The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-12-02
FINANCIAL AND COMMERCIAL.


~~-~>~~~~o4o~N-~~~->~~~o.
WEDNESDAY, Dec. Id P. N.
IL Will be seen by our Washington dispatches that
the public debt statement for the month ending No
vember 80 shows reduction OF over seven and
half millions. The coin balance in the Treasury is
one hundred and five MISUNDERSTANDING thirty mil
lions Of outstanding gold certificates. The three
per cents now anoat are only thirty millions,
showing further contraction Of them by the
Treasury.
The action Of Secretary Boutwell, in rejecting all
bids for gold below l22 was the continued
topic OF discussion today, and tho various
cliques were greatly exercised as to the future
policy OF the Treasury Department, Mr. Folger hav-
Ing telegraphed yesterday for Instructions as to
renewing the offer to sell the million OF gold, re-
ceived communication from Mr.. Boutwell, to-day
directing the absolute withdrawal Of the whole
amount. The street is still puzzled to know what
will be done with reference to the gold advertised TO
be sold during the remainder Of the month. 1t is
intlmated That upon the assembling OF Congress
next Monday resolution will be introduced to per-
smptoriy suspend gold sales and bond purchases
until direct action is had upon the subject by Con-
gress. The gold market has been feverish under tho
reports and rumors on the street. AT one time the
price declined TO 121H on the expecta-
ton that the gold would be again offered,
but then rapidly advanced and closed firm
tonight OF I22 upon the final rejection OF the
bids. Much curiosity Is felt concerning the gold
sale OF Friday next and the event will be watched
with more than usual interest. The clearances at
the Gold Bank seem to indicate that the ''bears'
executed very rapid flank movement on Tuesday
ana got upon the other side OF the market; for the
figures are almost the same as on the day previous,
while the rates for carrying gold ranged from per
cent per annum to 6-64 per diem. Allowance, Of
40 II ha for tha for
money to-day but the fact still remains evident that
the suspension OF the gold sale on Tuesday and the
rise to 123h frightened the "bears' into buying
back their gold
The money market was more active to-day as o
consequence 1t Is conjectured Of the movements Of
currency arising out Of the payment OF taxes yeser
day in order to avoid the penalty Of per cent ad
dton thereto which Is affixed on and after Decem-
Der l. while the recent wide fluctuations in stocks
have also aided the demand in consequence of the
general shifting OF loans. 1t was rep orted that as
high as an eighth per cent was allow ed for "turn-
ing'' stocks, and gold interest quite freely paid
In numerous instances. Many accounts were not
made up until toward four O'Clock. No
loans were reported below seven per cent.
The only exceptions at Six per cent were
to the government dealers. In the discount market
the better inquiry for money on call checked trans.
actions, but the activity has not been Of sufficient
duration to make any alteration In rates, which
ranged from nine to twelve per cent for prime aocep
tances and from twelve to twenty per cent for less
choice grades OF paper.
The government bond market was unfavorably
affected by several influences. In the morning the
yield In the price ut London, which was due to the
rise yesterday in gold, checked tho usual demand
from the foreign bankers who bought small lots only
Then. whatever strength was communicated by
he m of no huv
lions at the Sub-Treasury to-day was Offset
BY the large offerings. Hence the market con-
inued weak, particularly as gold had meantime
defined to 12l u. After the last board ana in the
final street dealings the market became strong, in
response to the expectation that with tho disburse
ments OF currency for the bonds bought to-day and
for those to be bought tomorrow when q million
Will be required for the sinking fund.- the money
market will be easier.
In Southern securities there was heavy and weak
market for the new Tennessees, which fell to 40. 1t
was rather confidently expected that the legislative
measures removing all distinction between the old
and new issues so far the obligation OF the State
to redeem them Is concerned, would bring both
classes Of bonds together, and the old bonds began
to fall. But the new have also relapsed and again
wdencd tho distance between the two quotations.
There was recovery in and steady market for the
North CarOlinas. The question whether the special
tax bonds are good delivery for new bonds creates
considerable discussion in the Stock Exchange. The
Missouris were lower and the South Carolinas firm.
The following were the bids to-day for the city
bank stocks:-New York, 1874; Manhattan, 14o; Mer-
chants. 12s; Mechanics. lao; Union 100; America
las; CITY, 210; Phenix 1885, North River. 95 Trades
mems, $50; Fulton las; Mechanics ana Traders 1885,
National, ll3; Merchants Exchange, l19; Seventh
Ward, ITO; State Of New York. lO7; Commerce, 121h;
prn0 Aya
100; Bank Of the Republic, III; Hanover, lo7A;
Irving, lis; Metropolitan 1888; Nassau 1o2; CONT
mental, 1O1; 81. Nicholas, IFS; Commonwealth,
Ilh; Importers and Traders, 1885, Park, 100; Manu-
facturers and Merchants, 100; Central National,
107H; Fourth National 104l4; Ninth National, 113;
Tenth National, So; Eleventh Ward, l02; oriental,
$50.
The uncertainty prevailing In the gold market and
the moderate buying of the importers led to lower
and irregular market for foreign exchange. While
the nominal quotation for prime bankers sixty day
sterling was 1o9k, sales took place low as 1884,
The range OF the market Is set forth in the follow
ing misunderstanding sixty days, commercial,
1oSH 1854; good to Prime bankers, 1854 100;
short sight, 1925 o 109X; Paris, sixty days,
A21A 6.17K; short sight, SICK q SIS; Ant
werp, 622h SILK; Switzerland, 5.22K a SHY;
Hamburg, 35h 80; Amsterdam 4o,s a 4os4; Frank
fort, 4ok 4o7I; Bremen, 7Ss. 1914; Prusslan
thalers. FOX a tx.
The range OF the gold market was as follows:-
10 A. NJ. .......... 1929 Up. M............. 1915
1920 A. M......... 122 1870 p. M......... I22
IL A. M........... l2lL SP M 12I,s
II M............... 12lA 5P. Me-. 1872 q 1929.
The operations OF the gold market during the day
are exhibited In the following record:--
Gold cleared $40 o97 900
uolu balances OBSERVATION-DISCLOSURES. 1,161, los
Id
The government bought TWO millions of bonds.
The amount offered was over Ave millions The &C.
cepted lots were rs follows:-
100000 1895 new Ooo Iasg ola - 90