The New York herald., 1869-06-23
FINANCIAL AND COMMERCIAL.

bond purchases by the government before the lst OF
July when the new fiscal year will begin. Secretary
Boutwell, was known not to be IN Washington, and
hence the discredit OF the rumor in the street last
night, which was subsequently verified that he
would modify his policy on and after the lst prox
imo as to provide the sale OF less than two mil
lions OF gold weekly. The letter OF instructions ON
the subject will be noticed Is signed by the acting
Secretary OF the Treasury instead OF by Mr.. Bout
well who passed through the city to-day in return
ing from his Eastern tour The letter referred to is
addressed to the Assistant Treasurer Mr.. Van Dyck.
and says
After the close OF the present fiscal year, and until
further notice, the secretary OF the Treasury Will
purchase one million OF bonds in alternate weeks,
Commencing Thursday. July l, and viii offer for sale
one million OF gold on alternate weeks, commencing
Thursday, July s, subject to the usual conditions.
Under the new programme the annual contrIbu-
ton to the sinking fund VIII be about S25. 100000.
This Is just one per cent OF the national debt. Mr..
Boutwell, Is therefore simply about to put in force
during the ensuing fiscal year the law OF the sink
ing fund. In buying s25, ,0o0 900 he will be acting up
to its spirit and Will discharge his duty Should the
revenues OF the government continue to warrant
greater reduction OF the debt than per cent per
annum he will be able to avail himself of his undis
puted right so to employ the Treasury balance
at any time. To those who wish to see fair
play ana justice this policy must commend
itself as perfectly correct The Sinking Fund
act was never put In force until he first made 1t
operative. HIS platform is simple one. In future
he will cancel the national debt at the rate of
per cent per annum. II there be a surplus in the
Treasury lie viii feel himself liberty buy bonds
to an amount not greater than equal to one
per cent for the time the law allowed to remain
dead ictier by his predecessors. The street was
disposed TO favoraby interpret the effect Of the
change, and Du0yant feeling set in. The earliest
but the prominent government houses obtained
all they wished at seven per cent currency.
Discounts remained as heavy as yesterday,
and some 'giltedged" paper was Offering at nine
to ten per cent In the afternoon there was rather
sharp demand for funds, and the su1ngency of pre-
viOus days again visited the market ts high as one.
eighth and interest being paid to make accounts
good at bank, which, from the fact that 'cash''
stock was sold as late as fifteen milutes to four
O'Clock, evidently remained open beyond their
usual time to accommodate diatory customers.
The "bears' were again at work operating on the
feelings OF their opponents by alleging that the
change in the policy OF the Secretary OF the Treasury
would bring relief, for the tnat his new
programme would continue to increase his
rency balance by the difference between the
price OF million Of gold and that Of a
million Of bonds. Even ii this difference
he trivial the new plan will disburse none of the
thirty millions which the present plan transfer
red to mis- vaults and which constitutes a contrac-
ton OF the currency to that extent until he finds
some means Of returning 1t to circulation. The
foreign exchange market was nominaly steady the
prime bankers maintaining their raes at 1895 for
sixty days and l10 for sight sterling Bills out OF
second hands were sold at concessions Of an eighth
to quarter per cent upon these quotations, the
holders being forced to realize choosing to en-
piOy the money on call. The following shows the
range oil rates:-Sterling, sixty days, commercial,
l0sH l0sH; good to prime bankers, 1O92S 1O9s;
short sight, 11Oh 11oss; Paris, sixty days, 5.2lh
5.16l4; short sight, Sis 513a4; Antwerp 5.21h
5l64; Switzerland, 6.21H 51Gh; Hamburg, 3514
35x; Amsterdam, 39X 4oH; frankfort, 3oH
4Oss; Bremen, Tx 1875; Prussan thaers, 70i4
n.
Government bonds were irregular, with the gene
raj market, and sympaihized with gold. In the
buOyant feeling which carried the price of the latter
up to 1881 the 87's sold at 119 but the whole mar
ke reacted late IN the afternoon with the decline in
gold and the renewed activity in money. The
following were the closing street quota
ttons:-United States skies, 1881, registered,
7Isx III; do. do, coupon, l21h 121h;
DO, fve-twenties, registered, 11s1s 116A; do.
do. coupon, 1892 122h 1924; do. do. cou-
pom, 1854, 116T III; do. do, coupon, 1856,
iIss. llsh; do do, coupon, 1865, new, 119is
DO. coupon 1868, lleh 119iz; do, ten-forties,
registered, 1o7H a 1O7H; do. do. coupon, los q
lOs.; currency bonds, LOG 1o61s.
In southern securities there was a continued
weakness In Tennessees, the bonds selling down
to 80 late in the afternoon. Prices closed as fol-
lows:-Tennessees, ex coupon, 62}s 63: do, new,
50 80; virginas ex coupon, 561s 81; do, new,
COZ 81: Georgia skies. 81 o SO; do, sevens 95ts
o.; North Carolinas, ex coupon, 5s1a 59; do new,
b5h So; Missouri skies, 9l1s 90; Louisiana skies,
~ %; do. levee skies, 81 671s; do. do eghts SO
81; Alabama eights, 90 a 100: do, fves, 65 81.
South Carolina SKIES, old. SO s4 do, OF '67. IS
IS; do. OF 80, 70 q II.
s. The following were the bids for the city bank
etocks:-New York, 1873; Mechanics. 1856; City, 2oo
Phenix, 100; Tradesmen's, $50; National, 49, Mer-
chants Exchange, 119; Leather Manufacturers,
$50, seventh Ward 116; State OF New York, 112;
Commerce, 1913; Ocean, 107 American Exchange,
1l31s; Chatham, 100; Bank OF the Republic, 1907
Bank OF North America, 40; Hanover, 112; Metro
potsn, 143ts; Peoples 143 Market, 1875: Nassau,
nos; Shoe ana Leather. 1925; Corn Exchange, 13o
Continental, 102L; Commonwealth. 1171l; Park, 1907
Manufacturers and Merchants 1o2; Central Ma
tiona lI6; Fourth National, 1o7; Ninth National,
116; oriental, $50; Gold Exchange, 140; Bankers
and Brokers' Association, 100.
The gold market was quite irregular, the opening
price being 1917, the highest 1854 the lowest 1867
aud the closing 137%. It will be seen that these
gures indicate the fulment OF the clique strategy
no visible yesterday. Becoming possessed OF the
knowledge Of Mr.. Boutwes change Of policy they
bought gold at prices ranging from 1865 to 1877 and
sold It to-day at 1877 to 1881. The cearings at the
Gold Bank were over hundred millions yester
day. II IL fair to presume that they were
purchasers OF a large fraction OF this sum.
Even pront OF ons per cent would net an
enormous amount The surrepttious obtainance
OF this knowledge by the clique rs a matter which
Mr.. Boutwell, should Immediately investigate; other
wise he will lay himself open to the charge which
was 80 frequently made against Mr.. McCulloch, VIZ,
that he was the tool Of the gamblers Of Wall street.
The market to-day exhibited lack Of faith on the
part OF the clique in q higher premium, for they