The New York herald., 1870-05-03

w:sns:%s ssn Nav NAV ;Ss.f psssf EsssS
%:sn::sy asyy asy spsef sspsa.f EFsast lSSs
rUaonxsxs or nosDs. '~'''''''''
rbarsday, May Special FUND.- .$2 ooo 600
ISS"Ssy Nay Sspss,s fSnS FUND.- sSSS
ro,a............... .S6,00000O
The liberal intentions OF the Secretary OF the Trea.
snry regarding tho purchases OF bonds produced
very enthusiastic feeling. particularly as his opera
tions. in place OF checking the natural bnoyancy Of
the season IN all branches Of trade are calculated
to stimulate business by rendering the money mar
ket still easier. II will be seen, furthermore that
the predictions Of an extravagant movement on the
part OF the Treasury Department, looking a sharp
reduction OF the national debt before the close OF the
fiscal year. have been disappointed-so far as the
current month Is concerned.
A "BREEzE' IN WALL srREEr-sECREr SALES OF
GOLD BY TuE GOVERNMENT
A brief paragraph in a Washington letter this
morning announcing that Treasurer Spinner had
sold the gold belonging to the sinking and special
fund now In his custody led to on inquiry AZ the
sub-Treasury here This morning, when it was dis
covered that 81 900 900 in gOd-the coin equivalent
OF the May coupons held by Mr.. Spinner in the fund
referred to-had been sold in the Gold Room On
Saturday through Wan street firm Of brokers, and
the proceeds renvesicd IN government bonds to be
added to the fund Hereupon certain parties, mimi
Cal to MIR. Boutwell, and the government generally,
endeavored TO magnify very trifilng matter into
aiar of State policy as affecting the finances Of the
country. MIR. Boutwell, was denounced for reviving
the secret sale system OF Mr. McCulloch and Tor
wiiully violating his express policy of advertised
sales. Doubtless Mr.. Boutwell, was ignorant Of
Mr.. Splnners procedure, or II So regarded as the
best way Of converting the coin belonging to the
Sinking Fund. The very parties who cry out
against this alleged secret sale are well
aware that upon any day the government adver-
tises 10 sell million OF gold every dollar
bid for may be sold even the total proposals should
be for ten millions. As to the secrecy OF the trans
action, the order given through the mails to
Assistant Treasurer Folger, who applied TO the near
est and next door broker and executed the COM
mission OF Mr.. Spinner. The latter gentleman was
desirous OF clearing up the Sinking Fund account
for the lst OF May, and sold out his loose gold In
order to make the character Of the fund uniform for
the debt statement
GOVERNMENTS STRONG AND ACTIVE.
The influences Of the matters referred to above
were felt in the various markets with more or less
effect. The government list the early announce
mcnt Of the large Treasury purchases for May
strongly active, the 87's leading the way TO l14<
against 13 Oh Saturday. Later In the day. with the
decline In gold and the unsettled feeling arising
from the discovery OF the government transactions
Saturday, the market reacted but upon the showing
OF the heavy reduction i'll the public debt prices
became strong again, and closed as follows:Uniied
States currency sixes l12X l12s.; do. do. 1881
registered, 118h a 116X; do do, couuon, 1867 q
III; do fve-twenties, registered, May and NOvem-
ber. Ill 1l1A; do. do, 1862, coupon, do.
tex int. lI2 112k; do. do, 1854 do. do. tex
int) l1l5s 1l13S; do. do, 1855 lex int.l NIX a
lI1X; do. do. 1855 coupon. January and July, 1l3H
Il3s4; do. do. 1867 do. do, ll3,S ia; do. do,
1868, do DO, l13 ll4s; do te-forties, registered,
l07< Io7I; DO do. coupon, I0Ss al0sa.
GOLD STRONG, BUT UNSETTLED.
The gold market was strong upon the light gold
sales proposed for May as contrasted with the gen
era expectation based on the ability of the govern
nent TO sell, and the price touched ll5h alter
the opening OF the board. The private sale Of gold
on Saturday became known about noon when The
price declined To ll47x the spectators for decline
exaggeratlng the action Of Mr.. Spinner. As soon az
the real character OF the transaction became known
the price advanced to ll5h, but upon the nattcrng
exhibit OF the reduction In the public debt fell OF 70
ana closed at lla51.
FOREIGN EXCHANGE STRONG.
The foreign exchange market was nomlnally lower,
but in reality irmer The leading bankers reduced
their rates for sixty LAY sterling to 1895 against
109la at the close OF last week. While they kept the
rates at the latter figure the market rather freely
supplied with bills out OF second hands, The fol-
lowing were the closing quotations this afternoon
Sterling sixty days, commercial, 10sX lO9; good
to prime bankers l091s lo99S; short sight 1897
no. Paris sixty days. 5.2lt& 5.lGA; short sight,
5lb4 aJ.13H; Antwerp, sax o 5l6t+; Switzerland,
SIX 5.1eM; Hamburg, 353s 3s Amsterdam, 4o1a
a ~, FRANKFORT 4o4 4OI4; Bemeu IS. 7s%;
Pruss.an tholers, 7oA a IN.
MONEY MORg ACTIVE.
There was better demand for money, ana al new
transactions on stocks occurred at six per cent,
which rate was readily obtained by lenders who
Kept their money until after two o'clock. On gov
ernmenis the rate was four to Ave per cent. The
increased activity Is due TO local movement In
money among the people generally, with whom the
beginning OF May is season for the settlement Of
real estate and many other business contracts.
Commercial paper was selling at 6;6 to IA per cent
discount for prime double names.
STOCKS IRREGuLAR-wAs IT "a scooP Z"
The stock market opened buoyant and prices i'd
vanced upon were strong at the closing figures Of
last week. AS the forenoon wore on the market be.
came unaccountaby heavy and the 'bulsn were
sorely puzzled to account for Its declining and weak
ening tendency. Lake Shore took the lead in this
downward movement and broke to soH, and was
followed successfully by Pacific Mall Rock Island,
the vanderbilt shares Ohio and Mississippi and st.
Paul. The Northwest stocks were the most stubborn
to YIELD but eventually gave way 79ys for common
and to 9ok for the preferred. At the afternoon
board prices suddenly rallied especially az the sus
pcion gained ground that the scoop" game had
been played on the street. When the government
gold sale Of Saturday became known the early de.
cline was attributed to the unsettled feeling begot-
ten Of the alleged Inconsistency Of Mr.. boutwell,
shown In that transaction and prices went OF again
until late in the evening, when in final street opera
tions Ohio and Mississippi became strongly active,
and rising to s6K carried up the rest of
the list from quarter to one per cent. The real
secret Of the decline lies In the fact that
young operator, famous for his transactions
In gold few years since, and who is now speculat