The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-07-30
FINANCIAL AND COMMERCIAL.
THURSDAY, July 2e-eP. I'M.

THURSDAY, July 29--e r. M.
There was pause in the speculative reeing to-
day which led TO her dull market In the earlier
hours OF business At the morning sessions Of the
stock and government boards there was little move
ment outside OF the few leading stocks which have
been the chief features Of interest during the past
fortnight. The money market exhibited little more
activity, and In loans on pledge OF stock and mis-
cellaneous coaterals the prevailing rate was seven
per cent There were OF course, many exceptions at
SIX. which was the general rate on governments, the
transactions at five on the latter securities being
also more exceptional. 1t Is difficult to say why
there should be these little variations from day to
day 10 the rate CALL but the local money market
contains within itself many little currents which 60
to AFFECT its general character New York city is an
empire In ITSELF and the movements OF funds up and
down town, from one bank to another, or from
one kind Of enterprise to another, doubtless cause
the fluctuations Again, the speculation in stocks
to-day was, in the man, rising one-that s, there
were more buyers than sellers. The desire to en-.
gage funds was therefore more general. For the
future Of the money market little concern Is let.
The banks have been gradually increasing their re-
sources and the government bond purchases
of yesterday and to-day will assist their
easier condition. The Treasury has disbursed
within the two days nearly Ave millions OF
currency one-half In legal tenders, which, in going
to increase that Item OF the banks, will swell the
figure Of legai reserve Foreign exchange was quiet
and steady the basis OF 110S for prime bankers
sixty day sterling bills Very little was doing, how
ever. the remittanoes finding an outlet in produce
and cotton bills or in bills drawn against bonds.
The range tor bankers was from 1092s to 1l0b. For
sight tine quotations ranged from 1l0M to 110s, the
former being the figure for net transactions with
brokers. Commercial paper IN fair request, the
demand increasing each day, now that it is certain
the rate for money cannot 60 above seven per cent
For prime notes Of long and short periods the ex-
treme rates were eight to twelve per cent with sales
at the intermediate figures. The circumstance which
gave tone to the later speculation OF the day and
changed the dulness into comparative activity was
q report that Secretary Boutwell, would purchase
fifteen millions of bonds during the month of August.
Whether the report s true not-and in the absence
Of the press dispatches from Washington 1t Is yet
tndefntte-it was SUFFICIENT TO create considerable
excitement In the government market. where the
o2's advanced to 124h and CTS to 121H. The pur-
chases were made principally on account Of prOml-
nent stock houses who seemed confident OF the truth
Of the intelligence. Now II there has been another
sqeak" in the Treasury Department Mr.. Boutwell,
should make rigid investigation. Yesterday
he closed up the purchases outside Of the
sinking fund, and the public were natu-
rally anxious to learn his policy for the
ensuing month. II his decision is to continue
these purchases then the spectators have got
the inside track again. It was Mr.. Boutwells order
that no news Of Treasury operations should be COM
muntcated until after banking hours. Yet to-day,
at the session OF the government board which meets
ct quarter past two O'CLOCK there were plenty OF
'0rders" to buy on the strength OF report that he
intended purchasing fifteen millions OF bonds during
August. The coupon ten-forties were active and
SOLD at 112X and the currency skies at 1o9,S. The
mar kafv rlv In NJ uodua
20 an Improvement In London whence the price
came S3X. The bonds purchased for the sinking
fund were in the lots and at the prices following
1894 registered, 12o26 1852 registered, Is; 1885,
registered new, 12O.22; 1852 registered, 1901;
1s6s. coupon, 1908; 1852, registered 1887 1862
registered. 12007; 1866, registered, 12O.0S; 1854,
registered, 1000; $685. coupon, 1908; 1854 (new
registered, 1902; 1867, registered, 1902; 1866,
registered. 120.25 1884, registered, 120.25; 1867,
registered 12o26; 1858, registered l2025. The fol-
lowing were the closing street prices at five O'Clock
this evening-Unted States skies, 1884, registered,
123 1881; do. do, coupon, 123 o 123h; do five
twentIes, registered, 122h 1913; do. do, coupon,
1882 l241S 124k; do. do coupon, 1854, 1924 1913;
do do, coupon, 1856, 123 123js; do. do, coupon,
new, 1885, 1917 121x; do. do, coupon 1857, 121&
l22; DO. do, coupon, 1885, 1915 1215s; do ten
fortes, registered. 1l2X 1l2ss; do. do, coupon,
112X 1l2X; currency bonds, 119k l1sss.
The Baltic Fire Insurance Company have failed
and gone into liquidation. 1t that the capital
was really impaired for some time to larger extent
than the limit allowed by law. Upon the refusal Of
the stockholders to subscribe an amount sufficient TO
make up the deficit superintendent Barnes ordered
the company's affairs to be wound up.
The Tenth National Bank has passed into the con-
troll Off gentlemen prominent in The directory
OF the Erie railway, and will be- 1t Is said the
depository Of the Erie railway funds and Of the city
moneys heretofore In the Broadway Bank.
The gold market was weak ut the opening, owing
to the nominal shipment-only $4,000 by the
Bremen steamer Rhein-today. Later, IN sym.
pathy with the general upward turn of the MARKET
there was sudden advance 10 1863. The disburse.
ments Of coin interest to-day amounted to $182
The course Of the market Ia shown In the table,