New-York tribune., 1874-07-20
SATTRDAY. Jnlv lS-P. VI

SATURDAY, July lS-P. VI.
The general condition of trade in the city has not
materially changed during the week, with the ex-
ception of perhaps little more activity in dry
goods without any improvement IN prices. Cotton
and cereals are dull and lower Amodcra.e business
has been done in United States bonds at generally
frm prices with an advance of to . per cent The
new Elves however are exception TO tins rule, and
close to-day at 1l2., which is below the price a
week ago, having been effected no doubt By the
large amount of these bonds soon to come upon the
market Concerning Slr. Secretary Brstow's effort to
refund the Five-Twcnty six per cents into the new
Fyes the time chosen seems 10 he favorable and in
the present state of the money market we shall he
surprised if il does not prove success 1t Is quite
possible. but hardly probable. that acceptable bids
nav be put in for the whole amount offered. But
suppose that the 23d Of July gives the Secretary
bids for S35,OOOOpO the final success of his move
ment may be considered as assured, as tho call for
corresponding amount of FlveI wentcs will create
new demand for the Fivos which in turn viii rcudcr
another call necessary, and 80 on until Ue whole
amount remaining OF the Fiyes shall have been
taken up. BJH whcthoS successful on not it is a sat
isfactOry new departure for tho Treasury Depart
ment and the first important operation ot the Treas
ury since the days of MoCulloch that has not
snacked of job. II proposes to save all the cost of
-rn&Icates. 80 much in favor with Mr. Boutwell, and
Mr. Richardson aud with which the same Journals
thai now make feeble efforts to doseat Mr B.istow's
square" offer, then properly found fault. For tho
satisfaction VI those who fear that the proposed
transaction will unsettlo the moHoy market and
thus favor tho bears il should be stated that If
seens simple oHaIauge d one
bond for another that tho money market
need hardly know from its ofect when tho transac-
ton is da6ed. We venture tho opinion that those
who put thar lids in the present offer will do
better than those who wait for second OF third coll
fo proposals. The course of the money market has
been ike unto that of last week, superabundance
demand for stchiss mercantile paper at 81 to per
cent. Foreign Exchange has been duh but showed
Indications ID improvement at tho dose. The cfhd
speculation has been unimpOrtant, the highest price
d the week having been Hot and the
lowest 1905. with tho closing quotation at
Hot. which is an advance Of per cent
from the dosing price last Saturday the market
having been dull all the week Southern State
bond. have been dull and heavy, except for Vir-
g1nias, and railroad bonds have also exhibited weak
hess tue exception being improvement in Can
ada Southern, based upon report that the Chicago
and Canada Southern Railway, which is a continu-
shon OF the Canada Southe1n to tho great Western
grain mart. ie to be completed. 1t is believed
that there basis d fact for the report that meas
urcs have been oonsnnmated for the completion of
this important trunk line. A, hgve ,atd, this is
continuation of the Canada Southern, and con-
meets with il at Amherstburg on the Detroit River,
~ utes GOu Uucl SteDdiG2 vest 70 Chicago.