The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-06-12
THE GOLD POOL MANGUvRING.
The Suggestions Of Light Export
Of Specie To-Day.
Has the Outward Current Reached
It's Climax?
Governments "OR"-StOcks Steady and
Strong Money Unchanged
Sterling Easier.
WALL STREET,

=
On 'Change to-day wheat was strong in response
to better advices from Liverpool. The iour market
opened dun and heavy, but became moderately
active later in the day and closed steady If not
Arm. The cotton market was weak and prices left
or at decline Of about nc. per h.
MONEY A PER CENT.
The money market preserved its stereotyped
features OF ease and steadiness. The rate for new
business was in almost all cases per cent what
ever the character OF the colaterals bus as usual
when borrowers have succeeded In procuring funds
on some Of the less favored securities, they were
unwilling to ask an alteration OF rates, and re
newas under these circumstances were at 6 per
cent. The government dealers had large balances
left with them OF per cent and were lenders
themselves at per cent.
Mercantile paper is in good request and prime
firms have little trouble in getting accommodation
at the legal rate, while some names are not offered
at better than per cent. Business in discounts
under per cent Ia nominal, however, and confined
to gilt-edged bankers paper.
Foreign exchange continued heavy, and actual
business was still considerably below the rates at
the desk, being on the basis Of 1895 q 1929 for
prime sixtyday sterling and HOY for sight bills.
The weakness Is attributable, probably, TO the re-
cent negotiation In London Of $3,000,O0o Of the
Reading Railroad consolidated mortgage bonds.
GOLD LOWEh-ll4x A llofB.
The gold market opened firm and advanced to
l14 upon the latest unpromsing phase Of the treaty
question, the chances OF defeat Of the supple
mental clause and Of the whole treaty being
strengthened in the opinion of the Gold Room, by
the tenor Of the London market, where our securi-
ties were to-day decidedly heavy and quarter per
cent lower the '67s going or to 93ss q 93,<, as
against "a yesterday. Early in the afternoon 1t was
surmsed, from the interruption OF the cable press
dispatches, that the two governments were again
In communication, and the hope was revived that
the treaty would be saved. At the same time
number of rumors got into circulation, and helped
to precipitate decline to 1917. Among these was
n statement that the Treasury Department, in
spired by the failure last week to get the adver-
tised amount of bonds, had decided to call in for
redemption another nstalment Of $50 600 Of the
fve-twenties OF 1862 private news agency's
despatch disposed Of this story by contradict
ing it o-hand on the authority OF the Acting Secre
tary of the Treasury. The weakness OF exchange
also exerted It's influence, but the chief rea-
son of the decline lay in the smaness
OF the specie engagements for export tomorrow,
the amount put up this afternoon being reported
as not exceeding s45o,OoO, although Wednesdays
steamers have usually taken from million and
half to two millions nearly every week for few
months. The inherent cause OF the decline was
sgniied last week Wnen the imports unuerWent
10 sudden falling off, and to which we called at
tention at the time. The downward movement in
duced considerable activity, and the cOntending
faces OF "bulls" and "bears" had desperate
struggle at the dividing line Of H. at which
figure the ''bulls' seemed disposed to make
stand and rally the market Their
resistance had the eject of creating temporary
reaction to 114 but gold was subsequently offered
freely at ia and sales repeated at 113x. The
sub-Treasury paid out only $4,000 on account of
called bonds and $4,000 on account Of interest.
The fluctuations of the day are shown in the follow
In fah