The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-07-12

TIE total amount OF reserve held by the banks in
Of the twenty-five per cent required BY law u
81, 900. sa4-s gan during the week OF $7,ssol74.
The effect Of tils return OF case to the general
money market had not been fully felt IN commercial
paper for which there was q better inquiry at the
previous high rates. Makers were not inclined to
pay former figures, and were Offering at an abate-
nent OF to two per cent. Should the drift OF the
rate call be to lower than six and seven per cent
It Is doubtful whether buyers and makers will agree,
especially in four months paper the expiration Of
which beyond the period Of fall activity
when money would again be worth extreme
rates, lenders nursing the hope that the pre-
sent trouble about usury will blow over and
leave them TO exact such rates as they
may. Their antcipatiOns OF such result to the pro-
ceedinss had before the Grand ury are not justified
by the facts, for indictments have been found in o
number Of alleged cases. and will De kept IN teyr0yem
over the transgress0rs OF the law not pressed TO
trial now. The rate for the best double name &C.
ccptances was from ten to twelve per cent with
nothing doing below the latter figure. Banker s.
paper 70 be had at nine per cent aud preference
gwen to 1t a. the time, sixty days, just the
Ordinary summer period OF easiest money.
Government bonds were unfavOrably affected early
10 the week BY the continued stringency in money,
bu, the market, after hesitation, was strength
vsnced clear two per cent, contrasting the final
sales OF Saturday with those the close of the pre-
viows week. The remark applies more particularly
10 the domestic bonds. The 82's remained steady
and strong with the London quotation but the high
price at which they are held keeps them out of the
government purchases. The only bonds of this date
bought on Thursday were registered. The closing
prices on Saturday were az folows:--Unted States
SKIES, 1884, registered. 117 lls,S; do. do, coupon
1IsA . 11sK; do. 6.2o's registered, lls1l y Ito;
do. do. coupon, 1882 1917 122; DO do.. coupon,
1854, 1l9 . 11ox; do. do, coupon, 1866, ll9h q
ll9As; do do, coupon, new, 1866, 117s. NIX; DO
do. coupon, 1867. INK 1lS; 90. do, coupon,
1885, 1l7x 117.; do. ten.forties, registered 1854
1os,s; do. do, coupon, 1851 lOs; currency bonds,
1894 Q 106f.
Ihere was at one time panicky feeling In gold.
which. under the Treasury disbursements IN pay
ment Of the July interest and tho heavy carry
ing rates, declined to 1884, the fall inducing heavy
snort interest. The natural reaction from this de.
cl,ne was aided BY free purchases of foreign ex
change. which WAS In turn advanced to the specie
shipping point the market closing rm at the reaction
through expectations OF demand for shipments
during the rest OF the summer. The gold market
aiso presents interesting problem. In the uncer.
fainty a. to tho extent OF the expectations of our
bonds during the earlier part OF tho year thero ID
much curiosity TO ascertain the extent OF the necessity
for gold shipmentA Those who take into account
the specie production Of the Western mines amount
Ing to about 900 tho past year, are confident
that the drain OF gold to foreign countries whether
large or Insignificant. IL sufFlcsnt to supply the
market and leave surplus sufficient to occasion .
yielding In the premium. Hence they have ''gone
short" OF the present prices ana added new interest
10 the speculative movement In gold. The range Of
the price during the week Is shown IN the table,
Highest. LOtDcsf.
TUESDAY: ..''''''.'"............ 1a1 13Sh
WEDNESDAY, observation-disclosures. l36h l34