The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-10-17
TREASURY NOW BUYS BONDS.
,,,IPTS $4,000. 400 TO SIS .OOO, 400
OFTHE IS or 1928.
several Uond Houses Are the sellers Tho
price said to he l8S. hut That
., Not Onicisi-The Money VIII Help
10 Relieve tho Abnormal stringency.

4, conference held In this city yester.
lay ietwcen the representatives OF four OF
ne chief bond houses and q represen-
alive 81 Secretary Shaw. who il now in
he West, Ill arrangement was made In
he lire o, relief Of the money stringency,
(which between tl2 OO0. 900 and SIS 900 900
yorlh Of per cent. bonds Of 1925 are to
q purchased by the Government at figure
aid on high authority to bs 1875. Formal
announcement will I've made some tme
',,-iav
The bond houses ia tho deal are Fsrson,
zach 4 Co.. Harvey Fisk 4 Sons. Vermilye
Ier was first made to the Government
ha houses Interested in II made positive
lgrecmcnt not to reveal the facts to any,
,ody and 10 deny that they were Interested
N or knew anything Of the deal. IL asked
tbout L.. They had private reasons for 40
much secrecy.
The actual offer to the Government was
made several days ago. and it is said that
he price asked for the long-term bonds
vas 1885,. This price Secretary Shaw is
aid TO have regarded as too high. He
nas been in correspondence with the houses
making the offer, but no satisfactory agree
nent could be reached by telegraph, and
o Yesterdays conference was decided on.
The identity OF Secretary Shaw's represen-
'ative was kept secret. The conferees
we're in session for about four hours, AT
The end Of which time n formal tender
IF from 81? 900 900 to SIS COO 600 of the long
= was made at price said TO be 1888,
md It was accepted by the Government
representative.
jus, what arrangement has been made
or the delivery of the bonds could not he
earned Yesterday. There was some Ia TX
a. the conference. II was said. Of a second
1s'allmcnt of Government long 4, to
n offered and taken by the Government at
he same price, later on.
During the last few DAYS the story has
,een abroad tina, most of the bonds to be
"fercd 10 tho Government We're owned bv
he Ianderbilts and Rockefellers. II was
stated yesterday on good authority that most
II those the Government agreed TO take az
Yesterdays conference are owned outright
" the bond houses which made the offer.
The res are owned by outsiders. but no,
~ the Nanderbits or the Rockefellers.
is said. The bond houses have been
puying up these bonds for a long time, and
are in a position TO make. on their own
iccount. the offer which they made TO the
Government yesterday.
According to a man well known in the
Inanciai quarter the sale of these bonds
o the Government will greatly relieve the
money situation.
-
ense the situation has been during the last
Few days, said this man. when the banks
lecline to lend money on Government
bonds. not because they do not want to
end il. but simply because they haven't
got II TO lend, the situation Is serious I'm.
deed. II hasn't been a question Of rates
" security. these last few days, IL has been
question of whether people had money
% lena, and the fact is that the banks
haven't had it to lend. The sale to the
Government Of Si2 600 900 or $4,000. 900 in
bonds at good price will relieve the situa-
ion immensely. and II is a great relief 10
AL concerned that to-day's conference ended
- IL did"
The per cent Government bonds Of
a?j were quoted yesterday as ON Wadnes-
80 4 VIZ NV 'ocFA dsHtu
Rates for call money exhibited a further
nasing tendency on the New York Stock
Exchange yesterday. The opening rate
vas per cent. which was the highest of
30 day. aud the closing 9 per cent which
va" TIA. low figure for the day. The ruling
At" was per cent, which compared with
70 per cent. on Wednesday The tone
u Tho tune money market was also easier
Yesterday. Very large loans were made
~ per cent for six months Hereto
pr" p"r cont and commission has been
hargcd \ considerable part of the
money loaned in Wall Street YESTERDAY
'"pre~cn'"d tho funds. redeposited in the
anks. that had been collected on Wednes-
LAY on account Of the Atlantic Coast Line
purchase Of Louisville and Nashville stock.
"af more adNices say that q call has been
sized 10 The underwriters of the 425. 900
~ bonds Of the Western MARYLAND Rail
'"ad company 10 be issued N tho presen,
mn 10 pay 81 per cent. II their s,ibscrip-
'"n' on Monday next This will amour,
90 sljlN0.un
Inc hr-t transfer Of currency to the
,"rtor ~ the country arranged through
u" Chited states Sub-Treasury, in several
'7E' occurred yesterday when $500, 600 was
ranNicred 7" Now Orleans. The Sub
'r,asniy Y">te rday paid out 500 goo on ac-
"Hh' "i gold deposited AZ San francisco.
BUt IN HnD