New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-10-12
BONDS.
THE DAYS OPERATIONS IN STOCKS.


The Boer ui,imatum came too late for serious
.oact rnon The European or local security mar
kets II it had been forwarded to England sew
oral weeks ago II might have caused some
fright in financial circles but coming after the
markets had slowly discounted its appearance
a. was without important effect. British con-
.ols were fractionally lower. and foreign houses
sold a few stocks in this market otherwise
there was no indication either IN LONDON
or New-York that Transvaal war would
he followed by serious liquidation IT IS not
,,ke,v that Dom Paul's manifesto caused ripple
of excitement among investors. In the local
market the chief factor that encouraged hrmer
nr;ces In the early trading was the more en-
couraCine outlook in the money market, paseo
rnon the Treasury Department help and the ex-
mediation that after this week interior WITH
dravaIs from this centre will as far as
the demand for crop movement purposes is con-
cerned In the midday trading and in the af-
+ernoon the market was dull and prices exhib-
tied q heavier tendency. At the close net
changes were small. with more net losses than
gains
The offer of the Treasury Department to pay
IN advanc, the interest due on Government
bonds for the rest Of the year may not bring
large amount Of money into the maj ket at once,
INT IL relieves the situation Of the possibility OF
q serious strain IN the money market AND
then the sentimental effect Of the ofrer ought
TO be pronounced. The Treasury Department
has shown conlnendable zeal in its efforts 10
accommodate the local money market ana II II
would continue the good work by ouy'ns up
Government bonds in the open market. thus re-
leasing idle money that is needed In trade chan
neIs II would have still further claim for the
pra,se of the business community. The fact
that the current market value or Government
bonds is high would not furnish a satisfactory
argument against the purchase OF bonds ny the
C,ovcrnment for on the long time issues the
high prices paid would be more than onset by
the saving that would be effected in interest
The Treasury has an enormous cash balance AT
nresent. and its receipts are running steadily
hsvond IT'S PAYMENTS 1t would be good time
20 huv IN some of the bonds put out IN the
Cleveland Administration
The Government may not think we'll Of buying
I'D bonds as long the war in the Philippines
continues and II may be argued that the actual
necessities OF the money market 90 not require
further assistance from Washington Inc 1act
remains however. that. despite heavy expenses
on war account. the Governments receipts have
been over So 100000 in excess Of payments for
the fiscal year date. while money Is being
taken out Of the channels OF trade and Locked up
IN the Treasury. where the Governments avail
ohio cash account stands at $3630O00oO 1t
would not he a new departure for the Govern
nent to buy up its own bonds In the open mar
ket and in view Of the prosperous condition OF
the Treasury and the large daily receipts from
customs and internal revenue. and the absence
OF distressing factors IN the general business
situation. 1t would seem that such purchases
would not go, beyond the boundary Of conserva-
tism