Year: 1872




On ,Change to-day wheat was steadicr, holders
declining to press for sales. The supply Of new is
light, and winter strong Flour Is very 1rm the
short supply of shipping brands checking business.
The trade demand is active and general. Cotton
was dull and lower at 2O9sc. for low mlddling and
21Hc. for middling.


GOLD 115h.


The feature on the street to-day was the ad-
vance in gold to 115]<. 1t had been arranged to
put 1t to 116k, but this the general market resisted
and the pressure was Withdrawn. The rising tide
In gold would appear, however, to be beyond con-
troll We are still exporting specie, and must con-
tinue to do so for some time. The customs re-
ceipts for the month Of July show a decrease of
four and three-quarter millions as compared with
this month last year. This amount simply repre-
sents the accumulated merchandise in the bonded
warehouses awaiting the action OF the tariff on the
1st Of August. Tomorrow the demand commences
In earnest for gold to take these goods out of bond


THE ADVANCE IN THE PREMIUM TO-DAY
was principally due to purchases against this de.
mand, although taken advantage OF by the clique
who are at present operating in gold to help their
schemes. But to bull gold at the present time does
not need any clique. Gold must go up whether it
should or not We cannot arrest the movement Of
specie hence, which is simply draining the country
fgold. The operations connected with the French





bank reserves of nearly all the leading banks in Eu
rope, and so cause agitation In the specie
market that cannot fail 10 DO rejected here. A
large portion Of these subscriptions must be drawn
from deposits now In the Bank OF England, most Of
which will have to be made good from this side OF
the water. 1t is stated excellent authority, that
next month contracts for railroad iron amounting
to over fifty millions Of dollars mature, for which
remittances will, OF course, be looked for. These
ore not late contracts, but engagements extending
over considerable period, some on account
Of new roads and some for the repair Of old
roads. Taken altogether this Is only small item
In our foreign Indebtedness.


THE SUCCESS OF THE FRENCH LOAN
still continues to be the theme of discussion In
financial circles. The latest announcement in re-
gard to the loan is that the subscriptions aggre-
gated forty-One milliards Of francs, or more than
eight thousand millions of dollars in gold. This Is
almost incredible, and shows that France has the
greatest credit Of any nation In the world.
There is


MORAL


contained in this which it would be well for Ameri-
can fnanciers and the American public generally to
study There are several points involved in this
that call for careful and in some surprised at
tenton. One is that people who are capa-
BILE of taking up their own loans can
easily command credit abroad Another is that the
empire did not impoverish the people. Another
point shown is the dearth Of enterprise existing in
the Old World as compared with here. Men in this
country who are able to save little money invest
1t in some sort of business or speculate. American
government securities were never popular at home
in the sense that France exhibits. The savings
banks institutions, national banks trust companies
and other fduciary agencies absorbed large quaint.
ties of them, ut>the people generally preferred
to employ their money In o more active way
Hence the steady movement Of our bonds
abroad until almost the whole Of our national debt
is owned in Europe. The French people, lacking
the opportunities Of profitable employment for
their savings, Of course seize the chance of gov.
ernment loan with avidlty, and hence while patriot
ism may be the moving suggestion, the chance Of
profit Is not wholly overlooked. As was said pre-
viously, however, the gold market here Is likely to
be seriously affected by the sudden movement Of
this immense amount OF money. Something may
be learned tomorrow morning OF Its effect upon the
London money market by the action Of the directors
of the Bank Of England upon the occasion Of their
weekly meeting 1t may he too early to have any
positive effect yet, but 1t Is possible that some
notes Of preparation may be observable. The rates
paid for carrying to-day were and Q per cent to
nat.


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