The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-07-03
\ fANCIAL and COMMERCIAL.
~
q IA Better Condition in
London.
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AMERICAN CREDIT ABROAD.
Large Purchase Of United States Bonds by
the German Government.
THE UNION PACIFIC MIDDLE.
THE UNION PACIFIC MIDDLE.
THE ATTORNEY GENERAL SPEAKS.
GOLD WEAKER AND MONEY EASY.
LIFE IN THE STOCK MARKET.
WALL STREET.

WALL STREET,
"WEDNESDAY. July 2-6 i. M.
On Change to-day cotton was quiet and steady
Tor 'spot," but easier for "iuture." Flour was
>heavy. wheat lower ana corn easier.
THE FOREIGN MARKET.
Advices from London indicate Improvement in
cons0ls and American securities. The amount Of
bullion added to the balances of the Bank OF Eng
land to-day was 100000. The rate for money at
the Stock Exchange was Y per cent lower than
the bank rate on government securities. The rate
OF discount on three months bills is u per cent
lower than the bank rate ut the close OF business
The following are the quotations :-ConsOls for
money at 92T, for account at 92x 90 11-16; nve-
twenties OF 1867 at 93 ten-fortes at S9x 90, new
1ves at COZ COZ, Erie at 49A 493s. The new
French loan was firm at Ga 6A premium. In
Frankfort United States fve-twenties were 96N for
the issue Of 1852. Paris rentes have advanced and
by private advices money is reported dearer. 1t
must be borne In mind that the combinations OF in
ouences which affect the market on
THE OTHER SIDE OF THE ATLANTIC
are entirely different IN character from those which
operate here. While we feel AMI sometimes
keenly, the results Of European agitation, our own
very best efforts do not produce corresponding
action abroad. 1t would be pleasant to our national
pride to believe so, but the truth is that save with
reference to domestic securities, American quota
lions have little more influence on the European
market than the humblesr of its dependencies
We are patronized because we are cheap. We are
cheap because the placing OF loan in European
market is an advertisement In other words. we
pay for the music to which other people dance
Hence it is that, even to-day, it Is reported that
United States bonds have been recently brought
from Europe to be sold here while even In the Sc
lection of securities are assigned to third place
" the leading Power n the Continent.
GERMAN PURCHASE OF UNITED STATES BONDS
The London dispatches announcing that the
Prussian government have purchased SO, OO0, 900
Of United States bonds convey news that has
already been given to the public in these columns
This action was predetermined by the German
Diet, which has set apart fund for the Denent OF
che invalid soldiers OF the FrancoPrussian war.
rhe bulk of the amount subjected to legislation
was first invested in Russian securities then in
French rentes and one or two other national Sc
curities and finally in the bonds of the United
States The purchase OF these mas been going on
quietly through German bankers for long time
and probably the latter have already perfected
their instructions and are now not averse to
giving the facts to the public. Hence 1t will
not be judicious for the financial world to
yield to the influence of the report, grateful it
may be or not to American pride, and to calculate
upon results growing out of an operation that has
nearly If not quite eliminated The statement,
however, is satisfactory, inasmuch as 1t affords
one OF the clews to the strength vi United States
bonds as heretofore quoted, and accounts for the
absorption by some of the German bankers Of
nearly all that have been offered on the market
1t is understood that the purchases were made
through the "Seehandlung," governmental bank
Ing institute at Berlin. and are to be devoted to
the relief OF the invads OF the last war, "Reichs-
nvalidenfonds."
THE MONEY MARKET.
Money to-day ranged from to per cent on call
loans, with the heretofore quoted prices for prime
commercial paper. Exchange was dull and was
auoted at 1857 1O9h for good prime bankers
sixtyday sterling and no. less brokerage, Tor sight.
GOLD 1883 us.
Gold exhibited the result OF depressing influences
to-day, which were doubtless due to the heavy
disbursements and the consequent indisposition to
take advantage OF the unsettled condition OF the
market The price at the opening was lis. but 1t
subsequently advanced to 1857, the average figures
being better during the late hours OF the day. The
following table shows the fluctuations Of the mar