The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-06-19
FINANCIAL AND COMMERCIAL.
FRIDAY. June 1876 P. NJ.

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FRIDAY, June 1876 r. M.
The call OF the Comptroller OF the Currency for
statement by the banks was hailed to-day US the
signal for cheaper money and lar as extreme and
irregular rates are concerned II proved reliable
index; for money was more steady IN quotations
than 1t has been since the advent OF the present
activity. 1t seems curious to say that money is
cheap at the rates which prevailed to-day ana 1t Is
so only by comparison with the rates demanded
earlier in the week. The range was from gold in
terest TO 1l6 or, translate these durna into
nua rates, from 9 to % per cent 1t was thought
also that Mr.. Boutwell's visit to the city would In
some way moderate the strngencY but he had not
arrived at the close of business. 1t will be noticed that
the rates to-day more even than they have been
during the week. IL Is very probable that the
high figures have tempted q great deal of money
snto the street otherwise employed up town and in
The adjacent cities. Much curiosity is felt as to the
bank statement tomorrow, and the impression ex-
lss that 1t will show large falling of in legal ten
ders, owing to the withdrawal OF three per cents
the shipments OF currency to the West and the drain
Into the Treasury. Commercial paper inactive In the
present state OF the money market, the banks doing
nothing the charge being nsinuated that they are
really lending on call through confidential agents.
The best names range from eight TO ten per cent.
but the market is hardly quotable The failure OF
dry goods jobbng house for 100000 reported yes
terday is confirmed to-day.
Speculative operations in and the course Of the
government market were determined by the cha
racter of the money market and the foreign quota
tons for fvetwenties En- passant, 1t is suggested
That the Associated Press should also send the Lon
don price OF 65's and CTS well 62's, the foreign
market now dealing largely in the former. The
quotations for the different classes are regularly
Bent to London every Gay from this SIDE The
stringency in money in lowering prices here left
margin for shipment to Europe especially as ex-
change continued SO firm, and the demand thus
created has induced a reactionary eject and
kept the market steady. This state Of things
is dependent, OF course upon the mainte.
nance OF the foreign quotation, which to-
day came sos< and by private kilograms
late in the afternoon 81. The market was heavy at
the moo board and prices touched the lowest OF the
day. There was decided reaction at the last board
but prices were ''Of" shade IN subsequent street
transactions, the following being the closing
quotatiOns:-Unted States skies, 1884, regis
tered, 1l81l 1862; do. do, coupon, 1915 a
1214; do, fve-twentes, registered, 1862 116%;
do, do, coupon, 1862, 122 a 1924; do. do, cou-
pom, 1854, 1l7% 117A; do. do, coupon, 1865
nlsk 1lS5; do. do, coupon, 1885, new, 119H
11sj4; do. do, coupon, 1867, 119H l19k; do.
registered. 1o714 1O711; do. do. coupon, 1857
aos16; currency bonds, 1861 1907.
In the market for Southern securities the features
were further decline in Missouri sxes which fell
TO 93H, and weakness in Tennessees, new bonds,
which under pressure OF sales declined from 62H
tOs1A. 1t seems that the State of Tennessee has
been financially sad victim to the political wranges
which have distracted her councils. According to
figures which will be given to the public in few
days through the Comptroller the State which was
the first to undergo reconstruction and which under
hav
prosperous in the Union WILL on the first day OF July
next, be bankrupt for sum amounting to nearly four
millions OF dollars. This Is in addition to the un.
matured bonded debt Of forty millions The State
now owes 5000, 600 on account Of the January In.
terest; 81, 900 to the school fund, OF which
$4,000 is in the form Of Comptroller's warrants;
e225 900 on Militia and Penitentiary account, and
81, 100000 for past due bonds The interest to be
met July amounts to 81, 100 o00 masking an aggre-
gate OF nearly $4,000 o0o To pay this the State has
only $350000 due from the railroads whose bonds
che endorsed. The rest OF the list was heavy and
slightly 'ofr' In answer to the stringency in money
closing as follows:-Tennessee, ex coupon, "a e5;
do, new, 61I 62; Virginia, ex coupon, 81 SIX;
DO, new, 81 90; do, registered stock, ASK 49l<;
Georgia skies, 50 50; do, sevens, 95n 81;
North Carolina, ex coupon SO 691s; do, new, 55S
G5x; Missouri skies, 93K 93ss; Louisiana sixes
vlK q TAX; do. levee skies, e6h 81; do. do.
eIghtS, 30 30; Aiaoama ei8uts, NV askeu; no.,
Owes, 60 asked.
The gold market was weak and broke down under
pressure OF sales, generally of 'long'' gold, the
speculative feeling for decline not being strong
enough to tempt ''short" contracts. the market
was without "hammerlng," but somewhat excited
The extravagant rates for carrying gold take away
the PROFITS Of investment and hence the 'bulls"
have solo, In stocks venture even In the highest
money market is often amply rewarded, owing to
the wide fluctuations therein, but gold moves more
slowly and the profit OF rise is often eaten up by
the interest for carrying" The course OF the mar.
ket Is shown In the tablet
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