The New York herald., 1869-08-25
FINANCIAL AND COMMERCIAL.



Although the apprehension Is 80 general that the fall
activity in money will be unusually this
the rates On call loans continue to show anything but
stringency, the figures ranging from seven down to
dve per cent, with the greater number Of transac.
tons al ak and ve the latter being the exceptional
rate Oh governments to prime houses. Already
there Is disposition 10 prepare for the active season
and time loans are being engaged for periods OF
thirty and sixty days. In quotablc instance the
rate was seven per cent plus q commission Oh
one per cent. This commission is, 1t seems.
perfectly legal, the agent eiIectng the loan being
entitled to 1t like real estate and mortgage brokers,
"a provided by law aud custom. or course the
lenders can make such agreement az they please
with the agents for the division OF the commission.
Owing to the recent severe warning against usury IL
Is probable that this system Of loan brokerage Will
be quite in vogue during the fall AS IL is now the
lenders are In the majority. They refuse to buy
paper especially long dates, ana hence there is a
plethora Of funds on call. The banks are still ship
ping currency; but the demand has fallen of from
last week. Commercial paper is quoted at nine to
twelve per cent discount.
Tho government market was very steady and dull.
Prices fell off eighth to quarter per cent at the
last board, owing 10 decline In London, where the
1S67's have reacted to 8l7s: but the rmness Ia the
gold market Offset this drawback, and prices re-
covered IN later street dealings The homo market
was rendered susceptible to lower quotations from
the fact that before the recent advance in London
ana Frankfort bonds had been shipped this way and
they may be soon expected in this market. The
amount in comparison with that aiioat Is quite
nominal and hence the facth had little effect prices.
An advance or decline either side OF the Atlantic
Is now sharply watched that quotations are
soon brcdGht to a level The in the money
market favorable to tie Dullis side of the street,
but the government market has had It's share Of
speculative interest during the past few weeks
and operators are directing t.elr attention to
more active investments. The following were
the closing street prices this egeaIng:-United
States sizes, 1881, registered, 1.2'( l23; do do,
coupon, l229i 1913; do. fye-tTenties, registered,
1875 1918; do. do, coupon 1sca, I221S 1926 DO.
do, coupon, 1854 1915 12is; do do coupon, 1885,
1919 a i2l q; DO. do, coupon, new, 1866, 120a
1908; DO do, coupon, 1867, l2o'S 1898; DO. do,
coupon, 1858, 1904 1905; do. tentorties. regis.
tered. no.; Ill; DO do. coupon, lI45 ll4al; cur
rency bolds 1o04 ITO.
Southern securities were barely steady on the
North Caronas and weak for the Tennessees. OF
course the letter of Secretary Fletcher in Affirming
the reliability Of the new bonds has induced heavier
feeling in the original bonds. Later in the day new
Tennessees sharply declined. The bonds OF the
other Southern States were generally dull and with
out feature. The city of New orleans has recently
Issued and half million of scYen per cent twen-
ty-nve year bonds under the act OF the Legsla-
ture of Louisiana, approved February 81, 1869.
The puncual payment to the fiscal agent by the
city of New Orleans OF the interest Oh these bonds is
imperauvely fixed by law, and they will constitute
first mortgage on all the real estate OF the city Of
New Orleans-now moderately estimated at $780,
000, ,000-atter the consolidated debt. which will soon
be extnguIshed by the annual tax OF S65oOOO The
interest coupons OF these bonds payable In the
ritv Af Nas, yorHn ha 1a nf Canea and
March, and the fiscal agent OF the city OF New Orleans
will promptly provide for and have the same paid at
the counter OF the Chemical National Bank, of this
City. The agency Of the loan in this city Is at
50 Exchange place. Another loan on the market Is
for $780, 900 in bonds Of Buchanan county, state OF
Missouri issued by special vote OF the people, at
an election held for the purpose. They have twenty
years to with the option OF paying them after ten
years, bear ten per cent interest payable semi
annually, on 1st Of July and January. at the Bank OF
America in this city. They free OF government TAX
the principal being payable in New Y ork. The taxa
bic wealth Of the county is $4,000 00O and the debt
including these bonds only s5Oo,Ooo. The agency In
New York Is at 40 Wall street. The public would do
we'll to discriminate In such nvestme Recently
some bonds were offered for sale purportinQ to be
issued by Lyon county, State o! Iowa. Inquiry
being made of the Governor 1t was found the bonds
were not only fraud, bat the county was
uHOrganiAcu. Inc loilOWinB Werc Tile Closing
street prices OF the Southern list:-Tenncssee, ex
coupon, SO a so; do, new Sc So; Virginia, ex
coupon, 81 q 55; do. new, so co Georgia sevens
% a 94; North Carolina ex coupon 55 So; do,
new so q soy; Missouri skies, SO q 81; Louisiana
skies, 20 II; do, levee SKIES, 05 o 65h; do do,
eights, "a q s5; Alabama eignts, 93K "a; do. fves
81 o SO; South Carolina skies, new, 65 a 86; City
Memphis SKIES, 81 a ST.
Foreign exchange was steady, with better de-
mand for bills The recent decline in gold has in
duced great deal Of purchasing by merchants, who
regard the situation from a conservative point OF
vlew and think that gold, after so sharp decline,
must remain in the vicinity OF its present figure for
some time to come. The following was the range of
quotations: sixty days, commercial, 10sA
q 1o9'I; good to prime, bankers, loo5 1o9A;
short sight, ITO a 11O4; Paris, sixty days. $40 a
Sis; short sight, 5.1a4 5l2H: Antwerp, $40
SIS; Switzerland, $50 5.15; Hamburg. 351s q 35Z
Amsterdam, 40t4 q 40A; Frankfort 404 40a<;
Bremen. 7siI 70; Prussian thacrs 7O14 a71H.
Gold was strong under the continuance OF the
''buil" movement referred to yesterday and the
cess OF which is in no way impaired by the i'm
mense short interest recently created; the clear.
ances al the Gold Bank amounted to-day to over
$4,000 oOO The extreme range OF the price was
from 1925 to 133. The latter figure bid late in
the evening but no sales were made above 1t. The
following shows the range OF the market:
10 A. M....... 1929 2p M.,........ 132N
II M.............. 1929 4P. M.............. 1929
r; p'i..'' 1872 1872 !; y; n;'.; "a; 1ss 1ss
The demand for cash gold was SIN active and the
carrying rate ranged from four per cent down one
per cent ana "lan with the bulk OF transactions at
two per cent which was the rate IN loans subsequent
to the Clearing House. The disbursements OF coin
interest to-day amounted TO s275li. The steamer