New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-07-21
SATURDAY, July 19-P. VI.

eAIIRDAft July l3-f. M'
The events Of the week in financial circles were
unusually interesting, and the various departments
displayed greater activity than during any previous
week Of the Summer. The monetary situation was
characterized by great ease and in the competition
among lenders rates were sometimes as low as and
At no time above per cent. Time loans are readily
obtained, and the rates indicate large degree of
confidence in continuance of ease and abund-
ance. The supply of capital at present is so
great that even the enlarged business and
advance i'm prices on the Stock Exchange have
failed TO create hardening of rates, and
the banks readily respond to all demands upon
them The speculation in gold was moderately ac-
tive and frmness was a prominent feature. The
weakening of exchange and the reduction in the
Ranl, of England rate of discount hal permanent
effect on the price which ranged from 1lj to 1lGk,
the bulk Of the transactions being at 1857 and 1lG
The bull clique express confidence ia the future, and
predict higher prices. The market for sterling eX-
change has been quiet. Early in the week sight bills
were held at lOi but upon the reduction of the Bank
of England rate of discount some Of the leading
houses reduced their rates TO 1lOi, while at the final
close 10, was again asked Commercial bills are
still in small supply and are held firmly. Govern
mcnt bonds were strong but without much change
The reported further purchases at London for the
ed strength to the dealings. Other Investment
securities were firm and moderately
active. The stock market was strong and at times
the dealings were immense. The business ran
largely to the Vanderbilt shares and Northwest
all Of which attained higher prices. Pacific Mail
and Erie were irregular. The former has gradually
declined the mudded condition of the Company's
affairs creating general disposition to sell and be
rid Of the stock. Erie moved in sympathy with
London quotations, declining several points, until
the close when the tide turned and a sharp upward
movement set in and made it the leading feature Of
the market. Some of the low-priced shares were
prominent in the dealings, and new life was infused
into many that had lain dormant Outside orders
are reported as numerous aud the brokers have
been kept better employed than for long time
past. To-day the speculative interest conferred IN
Erie in which an enormous business was done
and an apparent corner effected, it is
said. by certain German bankers The price
advanced from $50 to 65l and the difference between
cash and transactions for delivery on Monday ran
as high as 1 per cent. The advance brought out
large amounts of stock, and late in the day tele-
graphic orders were received from numerous points
TO sell, tho effect of which may become APP
parent in Mondays prices We have fire.
ouently pointed out the risk attending opera
tons III Erie, auu ullh th'h az
monitions are needed there will continue to be
periodical spasms in the shares of this most volatile
concern. The stock seems to he controlled by few
persons, and parties outside Of the German Ring
stand no chance whatever in the deal. The facts
published exclusively III THE TRIBUNE of this morn
ing concerning tho Brooklyn Trust Company led to
feeling of depression on the Stock Exchange, and
prices declined to / per cent, but the upward
movement showed itself later in the day.
and prices advanced in the entire list a more
active speculation. The Vanderbilt shares, North
Western Common and Wabash took the lead, and
closed strong at the highest prices. Union Pacific
rose point, Panama II per cent, and c., G. and i. C.
sold up from S2l to $751; The general market left off
firm. Miscellaneous shares were quiet and express
shares more active in United States, which ranged
between II and I'll. The opening, highest lowest,
-. 90, q atLanLa ,,nrn