Year: 1874

y,


The week which closed last night, although
marked by the usual summer duiness In respect to
the extent of Dealings full Of interest In other
respects. The most noticeable features were the
ett6ening OF the gold premium with an advance
OF per cent and the advance In the Bank Of
England rate of discount per cent, with o con.
seQuent disturbance and strengthening OF the
rates for foreign exchange. Various causes for
these several changes were suggested and given
in explanation, not the least readily accepted
tnat stated the previous week to account for the
sudden extraordinary drain ofspecie from the Bank
OF England to the Bank OF France-vz, that 1t was
the result OF manipulation to embarrass the new
syndicate-being quickly disproved by the state
ment that this gain in specie on the part Of the
latter was due to sales OF securities in London for
which there was no market In Paris. The fact IL


AN UNHAsY FEELING PREVAILS ABROAD


which we, secure in our unassatlable neutrality,
are apt to consider too lightly. The Premier Of
England, Mr.. Disraeli, shrewd statesman, with
the prophetic instinct of his and lineage, has
not been ambiguous in his utterances respecting
IN impending crisis In Europe. which. II we accept
hts estimate OF II. win far exceed in Its conse-
quences that "irrepressible connict" which our
own dead statesman, seward, foresaw here, and
after nearly being ttS victim, lived TO see con-
cluded. Europe to-day IL vast arsenal. The
present peace has been more than once declared
to be only truce, by both Bismarck and Won
Goltke. France IL under military Dictatorship.
Spain II convused, Italy couchant. What wonder,
then, that the oracular utterances OF the English
Premier telling ths world that opposing
forces In Europe, religious as well 40
political forbode desperate struggle at an early
date, taken In connection with q sharp advance
OF per cent In the Bank Of England rate at
time Of great monetary ease and the rapid accu-
mutation Of specie by the Bank OF France. which
was its occasion, should provoke uneasiness, q
disturbance in our foreign exchange and higher
gold premium here ? Ali this may have resulted
from the action Of the syndicate or the operations
OF those opposed to it, but IL Is pleasanter to be
able to nnd an explanation that has not in 1t the
taint OF Jealousy or Ill feeling. Hence this


POSSIBLE EXPLANATION


OF the events Of the past week in the money mar
ket is given for the Judgment OF the reader.
In this connection 1t is worth while to note
that In the event Of foreign convulsion
such as appears to fright the soul Of the
English Premier America would hold the
key Of the situation should England become
engaged In II, Upon us would then devolve the
carrying trade Of the world and as we are already
tine great granary, the supplying commissartat OF
the respective armies as WELL Wall street is
neither slow nor timtd IN appreciating such adj
vantages; hence the war cloud would prove o
much more formidable element Of unhealthy dis
turoance In our markets than war itself, provided
We remain at peace, as we certainly shall The
following table shows the fluctuations In the gold
market during the past week.