The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-07-29
The following table shows the highest and lowest
prices each day during the week.
FOREIGN EXCHANGE

has been a leading feature OF interest during the
week. Rates have been heavy for long sterling
bills on London, comparatively steady for short
sight and higher for cable transfers Large amounts
of prime bankers sixty days sterling bills have
been borrowed and pressed on the market ut rates
u to q per cent below the nominal asking quota
tons Of the bankers. The great object of borrow
ing these bills seems to have been for the purpose
of getting gold, in the fear of high borrowing rates
in the future. There seems to be vague idea
current in financial circles that gold is likely to be
and high for daily In the future and this
mas undoubtedly induced some parties to borrow
gold at high rates for the balance of
the year, ana others to borrow exchange and sell
ii, as noticed above The outflow Of gold and the
absorption by the Treasury for customs under the
tariff are calculated naturally to decrease the
floating supply OF gold and make 1t scarcer than at
present. The large operations in cable transfers
have excited much attention in financial circles.
80 GREAT COMPETITION
exists in view OF the large current shipments OF
specie among the different steamship lines to con-
troll that business This has resulted in decline
in the cost of transportation, which is now 1882
J. delivered inside the Bank OF England, as
against q to Liverpool and 4 land carriage year
ago. Insurance has also declined; hence the large
business in cable transfers, against which specie
may he shipped at a profit.
THE MONEY MARKET
shows a hardening tendency, exhibited principally
in respect to time loans-call loans continuing the
same ease. The general reason assigned for the
hardening tendency OF time loans is the large out
now of specie, which must eject the bank reserves
in the future il continued the basis Of this weeks
exports. Money lenders have been compelled to
submit to very low rates OF interest for long time
past and they are consequently eager to avail
themselves any OppoI unity to advance the rates
OF interest The banks, in consequence OF the great
accumulation OF money at this point have never
yet really felt the effect of the cancellation OF three
per cent certificates; but there are many who in
cline to the opinion that a continued outflow Of
specie will make the loss OF these certificates felt
by the banks in the future.
THE STOCK MARKET
presented but little of interest in the absence OF
the prominent operators. Erie obtained paroxys
nal excitement one day In consequence of the Jer
sey City fire, which was, however, very short lived.
Pacific Mail attracted some attention early in the
week. but upon the return OF the President OF the
Company promptly took a back seat. 1t is to be
presumed for cause. contemporary, commenting
on the situation. thus completely sums it up:-''The
railway and miscellaneous speculation has been
characterized by little more activity and
slightly higher prices in a few OF the promi-
nent shares Pacific Mail was the leading
feature. OF the week, declining from 7Sa to 75s.
and afterwards recovering to 77is with subse.
quent reaction to 76is. North West Common ad-
vanced from 74is to 1879 and afterwards reacted
slightly The rise in this stock was occas0ned by
the manipulation OF two syndIcates, and at the close
OF the week rumor said that one syndicate was
spilling on the other syndicate Erie declined to
81 on the Jersey City fire, the decreased earnings
and the closer aiiliation OF the Company with the
Atlantic and Great Western. Afterwards there was
a recovery to 527s and final reaction to 52s.. c. c.
4 l. c. advanced to 36si and st. Paul Common to
56s. United States Express declined Pa per cent
to SO. Panama advanced to 100. The fluctuations
in the other shares were only q to per cent with
dulness as the most prominent feature. Az the
close Of the week the market intensely duh as
a general thing"
THE EXTREMES.
The, foil uyi- fahi f1,a