The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-10-04
PINANeIlL and COMMERCIAL.
WALL STRKKf,

L
MONDAY. Oct Sd +. MI
Tre wall s,rcat markets we're extremely duh TO.
say ana ,r ,ne tarms he permitted, sulky and sui
len. In the nrst place,
rus TREASURY PROGRAMME
was not 70 the taste OF most Of the specna-
tors In the Gold Room, Tor 1t failed TO gratiiy
the expectation OF larger sale OF gold. In TINS
MONT n disappointed the .'bears" On the other
hand the "bulls,r who were encouraged 10 buy
early An The morning, found the precious metal un-
accountably weak, ard hence the day passed win u
display OF considerable ill-humor by both bulls"
and "bears.' 1t win have been noticed by our
washington dispatches that the Secretary Of the
Treasury Ia making ready 10 redeem
THE FIVE PER CENTS or 1871,
and has issued Instructions FOR the payment OF snch
bonds as may be presented before January ], pro-
yided the holders submit To rebate u Tie rate OF
six per cent per annum The loan wds created by
an act OF Congress, passed June -, 1862 authorH-
ing the President 10 issUe bonds, at not highef
rate than six cent, 10 The extent OF S2lO0oOoo
Yedeemabe in and payable in twenty years AFTER
January J, 1861. The debt was incurred Tor The pm-
pose OF retiring the Old issue OF Treasury notes. and
M circumstances favored lower rate than SIX per
cent, was offered TO the public at only Ave per cent
The bonds were quite generally subscribed for Tne
bidders were required TO submit certified checks for
% happened that pending the awards tile troubles
with South Carolina commenced; that STATE seeded,
and the rupture OF the union seemed inevitable.
Under these circumstances many or the capitalists
who had hidden for the new loan sacrificed their
fve per cent deposit and of the $2l00o,000 offered
only 81, 90, 900 was paid for II Is this amount
which MI Boutwell, intends reaeening or before
the LIST OF January next. As the bonds were issued
before the issue Of legal tenders they VIII be re-
deemed at par in coin. Their market vaue has
been par in coin for some time past, their price
haying gradually advanced to that point after the
Supreme Court decision as TO the medium Of re-
dempton enforceable in all obligations entered into
before the passage OF The Legal Tender act
THE THREE PER CENTS.
is generally asserted that the Secretary OF the
Treasury win redeem the three per cent certificates
with legal tenders This course Is not compulsory
with him, as the law ;nder which they were issued
provides that they may be redeemed In lawful
money.
GOVERNMENT BONDS STEADY.
The disappointment referred to as having been so
general in the Gold Room also perceptiDe at
the Government Board, where considerable surprise
was exhibited that prices did not sharply advance
ON the proposition OF the Treasury Department TO
buy eight millions of bonds during the current
month. Alter the boards this disappointment led 70
some sales to realize ana the market closed gene
rally lower, but quiet ana steady.
MONEY EASY.
The money market was easy and without new fea-
ture. Borrowers stock coaterals paid five to six
per cent, and government collateras four 10 I'VE.
Foreign exchange was dull ana steady. The rate
for The various grades OF bankers sixty day sterling
ranged IRON 100 TO 1895, and tor sight bills from
I095s 10 lIGt4. There was more demand for CON-
mercial paper, and prime donble name acceptances
were IN request at IA sd per cent.
SUSPENSION IN THE COTTON TRADE.
The suspension Of the iavorite and well known
cotton house OF william II. Newman & Co. was re-
ported the street to-day, their losses being attr
buted to the constantly declining market for cotton
ever SINCE the September gold panic " 1859. Their
liabilities not heavy, and their friends express
q confident hope OF seeing them resume within few
weeks
GOLD WEAK.
The earliest sales OF gold were at ia, but the
price soon gave way under the presence OF freer
supply Of the cash metal and eventually declined TO
n3N. II Is suggested Thar the weakness, which was
surprising to those who interpreted the Treasury
programme as meaning higher gold, was due TO the
fear OF the sudden conversion OF the FPS into gold
should the borrowing rate be again so extravagant
~ TO tempt the employment OF money in the gold
loan market. The principal fluctuations we're as
follows
pA- M............. ia 2P. NJ. ........... 113a