The New York herald., 1869-06-25
FINANCIAL AND CONNER ClAL.

ftNAiNOiAI fiSO No""I'-S'"I'
THURSDAY. June 2t-S P. NJ.
The feeling In the markets to-day was decidedly
more cheerful and the 'Duish" elements or the
street were more enthusiastic and demonstratiye.
The Opening rates for money were not encouraging.
il ia true but the impression continuing to prevail
that the natural influx OF funds TO this centre
during the summer season must eventually correct
the arrangements which are now left Us a relic OF
Mr.. Boutweps first experiments In selling gold,
operators were disposed to pay high rates and take
the chances OF remunerattye profit on their
stocks The earliest rate was about lie.
from which 1t gradually weakened during the day.
the general rate between two and three O'Clock
being 1.s2 After three O'Clock large sums were
ofrered at six and even five per cent. Tomorrow
the government will sell another million OF gold,
and the result will probably be spasm late to-
morrow afternoon when the checks in payment go
Into the SubTreasury This will lie followed by re.
Taxation again on the next day, when the govern
ment buys a million OF bonds. The Assistant
Treasurer has determined upon buying the last
81 00o 900 of bonds for the sinking fund.- within the
current fiscal year, on Saturday next, instead OF
Tuesday, as at first intended The last sale OF
government gold in the present programme will
take place on Monday next. These alternate drains
upon and contributions to the currency in circula-
ton will give the spectators fac chance to 'milk
the street, so that we shall doubtless witness the
lactea financial process repeated several times be-
fore the advent OF the new fiscal year and the inau-
guration Of the new plan OF the Treasury bring cain
to the money market. Commercial paper Is only
nominal in quotations. The failure OF a prominent
produce house reported this afternoon, with heavy
liabilities
The foreign exchange market was dull until late
in the afternoon. when a better inquiry stifened
haxA lad
In the recent inactive period. The decline in gold
was not suflcient to stimulate purchases. and the
foreign market was favorable TO the production of
bond bills while legitimate buyers would prefer
waiting for tomorrow, steamer day. These facts
encourage the suspicion that the bills bought were
taken by the "bu" ciiques in gold who as Will ap-
pear the paragraph about the course OF gold were
very uneasy all day and anxious to sell their bonds
at the days quotations. AT the close The prime
bankers easily obtained 109@ for sixty day and HOS
for sight sterling bills.
The other branches OF business were more or less
affected by a change in the English money market,
the Bank OF England directors having at their meet
ing this morning reduced the discount rate to 81
per cent. This alteration was more visible in con-
sols than in American securities, which, in the Lon
don market, hesitated until late IN the afternoon,
when ve-twenties advanced to S0zs. The first effect
On the home market was simply TO keep prices firm.
but as the day wore on the heaviness OF
the gold market induced lower quota
lions. The following were the closing street
prices. showing a decline OF about one
quarter per cent during the day:-Uned States skies,
zssl registered, 1161s III; do do, coupon, l2l
12ls; do., fve-twenties, registered. 1864 ll61a;
do do, coupon, 1852, 1913 122; do do, cou-
pon, 1864, 1l6% 1885,: dO do. coupon, 1865,
ll7L a 11S; do do, coupon, 1865, new, 1193s a
zl9k; do. do, coupon, 1867, 119's 1l9js; do.
do, coupon, 1858, l19,4 l19is; do. ten-fortes,
registered, 1918 1875: do. do, coupon, 1U71s
1Os currency bonds, LOG 1861.
As sequence OF tine reduction of the Bank OF Eng
land rate Of discount great deal of interest centred
In the Gold Room, where large party were selling
on the strength Of the news but the buyers were in
many instances strong houses, and the price was
forced down only as far as 1865. The fact would
seem to indicate that the "Dul side OF the stock
marker were buying gold TO keep up prices; for the
TWO markets have lately greatly sympathized, and
the presence Of the agents OF some heavy stock
operators In the Colo Room today seems TO give
color to the surmise In fact. 1t has become
almost matter Of necessity on the part OF the stock
Cliques to keep up the premium; for the course OF
gold and stocks has been regarded as identical dur
ang the recent money stringency, and decline In one
was sure to demoralize the other. The fact may be
important also In showing the real drift Of the pres
ent speculative feeling IN the latter and In forcing
the prominent operators show their hands The
highest price in the forenoon was 1874 and the low
est at the board 1853. From this latter figure there
was a recovery to 1875 under large purchases, the
strength In exchange being used TO assist the uD-
ward movement; but the final price was 1865 137,
when bonds came 10 S0;s. The course OF the mar
Iet is shown in the tablet