The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-07-05
FINANCIAL and COMMERCIAL.
WALL STREET,

Coutsc ODscIVtu ~ u Close nOluuy ny tue DoukoIb
and brokers' none OF whom are SO poor as not TO do
1t reverence. Wall street enjoys two holidays to-
gether, and is thus Afforded good resting spell,
preparatory to what bids fair to be
AN ACTIVE SUMMER CAMPAIGN
at the Stock Exchange The signs all favor the be-
lief that in the interval to the Western and Southern
demand for money In the fail to move the grain and
cotton crops capital will be concentrated to great |
an extent In the metropolis that money VIII be q
drug IN the market, and that borrowers will be able
to make what terms they please for Its use In call
loans 1t Is evident that in such situation great
deal OF the unemployed capital OF the street will
find Its way into government bonds, which are
peculiarly attractive in presenting not less than
six per cent interest, the only question
being whether the temporary holders shall be able
to sell In the fall In time TO escape any reaction like
~ to carry prices below those at which the invest
ments were made. too sharp advance In govern
ments would ordinarily have the effect OF bringing
bonds from Europe But there was an exception to
this movement lately when despite the sudden rise
here last week, London advanced fully three-quar-
tiers per cent In the changed speculative feeling at
the Stock Exchange where the bush element Is
strongly in the ascendant, there Is lingering dispO
sltion to link the movements OF gold and stocks,
which has encouraged some sales In stocks for the
short account The "bulls,n however, seeking
TO dsconnect the two markets, and they point very
logically to the fact that had the Ketchum Boyd spe
culation for rise taken hold Of stocks only 1t would
have been complete success. AS 1t was, 1t was
saved from being disastrous failure by the success
which attended the ventures outside Of gold. 1t
will be remembered that last winter we re-
minded our readers that the price OF gold
had long ceased to he the STANDARD Of domestic
values as compared with prices be fore the war. We
instanced the fact that various ARTICLES OF clio thing
were now twice or thrice the price OF Oden times
while the premium on gold was then only twenty
per cent. Since the time those observations were
made gold has declined from 100 to 1101< while
stocks have risen ten to twenty per cent For In
stance, New York Central advanced from So to 1924
Central scrip from 81 to 90. Lake Shore from S5 to
10l9l, Northwest from 90 to &c. Reading from 81 to
lOs, ana Rock Island from 1o2 to l28, while gold in
the same time has decllned from l20 TO 1i0H. We
were at the time so convinced Of the isolation Of
gold values from domestic values that We took
TO warn our readers against any engagements or
contracts for future operations based upon the ex
pectation OF a reduction OF the latter to the
former. We pointed out that the immense volume
Of currency-SS0O, 0O0 000-the taxes and other
kept domestic prices above the gold standard.
Those Of our readers who, upon peruslng re.
Marks sold gold short OF 120 and bought stocks at
the ruling prices, were large gamers both ways,
| although the conservative ana venerable fossils Of
| finance would have had us believe that the decline
| in the former was the forerunner OF q universal
panic. Were II not that Ben Butler has ceased to
| be authority, we should quote him again for his
| unique idea that our country has a currency and
values of It's own and that 1t Is time we cut loose
| from the standard OF London and male for
| selves. When we have done this we shall stop gold
| speculation and place business on an unshifling
plato IN OF values The 'bulls" have been seeking
to cut stocks loose gold In their present summer
campaign, but unnecessarily 80, we think, for tho
reason ano7e cited. Gold Is IN fact understandable
| commodity ana not money any longer. II we have
not cotton and produce enough we ship gold ia
Europe. which makes it deafer Just as any exported
article becomes dearer the more demand there is
for it. 1t has been declining oil spring because oul
immense exports the past year have essened the de
mand for it. Should gold 60 to par it would only
swell the volume OF the currency and create an ad
vance In domestic prices up to certain point II
was the resumption OF specie payments in England
after the long suspension from 1894 to the close OF
the great Continental War III 1885, that led to the
| wild speculation which ended with the
bursting OF the South Sea bubble. England suddenly
found herself inundated with money. The gold ana
specie all came into circulation suddenly and with
the paper money, made vast a volume OF currency
| and made money so "easy' that speculation ran
| mad-not, Of course, that modern good sense
| will suffer us to initiate this extravaganza We are
OF these who believe that specie payments in this
country will be the signal for revival and increase
ofactlvty everywhere. which, II prudeuty conducted
and properly encouraged will lead country to an
unparalleled period of commercial and financial
| greatness. The reduction OF the national debt by
the sum Of $1Oo 10000 in year is significant OF
| what We can do as that burden grows smaller and
| smaller.
| CLOSING PRICES OF STOCKS.
| The following were the closing prices on
| Saturday for stocks, including those or the
| active shares dealt In on the street after
| the closing Of the Long Room delaware and
Hudson, 125; Canton, $50; Consolidation Coal 30;
western Union, 342l IS; Quicksilver 10; Mari.
posa, IA s; do. preferred, 15M 16I; Pa
cihc Mail, 42h 427s; Atlantic Mail, 3oA bid;
Adams Express, 6s7s; Wels-Fargo Express, 10 bid;
scrip, %; American Express, 44h 44sl; United
States Express, At AK; New York Central conson
dated, 9s2l s97s; do scrip. 05s 95; Harlem, 40
l4l; Erie, 22A %; preferred 43 bid; Reading,
1o71S 1o7,s Michigan Central, 12O I21; Lake
Shore 1ol]S 1O14; ILLINOIS Central, 141 a 14l1;
Cleveland and Pittsburg, 1927; Chicago and North.
western, s3H "a; do. preferred 500 500; Cleve.
lana, Columbus and Cincinnati, 81 80; Rock Is
lana, NIX lis; MlW aukee and St Paul, CT q
67h: do preferred, 8lzS SO; Toledo and Wabash
5s& 5S;S; Fort Wayne. 95 o o61s; Panama 1o0I
l05; Ohio and Mississippi, 38h 36k; do. pre-
ferrcd, "a 70; Delaware and Lackawanna, 1o5
bd New Jersey Central, 1857 100; Chicago and
Alton, 1l7h 11s1S; do. preferred, 1IS11 a ITO;
Norris and Essex 80 ooA; Hannibal and st. 10.
seph, 11s; do preferred, 1919 1885, Marietta and
Cincinnati first preferred, 10 81; Dubuque and
Sioux City, 1927 bid; Boston, Hartford and Erie,
a ~; Columbus, Chicago and Indiana Central, 2I&
o %.
CLOSING PRICES OF GOVERNMENTS.
The following were the final street prices
for the government list:-Umted States cur
rency sixes 1917 Ia; DO. sxes 1881,
registered liz; do. do coupon. lis l15A;
do fye-twentes, registered, May and Novem-
ber 111K l12; do. co., 1852 cOupou do. lI2 a