The New York herald., 1870-01-12
FINANCIAL and COMMERCIAL.

TlVhNUlAL And CUMMEkClAL.
WALL STREET. i
TUESDAY, Jan. 1l-6 T.. NJ.
wal street had another sensation to-day In con-
nection with tho dealings In
THE GOLD MARKET
ana for . time the excitement was ery great Eer-
erence was made yesterday to the action Of Messrs.
Trevor Colgate in refusing to deposit their gold
cneck with the Gold Exchange Clearing House
unleAs simultaneous return made OF q certified
CHECK Tor the money due them. To-day this action
was repeated by the nrm OF Messrs Marvin Brothers
Co., who, In rendering $00o0o0 gold, demanded a
certified check for the currency equivalent. The
bank refused to accede, and the frn being
resolute the bank threw out their statement and
sent notification 70 the Gold Exchange that no
clearance would be made, and requesting members
10 take up their statements ana checks again This
was done, ana the business OF the day was brought
40 standstill Subsequently. at an executive meet
ing OF the Gold Exchange, MIR. Tasker Ii. Marvin
the representative OF the firm, was arralgned on
charge or violation OF the rules OF tue Board and
ny tWo-tniros vote expelled great deal OF III
1eeling he's been engenuered by this course aud
Iriends OF Mr. Marvin express themselves In bitter
oenunciation OF the severity OF hls opponents.
However, II Is c0ntended on tue other hand that he
was we'll aware or the rules and was justly pun
Ashed for an nracon OF the discipline OF the body
moreover 1t Is charged that the effort TO embarrass
the Clearing House was widespread conspiracy
In connection with the speculative movements in
gOlL and hence the prompt measures taken to re.
press 1t. The subject full Of interest that we
give detailed report OF the proceedings In our
general news columns. The effect upon tue
market was to cause sharp decline Cold had
opened as 1929 and thence declined to
2Ix when the statements were sent back
from the Clearing House. Indeed, for q time the
more spprehensve feared a renewal of the dead
JOCK OF last September. and dealings were virtually
suspended After the executive meeting and the
determined action OF the Board In sustaining the
Gold Bank cheerful feeling returned aud the price
ran up to l223s, at which 1t finally closed. IL will be
seen that Senator Sherman has introduced bill for
she issue OF currency to redeem the per cents
and also for system OF free banking the effect OF
which would have been more operative had not the
market been distracted by the above occurrences.
THE STOCK MARKET
was heavy and dull al the opening and exhibited
tho efforts which the clfdues who have unloaded
were making to buy their stocks back again. Busi-
ness became very dull during the excitement In the
Gold Room. where most Of the brokers had gone to
attend the executive session. After the meeting the
buoyancy so perceptioe in gold extended to stocks,
and the whole market reacted from the low prices
Gold Bank, especially as
THE MONEY MARKET
which had become active, closed with an easier
feeling. The rate on call IN the earlier portion Of
the day han been seven on stocks and SIX to seven
per cent on governments, but when the Marvin
Brothers, statement had been thrown out and they
were declared to have virtually failed on their con-
tracts there was sharp demand Tor money at seven
per cent currency to coin. many borrowers in
their excitement fearing another collapse like that
OF September last. However, the demand was salts.
lied, and ut three O'Clock there was relaxation to
tho earlier rates. Foreign exchange was active and
rates firm at previous quotations.
GOVERNMENT BONDS.
In the market for governments prices opened Just
as they had closed the previous day, but became
drmer toward noon, when the government bought
nearly two millions with the avais OF yesterdays
gold sale. Prices again went OF In the afternoon
owing to the unsettled OF the gold market but
closed up firm again lth the following quotations.
United States currency SKIES, 1o0I . 10: do.
SKIES, 1881, registered, lis 1854; do. do, cou.
;pon 11S 11SH; do. fve-twenties, registered, May
aud November, 1864 l16; do. do 1852, coupon,
DO do, ll6A 1l69s; do. do. 1864, do. do, ll5sa
~ 1161I; DO. do, 1885, do. do. 1152s 11e; no. do.
fcgstered, January and July, Hay 114A; do. do.
1885, coupon, do do, las l144 do. do, 1867 do.
do, 1l4X o LIS; do do 1898. do. do. 1I4s1 a lis;
do ten-forties, registered ILL., ll2 do. do, cou
pOn. 112a4 q I13
RANGE OF TgE GOLD MARKET.
n ma q Ia py n lteh iu n