The New York herald., 1869-06-14
FINANCIAL AND coMMeRt;lA
SUNDAY. June IS, 1891.

SUNDAY, June Is, 1884,
The week in Wall street was one Of great exck
ment in the stock market, where the bull" specua'
tion so long rife received most decided check, II.
indeed IL has not eliminated for the present season.
In tracing the course Of values at the Stock Ex-
change we shall find that ever since midwner there
has been steady and upward movement in the rail-
ways, and. by sympathy, in most OF the miscel-
laneous list. So persistent ana determined had been
this movement tnat when one OF the prominent
cliques inaugurated a different policy and went
sshort, OF the market there was general and conf
dent belief that their bodness would result In their
ruin. But they persevered in face OF the popular
current won strength from the ranks OF their oppo-
Aents and succeeded at length in occasoning one OF
the greatest ''breaks' OF the past eventful year.
Such in brief, Is the record Of the stock market.
ivAll its movements and its history for the last
two weeks hinge upon this magnificent "bear''
attack, for such the sufferers must admit to
be. The depression was greatest on Thursday last
and since tnat time prices have decidedly improved
partally under the purchases to cover speculative
@aes as well as through revival OF the buish feel
ing. 1t remains to be seen whether this improve
ment iS permanent. The stock market was never
20 thoroughly in the hands of the ciques as at the
present time. VIII stocks go up again or Is this pause
pnly preliminary to another sharp declinep Such
are the questions agtang the mind of the 'outside
public who are the sport of the Wall street combi-
pations. One thing is pretty certain the old, shrewd
Operators are getting ready for tneir usual
kustication, and are maneuvring to withdraw from
the market as prohtably as possible. They are
Enormously "ahead," as prices now stand,
Tor they have been carrying" ever since
Ehe rise commenced. While sojournlng at
6aratoga, Newport and Long Branch they
will prefer to have the public do this "carrying for
them, satisfied that the same ever generous public
will return them their investments at far cheaper
rates next fall when money becomes steadily
stringent ana stocks undergo the usual fall crisis.
Another prominent feature Of the week was the
sudden stringency OF the money market on Thurs.
DAY last when as high as quarter Of one per cent
per day interest was paid on call. There was
moderation of these rates to gold interest," and ex.
ceptiOnally cent Saturday; but it Is yet
singular state OF things that In June, when money
has been worth only three and four per cent it
ehOud command these exorbitant rates. The fact
ps the money market IS in an unhealthy state, and
whether the blame lies with Mr. Boutwell, for in
oreasing his currency balance to the detri.
ment of the business interests OF the city,
or whether 1t is the result of artificial
fntuences, or combination OF these with
The natural drain OF currency to supply brief
demand from the country districts from the water.
ang places, In their process OF renova alton, and
for the gathering OF the wool crop and the
like, 1t is discredtable to as people that such
matters should occasion so much arrangement No
Cliques ought to be able to make even seven per
cent money market IN June, while the withdrawal
of the trhing required for the wool crop for
Che preparation Of summer resorts should not be
felt in the least. The banks on saturday showed a
disposition to contract, ana they TOO are Likely to
cause spasmodlc fluctuations; for while no day is
yet specified 1t is only reasonable to expect that the
Comptroller OF the Currency will soon call for their
second statement. Mr.. Boutwell, meant right in
trying to fight the gold gamblers and counted upon
summer OF ease In money, but he has been
unfortunate IN being overtaken by SO many
unlocked for accidents to the safe working
OF his plan. Congress Will not meet again
before December to give US new laws for q
Ceadjustment of the currency. Hence the prospect
FOR the remainder of the year is very dattering
one Here is very simple queston-if money Is
worth an eighth and quarter per cent in June what
will 1t be worth In September and OctoberS
The bank statement presented on Saturday was
certainly not favorable one, but the street had
been led to look for such very bad one that 1t ap
peared favorable by contrast There is decrease
OF nearly two and half millions In legal tenders
and trtning gain in specie. The loans have been
contracted about four millions, showing the effect
or the heavy "drop" In stocks during the week and
the efforts OF the banks to place themselves on o
more conservative footing The deposits have fallen
OF over t5,OOo,oOo and the circulation increased
$l6OoOO. The loss in legal tenders represents the
payments into the Sub-Treasury for the gold sold by
she government and the payments Of internal reve-
nue. taxes. The specie item shows that the exports
thereof and the payments for customs were just
equal to the disbursements Of the Treasury. The de-
In deposits Is the sequence OF the contraction
In loans The totals OF the last two statements arc
contrasted as f0llows:-
June 5. June IL.
Loans. $275 9l9 500 S27l, 735 Dec. S. ,sA
Specie. I905I 1888 Ig,053 $50 Inc. 2,4i7
circulation. 33es2 9e5 4,144 100 Inc. 4. 796
Deposits. 1872 12 042 193, g05 Dec. 237l37
Legal tender. S. 2S9, 329 80 $50, 253 Dec. 2430171
Excess over legal reserve $12, o04 8l5
Government bonds were quite steady during the
week and inclined to buoyancy at the close in con-
sequence OF the reduction OF the Bank Of England
discount rate which would have been the signal for