New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-14
HOW WALL ST. VIEWS PLAN.
INTEREST ANTICIPATION COMMENDED
PROPOSAL TO INCREASE ClRCt-
IATION CRITICISED.

The early announcement that the Secretary OF
the Treasury had decided to take certain steps
looking to the relief of the money stringency'
and the report from London that Sosnro goid
had been engaged in Paris for expectation 10
this country, acted yesterday as counterpoises
to the general expectation of a decidedly oao
bank statement in keeping the stock mar
ket in state of unstable equilibrium III
the first hour When the bank statement ap-
peared. the fact that even trifng surplus re-
serve remained had a reassuring effect, and the
market closed with fractional net gains in the
majority OF the active issues. The situation IS
however, such 10 cause grave concern Among
the most experienced and prominent hnanciers
Of the city. The weekly statement of the Clear
ing Ho,,se hanks shows combined holdings of
only s115.015 in excess of the % per cent re-
serve which the law requires them TO MAINTAIN
a decrease Of s:.:SS1 $40 compared with last
weeks showing. year ago t-e SUI Piu@
reserve was S7.lIoo1o and two years ago
it was sos $4,000. With the demand Tor
money for moving the crops in full course
and likely TO show no cessation for sew
erai weeks and with several millions of money
in the form of customs dues weekly Withdrawn
from circulation and lodged in the United states
Treasury the speedy wiping out OF the surplus
reserve-a condition which prevailed lot thiee
successive weeks in November, lS93-would ne
inevitable with all its adverse efects on puoii|
confidence i'm the absence OF alternating meas
ures One such measure. to a certain degree
automatic seems likely TO go into operation TINS
week in the form of gold importatlons- Inc
demand sterling rate remained unchanged yes
terdav at S.1a which is a little above the lever
al which the metal proitably be brought
into the country. the rumor. of so.o"'o"V en-
easenen; could not be confirmed here; but with
the continuance of the recent high rates Tor
NANCY the sterling rate may be expected 10
recede TO the importing point. and even II IL
does moi reach that level. importations can be
arranged at a not serious loss. Estimates vary
as "a the volume of the inward flow Of gold If
the movement should begin this week, some be-
lieying that Sl0pD0O00 10 S20.0ooooo would be
shipped to this city; but there is reason TO be-
Ieve that these figures are too large
The other relief measure is that promised by
the Secretary of the Treasury in his statement
Issued Yesterday His decision 10 anticipate
the pavtnent of the interest due on October i on
the per cent bonds of 1880 and the Is of
1897. amounting in the aggregate 10 about
4,JoopDo found only commentator yesterday
in the financial district. although the sum thus
placed in circulation will not go far toward sup
plying the needs of the market The other part
Of his plan however In the opinion OF leading
fnanciers is inadequate for the situation and
unfeasible He has made arrangements, he
Gays to release about 100000 of the Treasury
holdings. which he purposes distributing
among rational banks throughout the country