New-York tribune., 1899-11-17
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Transactions in yesterdays securities markets
we're heavy, with prices strong the greater part
OF the day. Announcement by the treasury De-
partment that the Government woulo puy
s2b 600 600 of Government bonds was. of course
the chief influence in shaping the movement or
values. which tended toward a higher Level
throughout the best part Of the hVe hours OF
trading. The character Of the days business en-
courages the belief that in the rest or the year
prices will advance more often than they VIII
decline II this proves to be the case it will be
in line with the predictions and expectations OF
The more conservative men in Wall Street, while
1t will bring disappointment and financial loss 10
a number Of traders who have been selling
stocks short In the expectation of money panic
at this centre. Stock market trading may run
into a bear panic before the end Of January. but
the money market should not cause further dis
turbance in Wall Street.
The decision of the Government to buy bonds
IN the open market will have sentimental as
well as practical effect upon the speculative
and investment community Even II holders OF
bonds do not care to accept the Treasury De-
partment's offer, the mere fact that the Govern
nent is rich enough 10 buy its own bonds VIII
insnire confidence in the Government and in the
country The offer to buy bonds comes at a time
when the monetary situation shows signs Of ap
preaching relief through the ordinary channels
Of trade considerable addition to local sup
plies Of money is expected in the course Of the
next few weeks through merchants receipts or
funds due on regular November settlements.
Merchandise sales in July on four months time
are always heavy, and this year. owing to gen
eral trade prosperity buying by out of town
dealers has been enormous. II is therefore
reasonable to assume that large bills will fall
10 i'm
portant item in bank statements in the rest Of
the season, and together with the money that
will be received from bond sales to the Govern
nent they should prevent further big fuctua-
tions in lending rates. In time there will be a
natural flow Of gold from abroad. Borrowers
may not hope for . per cent rate for call money
Just at present, but they entitled to rates
below the exorbitant level recently ruling.
In President Clevelands Administration four
separate issues OF bonds put out, amount
ing to S100000000 of per cents and S162,31
400 Of per cents Bids for the first loan
invited In January. 1894 at a time when a Dem
ocratic Congress engaged in passing reve-
bill creating annual deficit of from
$4,000 600 to $4,000 000 and before the end OF
the Cleveland Administration three more bond
sales were announced by which the country's
funded debt was increased S262 315 400 The
government was aDle 10 sell It's bonds at q falr
price. and while the current market value Of the
As and 5s is above the price at which they were
sold, the saving in interest which will be effected
IN the proposed purchase of SO 600 600 Of As and
5s will more than offset the difference in price
both in respect to the original selling figure and
the amount at which they would be redeemed IL
allowed to run to maturity. The country has
made wonderful strides since the Government
forced to borrow money. and it should be a
of qualification TO all Americans to know
that prosperity has put the National Treasury
in a position where. despite enormous expend-
lures, 1t is strong enough to offer to buy S25.-
600 900 of the bonds that were put out in 1894
TO save the Government from bankruptcy 1t
reported on good authority yesterday that
city banks to receive Government de-
posit internal revenue receipts at this centre 1t
Is known that certain local banks have accumu-
lated bonds TO deposit as security against Gov
ernment deposits in the Treasury Depart
ment decided to give this additional help to the
money market