Year: 1870




1854 long before the session OF the Board formally
commenced. Private dispatches reported iye.
twenties as low as s61I. The unreasonable differ
ence between the closing price Of gold on Satur
day evening and that at the opening this
morning invited heavy sales, which led to
q decline to 114h soon after the Board
opened. 1t is significant that the sellers
at the advanced quotations were the leading foreign
bankers. From this point there was reaction to
1l4X and subsequent decline to 1884, the latter
being precipitated by the announcement that Eng
land had offered her services as mediator between
France and Prussia. Later In the day It was re-
ported that France had declined the offer Of Eng
lands mediation, and gold ran back to
ia Here o telegram from London stated
that much better feeling had taken the place of the
early depression at the Royal Exchange, that Ave.
twenties had risen to 88H, and that hopes were en-
tertained Of peaceful settlement OF the nisunder.
standing between France, Prussia and Spain
Rereup0n gold declined to 1l2H, but finally
closed ut 1l8f. II was, moreover. explained
that the early decline In Hve.twenties at
London was due to the approach Of settling
day medic, July 15, and to the apprehension that
state Of war would induce sharp contraction Of
loans in the money market. Hence the realization
In various securities in anticipation OF stringent
money market The clearances at the Gold Bank
reflect the large dealings in gold on Saturday, and 1t
is thought the amount Of t0-day's business
will lead to very large figure tomorrow. Tho
excitement in the Gold Room was the greatest since
the panic OF last September. 1t Is curious feature
that the foreign bankers were selling at any figure
above ia and buying from 113 upward. This fact
seems to show their belief that while the present
excitement lasts there cannot be a very great
decline In gold, and that, on the other hand,
should war really be precipitated there will
be o demand abroad for American securities which
will keep gold from advancing beyond the highest
point attained to-day. Wall street, in putting gold
to 1854 has discounted war In Europe and 1t Is
doubtful If actual hostilIties would now DO more.
We inclined to hold to the belief that In the grand
disturbance Of the finances Of the Old World i've
twenties win be the most favorite investment in
London. Paris, Frankfort, Berlin and Vienna. The
capitalists, who dread the uncertainties Of general
war, Will take care to secure themselves by turning
their wealth into securities which, In such crisis,
afford the safest investment. Whatever may become
Of English consols, French rentes Prussian funds
the American 1ve-twenties are certain to be re-
deemed at par, In gold, ana meantime pay the holder
six per cent annually tn coin. The foreign
bankers who were selling gold to-day know
that In a general upheaval OF European
finances the bonds Of tie United States
viii assert their superiority in the foreign Market
and that the rst hurry and decline VIII be followed
by firm market for them. Hence. with no return
Of our securities from abroad and with the prospect
that war in Europe will eventually bring Europe
in debt to us, they combat every unreasonable ad-
vance In gold, such az tnat OF this morning. That
they were sagacious in selling at llSA is evnced by
the later decline Of gold to 1l2X.


a GOVERNMENTS FIRM.


The home market for governments was lower but
nrm, the advance In gold preventing any important
decline. With fve-twenties at ITO In currency 1t IL
not dlfcult to that they afford the most desIra-
BILE investment offered at the Stock Exchange.
Should gold by any unlocked for contingency ad-
to the figures of last year it is evident that
obligation beariug interest in gold would
have the preference over the miscellaneous securi.
ties paying currency interest. II Is this feeling
which kept the market steady to-day amidst the gen.
eral excitement


STOCKS UNSETTLED.


The stock market opened weak and underwent a
rather sharp decline before the board, owing to the
impression that war in Europe would send home
American stocks as well Us lead to activ-
ity and depression here. At the first
board prices rallied and became strong
with the decline Of gold which was interpreted to
mean more pacific situation abroad. The market
then became dull, and, the whole interest Of the
street being centred in gold, the Stock Exchange





announced that the conference committee In Con-
gress had agreed upon


THE FUNDING BILL,
and prices again declined, especially money was
active after banking hours-the latter being con-
tingency springng out OF the disturbance Of finances
oil over the world by the exciting events in Europe
which had been already apprehended by many Of the
leading houses in the street. The details
OF the measure as now before Congress
Tor final action were not generally known
this afternoon, further than that 1t provides
for the issue of two undred millions ten year bonds
at five per cent, three hundred millions fifteen year
bonds at four and half per cent, and thousand
millions thirty year bonds at four per cent. 1t
served, however, to unsettle prices, and stocks
at the close were lower and heavy The
bull cques have been singularly unfortunate
this season, particularly in their latest effort to
get UP summer campaign. 1t Will be remembered
that in anticipation OF defeat Of all financial mea.
sures in Congress this session they started the move.
ment few weeks snce Almost az the outset they
were checked by the unexpected passage OF the Cur
rency bill Now they are met by the Funding bill,
which was also regarded as dead issue. Lastly the
agitation in Europe, with the prospect OF an active and
disturbed money market here, does not encourage
the public TO venture upon stock speculation. The
uncertainties Of Wall street operations have never
been SO strklngly illustrated. 1t Is only toss Of
penny whether In these days one should buy or
sell stocks Two weeks ago the situation as
far as human ken might discern, was wholly
favorable to an enthusiastic bull campaign
for the balance Of the summer. How
truly Wall street dealers may say "The times change
andwe change with them' Within that brief two
weeks thyee important matters have occurred to de-
feat the specuat0rs' plans. The Currency bill, the
Funding bill and war In Europe have sprung from
the unknown, we might say the almost impossible,
future.


MORE ACTIVITY IN MONEY.


The money market was more active, owing to the
changing Of loans incident to the speculation In the
Gold ROOM and some borrowers had not made up