The New York herald., 1872-08-19
The Abundant Wealth Of the
Old World.
The Money Market and the Move
mcnt Of the Crops.
The Probable Character and Extent Of the
Efaux of Money.
SATURDAYS BANK STATEMENT.
WALL STREET,

WALL STREET, /
SUNDAY, August 16, 1872.
Trade continued dull In most OF the wholesale
markets. II we except an active speculation In
"futuresn In the cotton market the amount of
cotton which thus nominally changed hands hav-
ing been about ten times the quantity legitlmately
bought and sold. The ''bulls' held the market
well, considering the pressure brought to bear
against them, and the
FALL MOVEMENT IN COTTON
promises to be lively any speculation in rail-
way or fancy stocks. Wheat and flour were un-
settled. The dry goods merchants are ready for
their customers but have not been overtaxed In
waiting upon those who have called. Tho season
Is backward, but there Is little or no dstrust of
busy times In q few weeks. The watering places
have not as yet lost their attractions, while tho
prices of wool and cotton are such that most
buyers are content to wait to the last moment be-.
fore completing their assortments.
MONEY
has been easy and abundant at this centre, and
the rate on call averaged about per cent, with
dealings at as low as per cent. On one day the
SPECTATORS, for decline in stocks advanced the
rate to per cent, but In doing so brought forth
flood ofmoney, the rate receding the same AFTER
noon to per cent. There is moderate amount Of
grain in transit from the West, and the Western
banks are beginning to draw upon us for money.
Indeed, the active marketing Of the crops may be
effected at early day, with consequences to the
supply OF money in the street which are highly
PROBLEMATICAL.
There Is now so much private capital In Wall
street. and SO many people have learned to deposit
their money there on call for the conventional four
per cent which bankers allow for daily balances
that the incoming OF the crops and the outgo Of
money have been attended Of late years by less
active movement In the money market. Our fnan-
cial world is gradually tending to solidarity and
Capitalization. Checks and drafts on New York
are beginning to be freely accepted the green
backs themselves In many rural transactions, es-
pcciay as the farmers now regularly visited by
professional 'buyers," who stand In the place Of
the former country commission merchants and pay
with
ACCEpTANCEs ON NEW YORK,
which are endorsed by and payable at the nearest
local bank The expansion Of credit In this way,
and the more intimate relations year by year be-
tween the country banks and their New York cor
respondents and depositarles, are gradually doing
away with tho necessity OF shipping bundles Of
greenbacks hither and thither by mail and express.
With all this 1t would be folly to look for con-
tinuance of low rates on call throughout the Fall
months We are philanthropic enough to wish to
see business active enough to make demand for
every dollar in the country at per cent and we
shall doubtless see the rate on call rise to that
figure and may be run over 1t to some extent. In
pointing out the
TENDENCIES OF MONEY,
as they have been modified lately, we keep the
business man posted, and In this instance mean
to warn him against too confident reliance on
his experience of what has been the course Of
money heretofore when the crops were on their
way to market Prime paper Is quoted Z per cent
discount, and buyers, In view Of the historical
contingencies OF the fall season, are not disposed
to do any large amount Of business at that rate.
The latest transactions have been, however, on o
pretty uniform basis Of per cent
GOLD
has been unsettled, with an extreme 1uctuation
during the week OF one per cent and q decline
Of one-half per cent-viz., to 115h-the high
est and lowest points having been 1853 and 114x.
While the pool have been credited with selling
some Of their load, gold has been inherently weak
in sympathy with the heaviness of foreign exchange
and revival of European inquiry for American Sc
curities, the demand toward the close running
quite strongly on the 'long" skies and the 67's.
This renewal of interest In what we have to offer Is
the consequence of the setting free Of the enor-
nous amounts Of European capital which had been
magnetized by
THE FRENCH LOAN,
the loan was only one-twelfth OF the amount
offered, it is quite evident that eleven
twelfths Of the subscriptions are still without an
investment. We do not expect to see these eleven
twelfths invested Immediately In United States
bonds by the disappointed subscribers to the French
fves; but as Yankee would say, there is good
deal of money lying around loose there In Europe
nowadays, and our securities ought to absorb q
little of it. We readily trace therefore, to this
cause the weakness Of gold the past week. What
the clique may do against natural influences is O
question their means and strength will assist in
deciding.
STOCKS
were feversh, with on Monday sharp decline led
by western Union which broke to 6oH on heavy
sales that induced suspicion that the directors
were reissuing the stock bought in for the purpose
Of reducing the capital their requirements OF cash
for the new building on Broadway not having been
satisfied by the OFFER Of mortgage lean. The mar.
ket recovered almost as suddenly, but without re.
gaining all that was lost, Its recuperation being
checked by the steady opposition Of the bears, "
who on Friday, by making money active, created
fresh CONSERVATION. Erie fell to AN, recovered to
4sx and closed at ASH.
LATEST PRICES OF GOVERNMENTS.
The following were the closing quotations
Saturday evening for government bonds:-
United States currency skies, 11SA lls%
do. do, 1881, registered, 1854 1ie; DO do
coupon, 1855 1854; do. fvetwentles, registered
May and November l16H q 11o%; do. do., 1852,
coupon, do, 118X o 118S; do. do, 1854, do. DO.
| 116S 116x; do. do, 1865, do. do, 110A III; DO
do, registered, January and July, 115k 11Sk; do
do, 1896, coupon, do, 115X a 115h; do do, 1867