The New York herald., 1873-06-28
The CliQues Biding Their
Time.
MONEY AND FOREIGN EXCHANGE.
A DULL STOCK MARKET.
The Pacific Mail
Company.
WALL STREET,

Un 'Change to-day cotton was quiet and un-
changed for ''spot," while future" was the turn
easier. Flour was steady, wheat 1rmer, corn
easter and oats higher.
THE FOREIGN MARKET.
American securities In London closed shade
nrmer than the opening prices OF the day. Five
twenties OF 1865 were at %; 67s, s2ss; new dves,
89I 90; ten-orties, 89A. Consos were steady
and unchanged. Erie closed at 49T So The
premium on the new French loan was 6al. In
Paris rentes were quoted at 55f 85c., decline or
&c. from the opening. In Amsterdam the quota
tions for American railway securities were as
follows :-Union Pacifc first mortgage, 70a q Il !:
do, stock, 81; Central Pacific, first mortgage, S5h
Northwestern preferred. 72al a 70; ST. Paul pre-
ferred, 72s@ 70; Illinois Central, stock, 921.
THE PROPOSED ALTERATION IN THE BANK ACT.
The London Economist OF the 14th Inst. says:-
MI. Lowe last night moved in acommittee OF the
whole House for leave to bring In bill TO authorize
the Bank OF England to make, in certain cases.
greater issue of bank notes upon securities than
explanatory speech and the bill is not yet de-
livered; we can, therefore, give our readers no
that the essence OF the bill is TO empower the
executive government, in concert with the bank
directors, TO relax the act OF 1874 when three con-
dtions are satisfied First, that the rate OF in
terest Is not less than q high specified rate; /;
secondly, that the reserve In the banking depart
mant Is not less than certain specified amount;
thirdly, tnat the foreign exchanges should, at the
moment OF relaxation, be favorable to this
country.
THE RATE OF DISCOUNT.
The above paper, commenting on the reduction
of the bank rate OF discount from seven to SIX per
cent, remarks 1.-THE Bank OF England has made
serious mistake. Two things are certain. First,
that II the directors were right Thursday last to
reduce the rate to per cent they were wrong
eight days before to augment the rate ro7 per
cent. All the money which has come from abroad
k,~nr r~y.N
before the last rise was known either in Egypt or
South America
FRENCH AND GERMAN GOLD
The following extract from the article OF which
the foregoing Is part will be read with interest
and instruction on this side of the Atlantic by all
who are watching financial affairs on the Con-
tinent and their possible influence here:-
As far as respects the general condition OF the
Is there T as Is one o great sa change @ IS SINCE N s ss
bank, and tends to show the reduction to have
been right The French government, by the al ala M Of
the Bank or France, has paid Germany e. O00, 900
in gold, and will pay it is said, like sum in each
Of the next three months. And this will tend to
so II the imperial government has been coming all
1t can. 1t has recently turned out about two mil
which was all 1t could get; but 1t is engaged IN
great operation which 1T must wish to hasten as
o Ss 81 two s Is Old one
manly silver, which still remains legal ten
der, and is the main . medium Of circulation.
in IN the e'' hands Of the government and Of
the banks who. If they can, retain it and pass on
the old one. A government In this position Is sure
to coin all the gold 1t possibly can. 1t can manage
to coin both the French gold and what 1t can buy
For aught we can tell the German government
may continue to buy in this market Just as 1T has
en the woes IN
saying that the issue OF the French gold had les
eened the danger, eased the market and made It
fCr f1tarr, fO fhpir rQf II
the German demand continues oil this is mere
speculation and no reason for changing previous
policy. There is, we fear, strong belief In the
Bank Court that the present amount of the reserve
is sufficient one for these times. But while the
msnts and while we are practically the single large
market in Europe for gold, the fairly probable de-
mands seem to be much heavier than the present
EeServe can bear.
GOLD 1853 1l5h.
More life was apparent in the Gold Room to-day
than at any other point on 'Changc, the specu-
lative spirit being stronger than yesterday and the
advance in price encouraging to the bulls. Tre
pending engagements for export and the shipment
made yesterday are not without their influence.
and the government has ceased to be q bugbear.
The outer and the inner "rings" appear to be
working In thorough accord, and without openly
manifesting any present intention to force gold to
an unnatural altitude suddenly are patiently bid.
Ing their time, with confidence in their calcua-
tions as to the future and with back bone enough
not to be alarmed at any mere ripping OF the
tide. The market to-day opened at 1855,
dropped to its lowest point-115h--a minute
afterwards, in I'VE minutes more recovered ad-
vanced to 1854, and at noon had reached 1157S.
The fluctuations for the rest of the day were con-
fined to u and u per cent, the last quotation being
Il5k and u bid. The following table viii show
the course OF gold during the day.
l0A. M.......... 1863 1907 p. M.... Il5L
Yo.nI m ~ ~