The New York herald., 1869-07-09
FINANCIAL AND COMMERCIAL.

tional three millions OF bonds not for the Sinking
fund, but TO be retained by the custodian or that
fund subject to the directions OF Congress- The
news was confirmed by inqulrng at the Sub-Trea-
sury, where notice was posted that the purchase
would be made on Friday at noon IN the usual man.
ner. II Is credltabe to Mr. Boutwell's admnistri'
ton that he Is thus bringing 10 pear
upon the stock gamblers the same pollcy
which he used so skilfully against the
gold spectators. To the public at large TINS polcy
Will commend ITSELF for the reason that in with
drawing the bonds even temporarily and to await
the pleasure of Congress- he Is saving the interest
and reducing taxation. Business men, VINO are so
dependent upon a natural condition OF the money
market will rejoice to see the restoration to crcua-
tion OF the currency issued for these bonds. His
balance In the Treasury so large tnat he easily
afford to proceed at the same rate or pur-
chases until entire ease IS restored to the
money market. His policy IS thus double
edged in its capacity for doing good.
Besides, he should not hcsate to give the gamblers
who have losked up money the fun benefit OF his
powers to remedy the present abnormal condition
Of affairs. The Secretary OF the Treasury rs
fduclary agent for the whole people OF the United
States He Is bound TO regard their interests at all
times A few cliques and combinations In Wall
street, who operating in stocks have taken ad-
vantage of his heavy Treasury balance and OF the
free payments Of revenue and income taxes to put
The screws to The street for the purpose OF forcing
panic. They have locked up all the money within
their control and advanced the rate OF interest
to figures which have driven commerce al men to the
necessity Of standing the most outrageous discounts
or becoming bankrupts. When the gold gamblers
ran up the premium he disbursed gold 10 the market
at the rate OF two millions a week The gamblers
Buccumbed and gold went down. But now they are
were IN gold. Secretary Boutwell, should adopt the
same strategy. lie should pour out his currency
balance Just as he did his surplus gold. The
ShylOcks would tnen cease to fight the natural
course OF money and the market wouio work around
to its legitimate condition The beauty OF such
proceeding is the impetus 1t would give to Onr
national credit the spectacle being presented to the
world OF people earning money so fast that they
lre compelled from time TO time, to sell gold or u
puy their bonds IN order TO get rid OF their surplus
pash. The street was very much exercised to-day
because some leading operators had obtained
knowledge OF Mr. Boutwes intentions IN advance
pf the public, and great deal OF III leellEg was mani
ested on account of the 'eak"
Money to-day ranged from gold interest to three
thirty yseconds at half past two O'CLOCK. Before the
lose of banking hours the rate had fallen to seven
yer cent currency. AT hali-past three money was
be had at four per cent. The dealers on the Side
walk In front Of the stock Exchange were quite shy
nd uneasy in consequence OF the acten OF the Dis
rct Attorney LII summoning witnesses before the
rand Jury to testify as to usurlous practices.
Whatever the penalty-and there is great difference
t opinion on the subject-a case is being made up
gainst prominent firm on the north side of Wall
treet, adjoining the Sub Treasury, the witnesses
gainst them being also prominent firm and near
eighbors.
Governments were very favorably affected by the
sws and advanced from half to one per cent upon
he general list. The CTS sold freely at III. The
larket subsequently fell of, but renamed firm AT
he decline the London price coming steady at 81 e..
he following were the closing stock prices:-
nited States sixes 1884, registered, il714 1l7}a,
o. do, coupon, 1172S ll7A; do. 5l0's registered,
l7ys BID; do do, coupon, 1862, l2l3S l1194; do.
o.. coupon, 1854, 1171S 1lS6; do. do, coupon,
BOZ, 1855 fls2l do. do coupon, new, 1865, ll62s
lit; DO. do, coupon, 1867, 1853 III; DO. do,
oupon 1868, 1864 III; do. lo-4os, registered,
psa 1861; do. do, coupon, 1oS q 1854; currency
onds, 1864 O 1861.
Southern securities were comparatively neglected
nd doi. The new Tennessees were quiet and
eady The feature of the list were the new
torth Carolinas which freely offered at
n. The following were the closing prlces:-
ennessee, ex coupon 6la 62; do, new. 57A
57h; do five per cent, So bd Virginia, ex
Dupon, 81 a 57h; do, new, 6l 6l}a; do, regis
red stock 501 5O2,; do, registered, 1866, 81 5S
o., registered, 1867 55 551s; Georgia SKIES so S2
0. sevens, 80 81; do. sevens, interest payable in
eorgla 90 81; North Carolina, ex coupon, SO a
~; do, new, 4s o 4s1s; Missouri skies, s71s a 49,
b., Hannibal and ST. Joseph, 30 bid; Louisiana SKIES,
a 20; do evee skies, G71S 67s4; do. do. eights.
/ a S5; Alabama eights, 81 92k; do. fves, 63 63}s
skies, sterng, 80 80; South Carolina skies, 65
!; do. new, "a a 6o; do. registered stock 65 81;
ty OF Memphis skies, 5lh 81 u; do Atlanta etghts
q So; do. Savannah sevens, 80 w; do. New
leans consols ~ rs; do. do, issue railroads, 81
Mobile and Ohio sterling, 65 81; do. eighs, 5S 59
ississppi Central Railroad first mortgage, 10 49,
b., second do, 90 81: Memphis and Charleston
tst mortgage, "a 81; do, second do, 70 IS; do
ock, Al q as; Greenvllle and Columbia Railroad
laranteed, 81 a o..
The financial agent Of the State OF South Carolina
hthorizes the assertion that there were sales OF
buih Carolina bonds yesterday Of the character
chncaly called "washes." The transactions at
boards embraced none Of any kind
Gold was strong bat feverish. Under the advance
exchange TO specie shipping point the price before
board was run up to l361s, but the carrying rate
bsequently proving more acuve tnan expected
ere was q yielding to 1857. From this point it re-
rned TO 1856 The course of the market is show d III
table,
A.
A. M............ 1894 3 2. M.............. los Il
:l6 A. M.......... 1876 I. M.............. l35 1s
M.............. l353 5P. M.............. 1854
P M............. 1881 $3.50 Z. NJ. ...135js a 136
52 l.. M........... 1871
The varying rate for money was reflected In the
cures paid for carrying cash gold The range up to
caring House was from 1854 to 1872, and IN the
ternoon from 1-32 To lilo. The disbursements OF
bin interest to-day amounted to s7272S2. The
Gamer Deutschland, for Bremen, to-day took oul
$1,000 in specie. The following Is che report OF the