The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-07-24
FINANCIAL AND COMMERCIAL.

FRIDAY, July $50 r. n.
The recent purchases OF lve-twenties by the gov.
erment made IN carrying cut the provisions OF the
Sinking Fund act. as well as through iberal.mnded
oesire on the part Of Secretary Boutwell, to restore
currency to general oircaation and ease tho money
market, have led to q sharp advance In the issues
which are 30 purcilasable BY the government. Now,
1t u well Known that the bonds deposited by the
national banks at Washington as pledge for the
redemption Of their notes consist largely OF these
issues. Since the rise has taken place the banks
have made quite general movement TO Withdraw
the ave-twenIe les and substitute nforties and
other issues which they can buy mach more cheapIY
and thus make handsome sum from the difference.
This changing of securities has produced a great
deal OF annoyance to the officials OF the Treasury
Department, and an appeal was mad by the Comp
troer OF the Currency to the Secretary OF the Trea
sury against the specializing bank officers, who were
making these changes too frequently for the ordi.
nary and legitimate course Of business Secretary
Boutwell, decided to-day TO permit the substitution
OF ten-fortes Tor nveswentiea, or the exchange OF
any gold bearing bonds now held as security for
circulating notes the basis hitherto adopted the
ten-rorties to be received at eighty-lye per cent
OF their par value aud all other six per cent
Nold-bearing bonds ninety por cent.
Tho SIX per cent currency bonds issued BY
the United States to the Pacific Railroad VIII not DC
received security for the circulation of national
banks and the OK change OF the gold-bearlng bonds
h SUBJECT hereafter to revision II it shall be found
that such exchanges ere so frequent a. to become
onerous 10 the department. The proposal to subst-
tute the currency bonds was perhaps the bodest Of
these bank gamblers' operations The Secrstary re-
serves the right, also, to check the frequency Of
such exchanged and one plan proposed Is TO have
nj n dvah "
one class OF securities for another. 1he government
market to-day was steady, tho fluctuations in the
nvc.twenties being only al eighth TO quarter per
cent despite heavier and dull market In Len.
don, where there has been o decline to
49, The ten-lOciies and the currency SKIES
were stronger, owing TO the disposition to
reinves: in them the reaiiEaons OF the other issues
as well rs In obedience ~ u demand frOm new
buyers. Much curiOsity L. evaced as to the course
Of the foreign market, and the decline to-day was
regarded with some uneasness. 1t did not how
over prevent large purchases OF the 57's by foreign
houses, the prices of this date being quoted by pr
vate dispatches sufficiently above the home market
TO allow expectation. The suggestion Is again made
THAI the Associated Press agents should give the
public the foreign quotations OF the s7s rs well US
the 62s. The following the closing street prices
this evening:-United states Skies, 1851 registered,
120S 12i1S; do do, coupon 12l 12lI.; do. five
twenties, registered, 12l}s 1926 do. do, coupon,
7S62, 1881 l23M; DO. do. coupon, 1864, l2iz mi
do do, coupon. 1885, 12lI l2l2s do. do. coupon,
new, 1865, 1908 l20a; DO DO. coupon, 1867, l2oH
q 1905; DO. DO, coupon, 1868, 1903 120H DO.
ten-fortics, registered 1924 11oH; DO. do, cou-
pon 11ojs 1i0N; currency bonds, 1914 los.
The money market was more abundantly supplied
to-day, and the rate Call ranged from Ave to seven
per cent The former was the rate on governments,
"a
ifcult say at which figure the greater number Of
loans were made. The transactions at six per cent
On stocks comprised majority OF the loans mis-.
cellaneous coaterals, those at per cent being
early in the day and few in number Tue rate Oh
commercial paper SIN occupied range OF from
eight to twelve per cent; but the demand was
more active and frequent Sales took place
In the vicinity OF ten per cent. Foreign
exchange was weaker. although rates remained
nonilnally the same. Ine leading bankers differ IN
their figures by an eighth 60 three-sixteenths per
cent. The inactivity TO day resulted from the better
supply OF bond bills and the shipments direct OF
specie, the engagements for tomorrow being from
nine hundred thousand to million OF dollars. Rates
ranged as Notwithstanding, sixty days, CONNER
cial, 1osh losN; good to prime bankers, 1925
1l01s; short sight, 1905 HOS; Paris,
sixty days. 5.l7h 5.12,a; short Sight, 5i2h
5105s; Antwerp, 5.17ls 5l2,s: Switzerland,
6.171s 5.121z; Hamburg, 351s 80; Amsterdam,
4oh 4o2l; Frankfort, 4oA 4o5s; Bremen, 7S1l
5pl4; Prussian thalers, 7oH 7Ia.
Whatever tendency the solution OF the parliament
tary question In England had to lower the gold pre-
MUM was counteracted by the Washington despatch
that the Secretary Of the Treasury intended discon
tinuing his sales Of gold. Later the dav the effect
of this intelligence was lost IN the general dulness
and the price which at It's highest had touched 1861
underwent relapse to 1851. Upon the news OF the
heavy engagements OF specie for shipment to-
morrow there was rally, and all oEered at 1851
was greedily taken. The range Of the market Is
shown in the table,