The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-07-19
FINANsliL and COMMERCIALLY.
VAIL erRBEr.

rf fHf w. VI SrRBEr, I
TUESDAY, JUN is-o r. MI
ON Change to-day wheat was heavy. Nnd sellers
TO realize. would have had to make cons 'eraoie
concession IN prices. The cotton market was uies
aSa fraction better Nm
E6SAY TWO TO THREE PER CENT.
In some quarters o rather more active inquiry for
money wa, reported. and IN the earlier portion OF
the day lenders r,ccdiy procured three per cent
on STOCKS aud two per cent on governments Sub
sequenty, In the making up OF loans at the Stock
Exchange, baisaces were offered quite plentlfnlly
at az per cent While there Is As set no pneasness
percepube In the public mind, considerable interest
Is manifested IN the condition OF the banks since the
statement OF Saturday showing that they have ex-
banded their loans to the enormous figure OF
$3oloOs, 600. or fully s25.0oo 900 moro than tue
usual average Tor few years back despite the con-
fessed dminution In the activity OF financial mat
tiers since the September panic Of 1862 which was
the application OF tho brake to the loco
motive speed Of speculation originating with
the paper money imitation of the war. The
SIS 900 referred Just the amount borrowed
by one clique. who endeavoring to sustain their
gambling operations in two or three prominent
railway stocks. In fact. OF the $500. 000o 600 now
loaned out by the banks not less than onethird pos
siby one-half, has been advanced to Wall street
upon the pledge of railway shares and mscella-
neous stocks. The leading director OF one large
bank and the cashier Of another the recognized
open managers OF o clique In the stock market. and
report says that several brilliant specu!ati0ns on
the "bull" side last spring were conducted by these
gentlemen with money procured FROM the institutions
with which they are connected. That the clique are
In trouble Is only evident. The brilliant specu-
lai0ns referred TO have not been brought yet to
successful termination; for OF the tune the clique
were to have sold out to the public at high prices
ana return the money TO the banks the public be-
came alarmed by the sudden collapse Of the specu-
latlon In Rock Island and abandoned tho market to
Its fate. Hence the almost utter stagnation
OF late on the Stock Exchange. Tho cliques
are saddled with stocks At high figures
tighten the burden The shareholders In the inst.
t1tions referred to ought to wach their interests
more closely or they will find them betrayed ~ the
parties In whose hands they have reposed so mach
trust To the honor OF the President OF Of these
banks be said that he threatened resignation OF
his once and exposure OF their schemes II the
gambling directors did not look elsewhere than to
the funds Of the institution for the Of carry.
ing on their speculattons. !
Prime paper was quoted 5X per cent. discount.
Foreign exchange was steady and rather frmer |
on the basis OF l1o neg for prime bankers sixty.
day sterling, ana 10Y 1l0X for sight bills.
GOLD DULL-l12N 112K.
Tho gold market was quiet and dull Tho early |
SAFES were at i12,i. from which the price advanced |
to ll2K, on a rather larger specie shipment than |
to 112H. The course Of the market Ia shown In the