New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-13
GOLD IMPORTS EXPECTED.
CALL MONEY RISES TO 20 FER
AND STOCKS DECLINE

z.-,.,,.,,., IN the money market, winch
FOR several DAYS has been increasing
ar,74e Yesterday. call money rising as ms =
% nar cent and the stock market respoiiuii'e
? sharp decline, which was acceier]'su -
r,-osrect If another unfavorable pahh S'o'
today Sterling ex change mace d iui 'iiei
cline and the outlook is now Tor solo i'iIi'o'
rions next week No announcement "a7 mo-
~, tho Secretary OF the Treasury OF pun p0
relieve -he s1ringency. and IL Is not gem -
,o..sd that he viii take any step in that diFec-
lion beyond possibly carrying INTO en- -
tentative suggestion as to increasing the us
.,oei+s Of government moneys IN the ID"
- danositaries Just a year ago, il may '9
encountered. Secretary Gage placed about -
ooooao of incoming internal revenue ftoe'p''
WITH ,ne depositaries. and also invited pr
rosals for the sale TO the government "a
sssaGsgt United States bonds other 'id'i
cents As far as the present ughIness u
nancy market is due TO the recent ac'i|
lation in stocks il is regarded oy c"ii9e'
observers as 4 healthful and normal Occur
bu4 it is also felt that the rapid
from circulation and diversion 1i'o 'i
eral treasury of customs moneSs-'i!' -,
,;os -, che last week aggregating about S''''"''
aoa-rnay not improperly be counter "o'e
some measure on the part of Secretary IN"
= 80. ,,,,sr+er cent closing weak at - So
. continuance of the high money rate VIII
5,.,b.less result in \ drop in demand 7tS'''''-
,+,ir q fevr days 10 the importing Pon', '"'
.. is not expected by leading exchange houS
that the gold importation movement q"
.,o,,16 set in viii DC Of large proportions ~
c,iiries have been ade at the ASSAY 'il''
a.. ,,,cs ,.,,cl7 would he paid for gold Al ti'is
time and If was reported yesterday '"d'
reassn,ents had been made for nTlhslHS "
.,,,,+ e o..oooa These reports were not ver'-
eed. but II would not greatly surprise 'i'e
.. o,,e cold mas 10 be imported fer account
~ market operators. even at a loss q Fi''H
90 -, each 81 6saanao engaged. for the Teassuri's
-. a. o,,1d have ,rpou the stock market
r.. orenine rate for call loans yesterday "dS
IN nor cent with A brisk demand. when So"''
-en+ 417e nuofaffon 10 IL per cent. ana l9'e' "
tho dsv 10 20 4 little money was leh' a.
rer cent and the nominal rate At me ''"S'
& nar cent. hr,t most of the days ioanS-Fi ilN
carry over to Monday-were AT l. per
-,,+ of tow, institutions furnished most ol IN
funds lent a fact which may make me "a
-sa..--,a,. NJ today not as unfavorahe as has
been feared. Last Saturday the surplus iese'
ne the associated banks stood at . tribe aooNe
900 since then the banks have lost 10
- e,,,, Treasury more than S6npeo, ana
49, net 1oss 10 the interior has been Sl.lZ4'"'
The Tinted States Treasury, il WAS reporter
er,r, washington yesterday, now holds >'''
s,a4 40 gold. a neRr high record sum
F,-consressman Jefferson NJ Levy said yes
.srdav in discussing the money market si'ue-
ton:
called on Secretary Shaw or Saturday OF Gas Iaar
week and urged him 10 rescind me 9Ioer % ~ oxer,
Secretary Gage stopping the retundlns OF 800 r
rTenf bonds / claimed that Secretary t5ase 80
.r,-iny ft1e refInijng after s+02CSoo0s bonds
hsd been refunded | claimed further that il Iiit
neci,Isf}T pr1ce Of United States per cent bonds
"a fan from loo IN thereby giving an opportunity
,,ircniation on the . y,er cent bonds The actual
hank reserves. as shown o% ", me pat IL, pnasrs
This is caused by fact that national bank notes
cannot be counted legal reserves. When l vas
national bar notes TO he counted as bank reserves
the same greenbacks and specie
London. Sept 12.-Resarding the reports of
proha hle god shipments 10 the United States
the head of one of the largest arbitrage houses
i'm London said TO \ representative Of The Asso-
ciated Press to-day:
There is considerable American inquiry and a
fair amount available for export. while there
is about S4,5e0eao afloat from the Cape and
other sources which will soon be available
do not think the situation in America is press
ing enough to warrant any great export move
ment. The nominal price in the open market
is now about a cent above the bank price. but
in the event of American competition for the
amount available the price is sure to advance.
Americas Indebtedness 10 Europe is consider
able The only object Of sending gold to New
York is to get advantage Of the higher interest
there. But personally ! do not think the strin-
sency will continue long
IN