is a
noticeable movement of money from the
east to the west and south, where it is
needed to move the crops. Sometimes in
the fall the eastern banks comp ain espe-
cially If business is good, as it is at pres
ent, and there is an active demand for
money to carry on the operations Of COM
merce. Therefore the treasury Is glad to
help along prosperity to this extent
III 1t should become necessary the treas
ury could still further relieve the situation
by increasing the deposits of public money
in the national banks which are used as
government repositories. 1t is not believed,
however, that the treasury will do this at
the present time. The deposits in national
banks are already very large, aggregating
more than $S1 100000, due to the fact that
some Of the money realized from the sales
of bonds and deposited in those banks has
not been withdrawn.
Pressure has been brought to bear on
the treasury from some quarters to in
crease the deposits of internal revenue re-
ceipts in the national bank Repositories.
The plea has been urged that the country
Is drained by the internal revenue taxa
ton. and that the drain might be relieved
by depositing the receipts In the stipulated
banks There is authority for the state
ment that this demand will not be COM
piled with by the treasury, at least for the
present. The government Is averse to en-
couraging the banks to lend all their money
and complain to the government when they
find themselves depleted.
Yesterdays cash statement showed out
standing gold Certificates amounting to
$102, SOC, 419 and outstanding silver certin-
Gates amounting to $4O6, 7S0,504. There
were outstanding treasury notes amount
ing to sol 902, $50 and outstanding currency
certificates Of $19. 100000.
Government receipts from Internal reve-
nue. today were 81, 16S. 673: customs, $685.
446: miscellaneous, $17,643; expenditures.
81, 1856 600.