, 1870-07-15
MONETARY AND COMMERCIAL,
MONETARY.


THURSDAY EvES1ao, Jnly II.
| Markets and prices are all in mudd'e to
day with conflicting rumors about war IT
| Europe. The most significant facts are that
| gold closes Il Of one per cent higher than thit
The last London quotation fol bonds Is 81
against 8915 yesterday, showing decline Of
2llzz in London. According to former oxperi,
| cnce, q decline Of bonds in Lon
don should DO accompanied by
corresponding rise in gold, bu.
as this has not been the case, and as the news
pacific character, tic circumstances cast some
doubt on the last London quotations. The
contradictory character OF foreign dispatches
and quotations shows that exaggerated re-
ports arc being sent in the interest OF specu-
lators. and alternately in the interest OF
breadstutfs.
Thoae who look at tho bond quotations. in
Frankfort and London for Indications Of tho
prospects Of war, or for other purposes, are
doubtless often puzzled By the apparent differ
ence in two 60 important markets SO abort a
ss.tps e., psices Ct sy before yssstssrda gnea
Ing exchange Il Ito, WAS equal to
96 cents in American gold At the
Same time bonds Of 1862 were quoted in
FIauAIO1I AZ VI. 1uB quotAtlun IL naua up
Is follows: The principal Of the bond III quoted
at o. hundtcdtls OF Its par value; l,ut this IL
the case Of the 5-29s Of 1859, Is from
March ], being equal to * huudredths
more. This brings the quotstion up to 93l4,
But in this calculation in Frankfort 1orins arc
assumed to bc the equivalent Of 10 centa Am
the flofin in American gold is Ali, and the
prlco Of tloEln exchange in New York ranges
from Al to 41s1. But il We add the difference
between the assumed value Of the form and
It's real value, it adds still 31 per cent to the
Frankfort quotation. which brings It up to
96E in Ametican.go1d, being just about the
same as the London quotation Of 874.
In our issue Of the 30th ult we reprinted The
following part Of q paragraph from the money
article Of the New York World, on the specn-
lation in wheat in this market, and tho d1spo-
sition Of the bankers in this city to discourage
it: ~
at Is estimated that this action Of the Chicago
bankers viii enforce Ralcs Of about 100000 hus-
We called attention to tho e1aggeration, and
a half million bushels OF all kinds Of grain in
this market, and that but 3,149, 149 bushels Of
it was wheat, The t1F0FM now attempts to
cquivocate in regard ito its e1aggeration, aud
gives vent to the following:
1.-THE CHICAGO Ta1rtsE falsely asserts that the
bushels Of wheat tn stae at Chicago What the
Ho.id stated was, that here were over scvcn mill
lon bushels anoat and In store at anu between
Chicago and New York"
Tho Horld, by thus charging Tue Tn1nuSE
with an assertion which TEE TRIBUNE never
made, and hE thus gi4ng an entirely new aud
different version of5ts Nhe HortGs) own
statement, confirms Ito view which we have
been somewhat slow TO take OF the Worlds
first exaggeraiou, viz that it was made for
the purpose Of giving wrong impression in
foreign markets of Thy amount of wheat in
Rtore here.
system Of National linking, authorized by
the Banking and Cutoncy act passed last
week, will ho adopted a once in California, as
is shown by the filing yesterday OF the appli-
cation to this United States Treasury Of one
that basis.
The local money market seems to be work.
ing rather easier. and borrowers for all logiti-
mate purposes get what they apply for without
difficulty. The loans OF the banks. however,
are higher in proportion to their deposits than
usual, and as merchant find it difficult to col
1ect in the country, 1t seams pretty certain that
large proportion Of thi grain held here is on
country. account, and onconptry capital.
There is very little currency being moved in
any direction at pr@ant, though come
amounts arc being sent Into the wheat-raising
districts Of lows. Exchange continues scarce
ut 25c per 81 100 premium for sales between
banks. At the counter. bnnkerB sell at LILO
premium, and buy at from par to lilo dis
count.
The following hids for and o1era Of local
stocks were made at the Stock Board to-day