The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-07-19
FINANCIAL and COMMERClAL.
Advance IN tho Bank Of England
Discount Rate.
TIE MINIMUM NOW 3l-2 PER CENT.
Singular Inconsistency In Gold and Dis
appointment Of the Pool.
The Market Becomes Weak and
the Price Declines.
RENEWED FLUCTUATIONS IN STERLING.
A More Active Movement On the
Stock Exchange.
GENERAL ADVANCE I'm PRICES.
Erie Exceptionally Lower on an IjnfavOrnble
Return Of Earnings.
A More Active Movement On the
Stock Exchange.
GENERAL ADVANCE I'm PRICES
Erie Exceptionally Lower on an lnfav0rable
Return Of Earnings.
The New Mortgage Loan Of the Western
Union Telegraph Company.
WALL STREET,

WALL STREET.
THURSDAY, July 18-3P N.
On 'Change to-day wheat was dull and -four
steady The cotton market was weak and half
cent lower, the decline making moro business.
MONEY THREE PR CENT.
Money was easy ut three per cent on call
Prime paper was quoted per cent discount.
Foreign exchange was lower for sixty day ster.
ling and steady for sight bills. On the first intelli-
gence OF the advance OF
THE BANK or ENGLAND
rate OF discount to 81 per cent-a raise Of u per
cent-sixty day bills sold at 1895 to small extent
ana closed 1905. q 1907. The sight quotation re-
NAMED 1909 HOY. The continued absence Of
cable advices concerning the Offering OF the new
French loan has given rise to q surmise that the
Offering OF 1t has been postponed until later In the
month
GOLD "OFF"-114X A I14s.
The gold market opened strong and sales were
made a. 114sl just the board began business but
1t soon became evident that the clique had been
selling and the market weakened In surprising
way, considering that the Bank of England rate had
done the alarming thing that was expected-viz.,
advanced the discount rate. The lower quotations
for sixty day sterling and tho influence OF the
smaller shipments of spece-tnat Of to-day being
only $780, OOO-occasioned gradual decline to 114.
Our bonds In London were also reported to have
stood the change In the discount rate and remained
steady. Indeed, %M
THE GOLD "BULLs,n
inclusive OF the clique themselves, who are yet
heavily '1ong Of gold despite their efforts to make
q turn at 114X, are sorely disappointed at the In
herent weakness shown by gold to-day and good
deal of cold water has been thrown on the gold
speculation. The mystery of the refusal of gold to
60 up as the clique desire it to do is puzzlng and
provoking In the extreme. Despite specie ship
ments, the raising of the Bank of England discount
rate and other influences usually calculated to en-
nance its price, gold Is stubborn and unsympa-
thetic, just as If some unseen but all-pervadlng
power were operating the other way. This
OCCULT INFLUENCE
is, OF course, public sentiment which cannot be
made to entertain belief that gold Is "a purchase
at higher than prevailing quotations. The high
estimation of the national credit is also an obstacle
to an advance In gold not to speak Of the CON-
mercal reasons, such as lie in the reader export
higher gold allows to our domestic products and
merchandise.
THE GOVERNMENT GOLD SALE
ELECTED twentyone bids for total Of g. 1o5, 0OO at
prices ranging from ia to 114.52h. The million
advertised was awarded at I14.4eN 1l4.52X. The
Assistant Treasurer paid out $432 account OF
interest and 81, 900 on account of redeemed five.
twenties OF 1862. The bullion Of the Bank Of Eng
land decreased during the past week 1881, eOo The
course OF the market Is shown in the following
ta