The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-07-21
FINANCIAL AND COMMERCIAL.

INANCIAC AND COMMERCIAL.
TUESDAY July 20-6 p. M.
Although the summer season IS attended with the
advent OF the dulness usual at this period Of the
year. 1t IS curious to observe how well sustained
the interest and speculative movements OF the va
rious stocks The market looks dull, and there are
less noise and hubbub. The great stunning crowd
Is wanting but the transactions are frequent ana
IN some instances large. The secret OF 1t lies In the
greater concentration Of business which has been
brought about by the telegraph The operators who
'most do c0ngregate" around the Stock Exchange
In less torrid weather nave withdrawn their pre-
sence from the trOttofrs OF Broad street and the
Long Room to the more agreeable piazzas ana
porches OF the summer hotels, but the click
OF the telegraph keeps them still au courant
OF what is TRANSPORTING in the great centre of money
Those who have made the tour Of the watering
places will remember how the hotels make 1t point
to receive several bulletins daily OF the stock quota.
tions ar New York and keep them conspcuously
posted This fact accounts for the activity which,
while far inferior to that prevalent at other times il
still remarkable for the dog days and Is IN striking
contrast to olden times 1t shows the concentration
and consolidation OF the country which are con-
etantly gong on. There are thousands OF business
men who may be seen at their counting rooms
everv day, but sleep at the seaside or In the
so frequently employ the telegraph and make Of
1t now as freely as they would the mails few years
since. The railroad and the telegraph have brought
the domain Of thousands OF miles within what for
merry was the scope OF hundreds. In the same way
the local travelling facilities OF the great metropolis
and Its radii Of magnetic wires keep It's business
people as convenient to each other as though they
were assembled within few blocks OF houses; fol
1t Is confined to our own country alone. Brokers on
both sides Of the Atlantic buy and sell according to
the cable quotations of Frankfort. London and New
York, and ship by the next steamer. man
who owes a bill In London can pay 1t
within four hours, by simply gong to Wall street
and purchasing a document known as a ''cable
TRANSFERS. device born Of the great Atlantic tee-
graph enterprise-whereby the equivalent Of the
money which he gives in New York will be immedi.
ately delivered to his creditor In London.
. The money marker to-day was shade easier.
There was no relaxation In the rate on call
where the pledge was stock collateral, but
good deal more was done at six per cent
ON governments much so that the rate was
quoted SIX and seven per cent on the latter and
seven on stocks In commercial paper there was
no new feature, and the extreme range Of discount
ing figures was from eight to twelve per cent for
prime notes and acceptances Foreign exchange
was firm. The demand has been increasing with
be styled active. great deal of apprehension
exists TO the future OF the market The number Of
bills Offering without corresponding shipments OF
produce or gold inducing fears for the extent to
which some OF the foreign bankers are trading on
their credit abroad While the English discount
rate rules at nominal figure as three per cent
there Is disposition the part Of many OF these
houses to withhold the gold or other commodity
which should go to fOrtiiy their accounts. So long
as these experiments did not threaten business on
this side OF the Atlantic 1t would give us
little concern; but The ruin Of one house so
overtradng would be dangerous to others and
might lead to panic In one way the plan Is aud.
able. 1t cheapens gold. and doubtless those who
are taxing the risk expect to make their shipments
eventually when the premium Is lower 1t this Gu
riOus complication OF affairs which has led to |
deadlock in gold. The ''bears" are heavily short,
on the expectation Of q decline resulting from
the scantlness Of shipments, while the bulls' are
endeavOring to sustain the price by prophecies of
che great demand which must come or later.
The 'bear" plan Is to put out these credit |
bills Of exchange and keep them anoat
until the foreign market, suddenly imbued
with new speculative rage for bonds
to result from the steady reduction Of
the national debt will take millions OF our ve.twen-
ties again in lieu Of gold, to settle the balance OF
trade The calculation is also made that the new
crop Of cotton will begin to go over the Atlantic in
time to assist the plan. Every man has, Of course
the right to conduct his business as he chooses II
the firms who are thus creating an artificial depre
clation Of gold succeed in keeping the price down
the country at large will rejoice at the appreciation
of their greenback currency for such is the
movement. But to conservative bankers and to old
business men it seems IN unsafe II not unhealthy
way of settling the balance Of trade by ex.
porting national bonds or Indebtedness.
Expectations of an advance In securities abroad,
founded upon the acts Of Secretary Boutwell,, are
curiOusy enough followed this evening by rise to
SO In London which the latest price, according
to private kilograms. The report has also been freely
used that the government would increase its sales Of
gold, the amount disposed OF thus far in 1869 being
only fraction OF the amount sold either In 1868 or
1867 Gold to-day opened weak under the 'bear"
movement and declined to 135, from which it adj
vanced to 1861, when 1t was discovered that the
Allemannia had taken out S5So,oOO, and that the
Scotia, which sails to- morrow had 95oO0 900
gagged rhc range Of the market Is shown in the
table,
10 A. M............ 1851 2 p M............ 1851
IL A.M............ 135H 2:34 p. M.......... 1855
1l:l9 A. M........ 100 T. NJ. ............. l3oia
IL M............... 1854 +. M............. 1864