The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-06-12
FINANCIAL and COMMERCIAL.
THE EUROPEAN SITUATION.
"A. F'irmer Tone in
London.
The Influence on Financial Affairs
of the New French Gov
eminent.
GOLD WEAKER.
4 Mistake BY the Treasury, De-
partment.
TIE BEARS AMONG TEE STOCKS.
Southern Securities aHd South
ern Credit.
ANTICIPATED CORNER IN COTTON.
Statement Of the Bank OF
England.
4 Mistake BY the Treasury, De-
partment.
The BEARS AMONG TEE STOCKS
Southern Securities aha1 South
ern Credit.
CORNER IN COTTON.
Statement Of the Bank OF
England.
WALL STREET.

WALL STREET,
WEDNESDAY, June l1-6 p II.
% 'Ohan4e to-day cotton was in better demand
and Nc. per pound higher for spot with "futuresn
xc. per pound 'dearer Flour was dull and lower.
wheat Casters corn about steady.
THE COTTON AARKEr.
In the cotton MARKET a speculative movement Is
IN progress which, itts predicted 10y some, will cul
inmate in a 'corner." First, the crop last year
was about 800 600 bales. The crop this year Will
probably amount 20 nearly 1000. 600 bales Sec
Ond there Is large short interest for the months
OF July and August, while OF the stock OF &c, oso
bales In hand very little will deliver contract,
owing to the fact that 1t consists OF the low grades
Ofthfs knowledge the bulls hare taken advantage
and have succeeded In advancing the price OF fu-
lures during the last ten days aboGt z per cent,
while ''spot" cotton remains steady and quiet at
an advance OF about < per cent Some idea OF
relative values may be had from the tact that .fu
tures," on the .hday of June hast sold at 25l4,
while yesterday they were selling at 19s.-a fall OF
about 6per cert The advance iuss above men,
toned, however is likely 10 attract cotton from all
the Southern ports, in which event the ascending
ecale will be ant to receive a check.
THE FOREIGN MAEEET.
The tone of the fopaign market is evidently
stronger, the Bank OF England to-day having
gained fl3lisOo bullion, which amount, added to
that reported yesterday, sweils the accession to
-E356,000. The Bank rate of discount remains I'M
changed, and in view'of the shcve circums tances
and the more important intmGtion published in
the morning papers that the slh 100000 to be paid
10 the United States nv the British government on
she 9th OF September in accordance with the
Geneva award will rot be transferred bodily, but
through the medium az the 500 COO 900 or called ve
twenty bonds, which will be purchased in London,
1t Is but reasonable TO suppose that the rate OF dis
count will soon be reduced. Besides it is under
,etOod that Germany Is unlocking some or her gold,
while the condition or the Continental bourses has
become more settled ami less liable to disturbance
In the Immediate future. The object and doubtless
the effect OF the arrangement between Secretary
Richardson and the Syndicate with reference to
she bonds above ailuded to, will be to prevent the
sTRINGENcY IN THE ENGLISH MONEY MARKET
that would follow the payment OF the award in so
much gold and Of course q consequent rise in
banks to possibly higher figure than has yet been
touched this year. The market for American
securities is reported
ACTIVE AND FIRM
Fve-tweDtes Of the issue or 1867 were strong
and advanced 4 per cent, the price being
Nss 94I. Ten-forues advanced, but subsequently
declined "a per cent, and are now $50 $50. New
6ves are S91a. ConsOls 92I for money and 92T, for
account. Erie is steady at 49,. The new French
loan declined q per cent and Is now 90 per cent
premium. In Paris rentes are quoted at 56E 90c.-
ian advance OF Is centimes. The Investors Guar.
dtdn remarks that 1.-THE on the French Bourse,
which followed Immediately upon the recent con
-pttutional crisis, must not regarded as an ex-
preston OF the confidence inspired in the moneyed
and trading classes by the deposition OF NJ Theirs
and the accession to power OF the conservative
coalition but rather indication OF the general
reliance placed upon the nrmness and honesty OF
Marshal MacMahon, who, having the reorganized
and recruited army at his back will be able to
trown down all show Of unconstitutional action,
from whatever side this may come. Another fact,
OF a character reassuring TO the friends OF order
and TO all who wish to see France rise superior to
her lamentable past is the extreme cal mness with
which this Parliamentary revolution has been wit
messed throughout the country, and the surprising
readiness Of the republicans to acquiesce in their
deieatu
Advices from Germany state that the pressure in
connection with the monthly settlement has for the
most part passed away, but that at Vienna there
is yet much indisposition undertake any new
transactions. The exchange on London at Paris
has risen in consequence or the recent speculative
purchases OF French scrip, to PSI. 55c., being the
highest point touched since the Autumn.
THE MONEY MARKET.
The bulk OF the business don to-day in call loans
was at ! and 8 per cent. No change has occurred
In the rates for prime mercantile paper. Foreign
exchange was a shade nrmer Tor 90 days. sterling.
Prime bankers advance their rates to 1895, with
concessions for actual business oS5s 100. Sight
bills quiet at 10 11ols. The receipts from
toms $26O,oOO. The steamers for Europe to-
day carried s72,sO4 OF which $4,000 was in gold.
The remainder was in silver bars
RAILROAD BONDS
fair business was done in this market with
prices generally better. The following are the bias