The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-07-01
FINANCIAL AND CONNER GAL.

FINANCIAL AND CONNER GAL.
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WEDNESDAY, June 800 p. NJ.
the stringency In the money market was without
obatemont to-day until very close upon three
O'Clock, when funds were rather freely offered at
seven per cent, gold. Up to this period OF relaxa-
tiou however, the demand had been active at rates
ranging all the way nom one-eghth to one-half OF
one per cent per day In addition to the usual seven
per cent Indeed, the latter condition was disre-
gAtded in loans at high figures, which were made
with OF without IT, suited the lender. To the b0r
ROVER Il was only small fraction OF the rate which
he really paid. The excitement In the crowd gath
cred on the sidewalk and pavement In front Of the
Stock Exchange was at times very great, while in
every once and counting room the singular and
protrscted arrangement Of the money market
wAs steady theme OF discussion. The evidences Of
its artificial origin, were much more visible
to-day. The "bear" cliques took advantage Of the
drain OF currency into the Treasury through the
government sales Of gold to initiate movement
against the holders OF stocks. One Of the most
powerful agencies to accomplish such scheme is OF
course q disturbance OF the money market. Large
sums were Withdrawn, but stocks refused to 60
down They were In strong hands, as the course OF
prices has since shown. 1t will be remembered that
In furtherng their plans they bought three per cents
and took them to the Sub Treasury and had them
cancelled, thus reducing the legal tender reserve
Of the banks and curtailtng their ability to
accommodate with loans. Unfortunately for their
plans the shipments OF currency to this city from
the South and West began to revive. At least the
remittances thither ceased. The last card to play
was the deliberate tying up Of money in the various
banks. Yesterday morning the Clearing House
figures showed eight Of principal banks creditors
for over dve millions OF dollars This fact Will de-
monstrate the capital represented In this unscrupu
1Ous combination. 1t Is only fair to say that the OFF,
Gers Of the banks, where about million looked
up, earnestly disclam any connection with the
clique and state, in explanation, that the figures for
which they are creditor represent money paid out
In cashing coupons and other tokens Of
value shortly coming due. This morning
some curiosity was manifested to examine the
balances at the Clearing House again. glance
was SUFFICIENT to show that over four and o half
millions were still tied up Tomorrow morning
there doubtless win be equal interest exhibited In
the debt and credit position Of the different banks
which are suspected Of lending themselves to the
scheme Of the stock gamblers The frmness with
which rival operators have held out against such
~ exhaustng tax upon their nerve has begun to
create some alarm in the ranks Of the combina-
ti0n This afternoon, in connection with the sharp
rise In prices at the Stock Exchange, there was
rumor that some Of its members, largely "sh0rt' Of
atocks, had deserted and gone over to the ''bull"
side It will be remembered that the great Erie
clique dsintegrated In the same way one Of its
prominent members, as he acknowledged in sub.
aeQueHt AFFIDAVIT, Withdrawing his money from the
spool" II the disanectiOn Of the one more men,
bers reported to-day be true it Will be the entering
wedge to the dlsintegraon Of the present powerful
combination to "break" stocks and gain profit at the
cost of disturbing and derangng the legitimate
course of business 1t may be well here to correct
false impression. It is said that the District Artor
ney has been solicited to take steps for the prosecu
ton Of those who exact extra legal rates Of interest
The District Attorney has no power whatever in the
matter Usury is not felony nor criminal. The only
party to make complaint Is the one aggrieved His
redress is to refuse to pay principal and interest,"
which he may under the laws Of the State The
lender would have to sue. Usury would be a com.
plete defence. The litigation in such case would
be OF civil and not OF criminal character. Lend
ers at the present time know that they can demand
usury with impunity. There is no punishment for
them except the bad faith Of the borrower. Should
the latter take advantage of the law he would be
prescribed and ostracised. He would have no fur
ther need of remaining in Wall street, for his occu-
patton. like Othello's, would be gone.
Commercial paper was inactive, and prime double
names were barely current at ten to twelve per cent
discount. "A
rOItAxA CACIldukc was LII uLu Iuo piilAC puuh-
ers were Indifferent about drawing large amounts at
their quotations; the impression prevailing that with
the disbursements OF gold interest tomorrow and
thenceorward until the July coupons are paid bills
viii be In better demand not only to make the usual
payments, out to remit as the equivalent for the
coupons held abroad. The strngency in the money
market forced the sale Of bills in second hands at
fractions Of an eighth to quarter less than the
prime bankers figures, but new bills were drawn
ct any concession The range Of bankers rates was
1eok 1O9X FOR sixty day bills and 11OA 1lo1s for
sight. Commercial bills were sold at 1925.
In Southern securities there was firmer feeling
in Tennessees, but the new North Carolinas, Mis-
souri, skies and Alabama Fights were weak, and the
rest Of the list heavy Towards the close OF business
q large sale Of new transfers was made at 5S. The
following were the closing prices at the last board
Tennessee, ex coupon, 81 o.; do, new SIX; Vir-
ginia, ex coupon, SIX; do, new, 6lx bid Georgia
SKIES, IS a 49, do sevens, 96 o64; North Carolina,
OK coupon, 6st{ ss7s; do, new, 621S 49, Missouri
SKIES, COX 90I; do, St. Josephs, 90 bid; Louisiana
skies, 70 Tx; do. levee skies, 81 6s; Alabama
nves 82H q 65; do. Fights, 95 90.
Government bonds were heavy. and would pro.
badly have been weak and declined in answer to the
severe stringency In money, were not the payment
OF the interest the July bonds close ut hand
and the quotation In London strong at S0x q SON.
Much interest Is felt as to the forthcoming state
ment of the national debt for the fiscal year.
which ends to-day. The next and ninth
purchase OF government bonds will be made to-
DAY ar the Sub-Treasury. The following were
the closing street prices this evening:-United
States skies, 1881, registered, 1853 1l6N; do do,
coupon. I2oK III; DO, nve-twenties registered
lick 1leK; do. DO, coupon, 1852, 1918 a 121X;
DO DO, coupon, 1854, III 117J<; do. do, coupon,
1885, 118 o 118x; do. do, coupon 1895, new, 119X
IloX; do do coupon, 1867, 11oX 11ox; do.
d., coupon, 1868, ilsh 1loX; do, ten-forties,
registered, 1O7N 1O7ll; do do, coupon, IO71