The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-08-20
FINANCIAL and COMMERCIAL.
IA STRONG MONEY MARKET.
The Rate Advanced to 8
Per Gent.
FOREIGN EXCHANGE DULL AND LOWER.
Rumors Concerning the Cause The
Price verging Towards the
Specie Importing Point.
GOLD r IR M.
Tho Estimated Short Interest---The Syndicate
Said To Be $lO,OOO,OOO Short.
TIE TREASURY DEFICIT AGAIN.
The Germans Abroad Desire to
Know the Truth About It.
A LIVELY DAY IN PACIFIC MAIL.
WALL STREET,
TUESDAY, Angus. 1876 r. NJ.

WALL STREET,
TUESDAY, Angus. 1876 7. M.
THE FOREIGN MARKET.
The amount OF bullion which went into the Bank
OF England on balances to-day was 2S3,0O0. The
money rate in open market remains unchanged
The market In consols and American securities
was tribe easier, but without record OF much
active business to-day. Fries weakened to ASK
A. Nve-twenty bonds Of 1857 sold at 95 q 951s
DO. OF 1865 at OAK 96, ten-orties at 80 cox and
Illinois Central Railway shares at 81 SO. Consols
for money are quoted at 92ss at 90 11-16; for &C
count, o2A. In Frankfort bonds Of 1862 were
0rmer at DIX. Rentes at Paris were steady at $780,
THE MONEY MARKET.
II the symptoms OF street transactions are to be
regarded, moneyis gradually hardening in SYM
patty with the pending financial condition, and
the anticipated contingencies OF the Fall months
The early transactions were nearly all basis OF
q ~ per cent but before the close of the market
bids were made at per cent. without offerings in
response. 1t Is unwise to assume that this rate
viii become permanent so early in the season, but
the evidence OF the past two or three days is in
favor OF very firm rates, unless there is an influx
OF additional capital. Prime discounts are quoted
at and per cent.
The exports OF produce for the week ending TO-
day amounted to $5,25S, 100, mixed values which is
. decrease from last week OF s1s,624. The exports
for the corresponding period of last year were
g. 95l. and, for 1871 $A72s 437. The total ex-
ports since January this year, are SITS, 124.
against $142, 491, 440 last year and 14997501s in
ns7l.
FOREIGN EXCHANGE
was not merely dull and weak, but there was
glut Of bills in the market, which induced much In
nuiry as to the cause. The leading bankers re-
duced their rates to 10sH for 90 days sterling and
a0SX Tor sight. Actual business, however, was
done on the basis of lo7X lOs Tor long and 1851
Tor sight bills. One Of che assigned for this
reduction was that considerable grain and petro-
leum are now going forward but the most import
ant rumor-and we publish it only as rumor,
20 be taken for what it Is worth
was that Mr.. Thomas Scott had succeeded
In efIecting loan abroad on account OF the Texas
Pacific Railway, amounting to some twenty mil
lions OF dollars. II the price OF exchange should
be much further reduced 1t win reach the specie
Importing point, in which event, or rather In an
ticipation OF it, we may confidently look for an ad
vance in the rate OF discount OF the Bank Of Eng
land ana corresponding disturbing influences on
this side OF the Atlantic.
GOLD STRONG AND STEADY AT 1l5ss A 1857.
The experience at the Gold Board was q repeti-
ton OF that OF yesterday, the price being kept
strong under the efforts OF the shorts to cover con-
tracts made under lis and by purchases made for
importers, who are unwilling to encounter the
risks of the future. The market opened at 1151S
and advanced to 1l5x, but the chief vibrations of
the day were between 1861 and 1857. The char
atter OF the fluctuations may be noted in the FOL
towing tablet
10A. M........... 115X 1910 P. M......... l15,S
IL ;02 A. M.......... 115h 3P. M.... 1857
The carrying rates Tor gold were 2, az, 8, O. 8, 4
and per cent. The days business at the Gold Ex-
change Bank was as tollows:-
Gold clearances $50, 4s8 900
Gold balances 1,474529
Currency balances ACKNOWLEDGEMENTS. 1,727, 1903
1t is stated that the amount OF short interest in
gold now existing in ana out OF the circle OF specu-
lation Is from forty 70 ty million OF dollars and
shat the Syndicate itself is short about ten millions
OF dollars and dependent on government
assistance to help the company through
CHER strait. The latter view OF the
situation would seem to be sustained BY a
special despatch IRON Washington to-day
which says 1.-THE report is reasserted to-day that
there is deficiency OF s1o,ooo,ooo OF cash in the
Treasury, the denial OF Treasury officials to the
contrary Notwithstanding. When the report was
0rst circulated Secretary Richardson, IN reply 20
question with regard to the deficiency, said that
slime Will show whether there is or not 1t Is be-
levcd here that this sO Is in the possession
or the Syndicate, and as they are not required to
make return until December there will be de-
dciency until that time. Meanwhile they have the
nse OF the money. This deficiency does not there.
fore, seem only apparent OIL account OF the CON-
pcated system of bookkeeping in the Treasury,
which was the excuse given by the Treasury off,
Gals, but 1t is real ana will remain SO until the
syndicate makes return"
In connection with this important information,
1t may be remarked that dispatches have been re-
Gently received from Germany making inquiry as
20 the truth OF the statements concerning the de-
mciency In the Treasury, and setting forth that,
unless the doubt IL ofcially and satisfactorily re-
moved. the influence upon American securities
abroad win be banefu. Secretary Richardson has
but one course TO pursue, and that is, TO publish
all the facts to the world-if his system OF book
keeping will permit hun TO do so. Cold loans are
quoted at 3-i6 u Tor use for thirty days, n a.
Ior sixty days, ~ for three months to the
balance OF the year and q ~ per cent for six
months
THE UNITED STATES TREASURY.
The balances In the Treasury In washington at
the close OF business to-day were:-
Special deposit Of legal tenders for the
redemption OF oertincates OF deposit. 35,4e5O00
lnciding coin ccrtiGcates sa's sSs $40
Outstanding legal tenders. s56 900
The receipts from internal revenue were sls5. 7a7
The receipts from customs amounted to s4soooo
rhe Assistant Treasurer paid out to-day sas 600
on account oi interest," and 1900 in redemption
OF Hye-iwcnty bonds. The Treasury has recently
transferred s2,0o0,ooo In double eagles from the
san Francisco mint TO the New York ONCE
RAILRoAD BONDS.
Although the market In This department partook
somewhat OF the prevailing dulness, prices were
generally well maintained. Lake Shore dividend
tonds sold ut an advance OF y per cent, Union
Pacific nrst At 81, do. sevens Land Grant, Of 70;
10 tens ~ ~ Chicago and North West tnteress