The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-07-14
FINANCIAL AND C0HMHaCIAL.
WALL STREET,


WALL STREET,
WEDNESDAY. July 1876 +. M
The gold, stock and governments markets nave
teen more quiet to-day but as compared With ordi-
harry times, exhibited considerable movements.
GOLD l12 113.
The uncertain feeling IN the street as to the peace
assurances from Europe reflected In the advance or
the premium the previous evening, was operatl We
early this morning, when, before the regular CON.
mcncement OF business. sales occurred at 49, From
this point there was decline to liz on the announce
bnenr that nve-twenties in London had advanced to
box ssH and consols to a3a OK, while French
tentes came variousy from 1880 10 7l.4O Although
the news kilograms were not so unanimous that the
prospect OF war was disspared the better feeling
In the London and French money markets was inter-
preted as the surest index the real situation, and
hence gold declined, as recorded to 112.
THE GOVERNMENT SALE OF GOLD.
The attention OF the Gold Room was next directed
TO the Sub-Treasury where at noon bids we're
opened for the million OF gold ordered to be sold
for the account Of the Sinking Fund. The total
amount bid for was $2,725,ooo, at prices ranging
from Ill a 1920. Inasmuch as the latter figure
was bid for the whole amount IN one lot by prom-
nent German banking house, the government had
little difficulty In making The award. while the
brokers generally, interpreting the purchase as an
index OF renewed trouble in Europe started
on run for the Gold Room again. where
the price advanced almost Immediately to
y12K. From this point 1t declined to l12
as soon as 1t was apparent by the absence
of news that the alarm had been false one. Later
In the afternoon the kilograms from Europe repre-
scented that the question had assumed an entirely
new phase owing to the PROBABILITY that Prussia
would demand an apology from France for the over
bearing manner In which Napoleon had made de.
mands upon King William for an explanation regard
ing the nomination Of Prince Leopold. The conse-
quence was gradual rise In gold 20 1929 ut which
IL closed strong this evening. Although minor in.
nuences mad been lost sight OF IN the oyershadOwlng
interest OF the war news, it is not the less certain
that the early decline in gold liz was assisted by
the reported total
-, ~. FAILURE or THE CROPS IN FRANCE,
about which the cable was indastrlously engaged
few weeks ago. 1t will be remembered that q rain
storm occurred In England and reported to have
terminated the drou ght In France THIS fact seems
10 have been very successfully used by the specua
tors in breadstus, for it LED to suspension OF the
orders sent here to ship grain. Meantime the
drought really continued the English storm not ex-
tending to the Continent and the spectators have
been quietly buying at the lower prices which fol.
lowed the report that the drought was over. Again,
the improvement in American securities abroad
induced lower rates for
FOREIGN EXCHANGE,
and the leading bankers were consequently asking
an eighth per cent less to-day, the following being
the Notwithstanding, sixty days. commercial,
1924 o 1O95s; good to prime bankers, 1o9A
1OeX; short sight, 1907 llo1a; Paris, sixty days,
61SH a 5.13A; short sight, 5.l21S SIX; Ant.
werp, 5.l5I 5.l3A; Switzerland, 5.iSA 5.l3sl;
Hamburg 351 3614; Amsterdam, 4osl 4ls6 (;
Frankfort, 4oX AK; Bremen, 7sa1 7s1s; Prussian
thalers, 7l1a 72z.
FINAL PASSAGE OF THE FUNDING BILL
The Funding bill IN the conference committee to.
day, was amended and has been finally passed. The
Senate yielded the section compelling the banks to
take the new bonds, and the House the higher rates
of Interest than four per cent. 1t is thus compro
mise, and, like all compromises, is commingllng
OF two sets Of wrongs. Either the Senate was right
or the House was wrong. The compromise
bill perpetuates the injustice Of allowing
the national banks six per cent gold interest
on their capital, ana destroys the uniformity OF the
proposed loan A new long bond-a consol at four
per cent-was the most the House should have con-
coded. Wall street, while believing that the trans
forming of the debt viii Occur only very slowly
under the bill, is at to what effect win have
upon prices of government bonds meantime.
THE COURSE OF TIE GOLD MARKET