The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-06-27
plN1ltUl1L AIvD UUllIlLnUlAl.
"A Gain to the Banks Of England
: and France.
\ GOLD AT A SHIPPING POINT.
THE EXPORT BEGUN.
j, a Large Demand at The Govern
ment Sale To-Day.
ONEY STILL EASY.
Railroad and Government
Bonds Steady.
Southern Securities-Why They
Are Depressed.
WALL STREET,

THURSDAY June 26-6 p. M.
On Change to-day cotton was quiet and steady
Tor spot, while the sales for the early future
months were &c. per ID. dearer. Flour was firm.
4 Wheat and corn were IN demand at better prices
THE FOREIGN MARKET.
London advices show a gain to the Bank or Eng
land during the past week OF s4l9Ooo, and a gain
to-day on balances OF f15o0oO. The regular meet
ing OF the governors OF the Bank was held this
morning, but no change was made in the rate OF
discount and 1t remains as hitherto quoted-slx
per cent. Old fve-twenty bonds OF 1855 are quoted
at %, ten-forty bonds at S9l, new fves at S9T,
Erie at 49H a 49Z. Consols we're dull. The bull
lion in the Bank OF France has increased $780, 600
, francs. Rentes advanced to So, and the new
french loan was quoted at 6S per cent premium.
GOLD sTgADY-1154 1853.
The extremes in the price OF gold are shown in
the above quotations. They mean, simply, strong
confidence in its present value. The shipping
point has been reached and the amount which
went abroad today-some half million or dollars
and the additional half million which 1t is reported
will be forwarded on Saturday have naturally ex-
erted stlffening influence on the market, It Is
an open question whether this coin and that
which will doubtless follow are absolutely needed
abroad at the present time-although we are con-
stantly reminded of late that the English market
Is bare ofgold-or whether it Is purely specua-
tive movement by those who are using an OppOr-
tunity to advance temporary personal interests In
either event it means just what has been con-
tended by the far-seelng men Of the street, who.
while averse to
AN EXTRAORDINARY PRICE,
have foretold and continue to foretell that the
very weakness OF the Treasury OF the United
States, like that of the Bank OF England and every
Dther hduciary institution on the Continent must
sooner or later have Its logical result National as
well individual credit must have its basis. Faith
In dve-twenty bonds is not enough In America any
more than faith IN c0nsos Is sufficient to the
masses Of England. The breakwater In the event
Of q storm must exist somewhere, and that some.
y where Is the bank vault. The merchant may pay
his bills regularly, but the question always will
be, What is the power behlnds Consequently,
oven az this time, when
A GREAT SHOW
ls being made by the Secretary OF Treas ury in
meeting the obligations OF the government few
days in advance-just as the French Minister OF
Finance has done in order to shrewdly secure pub
lie confidence there-it behooves Mr.. Richardson
to accumulate. Let him hoard gold religiously
as he has boarded his orty-four millions OF green
backs. 1t will be signpost-a milestone-some-
thing tangible, that can be pointed to and fol-
lowed. Nay, it will be q standing menace that
means danger to every combination that dares
run counter to the financial interests of the people
and Of the administration.
The fluctuations in the prices OF gold to-day were