The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-03-17
TIE NEW ISSUES OF GREERBACES.
Course Of the Money and Stock Markets and
Of Gold and Government Bonds
SATURDAYS BANK STATEMENT
A Further Deficiency in Legal Reserve
Confined as Before to the
State Banks
TEE NATIONAL RANKS A MILLION AHEAD.
WALL STREET,

WALL STREET !
SUNDAY, March 10. 1919
The week has been rather quiet one in Wall
street, II we except brief spell OF activity at its
opening IN connection with wild rumors OF in.
tended relief OF
THE MONEY MARKET
through the help OF the Treasury Department after
Abe manner of the transaction of last October and
the speculative operators have made No important
demonstration. During the week we have had the
election OF Mr.. Boutwell, to the United States
Senate by the Massachusetts, Legislature but the
change in the Treasury Secretaryship thus implied
has had little influence upon speculation for the
reason that Judge Richardson the present Assist
Ant Secretary, was generally accepted as the sue
cessor OF Mr. Boutwell,, especially as General Grant
mas virtually acknowledged that he would make
the appointment. Toward the close OF the week
however, circumstances arose to indicate that the
original plan was likely to be modified If net
changed, under pressure from New York capital
lists to have
THE NEW SECRETARY
come from the metropolis Of the country. The OBJ
stace to an appointment in the latter spirit is the
presence OF Mr.. Fish in the Cabinet, who is from
New York and prevents another appointment from
the same State. The arguments used with the
President were potent enough, according to Wash
1ngtOn advces OF Saturday evening, to induce him
70 ask time for fuller consideration of the matter
ouu w postpouc any HOHludtl0n LOT secretary or
the Treasury until he has had ample time for DELHI
Grafton. Doubtless Mr.. Boutwell, will make 1t a
point to withhold his resignation until the Presi-
dent has come TO a conclusion. The friends OF
JUDGE RICHARDSON
are sanguine, however that he will be nominated,
although his appointment may be made with the
understanding that he will resign soon after. The
rHmors already referred to the subject Of Treas
uy Innati9n were found 70 be based upon the issue
Of about two million dollars OF the so.called re-
serve Of legal tenders, necessitated by the low
state OF the Treasury currency balance and the
sudden demand of nearly two million of dollars to
meet the enlarged payroll Of the retiring mem
bers OF Congress- AS Judge Richardson was
charged with the responsibility OF this new issue in
the nominal absence of Mr.. Boutwell,, who appears
to have turned over the Treasury Department to
the Assistant secretary several days before the
election in the Massachusetts Legislature, he made
haste TO explain that he was
OPPOSED TO INITIATION
Of the currency, and would retire the new green
backs as fast the now Of funds into the Treasury
enabled him to DO SO, their issue having been a
temporary expedient He kept his promise far
that the outstanding new greenbacks had been re-
.duced to about one million one hundred
thousand dollars Saturday night. The
local money market worked independently OF any
consideration connected with Treasury operations,
and gradually relaxed as the week advanced, the
rate on Monday having been Z per cent day, and
on Friday as low as a per Cent per annum, with
On Saturday reaction to 1872, and an eventual de-
cline to per cent. The domestic exchanges are
beginning to turn in favsr OF New York,
and, unless interrupted by the irregular
and uncertain outflow IN connection with
THE "APRIL SETTLEMENTS"
ought to bring us steadily easy money within the
w wppkS ~ UOld m Of in coufor
ity with the differences deduced from study Of the
growing prosperity OF our foreign trade, went or
nearly one per cent as compared with the previous
week, and was prevented from further and per-
haps more serious decline only by the imitation OF
the legal tender circulation Government bonds
were generally lower, with decline in the 1s67's
TO 16 and in the currency skies to 1884, The stock
market was unsettled and in the main lower,
sharp advance early IN the week on the rumors Of
Treasury help to the money market being followed
bva general decline which, in turn, was succeeded
by reaction OF more or less extent.
LATEST PRICES OF GOVERNMENTS.
The following were the closing prices on
SATURDAY evening Tor government bonds United
States currency skies, ll31a 11324; do. &o.,
1881, registered, 1lG2s 1161; do. do do,
coupon, 1lsia lls%; do. fve-twenties, regis
tered, May and November, 1867 a 1l5a; DO.
do, 1862 coupon, do. do, 115ls l157i do. do,
1854, do. DO, HOY 1854 do. do, 1865, do do,
1l61s ll6ss do do, 1867, registered January and
July, 114sa 147s; do. do, 1865, coupon, do. do,
1141s 1l47s; 10. do, 1867 do do, 1l69s ll61s;
do. d. 1865, DO do, 1l6 a llGi4; do. ten-forties,
registered, ITO a Ill; do. do. coupon, ll03, q
HOS; do. fves OF 1851, registered mot qusted)
do do, coupon, lis ll3a.
THE COURSE OF THE GOLD MARKET.
The extreme fluctuations daily in the price of
gold during the week were as follows:-