The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-06-06
FINANCIAL and COMMERCIAL.
Markets on Both Sides Of the Atlantic
Dull and Inactive.
Why United States Bonds Are
Strong Abroad.
THE ENGLISH BANK RATE.
Exchange Near the Shipping Point
Of Gold. tD
The Stock Exchange Empty-EvsTybody at
the Yacht Race.
Governments Steady and In Good
Demand.
SPECULATION ON AN EBB TIDE.
NJ O N e Y r a = Y.
Statement of the Public
The Stock Exchange Empty-EvcIy body at
the Yacht Race.
Governments Steady and In Good
Demand.
SPECULATION ON AN EBB TIDE.
M o N f Y E A . Y
Statement Of the Public
Debt for May.
WALL STREET,

THURSDAY, June Go p Nj
On NCnange to-day cotton was in moderately fair
demand, and while "sp0r' ruled steady '1utures''
we're nc. 3-16c. lower. Flour was duh and lower.
Wheat and corn were active, but also lower.
THE FOREIGN MARKET. W#
No advices were received from London throwing
additional light upon the cause OF yesterdays ad-
vance tn the rate OF discount Of the Bank Of Eng
land 1t does not appear that any sum suncient
70 materially disturb the balances has been with
drawn, or that the action was induced by any
thing but prudential foresight. British FUNDS
closed quiet, consols for money at 90, with Amer-
can securities steady The issues Of 1865 sold at
9lx, 1S67's at 91A ten-Iorties at SsA, new ves at
SSK and Eries at a8}s II is significant character
istic of the London market that through all the
element pertaining TO financial arrangements as
the result OF revolution in France war in Spain,
uncertainty in Italy and financial weakness else
where, confidence in United States government
securities has steadily enhanced, and, as class,
they are today stronger than any others knswn
abroad. The truth is that, notwithstanding our
sudden panics and monetary commissions, expert
encc has shown the existence OF o substratum
OF substantial values, of power in public
faith and of q richness in the mine Of
public credit and public resource that makes
IN American security worthier than even the
Wanted consos OF the Bank Of England ITSELF 1t
10 said that EOS, 900 sterling was Withdrawn from
the bank to-day, making sum total Of E2l5,ooo for
the week. In our own country this would be re-
gsrded as mere iea-bite among the influences
that AFFECT fluctuations and without further knowl-
edge it is unwise to predict that slight reduc
ton IN the balance OF the great bank has had any
eject upon to-days operations. The French loan
was at a premium of 81 a ca per cent, and in
Paris rentes were buoyant at $40. The rate of
discount for three months bils in open market in
London is " per cent below the bank rate, and the
rate for money on government securities is 4 per
cent lower at the Stock Exchange than at the
bank.
TIE MONEY MARKET.
Money is in abundant supply and lowered freely
ON call securities at from to per cent. The mar
ket rather favorng the borrower. The discount on
prime mercantile paper was unchanged. Exchange
was a shade higher, in fact has nearly touched
she shipping point OF gold. Late in the
day the leading bankers advanced their
rates to 109s for sixty days, sterling and 1903 for
short sight, concessions being made for actual
Business The receipts from Customs to-day
amounted to $45S,000. The Assistant Treasurer
paid 600 on account Of Interest and S6S8 600
in redemption OF $40 bonds.
Treasury balances at the close OF business to-day
were:-
Currency. $3.50 ooo
Com yoo' ooo
CcTtlHCdtcs tUV,VOV
Internal revenue receipts. .............. $4,000
y . GOLD sTEADY-11S 117A.
1t was the prevailing impression among the bull
operators to-day that If their little army had not
been weakened by the absence OF those intent on
enjoying the pleasures of yachting gold would have
mounted to q higher figure than has been recorded
for several days. The reason assigned for this
belief is based the character Of the bids
made at the sale Of the government gold, the
aggregate OF which was about 6,735,0Oo. Only
$4,000, 600 were sold however, and the awards were
made at from 1l7.s3 to l1s.01. The seventeen bids
made show an active demand, and it was argued
therefrom, by The most sanguine OF the operators,
that specie is entering upon new phase and that
the prospects Of squeeze" are more encourag-
tnR. The thought gathers force, perhaps, from the
reported fact that England, being short Of bullion,
IL more than anxious for an export from America.
To days steamers took out $132 900 in specie The
fluctuations Of gold 1t the Exchange were as