The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-07-19
FINANCIAL AND COMMERCIAL

U l..
SUNDAY. July Is, 1859.
Outside OF the speculative movements In few OF
the leading railway shares the week has been dull
one In Wah street. although IN this respect 1t only
repeated It's history at thus time OF the year the in
terest being sustained By the activity OF the Wander
bit shares. The tendency OF the money market to
an easter CONDITION observable at the close OF bust
ness last week under the application OF the power
OF the law repress usurous rates OF interest was
suddenly confirmed by the announcement that the
Secretary OF the Treasury would Increase his as
bursements of currency by the purchase OF nine
millions OF bonds additional TO those for the SINKING
fund. The eject was electrical upon the street and
produced the greatest cheeru!ness among those who
had begun 10 fear that the disorder OF the money
market was only the forerunner of commercial
panic The rate on call ranged from per cent to
seven per cent according to the class of coaterals.
Even gold interest was exceptional or course these
are still high rates for the periodthc money rate In
the corresponding week OF last year beng four per
Cent-but after the extravagant aud extraordinary
figures OF the stringency street Is satisfied
and content The promise OF an easy money mar
ket for the rest OF the summer Is made In the cOnd
sion OF the banks shown by their weekly state
ment. or course extra legal rates will not he had,
nor can the street be induced 10 indulge in them
District Attorney and the Grand Jury for the repres
sion OF future If not the punishment OF past nfrac-
lions Of the law. The excitement in the gov
ernment market was very great on Monday
upon this announcement from Washington, and
the CTS rose two per cent upon Saturday
nights prices Although they aftcrward fell or
during the week under various runOrs and
sbearfsh" influences, they closed nearly up to the
highest point Some feeling Is manifested because
The Treasury purchases not extended to all the
Issues, currencies and ten-fortes, as well as FIVE
twenttes. The sharp advance in the domestic i've
twenties led to reazatiOns upon them and trans
fer OF the investment and speculative interest to the
62's and the other classes OF bonds which resulted
In producing more equalization OF prices. The re-
ductton OF the national debt and the proposed pur
Chases for July have not induced any very large
inquiry abroad; but despite the stagnation Of the
Royal Exchange in the summer season and the
almost total cessation there Of speculative opera
ttOns, our fve-twenttes in London advanced
TO 82X. According to more detailed figures, the
total receipts Of the National Treasury from excuses,
nuring the fiscal year ending with June 80. 1868,
We1o t191, 1864. The receipts from the same
eource during the fiscal year ending with June 80,
aSoo. were CLOS, 2S7.177 The customs Yielded same
ttmA about $751;, 000 900 In gold. The miscellaneous
revenues of the fiscal year yielded about $50 OO0
y
June %. 1882 Of about $37o ooo. ooo The receipts
from excuses up to last week for the current fiscal
year. commencing with July l. 1859, have been about
Oh, 0oe. 600. The gold market opened with great
6rmness, in consequence Of the strength Of foreign
exchange, rates for which advanced to 1l0h and
11oK, respectively for sixty day aud sight stelling
bills ana in answer to the reports OF large engage
Ments OF specie for foreign shipment The amount
sent during the week was nearly two millions. A
''bQlln movement seems to have been founded upon
the expectation that the shipments for
the rest Of the summer Will be in as great
If not in greater proportion, and, as usual in the
outset Of such an undertaking the spectators ran
the price down by reports that the government, re.
serving 1t did, the right to reject all proposals for
tie sale OF bonds, would not accept any at the un-
reasonable advance in prices. while the lowering OF
the rate OF discount by the Bank Of England to three
per cent also assisted their plans. The result was
decline to 1851, and subsequent reaction to 1885,
The price closing at 1851 on Saturday night. The
difference OF only half per cent between "ong"
and "shOrt" sterling, or the apparent advance in
the price of the former is due to the reduction OF
the English discount rate. The observation has
been made that the specie shipments really iyh
when 1t Is remembered that there is profit in ship
ping 1t In preference to buying exchange. The rea
son is the difference the rates Of interest
houses are drawing against their credit
abroad, which costs them only three per
cent and earning six to per cent here upon the
money which should go to fortify their account.
Doubtless they look to the old expedent of shipping
bonds when the foreign demand REEVES with the
fal business IN London and Frankfort, not to speak
OF the usual cotton and produce shipments, the
legitimate basis for exchange. The decline was
furner assisted by vague reports that the Secretary
OF he Treasury intended heavy sales in addition to
those arranged for in his published and standing
programme. The gold account OF the government
is shown in the following summary OF statistlcs:-
The outs landing amount OF coin certificates on the
! Of July was $50 9,64O against s23, $40 72O on
June 1; $16307 200 May i; s2l, 6725 500, April l;
25.775 $780, March /; $32, $50 February and
S,7,oS6,02o on the LIST Of January, 1859. The Sub
Treasurer at this port issued week before last coin
certificates to the amount OF 81 1873 100 and retired
S., o19,16 through the receipts for customs The
con certificates issued by The Sub Treasury ONCE
daring June reached $l3,59S,42o. The range Of the
god market during the week Is shown in the fol-
lowing tablet