, 1873-07-23
MONEY AND COMMERCE
MONETARY.

MONETARY.
TUESDAY Evening, July n.
/, Financial nftairs havo scarcely ovor beor
}qusoter In tho local market than at present
|Evon the speculation In whoat-whioh, in thif
aoaaon Of dullnoBs in ovcrythng olsc, has beer
Fho only thing to attract atton!iou-soems t.
panguisl, md tho apprehonsiona Of corner fo1
tJnly dollyory soom to DO Disappointing. Mono,
Us abundant.at tho banks for approved borrowers
fbut comparatively searcor in tho street for the
SclasH OF papor boing offered there. Primo com
pnorcial paper could bo roadily sold In tho opon
|1narkot at 10 por cent por nnnum, though thort
}ab but little Of that grade In the opeu market
anu tho great bulk of the papor offered Il. OF
)feal estate. or elao is made by pnrtica supposed
'to DO good enough. but known to bo good doal
}oxpanded, md possibly to DO slow pay. Buch
.papor solls at Ia to Is pcr cont.
NO" 1ork exchange was litt1o Armor to-day,
with sales at par and nt Goo por a1 900 premium.
THE GOLD QUESTION
B still tho chiof topic In financial oirolos In Now
York, and the upward tendency to-day shows
that thoro is probably some foundation for tho
,fumors Of IN extensive and powerful clique boing
jnt work to advance tho price. 1t a beloved now
tthat tho clique began thoir movement in this d.
ERECTION moro than six weeks AGO. baatng their
calculations then on tho expectation Of d large
foxport OF gold In July to settle tho BALANCE ot
i7oroign trade ad as tho caao last year, and that
"a month ago they hold $40, 900, ,00oof gold, which
nhey have boon Juggling along over since.
The experience Of this summer, bowover, has
fboon diffcront from last summer, md, IN fact,
from any summer for soVora years paHt. The
}heavoBt legitimate OF spcclo and tho high
es prtcos for gold this year woro in April and Nay
t<,r noar1y two monthB enrlior than usual. Since
&hen the unusually largo volume Of exports Of
tckt, f{a 1tnun 4oN kt,n
large exports Of speoio usual In July. Tho dis
bppointod speculntors find TINT they "got in" at
he highest price, and aro struggling against tho
taatural tondency Of things to keep up theFprico.
shipments Of specie to Europe, several largo
amounts having been acnt ont By them within
aho last two weeks. Tho price Of sight
ttorling. exchange, howevor, is below
:the sale Of tho bills drawn against those ship
sneuts Of tho speculators thore muBt DO q loae,
mot largo ono, 1t iB true, but with sight or
rhango at anything under 1109b there ia nothing
}so Justify the export of specie in legitimate
:. Another Of the methods Of tho sreoulatora to
Jteep up tho price Of gold 10 tho publication In
.the New York papors Of letters from corre-
ssy1 Th9 dos po5es9 6o a to hags psn op h
aight (deductlng intorost duo and not
spaia, and coin certificates. etc., oto.),
Nnstead of the e79,ooo,6 600 Of gold
is to bo feared thore ia aono foundation for tho
suppression that tho Treasury does not hold aa
anuch actual spocio as appears from tho debt
,statementa, because the public cannot toll how
much OF tho so-cailed coin balance is made mp
'of tho gold checks Of tho Syndicate, md how
much is redeemed bonds not cancelled. Never
tiieess tho spocu]atora for q rise have harpcd on
this string so long that it fails 10 have an effect.
THE BYNDICATE.
1 financial nv In
mont there iB always !" q wheel within Wheel."
In tho Payment OF tho e15,500000 OF tho
denoya award to the United States, the whoo1
within tho wheel is tho Syndicate. Instead Of
tho s16. 900 boing paid diroct to an officer Of
the United Bsatea Treasury, as 1t should DO il
the matter was conducted in d straightforward
business way, it is in {act paid to the London
laembors Of the Syndicate, who get tho use Of
Syndicate have Job Of selling 5per cent bonds
as they can find. Tho Government furnishes,
IN IN, tue Sl5,6oo GOO, ths money to Do The latter,
dser to tho officers OF the United States
Treasury the Syndicate ia credited with
payment OF gold to that amount,
and the bonds are held in tho Treasury And
same timo corresponding amount Of the new
per cent bonds is placed to tho crodit OF tho Syn
dtcate at tho Treasury, in virtue Of the supposed
payment Of coin made by tho Syndicate to tho
credit against credit, it is sometimes hard to toll
which is tho custodian Of tho money Of tho
United States, tho Treasury Or tho Syndicate.
pne thing, however, neems well understood,
that tho Government OF the United States fur
nishes the money with which the Syndicate
mako thoir subscriptions for the new per cent
bonds and that aftor the latter are actually eold
or say in September, tho Government will have
been paid back in redeemed 5-20a OF 1862.
LOCAL STOCK AND BOND MAnKET.
MeBsrs. Luns, Preston l. Kean quote as follows
this p. m.: