Year: 1863

SUNDAY, July 10, 1000.


The money market was for time disturbed last
week by the riots, which unsettled confidence and
led to some Withdrawals of country funds But by
Friday capitalists had become convinced, In the
first place, that the rioters would be put down,
and. secondly that in any event money was just as
safe if represented by dividend paying stocks as
in any other shape, and the supply to the brokers
increased accordingly. Yesterday call loans were
quoted s a per cent, with rather more lenders at
these rates than borrowers. Debt certificates
have been working up lately, and bid fair, if the
supply on the market is not increased too rapidly,
to approach par again. Commercial paper is very
scarce; the best names sell at a 6 per cent. 1t
is generally believed in Wall street that the money
market will continue easy throughout the summer,
whether any fresh issues OF currency are made or
not In many quarters, however, a further issue
of legal tender, bearing interest, is regarded as
morally certain before the lst Of September. We
have no reliable information ON the point.


Gold fell Off again last week. The closing price
yesterday was 1881 q, and for bankers sterling
bills l36 a l37 That gold should decline
on the official announcement Of the fall of Vicks-
burg and Port Hudson. the probable fall of Charles
ton, and the retreat of Bragg, was what every one
expected. But people in Exchange place were
good deal surprised that it did not advance on the
riots in this city. Even at the most critical period
of those riots it was difficult to sell 600 900 of
gold without breaking down the market The
anomaly is explained by some on the theory that
people afraid Of possessing gold lest it should
be taken by the mob; and at one moment bills
were SO much frmer than gold that this notion
seemed to have some basis. But the great govern
L.. af% oil
q general confidence that the authorities would in
day or two suppress the disturbance, and that
nothing beyond few cases of arson, robbery and
murder would result from its occurrence. In this,
as in 50 many cases during this war, the European
houses were completely at fault. Taught by their
own experience to dread a mob as the greatest Of
dangers, they were free buyers Of gold al
and slightly below 1870, and were entirely
mystifed to see it decline to l27 on the
very day when the rioters seemed to enjoy full
control of the city. Now that the United States
forces have regained possession of the Mississippi
valley, and that the armies of Grant and Banks are
left free to operate elsewhere, it is not unreason-
able to expect that some considerable supplies Of
cotton and sugar will begin to come to market. 1t
is understood that fresh expedition will now be
undertaken into the Teche country, in which there
is a great deal of Southern produce; and, on the
other hand, it may fairly be presumed that General
Grant will lose no time in opening up portions OF
Mississippi and Alabama where many hundred
thousand bales of cotton are known to be hidden.
Commercial agents, who have accompanied the
army, report that, as a general rule, the planters
are willing enough to sell their produce, provided
they can be guaranteed against the vengeance OF
the rebel guerilas. There is Of course but little
prospect of commercial movements on the Misss-
sippi at present. Bandits, armed with rifles and
light artillery, nfest the banks Of the river from
Columbus to Baton Rouge, and no unarmed vessel
can safely sail up or down without convoy.


The following table shows the course Of the stock
market for the past week and month";