New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-19
BONDS
THE DAYS OPERATIONS IN STOCKS


The call money market experienced fur'hs'
case Yesterday. while foreign exchange 1lius
,,o.,a, advance bringing sterling rates = Ce'''
.bo,-a ATondav-s Low figure. An advancing ~
,.,oe market indicates that for the TIME al
Ieast the ability Of this centre TO atoao' -
eipn gold has become exhausted Whit IN
stock market was dull. prices were sele'A''
s+rong and higher. with many sopS'dl''iol
Gains at the close. There were lie" SeiiS'01 PUY
lie onerations in the days trading nut III d ~
- If issues inside support was eVldenl hotdo'S
vi - 1~,,ls shares which enjoyed decided inn
-o,a,,or+ Manhattan and Missouri Paclnc
-. +to leading active features. advancing loi
she dax Is, and IL points respecuNeiH-
1,,;s southwestern in the early deaIlhNS soiU
.e bieb as 79I.. Rock Island rose 1ouF PoII'S
,,, small transactions. Other noteworthy suOii7
features were St. Paul Metropolitan an" -
Josepb. and Grand Island first preferred III IN
industrial list American Grass I"lIe' -Al''e -,@'-
-, I'D t.orndr, Colorado Fuel and lron' Gen
oral Electric National Lead. Fresseu o.
Tinted States Express and American l~ocolii0
-. - t;eber The market closed strong
1,si,road earnings received in the day helpeu -
encourage bull sentiment. In view OF the Sinai
grain movement at present current le'uiiio -
earnings are truly remarkable or ms .
chicago Great Western for the secoho wen III
s-enter,7ter increased SSS1S. Hooking NalieS III
creased s11.215 Missouri, Kansas ana leAaS III :
>n..5. oo2 Missouri Pacific increased
sol 600 Wabash increased s4l,oo4. ana 10
ard Pacific increased S20.7o Earnings OF tniS
,,,.roc4er reflect the tremendous activity III gen
=, ,,,,ei,eSe and the need of a large volume OF
money IN circulation
Ranks throughout the country are not re-
sponding to an important extent to me SUISSE
ZION Of the Secretary Of the Treasury IulnS
the taking out of additional circulation rms Is
dine 10 the practical impossibllity or hoiioNl'l@
government bonds. and the expense Of GUY i''S
them in the open market. with government
bonds at current quotations. an increase IN clr-
culation of banknotes $ not good business
,ronosition The high rates for money Will not
,,re1.aif for = protracted period, and. as under
-re law only So 0ao 600 Of circulation can ne re-
sired q month. a government bond bought at
current prices becomes a slow asset When the
money market develops dulness and banks wish
80 retire circulation The Secretary has. accord
,ne 10 Washington dispatches, decided not 10
accept security other than government bolds
Cor der,osi1 in national banks, and an important
srorease in such deposits therefore appears I'M
nrobabl4. The statute books permits the Score
tarv Of the Treasury 70 leave on deposit Internal
revenue receipts for a certain period on salts
factorv security but so far this movement has
been light And even against internal revenue
5eposits Secretaries Of the Treasury have usl-
ally demanded government bonds The Score
,arv could buy bonds in the open market, but
,ban at current prices this would be poor bust
ness move for the government
The constant absorption by the Federal Treas
mrs, Of money from the channels of trade, and
t.e INABILITY to deposit this money so that trade
,i1I ,,o- he affected cannot be effectualy RENE
died nv any present power lodged in the hands
of the Secretary of the Treasury. Business re-
ouirer,,ents suggest action by Congress which
win reform had feature of existing monetary
laws The great wealth Of this country has in
creased to a wonderful extent the purchasing
,,o,.ar of the people. evidence of which is seen in
the enormous imports of merchandise in the last
,aar Large customs duties are properly col
lec1ed and our industries protected: but
,ber.a is no good reason why money so collected
sbould he idle in the Treasury when il could
he r,rofitably employed in the oountry's trade.
Monetary stringency Will continue TO develop at
certain times Of the year in New-York until
She s,,b-Treasury system is reformed. The
Greater percentage of customs and internal rev.
sn,e ravrnents are made in New-York, and
,.r;,a hearing this burden the New-York banks
IL, .re co,rnelled TO meet demands for funds
80 ali rarts of the country The need of
rr..s,,rv assistance at this centre is therefore
,aren- Last week the local banks paid
,.o,,,s account TO the Sub-Treasury
S5ooooaa while so far this week nearly $1,000
200 hos gone TO the government on the
sceount.