The New York herald., 1869-06-17
FINANCIAL AND CONNER CIAL.
WEDNESDAY. June 1e-sP.M.

quite remarkable and very significant OF the dis
turbed and unhealthy condition into which our local
finances have drifted. Conversely TO yesterday, its
state at the close and the stringent
period during the earlier hours of business. The
highest rate paid was one-quarter OF one per cent
per day, but 1t varied down through the interme-
date figures to seven per cent, currency, few
minutes before three O'Clock. The demand
had been entirely supplied by this hour, and
the group gathered IN front Of the Stock
Exchange where the money market has become
n fixture, suddenly found themselves all lenders.
Loans late IN the afternoon were made at SIX per
cent and were offered at i've by halfpas three. In
accounting for this sudden change it should be
borne in mind that Wall street can always get
money If 1t win only pay the rates demanded. Those
rates were paid in the forenoon and the market sup
Piled Again, it is very probable that the bankers
who received the Sub-Treasurers checks in payment
for the bonds which they sold the government at
noon to-day were very anxious to get interest for
their money over night. Hence the free supply OF
funds Offering after two O'Clock, the amount thus
thrown on the market being about one aud a quar-
ter millions OF dollars 1t was also said that the
banks had sent in $780, 900 Of their three per
for redemption and story was current that the
secretary OF the Treasury intended disbursing
about ten millions In payment Of claims or other
objects not specifically designated. The effect OF this
stringency was not so perceptible in the Stock EX-
change as might have been expected. Prices at the
opening very strong and the market looked
buoyant The alarm first came from the Gold Room,
where it was discovered that some Of the cques
had been selling gold to get currency with which to
carry their railways the rate for cash geld ad
vancing to such extreme figures as 5-32 and SIG
upon the money collaterals. The effect was brief
decline, New York Central falling TO 1914, North
western to SlR Pacific Mail TO SSH, Michigan
Southern to 1885 and st. Paul to 70. The yield
ing In the rest Of the list was not so marked.
This was the lowest point OF the day. Thence
forward there steady improvement, although
without great animation. The cliques, in stinening
up prices, were without the prestige which they
would have had were the money market without
these unusual fluctuations. II is hard TO make the
public believe that they are sincere in ''bulling'
prices at such q time. With the steady drain of
money into the Treasury, where the currency balance
Is fast approaching $4,000 O0O the money market
has no guarantee OF uninterrupted ease. The sud-
den relaxation OF this afternoon may be device TO
induce the public to buy again, but the latter can
have little faith in the renewal OF easy
money until the Secretary OF the Treasury has so
shaped his policy as to deprive the market of Its
ceptbility to such sharp contraction has been
witnessed during the past week. The most that can
be said is that the situation is belogged and befog
taton that were observable in the investment de-
mand for stocks after the recuperation OF the money
market. policy on the part of the clQues which
would lead the street 10 oversell the market would
be just as profitable 10 them as any other; hence
there was apparently pause in Clique strategy If
70 test the temper OF the public and ascertain its
drift. According as that manifestation shall
be Will the schemes OF the next cam
paign in stocks be shaped. The feature
OF the speculation this afternoon was Pacific Mail.
which advanced elL. Northwestern preferred rose
10 95k. The improvement in the stocks which have
been most prominent during the recent excited
period was of corresponding character. The fol-
lowing were the prices the call at the last
OF the board:-CumDerland, 33A bid; Wells, Fargo
Co.'s Express, 3lh BY; American Express,
40 4oK; Adams Express, 5914 5e9s; United states
Express, 6e1l 6eA; Merchants Union Express, Is;
Quicksilver, 10 Il; Canton, 63H a 631S Mariposa
sh 9Ia do. preferred IL l7k; do. certificates 43
q As; Pacific Mail, sess so%; Western Union Tele
graph, 40 a.401I; New York Central, 1Ss9I 1885,;
Hudson River, 1851 1855: Harlem l43 a l47s.;
Reading, 9sH 9sL; Chicago and Alton preferred,
166 1885, Alton and Terre Haute, 80; do. preferred,
Cos 90; Wabash II bid; do preferred, SO a So; Mil
waukee and st. Paul. 7Sss 1879; do preferred, s4a1
a s5 Ohio and Mississippi 323S 32h; Michigan
Central, $50 a 1867 Michigan Southern, 104% 104k;
Illinois Central, 1434 IA; Pittsburg, 95R ej7s;
Rock Island, l1s1z llss: Northwestern, 50 s21s;
do preferred, 94t4 949s Boston Water Power l61s
1917; Delaware and Lackawanna III lis; New
Jersey Central llo l1oa4; Hannibal and 81. Joseph,
100 1875; do do. preferred, 40 a l2215; Columbus,
Chicago and Indiana Central, 80 a 40.
Governments were dull and heavy, despite the ad-
vance 10 London 10 sos a s0H. The activity Of
money induced realization TO obtain the high rates
on call, while the speculative interest almost
entirely suspended. In the more stringent hours of
the money market 67's fell to 1l9. With the
feeling in all the markets IN the afternoon there was
q recovery In prices and the following quotations
ruled the street at the close-Cnlted States SKIES
1881, registered 1l6s III; do, do, coupon, 1915
121H; do, 1ye-twenties, registered 1161s 1164.;
do, do, coupon, 1902, 1925 a 1924; do. do,
pom, 1864, 1l67s q ll7H; do. do, coupon, 1895,
1ls3f 1lsS; do. do. coupon, 1866, new, 1194 a
I19Js; do. do, coupon, 1857, lleil a 1le1S; do.
do, coupon, 1858, Ilok a l1oh; do, ten-forties,
registered, 1O7ll a 1O51l: do. do. coupon, 1885,
1857; currency bonds, 10e a 1907.
The government bought another million OF bonds,
making total Of six millions OF the public debt
deemed thus far. The tenders amounted 10 nearly
hve millions. The awards were OF the following
prices $780, 900 1867 coupons at 1885, $3.50 1867
coupons at 1880 s25OOO 1867 coupons at 1I5.2e,
5O,Ooo 1857 coupons at 1929
Foreign exchange was frmer In consequence OF a
better demand for pills induced by the decline IN
gold. Good TO prime bankers sixty day sterling
quoted 1osI 1osx, and sight 1iOs l1o'..
The exoroitant rates required in carrying gold led
20 pressure 10 sell. which was precptated by
strong clique movement, having for its remote OBJ
ject the obtaining Of currency wherewlth to carry
stocks. The price declined sharply, touching 1875,
but thence reacted TO 137I when It's buoyancy was
secured 10y the sudden change In the money market
The highest price was 1881. The larger transactions
are rejected IN the report Of the Gold Exchange
Bank which is as folows:--
COD cleared. flO3, 10000
Gold balances. 3,240,ll4