The New York herald., 1869-04-11
FINANCIAL AND COMMERCIAL.
SATURDAY, April 1o-eP. NJ.

SATURDAY April 10--6 =. NJ.
The fact that gold Is q very scarce commodity m
this city was demonstrated In a very striking man
nef to-day by the transactions OF the gold market.
prominent firm, Daslng their action upon the ex'
pected large payments OF gold interest from the
Treasury during the period to the lst OF May, went
saor" OF it. the expression in Wall street is, and
sold quite extensively rival house who were
"onS" OF gold, supposed to be so. at figures one
or two per cent higher than the market has ranged
for few days past organized clique in opposition
to this ''bear' movement, and made decided raid
upoa cash gold. which they have been locking up to
further their scheme. Their efforts pursuance OF
tbs object led to rather curious complication Of
aiiairs to-day. After the usual clearances OF the
Gold Bank they were entitled to about 81, 100000 in
gold for which they received certified checks OF the
Bank OF New York. On presenting these one
million was paid, but the bank refused TO pay the
remainder alleging that it did not have the coin.
Tie checks were about 10 go to protest, when some
settlement was arranged, but the terms are differ
entity stated. Some assert that the bank had the
gold in double eagles, which 1t did not wish to part
with, as they command a small premium as CON-
pared with other pieces. Others say that when
the notary appeared at the bank TO formally
protest the checks payment was made, the bank
IN The interval having called In Its loans OF specie.
Sti' another report is to the effect that the holders
vi CHcChsWeTc W lcHu Tue Dduk tIlc ut-
fct AS some feeling was manifested toward The
Gold Exchange Bank Its president, Mr. Benedct,
appeared III the Gold Room and made speech to
the members declaring that his institution had not
shown favOrltism to any OF its customers, and that
its transactions had been perfectly regular. The
secret OF the difficulty lies in the fact that the
holders OF the checks upon the Bank Of New
York presented them this afternoon Instead
of waiting until the following business morning.
which in this case would have been Monday. The
whole affair is aptly illustrative Of the evils attend
ant upon gold speculation In this instance 1t
brought TWO great rival interests in antagonism, to
the injury and loss of merchants and others having
legitimate interest In the gold market. The
scarcity Of gold made by this withdrawal for spec
ulative purposes caused demand which was salts
fed only at extOrtionate lending rates. The needs
OF borrowers compelled them to pay oil the inter-
vening fractions from 332 to IL one per cent per
day for the use OF gold during the two days to
Monday at half-past twelve O'Clock. In
the excitement attendant upon the discovery
that the Bank Of New York had refused to meet its
gold checks the price was suddenly run up to l33A,
the highest 1t has attained since the middle of Feb
ruary The "bul" movement which caused this ad.
vance received strength IRON those who are anxious
to sell before the expected disbursement Of Treasury
gold causes decline. The proposition to anticipate
the May interest has not worked very satisfactorily
30 far easing the market Is concerned the total
coupons cashed thus far amounting to about
$350000 the rebate on which did not exceed 81, ,5o0
The range in The price to day was as foowS;-