The New York herald., 1873-07-18
FINANCIAL and COMMERCIAL.
THE FOREIGN CONDITION.
A Sharp Decrease in English
Revenues.
More Sales Of Government
Gold.
THE SKELETON IN DISGUISE.
Another Lively Day in Wall
Street.
Northwestern Common Again at
the Front.
STRONG ADVANCE IN WESTERN UNION.
Shipments and Sales Of
Gold.
Nj O N Il " Il A - ".
Good Times fOI. tho Spec-
uIatOrs.
Northwestern Common Again at
the Front.
STRONG ADVANCE IN WESTERN UNION.
and Sales Of
Gold.
Nj O N Il Y f A = "
Good Times foH. tho Spec-
uIatOrs.
WALL STREET,

On Change to-day cotton was in better demand,
but at irregular prices for spot lots and easier
prices for the early future months Flour in
fair request and firm. Wheat was in demand and
lc. better. Corn was quiet and rather easier.
THE FOREIGN MARKET.
The reduction OF the rate of discount OF the Bank
Of England from to 4A per cent has produced no
noteworthy influence upon the condition heretofore
reported-that ls in far as the event may affect
the American market. The change was doubtless
owing to the TACT that the demand for gold for
Germany appears to be satisfied and that no
orders for the moment are in the market. Our
late shipments OF gold have likewise given
ease to the English bourse, and as result,
the next Bank statement will probably
show an increase Of the specie reserve. English
papers, just received, are loud in their complaints
that the revenue returns for the current financial
year, exp ring on the 3oth OF June, show decrease
Of nearly f750,00O, compared with the COR
responding period twelve months ago, while the
quarters expenditure, from April to June 80.
was f21es,772 more than that Of the preceding
year, and nearly CO, 3,OOO 900 more than the
OF the last quarter. Hence the returns are re-
garded as decidedly discouraglng; and, to use the
language OF one of the journals, "they must be ac-
cepted as conveying a distinct warning to states
men, fnanciers and the country at large" The
increase Of
BULLION IN THE BANK
this week has been about $4,000. The bullion
which went into bank to-day balances was
f77,OO0. The rate for money at the Stock Ex-
change on government securities was u per cent
below the bank rate. The rate OF discount in open
market was u a q per cent below the bank rate.
Judging from cable dispatches the chief excite
ment In American securities in London has been
exhibited in Erie, the price having fallen to 45h
ass. During the day bogus despatch was circu-
lated the street quoting the price at 46h a 46k,
and gave the stock considerable strength on this
side; but the proper quotations are as above
stated Erie was also lower in Amsterdam. Five
twenty bonds of 1855, old, were easier at 93ss and
ten-forty bonds sold at 9Oh, decline Of a per
cent. In Paris the Bourse closed steady. The in
crease or specie in the Bank Of France during the
past week was 81, 600, 900 francs.
THE MONEY MARKET
Ease continues to prevail in the money market,
the rates call loans having been from to per
cent, with an exhibition OF strength towards the
Close The transactions, however, were insufficient
to give tone to the prevailing quotations. Various
fiducary institutions, having plethora Of money.
seeking investments, but ind great difficulty
in accomplishing their object, for even three or
four months, except at extremely low rates OF
discount. The foreign exchanges were dull and
lower. Early in the day the asking rate for sight
exchange was reduced to 1103s, on the reduction
in the Bank of England rate to Az per cent and
still later the put down to 11Ok and sixty
days sterling to 109H. On the street some bills
were offering from second hands, and actual bust.
ness was at 1O9K to 1O93I for prime long sterling
and ITO lie to 110i4 for sight
THE UNITED STATES TREASURY.
1t seems almost folly to quote the stereotyped
report Of the condition OF the United States Treas.
ury; for the style Of bookkeeping, especially in
the Gold Department is so peculiar as to have
excited the attention OF dnanciers, led to certain
arithmetical conclusions OF their own and to grave
doubts whether there Is more than an humble
fraction OF the somewhat ambitious amount tnat
is claimed to exist In Treasury vaults. Still the
figures are given for what they are worth and in
the usual official style, to wit:-The Treasury bal
ances at the close OF business to-day were as fol-
lows:-
Special deposit OF legal tenders for re-
demption OF certincates OF depOst..... 49, 465 900
Including coin certificates tes........... 43.SiS'SoO
Outstanding legal tenders. 356, 900 900
The Assistant Treasurer to-day paid out $2sOOOo
on account Of interest," and 49, 700 in redemption Of
nve-twenty bonds. The receipts from customs
were $5o3,O00; from internal revenue, $2640lO
Bids the amount OF $3 100000 were made for the
$1,000, 600 Of gold sold to-day by government The
entire sum was purchased by one nrm at
11s.01 lilo.
GOLD 116 A 115X
The above were the highest and lowest rates to-
day, the decline Of y per cent being probably due
to the reduction IN the Bank OF England rate. the
slight falling on In the price OF exchange
and the remarkable activity of the stock
market interest generally concentrinR there
Judging from the suspicious quiet which lust
now prevails the outside world need NOT
be surprised to awake some nne morning and dis
vHon-
commotion-not panic, perhaps, yet right sharp
excitement and 1t will come from the sudden
knowledge that more gold is wanted than can be
supplied from any source except that controlled BY
the shrewd men who, for speculative purposes
have availed themselves Of the weakness OF the
government, bought its golden offerings at the
highest price, and still seem determined to absorb
the entire outflow Of the curious policy of Secretary
Richardson The fact has been stated over and over
again that the does not actually possess
the amount Of gold daily reported by its authority
and sent forth to humbug the financial world
When this statement and its demonstration are
disproved business men will breathe easier, for It
would console them to know that there was bona
hde reserve Of even thirty millions In the United
States Treasury, instead OF . dangling skeleton
pasted oil over with the due bills of syndicate
The specie shipment to Europe to-day amounted
to 81, ,Ooo ooo of which $so0,oO was gold coin and
5000 900 silver bars.
The prices OF gold to-day were:--
10 A. M......... 115X 1 107 p. M ia
10:25 A. M......... 116 2:27 p. M........ 1l5X