The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-07-26

Foreign exchange was sfifiy held dhtil after the
middle OF the week, when some OF the prime bankers
sold at concession OF an eighth to three-sixteenths
per cent upon the previous asking rates. One lead
Ing firm still kept their rates at the highest point
despite the reduction OF their rivals The fair sup
ply OF bond bills and the more tempting alternative
Of gold shipments rendered the market dull.
Government bonds were steady, but dull, except
Tor those issues which have suddenly assumed at
fractions for the speculative and investment demand
from their marked disparity price with the bonds
which are being purchased every week by the gov
ernment and are therefore, held at prices which
check investment for the present An attempt has
been made to bear the market account OF this dis
parity but without success The fact Ia that, with
the recent law OF Congress and the steady decrease
OF the national debt our government securities
destined to rule with gold They fast approach
ing an equality in Europe o1 there would be par
gold, owing to the difference In exchanged and the
home market will follow the foreign. We had occa-
sion last week to speak OF the stock gambling
procivities Of bank ofcials in connection with
the exchanging Of their bonds on deposit at Wash.
lngton. The Financial Chronicle In referring to
the manifestation Of the evil in the recent dis
turbance OF the money market, says that "there
not few national banks in the country whose 0fi-
GERS almost reside permanently In New York. ana
use the money OF the bank in Wall street to much
better purpose far profits are concerned, than
II they soberly and quietly sat still at home and lent
It to their neghbors in the legitimate way Of loans
and discounts. We do not now refer to speculative
bank officers, but to those sharp, shrewd, austere
men who never speculate. but always In Tug hit
money market have large sums to lend at the high
est rates. How far the recent prosecutions for
usury will check this trading In money we cannot
TELL but there Is doubt that the vast sums which
have been lending In Wall street Of late at usurous
rates were not wholly derived from our city banks
or from city lenders. go0dly proportion Of the
amount, we fear, comes from country national
banks, which are technically said to be
.run in Wall street." There Is some
doubt whether such banks would not have
their priv leges revoked III these privileges. which
really belong to another State thus transferred
to New York for the sake Of extra profits The
country banks are VIGOROUSLY unable to make such
large profits as the banks Of the city, but this
excuse for the abuse In question We do not now
discuss this aspect or the case, however. We only
allude to 1t as an illustration OF the vast profits
which shrewd money lenders can make by manipu-
lating oanable capital in Wall street" The following
were the closing prices OF governments on Saturday
evenlng:-United states skies, 1885, registered 1914
1211s; do. do, coupon, 1917 12l%; do. five
twenties registered, 12l1s 12l% do. do, coupon,
1862 123% 1888; do do, coupon, 1864 1919 a175;
w. Coupou, Aooo uo uO., Ooulsouj
new, 1885, 1901 1908; do do, coupon, 1867, 120X
1908; 40. do, coupon, 1858, l2oH l2ok; do.
ten-iorties, registered, 1905 11o% do. do, cou-
pom, 1l11s 1ll1s; currency bonds, 1919 1885,.
Southern securities were steady ana dull, with
weakness In o few Of the list; the chief exception
was the new North Caroiinas which advanced
sharply to 53h, IN consequence OF the receipt OF
Geographic advces from North Carolina to the
effect that the Supreme Court OF that State had de-
clared all bond appropriations authorized to new
railroads by the last Legislature UNCONSTITUTIONAL
as well as IN consequence OF expectations that the
interest would now be paid. The Tennessees were
better and stronger.
The following table Of railway earnings for the
nrst six months OF the present year Will repay peru
sal by those who are interested In the progress OF
our great railway enterprises. There Is decrease
In only one instance as compared with the same
period in 1885, while the increase has been In some
raaaa Ynarvallona.-