The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-07-07
FINANCIAL AND coMMeRc GAL.

TUESDAY, July 6--6 M.
While the markets were generally dull to-day,
great deal OF interest manifested ln the course
OF the money market. the opening signs OF which
this morning scrutinized with more than usual
curiosity. 1t was felt that the time had come either
or relaxation OF the severe sringency which pre-
vailed up to the OF the Fourth for general sale
OF stocks to avoid the accumulation of interest which
this stringency has entaied. The earliest rate Tor
money was about sixteenth Der cent ana the great
volume OF business up to halfpast two O'Clock was
done at this rate and at an eighth The demand De-
came more active about three O'CLOCK when as nigh
"a quarter was paid for some small amounts. but
the prevailing figures were an eighth and interest
and three-sxteeDths. The fact seemed 10 satisfy
The street that the money market despite the heavy
government purchase OF bonds on Saturday, was
still susceptible OF speculative manipulation. The
stock gamblers have grown desperate IN their
schemes and are pursuing the market with relent-
energy. The cliques, In locking up money, have
resOrted TO a rather profound piece OF strategy and
demonstrate the truth OF the adage that IN Wall
street. elsewhere, necessity Is the mother OF nven-
tiOn. The operators OF Jacob Itles time would rub
their eyes In bewilderment could they witness the
devices which are now resorted TO IN order to move
the market. This latest strategy has arisen out OF
the failure of the usual processes of locking up
money through direct deposits and certified checks.
and the condemnation of the press have
frightened the banks so that they can
not be easily induced to lend themselves
to any locklng-up operation. The cques, therefore,
have been compelled to cast about them for some
other means. Their latest plan Is 10 borrow govern
ment bonds and stocks giving greenback collateras
or course the consideration offered Is proportionate
to the loss OF interest the money, which by the
terms OF the agreement must be put away out of cir
culation. To render the operation sure the num-
bers OF the greenbacks are taken. Hence the same
notes must be returned 1t being the law Of such
transactions that the same coiaterals, and not an
equivalent, must be returned. such money cannot
be deposited in bank. 1t is destroyed for the time
being as its circulating power Is taken away The
bonds aud stocks so borrowed are sold again. The
money received Is used to borrow more bonds and
Stocks and the process is repeated over and over
again prompt operator can thus in one day with
a hundred thousand dollars lock up ten times that
sum. Meantime his sales Of bonds and stocks keep
their market weak ana help him to the accomplish
ment OF his final purpose.
There was, perhaps better inquiry for CONNER
Cial paper, but no sales made at other than
IRENE rates. The best class OF names may be bought
at twelve per cent and being offered very freely
at ten per cent. There makers who will not sell
at greater discount than nine per cent 1t is
true but their paper is neglected. The accumulation
Is rather greater this summer than usual, for the
reason that previously at this season paper was
taken in preference to lending on call, the market
rate OF the one being so much higher than that of
the other. Now things are entirely reversed, and
call loans absorb general attention ana investment.
Foreign exchange was dull and firm The leading
bankers asked 109A 1929 for sixty day bills and
Il03 al l0a for sight sterling In second hands some
bills were sold at 1925, which was the quotation OF
han rla .lrorry a.,,s.,r
rates, but, between the deferment of specie ship
ments and the Improvement in bonds abroad, buyers
are disposed to await what they expect will prove
downward movement.
The market for government bonds was not only
fav0raby affected by the general buoyancy which
ilusvely characterized the market in the morning.
but was strengthened by the cable dispatches from
London announcing an advance OF fve-twenties to
Slh. Bidders offered figures large Improvement
on Saturdays, but holders were so encouraged by
the foreign quotation that they asked prices which
gave the list rather irregular look at the close OF
the call. The activity in money, slight reaction in
London, the decline in gold and desire to realize
at the present stage of the market occasioned
yielding of q quarter in co.'s and OF an eighth to
quarter per cent In the CTS at the afternoon boards
The continued decline in gold alter the boards led to
still weaker feeling IN subsequent street transac-
tons, aud the market closed with the following
street quotations, which, IL VIII be noticed, are
about the same as those on Saturday evening"
United States SKIES, 1881, registered, III I174; do
do coupon, 117H a 11736; do. 5-2O's, registered
1l7lz HAS do. do, coupon 1862, 1913 12l; do
DO. coupon, 1854 117sS a 1l72l; do. do coupon
1865, 1lS1& q 11sa; do do, coupon new 1865, 11GI
1l69s do. do. coupon, 1861 1l614 1853; DO. do
coupon 1868, 118k 1865; do. 10-40's, registered
1O7I 1885, do. do, coupon 1913 a 1857; currency
bonds. LOG a 1867.
Southern securities were heavy at the opening
and, therefore, easily graytated with the general
market later in the day. The new Tennessees were
exceptionally frmer and the general price about
5s. New North Carolinas were active and sold down
to 504, but recovered to 81 in the afternoon. The
following were the closing prices at the last board
Tennessees, ex coupon, 0l24 81; do, new,
IS asked Virgnias, ex coupon, So asked do, new,
81 81; Georgia skies. SO asked; North Caroinas,
ex coupon, 81 a 57h; do, new 5Oh asked; South
Carolina skies, new, 65 a 67h; Missouri sixes SO a
Bsk; do. St. Joseph's, 80 bid; Louisiana skies, go a
20; do. levee sixes Sc a 66t4; Alabama hves, 62H
65; do. Fights, 81 q 81.
Proposals for 81, 767, 600 "Tax Relief Bonds of the
city OF New York; will be opened by the Comptrol-
Ter, at his onice on Thursday, July g. 1869, at two
O'Clock p. M. These bonds, which are authorized
by chapter $40 Of the laws OF 1862 Will bear interest
at seven per cent per annum, payable semi annually,
the principal to be redeemed July 1879. Certain
bonds, enumerated in the advertisement for this
loan becoming due in 1862 will be accepted at their
par value and accrued interest in payment
The uneasiness at the success of the cques in
keeping money tight was instrumental IN leading to
. sharp decline in gold. The market was ready to
topple since the strngency reached the aggra-
walton OF quarter and three-eghths per cent per
day for carrying and was therefore easily started
downward by the advance OF fve-twenties in Loi-
don aud the drawing OF bills against exported
bonds The extreme range from 1879 to 1857,
and the course OF the market is given in detail as
foows:-
10 A. M............. 1877 Up M............. 1856
10:30 A. M......... 1909 $3.50 p. M.......... 1851
IL A. M............ 1868 1888 r. M. ........ 1861