, 1869-07-13
MONETARY and COMMERCIAL
MONETARY.

| MONDAY EyES1Ko, July IL ..
The meEt noticeable feature In connection With
general finances II the large advance Of per ccaI
| In fhe price Of government pond1 to-day, which
u cue almost entirely 70 the announcement b5
| SECRETARY Boutwell, that he Huu!d purchase nine
millions more during the next three week. While
the purchase of bonds Ia beyord question the YETI
best use to which the superintendent funds
| IN Tho National Treasury cAn be appIled,
can any baAtneas man see The
good sense Of the Secretary in making tie IN
feu'eent"t aud thus virtually pledgtng nimself to
1he horcpaae OF that many more, and practically
putting the price up on himself Last week tho
Secretary bought s,ooo, ,o0o bonds At from 1l6S
70 NIX, and would this week hare been apla
to have bought 100000 moro nt about
us, Int iorthjs uncalied.for announcement. The
public did not ask the Secretary to make
1ny such pledge as this; there was no
otcaslon Tor II! Where, tlcu, was the good sense
OF aaklng It at u! There Is popular notion that
tac Secretary OF the Treasury shoul1 administer
Inc hnances for the best Interests Of those to
"com the money tn the Treasury beIpu8s y1z.
tac people but the announcement that he viii
purchase {. .00t, 900 more bends curing the next
three wccEs, when there Eas no occasion for his
saying anything about It, viii make the 1,O0D,0o3
cost from three to four hundred thousand dollaYs
end possibly half q million, more than II he
he'd gone ahead and purchased them each week
IS ne did last week. The operations Of Secretary
Boutwell, In regard 10 bis bond purchases hare
been 30 remarkable tha: they leave the cor
clns1pn unaVo!dahle TINT he Is either incompetent
or else That he Ii operating In the interest Of q
clique OF speculttofs IN bonds. Only 1hrce weeks
ago money WAS 30 extremely Ecarcc that It CON-
nanded from hundred to q hundred and nft7 DER
cent per snnun In New York, and bonds were
depressed 10 about 1l6 {exciustvo Of the Iuterest
Notwithstanding the faet that nn then had IN the
TTtarE nr}n
600 nore than there Eas any occasion for-he te-
ttEcrA his bond purchases to .tNo n1ilIorH Der
month. Ono would naturally fhtnk that NTH so
large Enrptus In the Treasury, md with the
ps1ce Of bonds 10 depressed, tAat WAS the
I1ne for him to buy. D1t no! he waited
uItl tic interest and dividend disbursements
incident to the lst Of 1uly-~whIch amounted to
oyer hundred mltions-aEd made money more
p:en1J. which, together with a rrturcssmeut de-
mand for the interest he paid out on tho puhlic
debt at that time, had put up the p1tcs Of the nav
a9as 70 lis Last week. At this tuucthre he c4.ncs
into tAe market aud Acnouncca that 10 viii h1y
utho millions mere IN tho next thrca week. It
is rot at AL su1pnzns thnt th1s 1ugytcrJ should
haye causcd an aayancn ot per cent IL the price
OF ! nnds 10 day, but It would bc surprising u It
was not well known TO cllque Of Epeculators 1azE
week that this announcement would become rub
Nc to day.
IT. the local money market there has been but
little change Since last week Tho demand con-
ttnues active, and the most OF the banks
.ue counI!ug tAcir loans to shclr rceuIar
cuslonets- There docs not seem, however,
TO he any reason for anticipating any.closcs coz
dlt.on OF the Market The demand from the
country for funds Is Light ant prohaby will con-
dnue so unfit fall, md the increasing ease of
loucy tn the Eastern m1yEets Is LIKELY 10 have |
favorable eject In the same direction here
Exchange Waa urn to-day at &c 3 81 900 pre-
miarn, Tor sales between bauka. At the coanter,
tauseIs nrc selling at 1-1o premium for New
York checks and taking at from par 10 lilo dis !
cCunt- !. e, !
The london quotation for bonds to-day WIS
s1t.. which Is The price at which tney stood in that
market during the greater portion Of last wcek, |
though they were quoted as Low as SIX on Satur- |
day. From these prices It will be seen that tho ]
advance IN bonds has originated on this aide, and
FROM she eause mentioned above Heretofore the |
London and Frankfort Harketa hare In general con-
trolcd the New York market: but, ii. tho present
instance, the advance IN New Tork Is SO positive !
and 20 large Ahat 1t Ma* control the others.
Owing to the greater czsa Of money In New |
YORK. the railway stock market 1hoTs somc 65mp-
toms Of reviEing from IL recent demorallEed con-
diticn, and there was an advance OF from to IL
per cent on mott Of the leading speculative shares
to-day. |
Dealers quotations tor buyinR and sailing gov |
ernment bonds, local stocks gold aud Elyer, In the
marx Eft. tht3 aftrrnoRn.