The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-08-22
FINANCIAL And COMMERCIAL.
A Good Demand for Money at
Steadier Rates.
GOLD WEAK, CLOSING AT III.
"A Further Decline Resisted by the Over
sold Condition Of the Market.
a SUDDEN SCARCITY OF Cash" GOLD.
The "Bears" Compelled to Pay an Eighth
Per Cent Day for It's Use.
DECLINE IN GOVERNMENT BONDS.
Negotiation in Europe Of Ten Million Loan
Of the City Of New Orleans.
The Stock Market Heavy
and Dull.
IAN ACTIVE MOVEMENT IN ERIE.
The Stock Market Heavy
and Dull.
IAN ACTIVE MOVEMENT IN ERIE.
"A Rise of Three Per Cent II
the Shares.
Tho London Pool Reported to Have Begun
New Speculation.
WALL STREET,

i
WEDNESDAY, August N-8P.
On 'Ohange to-day wheat and -four continued
weak and unsettled. Exporters held or in view Of
the reports from Chicago and the unsettled move
ment in gold. Cotton was quiet with nrmer
sundertone.
THE GOVERNMENT PURCHASE OF BONDS
The offer Of the Treasury to buy two millions Of
nve-twenties elected tenders Of 49, $780, at prices
ranging from 1880 to 114.50. The price of gold
was taken to be 1854, which limited the acceptances
20 $34, 700, at 1880 1879
MONEY 81 A PER GENT.
The money market was active, but steadIer as to
rates, the effort to advance the market to per
cent having been failure so far as to.day's bust
ness is concerned. The highest rate obtained on
call was per cent, and the quotation was most Of
the time q per cent, with the bulk Of the tran
sactions at ~, and an occasional loan at 81
per cent. AS compared with Saturday or Monday
last, the market betrays larger inquiry on legiti-
mate account and hardening tendency which is
not unnatural in view Of the advent of the time
TOR the marketing Of the crops Of wheat and cotton
As usual
i THE cLIouEs
have helped the activity Of money and the frution
OF their own plans by borrowing further amounts
or currency against the pledge Of gold, the defec
zion of some Of the leading members Of the pool
having compelled the others to buy gold largely in
order to check the decline in the premium This
gold has been hypothecated for greenbacks, and
the latter held, far could be- from circulation
Indeed, the plans of the remnant Of operators now
conducting the gold speculation have Seen luckily
helped by
THE RUSH TO SELL
Che market ''short" when 1t was found that the
leading spirit in the pool had lost courage and with
drawn from the enterprise. The pool, in taking
care of the gold which he threw overheard, were
at first heavy borrowers Of currency, and their
need in this respect caused the sudden rise to per
cent last Tuesday To-day, however, they have
found the ''short" interest large enough to carry
their gold for them and pay them something be.
side for
so that they have been the lending rather than
on the borrowing side and would be enabled to
help the money market were not their sympathes
in the other direction. Prime discounts were firm
at per cent and quoted 40 per cent for paper
running sixty day to six months Foreign exchange
was nomnally unchanged, and, considering the
Aerms paid for the use Of gold, firm, the leading
bankers continuing to ask 1O91s for sxty-day ster
ling and 1O9X for sight bills.
GOLD FEvERIsH AND WEAK.
The gold market was feverish and declined from
a14k to 113, rallying to 114S and closing at ia.
The tendency Of the market to lower quotation
was arrested by its over.sold condition. the great
mass of spectators having suddenly changed their
position from ''bul" to 'bear," causing demand
for cash gold which has put the market under the
better control Of the pool To-day the lending OF
gold was entirely In the favor Of the 'bullsn who
paid no consideration whatever for the carrying Of
balances, but obtained, on the contrary, the cur
rency free Of interest and percentage besides for
the use Of the coin. The small purchase Of govern.
ment bonds induced
CoNJEcTUREs
that the Treasury would not sell the two millions Of
gold tomorrow, but the anticipation will hardly be
realized in view Of the small currency balance Of
Secretary Boutwell,, which is less than seven mil
lions. The course Of the market Is shown in the