The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-08-30

The decrease in tho amount held by the banks In
excess Of the legal reserve is ST. 5.SsI3. The total
excess Is now $16,513, $780,
The ease in money aud the 6rmness OF the gold
market made government bonds very strong, the
Improvement during the week being quite percepti-
bic In some Of the issues. The decline in gold in
the previous week rendered the market unsettled at
the opening, but the scarcity Of bonds and the pur
chases by the Treasury soon obviated the feeling
which this fact produced, especially as the tendency
Of gold was also to higher figures. The Investment
demand ran largely on the six per cent currencies
and the ten-forties. which, from the rapid
advance in fve-twentes have attracted moro
general attention and came quite largely
from savings banks aud other banking and trust in.
stitutions to whom It was urged that the next Con-
gress will doubtless do something toward areduc
ton Of the national debt. The funded debt OF this
time amounts In round numbers to 49, 1870 00O 600. OF
this sum the greater part t$1 $685. 600 O00 bears six
per cent gold interest. or the remainder 1921 ooo
900 bear five per cent gold interest," and about
900 bear six per cent currency interest. or
the first named, or six per cent gold-pea debt
loss than $l,ooo oOoo 0o three fourths of the
whole, consist Of the several issues Of lve-twentes
The right to pay on the principal has already ma.
tured upon the whole OF the 1ve.twenty issues OF
1862 and 1854, amounting to $640. 000 900, or more
than third OF the whole, while the right to retire
the remaining series will mature In 1870, 1872
and 1878, respectively. In o similar way
the right to redeem the 100000. 600 OF
Ave per cent tenfortles viii belong to
the government In 1874. On Saturday govern.
ments at the opening were "orn from the highest
figures OF the week, In consequence OF the contra
dictory and distractnR reports of financial
matters in Europe, where United States secu-
rites were vsrionsly quoted. with the strength
axoII. and thu re kA,
home market prices recovered and closed nrm,
as folows:-Unitcd states s,xes 1884, regstered,
l23 1884; do. do, coupon 123 o 1884; do.
fve-twentes, registered, l21H 122; do. do, cou.
pom, 1862, 123 123b; DO. d0 coupon, 1884 122 4
I22sz; do. DO, coupon, 1886, 1879 1224; do. DO,
coupon, new, 1885, 1904 l2O,s; do do, coupon,
1867, 12l 1917; DO. do, coupon 1858. 1905 o
1907; do. ten.forties. registered. 11lt l11S; DO
do, coupon, ll6 q 1i5I; currency bonds, 10Y -
lI0&
Perhaps tue most interesting feature OF operations
was In the Gold ROOM where the transactions were
on an enormous SCALE owing to desperate and de-
termncd fight between the " outside" or stock
cliaues who are "busr IN gold, and the 'Teguar'
gold operators who are short Of the precious metal
The highly nattering character Of the cotton reports
from the south started the "bsar' movement which
carried the price down 10 131x week before last,
The stock cques came npon the market to profit by
|
the usual reaction which they turned
into decided upward movenent-tne price
on Saturday reaching 1a4K. Gold is a
| very peculiar commodity when handled In
Wall street. II taxes long time to get 1t down ono
or two per cent but 1t will 90 up the same amount
on very short notice. The "bulls' have fought all
the natural tendencies OF the hour. Tho accident Of
some arrangement 10 Napoeon's health helped them
in the latter part OF the week. Another lucky event
4 r~r<r ...sa,
shrewd "bearsr who possess pluck and margin
enough to stand long siege, are selling them all
the gold they will take, confident thata few weeks
hence with the new cotton crop and the marketing
OF the Western crops, gold viii 60 down with q
rush. The ensuing week bds fair to he lively one
In the Cod Room, for at tho close on
Saturday night there was an ominous u In the
battle, the price standing at lSI, at which point both
parties were antrcnchlug lor the renewal Of host