The New York herald., 1872-07-08
THE ERIE RAILWAY ELECTION.
Gold and the Secret of Its Re-
cent Weakness.
SATURDAYS BANK STATEMENT.
A Strong Showing in Reserve, but a Heavy
Expansion in Leans.
THE NEW PRODUCE BANK.
WALL STREET,
SVNDAY Julv Z 1870

WALL STREET. |
SUNDAY, July Z 1872.
The week was a broken one in trade and in
finance, the interpositlon OF the Fourth OF July
holiday and the general dlsinclination to exertion
In the heated term operating to make duh markets
everywhere, save In the specially Of
FIREWORKS,
which occupied the attention Of pretty much every
citizen OF every age throughout the city and
suburbs. Before and after the Fourth, during the
whole week, a steady stream of non professional
fnanciers flowed into and out OfWa street in quest
OF the cash Tor their coupons or the money awarded
them in the shape OF dividends and interest
lower ruling OF the cotton market and an unsettled
and weak tone in wheat and -four sum up the
features Of trade for the week.
THE NEW TARIFF
s operative as yet only far as tea and coffee are
concerned, and in these domestic articles the re-
moval Of the impost hal been discounted. With the
abolition Of the custom duties the merchants
abroad in the countries Of production will doubt
less advance their prices, so that the consumer
here may reap little advantage after all from the
change, while the government loses the revenue
The new system should be given
FAIR TRIAL.
however, before complaint is made. In all these
matters people novices, for the reason that
we have never before had to raise great revenue.
Should the removal OF the duty on tea and coffee
serve simply to transfer the money Of the tax from
the government treasury to the pockets of the
growers Of and foreign dealers in them 1t would be
a great legislative blunder These remarks are o
reflection OF
THE SENTIMENTS
of our merchants here, and indicate, perhaps, too
strong degree Of opinion, the truth being that in
the end the consumers here will get their tea and
fyann NJ ohA
to the amount that had been levied for duty the
balance going to the profit of the foreign merchant,
the whole process being compromise Of the new
conditions of the business and an adjustment Of
values upon the level of this compromise.
offered little in the way Of interest much less i'm.
portance, five except a generally nrmer tone and
more cheerful feeling on the part OF those who look
for higher prices, to whose view, since the SETTLE
ment of the indirect claims question in the progress
OF the Washington Treaty adjustment of the matters
in dispute between England and America, the at
mosphere Of Wall street has been unusually
ROsEATE,
exciting anticipatons Of brilliant future for their
several speculations. These parties are still the
"inconsiderable many that make the rank and file
of the speculative host who by themselves seldom
exert decisive influence either way upon prices
din and lengthen the sales list Of the Stock Ex-
change.
THE PROFESSIONALS,
however, are away in the country, at the seaside
and in Europe, and the market feels their absence
The approach the time for the election in Eric
has exerted a beneficial effect upon that stock
which, after decline that seemed about to end in
the figures current before the coup dGtdt OF last
winter rallied by Saturday to 59K in sympathy
with the London market, and not as a consequence
OF any new developments on this side.
GOLD
led Off with a rise to 114 on the reduced amount
to be sold by the government during the
month Of July, but gradually fell Off to 1lsH
on the disbursement Of the July interest and in
consequence Of an apprehension that the Secretary
OF the Treasury would be compelled to issue
call for the redemption OF ten or twenty millions
more Of the 1ve-twentes
Money was as nearly as could be per cent on
call, with pledge Of the usual collaterals of the
street.
GOVERNMENT BONDS
The government bond market was strong and
prices Din gold) reached the highest ever recorded
1t was thought that the European demand had
ceased, but premium of 1h az per cent on the
'87s in London would indicate that the foreign
market Is not by any means glutted The real
reason for the diminished exports of government
securities is their scarcity in the home market and
the refusal Of domestic holders to sell at current
quotations. There are
MILLIONS AND MILLIONS
Of money held by trust companies and like ndu-
cary corporations in this city and throughout the
country which can be loaned upon and invested in
government securities only and the demand thus
created, In addition to that from the national
banks, has largely absorbed all that remain at
home. On Saturday the market closed firm as fol-
lows-Unted States currency skies, 1l4% lis; /;
do. do, 1881, registered 1853 115X; do. do
coupon, 1173S 1175s; do. nve-twenties registered
May and November, 1l4% 114yS; do. do, 1852
coupon, do. 1142l 1147S; do. do, 1854, do. do
1l4A o 114>s; do. do, 1865, do do, 115S 1I5X {;
do. do, 1867, registered January and July, 1l44
q 114h; do. do, 1865, coupon, do, 113% ia;
do. do, 1867, do. do, 1854 1l5's; do. do, 1858,
do do 1l5 115&; do. ten-forties, registered Ill Y
1881, registered 1879 1888; do. do. do, coupon,
119sS 1884,
SOUTHERN SECURITIES.
The Southern State bonds were like the market
generally dull and irregular. The Tennessees be-
trayed some weakness early in the week. but rallied
and closed strong The new South Carolinas were
heavy and gradually declined, the passage of July 1
without any effort at interest payment having very
naturally discouraged holders, who had looked for
q possible resumption. North Caroinas yielded
ono per cent or so on the publication OF some
gloomy articles In the State press arguing the in
ability of the State to pay the interest on the debt
much less provide fora
REDEMPTION
OF the principal. The following were the closing
quotations Saturday Tennessee, ex coupon, 7tA