The New York herald., 1872-07-09
Decentralization and Decline in
Erie Shares.
A "Eear" Market at the Stock
Exchange.
South Carolina BOnihOlderS in Quest Of a
Redress Of Their Grievances.
WALL STREET,

MONDAY, Jnly SIS p II.
On 'Change to-day wheat and -four were more
active, and a much stcader feeling pervaded the
market. Cotton was heavy and lower.
MONEY MORE ACTIVE.
The money market became active as the after
noon advanced, and the rate, which In early bus
ness had been 4 per cent on CALL hardened to per
cent, with as high as per cent actually paid. The
closing quotation was a per cent. Unlike
the noted occasion last week, when per
cent was paid, 1t will be remembered,
for few minutes only to be followed
by complete collapse OF the high rates, the in
quiry was maintained to-day to the close OF banking
hours and the ''inoney market" on the sidewalk at
the corner OF Broad street and Exchange place. was
steadily thronged and displayed an animation long
q stranger to It, No legitimate reason for this sud
den advent of activity is readily assigned, the
domestic exchanges and the local money market
Offering no occasion for any marked variation In
the supply Of or demand for money.
THE DEMONSTRATION
Is thought by many to be the beginning Of opera
tions on the part of the long quiet clique In the
Gold Room, whose plans are generally believed to
embrace raid upon the stock market, their move
nent being begun at this time as a most OppoItune
one for the reason that the public mind is likely TO
be made unusually sensitive concerning the results
OF the political campaign, especially the develop
ments of the assembage 1T
BALTIMORE
may ofcr food for agitating thought. The with
airawal OF money to erect speculative designs upon
the course o! gold and stocks finds the banks un-
usually strong it is true, and better or In resources
than they have been II long time. But as the
movement starts out with more immediate regard
for the gold market the intentions OF the clique
may not contemplate any direct effort to dcpress
the stock market. The existence of
FOOL IN GOLD
ts well known to everybody familiar with the
current Of events in Wan street. so that when an
incident occurs such recorded of the money
market to-day the inference is at once taken that
the disturbance is Of their doing. The pool have
been waiting, so 1t was given out until the 1st of
July had passed. That date has come and gone,
and as the interval to the next government pay
nent OF coin interest Is a good four months, eX-
cluding the comparatively light disbursements In
September, the opinion prevails that the movement
has begun. According to
PREVIOUS TACTICS.
The gold is to be taken out OF the Clearing House
and locked up In banks, insurance and trust COM
panies and other corporations willing to make ad-
vances 1t Is easy to see therefore, that the with
drawal OF gOld In futherance OF the suspected pur.
poses Of the clique has already created scarcity Of
greenbacks, lat per cent? and that q persever-
rates on CALL In BRIEF the gold that serves as the
money Of the gold market is demonetlzed and tenn
porariy converted into commodity security on
which money is borrowed as upon stocks and bonds.
THE EFFECT
-, therefore, to add much more to the volume OF
securities requiring money for their carrying
and heighten the competition OF the stock brokers
IN their pursuit OF money. In commercial paper no
new features are reported but the business has
been falling of for few weeks, and the note
brokers find buyers less eager and less numerous.
Rates are quoted 51s a per cent Foreign ex-
change was about steady at the quotations last
given.
GOLD 113% l1sz.
The gold market was frmer, the sales alternating
upon 1873 1lsX, but without much increase In
the amount OF business. Good parties were buying
powever, and the fact may or may not strengthen
what has been already said to the possible inen-
tons of the gold pool The continued absence of
any sign the part OF Mr.. Boutwell, OF his purposes
as regards further call Of bonds had much to do
with creating O frmer tone OF the market to day,
and would have excited even more influence In that
way had not
OUR BONDS IN LONDON
been strong and higher, the '67s selling at e2 and
the new nves at 9O&. This buoyancy In the foreign
market checked, In o great measure, the rising
tendency Of the gold. Gold loans were made ut
per cent for carrying to fiat for borrowing For the
steamer leaving tomorrow specie engagement Of
5000, 900 is already made. The Sub-Treasurer paid
out $4,000 account of interest and $1,000 on
account Of redeemed nve.twenties. The closing
quotation or gold was 1isx lls,l The gross clear
anccs were $lses9OoO; the gold balances $s5S, 1850,
and currency, $1,o74,7O9.
THE RAILROAD BONDS.
The following were the bids for the railroad