The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-07-25
MONEY ABUNDANT.
General Condition of the
Market.
GOVERNMENTS STEADY,
WALL STREET,

WALL STREET. I
THURSDAY, July M-6 p. N.
The events Of the day do not show much de-
parture from ordinary grooves. The volume OF
business has been less even than yesterday, and
attended by smaller display Of speculative &C.
ttvity. Exception may perhaps, be made in favor
OF the gold market where the fall from the hereto
fore recorded figures created for time considera-
BILE animation.
THE COTTON MARKET.
On Change to-day cotton was quiet, but not ma
tertaly changed In price. Flour was dull and
heavy. Wheat and corn were quiet and easy.
THE MONEY MARKET.
Money is unchanged, rates remaining about the
same as yesterday-to wit, per cent-with an in.
clination to sten towards the close OF the MARKET
when AZ was asked and offered. Stocks loaned
at 8, 4 ana per cent, Union Pacific and Ohio pay
ing the latter rate. Erie loaned generally at 4
per cent, but was exceptionally both lower and
higher. Prime mercantile paper sold at 5K al
per cent, according to date OF maturity. Exchange
declined, and was dull and heavy. Prime bankers
bills are quoted nominally at 109k for sixty days
and 11oH for sight, with concessions Of per cent
for the former class and e 4 per cent for the
latter.
THE FOREIGN MARKET.
The chief event of the day in London was the re-
duction by the Bank Of England OF its rate Of dis
count from AZ to per cent. This action has been
anticipated for two or three days past. The in
crease Of bullion in the bank during the week was
fso4,ooo The rate OF discount in open market was
u per cent below the bank rate. Money was loaned
on government securities at the Stock Exchange
for per cent below the bank rate American secu-
rifles were nrmer. Erie opened at ~ and Illinois
Central at 49, The following were the quotations
at the close Of business :-C0nsOls for money, ok
ok; consols for account, OK q o2X; i've
twenty bonds Of 1865 (old). o.; dve-twenty bonds
Of 1867, 93x; ten-forty bonds o.; new dves, cox
Erie Railway shares. AK AK; Illinois Central
shares. 81 "a; new French loan. per cent pre-
MUM. In Paris rentes were 56f. s5c. The increase
Of bullion in the Bank Of France during the week
was 1000, o00f The bullion which went into the
Bank OF England to-day was f2oO, 900 In Frankfort
dve-twenty bonds Of 1862 were quoted at 9oX.
GOLD 116X A 115H.
After the strong market Of the past two or three
days the sudden decline to-day was regarded as
something remarkable. How long prices will
remain at the present standpoint is yet to be seen
II the calculations OF the clique be correct it is
good time to buy. They control the MARKET and
can do with II what they please, even to the re-
ducti0n OF pending value, to the end that they may
purchase government gold, which seems to have
been part Of their programme, at the lowest
rates. The bids to-day amounted to 81, 635,OO0,
and one million was absorbed at from 1851 to
116.46. The decline in price ia also somewhat due
TO the decline OF the bank rate and the gain In bull
lion by the Bank OF England. The rates paid for
carrying were 8, IN and per cent to nat The
nrtco IF yo1d fO-dou