The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-06-07
: FlNANCIAL and COMMERCIAL.
The Prospective Initiation in
England
THE REPORT NOT CONFIRMED.
GOLD TEADY.
Gossip Of the Street Con-
corning the Syndicate
A Slight Ripple i'm the Stock
Market.
Tho Cto %nuonrt &c fhn Do osfi0 Mntl Noun
The Statement Of the Pacific Mail Com
pany AnxiOusly Awaited.
Money Easy and an Easy Fall Mar
ket Predicted.
MORE FIVE.TWENTIEs TO Be REDEEMED
- - '!,;,,,,,,a..-..
WALL STREET,


as3s s,:ass.'4-.-A ~ =. - IL;
WALL STREET,
FRIDAY, June at p M.
On 'Change to-day cotton was in fair demand
with 'spot" ruling steady and futures" 116c. per
pound better Flour was quiet and easy. Wheat
and corn were less active, but frmer.
THE FOREIGN MARKET
was somewhat disturbed this morning by the state.
ment published in one or two Of the morning Jour-
mails to the effect that the British government In
tended to authorize the Bank Of England to issue
f6,O00,000 in notes beyond the present limit; in
other words, that the amount OF circulating notes
secured by public stocks is to be increased from
Gl50O0 900 to Ell, 10000 under restrictions not
!, yet decided Later IN the day, however, when
It was ascertained that the leading foreign bank
ers had received no confirmation OF the report
from their London correspondents. the tremor that
had been occasioned subsidized, and the discussions
OF the street were confined to the probable conse-
quences had such policy been adopted. First, 1t
is question whether
THE CHANCELLOR OF The ExCHEoUER
has the right, without the direct sanction OF Para
ment, to make such serious change in the Bank
act; and secondly, the bank directors, themselves
among the most conservative Of public fnanciers,
would hesitate long before their confessng the
weakness Of their institution to the world and
and weaken confidence in English faith The
London market opened with little dulness, but
at the close recovered, and consOls and American
securities were quoted firm, as f0llOws:-COnsols,
02h; fve-twenty bonds OF 1885, 914 '67s, 94h i;
ten-forties, SSH; new fves, sok; Erie, ASK. The
weekly statement OF the Bank OF France shows a
specie increase Of 2,7500O0 francs. AT Frankfort
the issues of 1852 were quoted at 95ss. The bullion
Withdrawn from the Bank OF England to-day
amounts to $4,000.
THE MONEY MARKET.
There Is little no change to record in the sit
nation. Money is easy at from to per cent for
call loans as per cent being the ruling rates
in open market. The amount Offering at per cent,
gold, until the 1st Of January is said to be very
large. the contraction Of general business, the
tsubsdence Of speculative feeling in large degree,
the reduction Of importations and the caution su-
perinduced by the fear Of stringent Fall market,
have tended in the main to remove the impression
that money will be very tight during the Autumn
season. The market appears to be on a conserva-
tive basis. The receipts from customs to-day were
1916 0O0 The Assistant Treasurer paid out SOS, 900
on account of interest and 1885, 900 in redemption
of fve-twenty bonds.
FOREIGN EXCHANGE
was steady with actual sales at from q to 3-16 be-
low the nominal rates. The following were the
quotations STERLING, go days. commercial, 1881
10s%; do, good to prime bankers, 1855 109s ;
do. short sight, 1lo% 1lo;s; Paris 60 days. 5.2sa
$3.50; do, short sight, $40 5.1ss4 ;Prussian tina
y lers 7H 72h; Antwerp, 526i4 52l14; Swtzer
land, 5.26H 5.21A; Hamburg, 95h a se1S Amster-
dam. 39N a 402s; Frankfort, 4o1s q 41A; Bremen
951s 96h.
GOLD 1854 117%.
At last reason is given why the gold combina-
ton has for SO many days maintained, in antago-
nism to the sentiment of the street, its power for
good or evil, and why the market to-day remains
strong and with possible point upwards in the
not distant future. 1t has been surmsed, rather
: 1t is alleged, that the celebrated syndicate, cor
poratiOn of gentlemen, by the way, whose pur-
poses are wrapped in the profoundest mystery,
some Of whom supposed to be large
borrowers of gold, have been permitted by the
Department, in making settlements ON account
OF the funding operations, to give their due
bills or certificates instead Of gold as required by
she existing law. The consequence is obvious.
ut Is known fact that the Treasury
to-day Is the actual possessor, after the
payment OF the pending liabilities OF the govern
ment. including accrued interest to date on the
public debt, OF say about five millions OF dollars,
and the question naturally arises whether by vir-
tue of this action OF the Syndicate If it be correctly
represented, large amount OF specie has not
been thus withheld and appears upon the records
Aforesaid. The assumption OF the truth Of the
statement explains the reason why gold has been
heavy on the loan market, and, further, why the
larger operators have kept confidently absorbing
gold at the prices that prevailed during the past
few weeks It is said that these operators have
been suspicious as consequence or these rumors,
and, furthermore, that they looking for o de-
CLINE, to say nothing of possible politi-
cal and financial complications, In new
ulVes and other American securities abroad
In which event there would be large
shipments OF gold to Europe, thus furnishing
solution to the difficulties by which the Bank OF
EAgland is now beset. To-day these new fves are
quoted In London at 1914 OH being their par
vaIue>. and 1t would seem to be impolitc-not to
nse stronger phrase-for the secretary to make
another call, with but five millions at his back, and
new fves selling abroad at two or three per cent
discount. AS above stated II the foregoing be the
srue condition Of aars IL is scarcely necessary to
TO further in the task OF discovering why the bull
operators in gold have taken matters SO quietly,
and are apparently content In the belief that
specie will advance naturally during the Summer.
1t would not be amiss for the government itself to
I, enlighten the public on this point.
\ The following were the fluctuations OF gold at the
Exchange to-day