The New York herald., 1869-04-30
FINANCIAL. AND COMMERCIAL.


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THURSDAY, Aprn 29-6P. NJ.
Tne government sale OF gold took place to-day al
the Sub-Treasury Secretary Boutwell, was in the
building. but did not attend the opening Of the bids.
The proposals were twenty-six in number, for u sum
amounting to over eight millions Of dollars at prices
ranging from 1880 to 1902. The awards were
made in one lot OF s25oOOo. at 134 OF and three lots
amounting 70 $760OO0, at 134.0l So far as the ex-
pertinent OF easing the market il concerned It was
decided failure, for gold went up Immediately after
to I34H-a rise OF three quarters per cent as
compared with the lowest price in the
morning. Mr.. Boutwen was quite reticent
as to nis policy and maze very little display
during his visit to the street. In the afternoon
he was introduced at the Stock Exchange
and made q speech OF some five minutes duration,
In which he said that he would faithfully use the
revenues Of the government and endeavor to reduce
the national debt. He was going 70 SO conduct his
administration that no one could question his in
tegrity. He would 30 contrive that no one should
make or lose money by him. This nnal hit at the
kJ0bbing proclities Of the previous incumbent
OF the Secretaryship was well received. SO ended
the visit and the great sale Of gold. Doubtless Mr..
Boutwell, means well, but he seems perfectly mex
perienced. He has little genius for finance and is
feeling his way cautiously along the path which the
travel. Those who know him Intimately say
that ne is anxious not to disturb the none
tary ease Of this centre py selling large
quantity of gold at once. and hence his selection OF
the present period for the sales. 1t IL the impress
sion that he Will avail himself of the authority con-
Ierred by the Sinking Fund to cancel percentage
OF government bonds, and hence these securities
very strong to-day particularly after hs speech
at the Stock Exchange, when the 62s sold at the
traOrdinary price of 122 and the 67s Of 1167. Tue
advance frightened the ''shOrts" into covering, and
thts interest has been evidently greatly redaced
all the issues were lending to-day at good rates OF
interest The advance OF cOnsOls to 931 for money,
Is further proof OF monetary ease at London, and
stimulates foreign purchases. The following were
the closing street prices, which are fraction "on''
from the hest figures Of the day:-United States
skies, 1881, registered, 1lsh llsa; do, coupon,
1lSS 11SA; do, hve-twenties registered,
1l3 49,; do. do, coupon, 1852, 1914 a
122; do do, coupon, 1854, 117H 11s; do.
do, coupon, 1865 ll9,S 11sx; do do coupon, new,
1855, 1l6as l1oZ; do. do, coupon, 1857, 1l6% u
11eX; do do, coupon, 1858, ll81a 118z; do, ten
forties registered, 1O73S 107X; do. do, coupon,
l0s,S 1osK; currency bonds 1864 1O8x.
The money market was without Important change
but II was again difficult to decide which was the
prevailing rate, six or seven per cent. Those VINO
while those who were under the necessity OF borrow
ing had TO pay seven, Commercial paper was duller,
but rates remained STEADY at eight to ten per cent
for prime double name four months acceptances and
at seven and half to eight and half for sixty
days notes.
Foreign exchange was active at an advance OF
One-eghth in rates for sterling. The higher price Of
cotton this side OF the Atlantic leaves the market
bare OF cotton bills while the home consumption OF
the staple has steadily increased in our manufac
tories. The following was the range OF quotations.:
Sterling, sixty days, commercial. 1os% Os7s; good
to prime bankers, 100 109l4; short sight, 109ss
109X; Paris, sixty days, 5.21M 516j4 short sight,
1io14 5.l5; Antwerp. 6.2lk 6.I614; Switzerland,
b.2ih t.1e14; Hamburg, 353s s52l; Amsterdam,
40 a 401s; Frankfort 4oh 4o1; Bremen, rs
ssH; Prussian thaers, 705S a Tx.
Gold opened at the closing price OF the previous
day, but under the stimulus OF the high bidding at
the government sale took decided upward turn,
instead or going the other way and touched l347s.
This was all the more remarkable as cash gold was
In greater abundance, and but two days intervene to
Saturday, when about ten millions OF gold Will come
on the New York market In payment Of the May
coupons. The premium seemed TO 20 up without
much effort and the market became rather dull at
the advance. The range In the price was fol-
low