The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-07-03
FINANCIAL AND CONNER GAL.

desire on the part OF that otlcial to make amends
for the confectionery policy ry which he has en-
abed the Wall street spectators to lnaugurate
period OF stringenoy unparalleled In our local
finances, at this season certainly. sub Ireasu CT
Buttereld states In the advertisement that the pur
chase will be for the Treasury Department the same
90 be held subject to the future action OF Con-
eress. IL does not interfere with or change
the existing orders for the purchase OF
bonds on alternate Thursdays The voice of the
people will endorse what Mr. Boutwell, intends
doing. The Sinking Fund act was allowed to re-
main imperative during the of his predeces
sors; and while there be little doubt that he has
the right to cancel bonds to the extent of one per
cent per annum for the time which has elapsed since
the enactment of the law, he is, perhaps, prudent in
awaiting the full confirmation Of his acts by Con-
nress The effect OF the news was to produce great
cheerfulness and feeling that the money market
must relax, especially as the purchase OF bonds and
the usual disbursements Of the government
between the LIST and Sd inst. will nberate
about six millions Of the heavy currency Balances
in the Treasury. The opening rate for money was
about an eighth. Later in the day the apprehension
returned, when attention was more generally d.
rected to the fact that this currency balance had in
creased to over s37,0O0,000 OH the LIST INST. The
usual amount kept in the Treasury has been eight
nearly thirty millions TO accumulate idly in the gov
eminent vaults. This Is virtual contraction, for 1t
lessons the circulating medium and leaves
smaller volume Of currency with which to
do business. 1t is to be hoped that Mr..
Boutwell, Is not a contractionist; but there are
certain facts made apparent in the debt statements
for the first four months or since he began his ad
miniStrati0n. Thus the legal tender notes have
been reduced $S5,S70, and the fractional currency
$4,719,52O; probably by merely not ressulng worn
out notes redeemed The three per cent certificates
have been reduced to &c. 020 O00 so that the whole
amount OF Treasury paper available for reserve In
the banks, and as the basis OF bank currency
and deposits, is $9,S35,399 less than 1t was four
months ago. Again, his accumulation OF currency
in the Treasury Is excessive, as the following com
parisOn will show. The amount each month was:-
April 1..... S6,S02. 62S June 1........ 1884, 555
May 1.......... 7Ss6,584 July 1....... 37,097, $40
It Is hardly to be wondered that the feeling later
in the day became less enthusiastic aud that stocks
halted and became steady. The mind OF Wall street
il painfully confused to the real eventuay of the
present extraordinary complications OF the money
market, which became fttul and irregular as the
day wore on, the rate on call ranging as high as
three-eghths and interest, with, perhaps, some
ceptiOnal transactions at q half per cent CONNER
cia paper was offered at to twelve per cent for
prime names. but no business was done except at
The higher figure
Monday next Is q legal holiday, but there GER
tain provisions In the law with reference TO notes
falling due between to-day and Monday which
should be generally known The statute provides
that when any prescribed holiday shall occur on
sunday. then the ensuing day thereto shall, for all
purposes whatsoever. regards the presenting for
payment or acceptance, and of the protesting and
giving notice OF the dishonor OF bills Of exchange
bank checks and prOmlssory notes, be treated and
considered as Is the first day OF the week commonly
called Sunday. And any bill of exchange, bank
check, or prOmissOry note which, but for this act
would fall due and be payable on any OF the days
herein mentioned, shall, when said days fall
sunday, become due and payable on the Tuesday
next succeeding sucn days Under these provisions
The New York banks on Monday next viii hold COM
mercal paper having days OF grace and falling due
on Sunday July a, 1860, payable on Tuesday. the 9th
nj July; commercial paper without day of grace,
due on Sunday, July 4, 1869. will be payable on
Tuesday, the 9th OF July; commercial paper having
days OF grace, and falling due on Monday, July 5,
1859. VIII be payable on saturday, the Sd OF July;
commercial paper without days OF grace, failing due
on Monday July s, 1858, will be payable on Tuesday,
the 9Th OF July.
The government market was extremely buoyant,
the CTS rising clear one per cent upon the prices
OF yesterday and the 62's advancing ab0dt seven
eghlhs Its strength was all the more remarkable
Sbat the strngency In money continued, purchasers
deliberately facing the prospect of having to pay
nigh rates to have their bonds carried and that gold
declined. The secret OF the rise was the proposition
of the Secretary Of the Treasury to buy three millions
tomorrow, which was very favoraby Interpreted in
Europe, the price in London rising to sli The con-
tinued decline in gold and the closing activity in
duced fractional reaction late in the afternoon,
when the following were the quOtations:-United
states SKIES, 1881, registered, III 1l1a; do do,
coupon, l17h 1177s; no., fve-twenties registered.
nix o 117k; do. do, coupon, 1862, 122 1925;
do. do, coupon, 1854 1171a HISS do. do coupon,
1885, 11s1 1lSA do. do. coupon, 1865, new, ll61a
a ICY; do. do, coupon, 1857, 1854 1i61i; do.
do, coupon, 1868, ll6A ll6h; do, ten-forties,
registered. lo7H los; do. d. coupon, 1851. 1os%;
currency bonds, 1854 100.
Some of the prime bankers gave the foreign ex-
changes firm look by opening their rates at l092S
for sixty day bills. Under the pressure OF tight
money however and the better supply of bills es2e-
caly late In the day, when IL was known by private
kilograms that fve-twentles In London had gone
UP to slA, there were great many Offering
At lower figures, and the market became
irregular. The range Of quotations was as follows:-
Sterling sixty days, commercial, 100 lOo]a; good
10 prime bankers 1925 lOo's; short sight, 1lo'4
1IOH; Paris, sixty days, $40 5.l4}s; short sight,
6I3sx a 5.I2h; Antwerp $50 SIS; switzerland
go q SIS; Hamburg, 35ll 352s; Amsterdam,
40 4Os; Frankfort 40 a 401s; Bremen, 1871 a79 !;
Prussian thalers, 1913 ia.
The speculation in the Gold Room was repetition
OF mat OF the past few days except that toward the
close the strength Of bonds III the foreign market
added new depressing influence. AT the opening
che price was highest. in sympathy with the finer
feeling in foreign exchange; but when the latter
market became irregular and declined under the
better supply OF bills drawn against shipments Of
, produce and government bonds, there was yield
!, ing to 1867, reaction TO 1879, and thence under
We influence Of the further rise OF fvetwenties in
M ndOn, a decline to 1891 at four O'Clock. The
". features Of the debt statement, the pro
iIUr nvu mas ~ ditonal purchases Of bonds and the
lP,psa 'sasse Of specie shipments broke the market,
SIrou ans already prepared for decline by the ex
AID DNIAy.a FIR The rates maid for carly