The New York herald., 1869-06-21
FINANCIAL AND COMMERC CIAL.


Theunnaturai condition of the money market was
the feature OF interest In Wall street during the
week. There was cessation OF the activity notice
abe the week before and rates portion OF the time
were maintained at extreme figures. The singular
prevalence OF such high interest rates In the month
of June when the capital OF the country has usually
drilted TO this CENTRE Is indicative OF an unsound
state OF the market, and is an evil not so dangerous
IN the present annoyances which 1t creates as In It's
ramfcations through the various branches OF trade
and industry Money seeks the highest rate OF interest
surely water seeks Its level In the stringency
OF the past ten or twelve days money nowed here
from other business centres. while q constant and
strong demand exists in the West. Hence we
ind the spasms which were. and we
may say are, of daily occurrence. The
first instament OF such currency shipments
this way produce relaXation; then arises the me-
cessty for supplying the demand from out OF town
and stringency sets IN again. To make matters
worse the stock gambling cliques lock up money
and add to the general aggravatlon. Money ID
drawn here and there. The West wants II and must
have It, even If it is necessary TO pay eNtravagant
rates. The stock operators again are unwilling to
part with their loads and bid still higher rates. The
result Is a scramble in which currency is attracted
backwards and forwards to the destruction OF the
legitimate business OF the country. 1t Is ingenousy
said by the Financial Chronicle that Secretary
Boutwell, in proposing his gold sales at this season,
expected TO contract the currency more than was
usual by the old bank system III the summer months,
but overlooked the fact that the expanding and
revived cotton growing In the South had
already withdrawn the amount sufficient to
such contraction. As for the general causes
affecting the money market and producing
the stringency it says:-"The prominent facts are
these:-First-The South has retained large amount
OF currency, sent there In payment for the cotton
crop, which it is likely to hold permanently for the
enlarged requirements OF retail circulation.
Second-There is outstanding s23.sOo,OoO less OF
legal tenders than on June l, $685. principally owing
to the retiring Of compound interest notes In excess
of the issues Of three per cent certificates Third
The West has required currency for moving the
wool crop and for marketing very heavy surplus
Of grain, which is being sent forward under the
prospect of another abundant harvest, the amount
sent to Chicago this month being reported there at
$o,OOOOOO. FOurth-The associated banks held on
Saturday last only $5O,sOO,ooo legal tenders
against $69, 200, 900 on June 13, 1863 Filth
The receipts OF the Treasury on account
OF payment of whiskey tax and income tax.
have been especially heavy, While the Secretary OF
the Treasury has for some time been selling
s2OoOooO OF gold weekly against purchases Of only
g. 900 Of ve-tweltes, taking into the Treasury
these transactions 81, 600 600 currency per week.
sixth--The Secretary Of the Treasury has recently
called In large amounts OF money from the national
bank repositories. Seventh-In these operations
The Treasury has augmented Its currency balance
during this month at the rate OF 100000 per day,
the increase since June / having been SO, 200, 000
Eighth-These movements have resulted in loss OF
37,OOo,00o Of legal tenders by the banks from the
beginning OF the month to June II, and in still
further loss during the past week."
The government market during the week was
very steady until the last day. when began to show
the effects Of tight money and the decline in gold.
The nrmness Of the foreign quotation combatted
the influences OF the other conditions OF the market
and the yielding was slight as compared with other
markets subjected to similar influences. Govern
ment revenues have been yielding quite satisfactorily
OF late. The excise week before last, yielded about
$s,oOo,0OO; customs at the port OF New York.
$2.183,6l3 and at the outports about s70o, 600 lin
coin) more, making the grand total income for the
week equal to about $l1 SOC, 217 in currency. The
total receipts Of the National Treasury from excses
during the fiscal year ending with June 80, 1885,
were $l91, ,1S0.564. The receipts from the same
source thus far in the current fiscal year. commen-
cling with July l. 1885, have been about $l53 900 oo0
according to the latest washington advices. The
customs yielded, same tme about sl72, 600, 900 in
gold. The market on Saturday was firm at the
opening, considering the decline in gold, but as
home prices were such as to leave marginal pro-
at in bringing bonds this way from London quota
ttons. became heavy, and closed as follows:-
United States skies, 1881, registered,
716H a ll6x; do, do, coupon, l2ox
12oX; do, nve.twenties, registered 1l6 lleh;
uo., do coupon, 1862 l21x l2I1s; do. do, cou-
pom, 1864, 1l6H a 1lex; do. do, coupen, 1865,
AS 1lsH do. do, coupon, 1885, new, lls a
a1sH; DO. do, coupon, 1867, 119 l19A; do.
do fap. rftoo
registered. 1o7A 1O7h: do. do, coupon, 1o7x
10s; currency bonds, 10e look.
The "bulls" IN gold were very loath to relinquish
their side of the contest but the force Of circum
stances compelled very general unloading Of the
precious metal. The effort sustain the market
lost power in face Of the steady gold sales at the
Sub-Treasury, and the coming disbursements Of the
July interest, which will throw thiryseven millions
OF gold on the market. Primarily the decline was
started by weak spectators who we're unable or
unwilling TO pay the extravagant' Carrying rates,
which one day ranged as high as 5-32 to 316.NThe
total customs revenue OF the government In coin at
this port from July 1. 1865, to date was S119, ST.
against $1O9, 200, T64 same time In the preceding
yscal year. At San Francisco, from January 90
June 6, 1869. $S12e,e95, against $3,44o,oie same
time last year. The outstanding amount OF coin
certificates on the OF May sl6 200, against
81 e72 5oo April Il s2s,77S5eo, March /; sa2 500
on February l. and s27 o2o the lst OF January
1se9 The Sub Treasurer at this port issued last
week coin certificates to the amount OF 3l,070,o0o
and retired S1943 33s through the receipts for Gus.
toms. The com certificates issued by the Sub.
Treasury once during May reached SO, ,0Oe, $50.
The range OF the premium during the week Ia shown
An the table -
Highest. Lo,rest.
Monday y..................... 1893. 1851
TUESDAY. .................... 1885, 1879
wednesday ................. 1891 1917
THURSDAY. y....................1 1881 1917
Friday day......................1 13s 136I
Saturday ay................... 1877 1869.
Southern securities were more than usually active,
And the market exhibited many features Of interest.