The New York herald., 1870-05-02
FINANCIAL and COMMERCIAL.
WALL STREET. I
GTyNnAv NAV 4. 1910. (
ruE ADVANCE IN VALUES

TUE ADVANCE IN VALUES
~ the several markets here during the past week
nas been almost without exception, In the entire
Nst OF securities. Being IN q great measure unex.
pected and su prtsing at It's inception, 1t was very
generally looked mp on with some dlstrust during
As nrst days; but tho week closed on Saturday
might, Notwithstanding the already considerable
progress made upward, with strong, confident,
buoyant feeling in all departments OF speculation.
The reason Of this change ts o simple one. At the
start Of the movement operators were mostly mind
1ul OF their late experiences, so often repeated
since the first OF January, OF similar "bull' essays,
promising great profits but resulting In very short
turns" which lett them largely losers and reared to
be again deceived. As the movement, however
progressed and passed beyond the point OF predicted
failure, an examination into the natural conditions
innuencng the market seeming to offer more as.
surance OF success now than on former occa.
sons, induced large accesslons TO tho ranks Of
buyers ana developed the present excitement.
THE PRINCIPAL ARGUMENTS
IN support OF bu movement ct this time are: first
an easy money market, with everp prospect OF its
continuance Tor some time. Some weeks ago. al
shouRn money was then easy, there was the cxpec-
ton OF the usual spring activity to induce caution.
AZ the period OF that activity has passed. and has
Doen demonstrated II s to be remitted this year. the
present ease Is one giving every encouragement to
speculation. Again, after long period OF declin-
Ing tendency in gold, that measure oil value has sud.
denly exhibited reactionary feeling and advanced
very considerably. Although this Is helped by specu.
stve purchases, these in turn stimulated by the
natural course OF tho market. In the first place an
upward turn IN gold Is customary at this time OF the
year, when other commodities being exhausted we
are
OBLIGED TO SHIP SPECIE OR BONDS
IN settlement Of foreign contracts, and continues
until the early fall, when the new crop movement
supplies means OF payment THIS would
not. however, wholly account for the strong
gold market so carry as this. when the Trea.
sury ts disbulsing large supplies OF coin
In payment or the May interest, il the demand for
pur bonds was equal to that OF former years. But
the fact s clear that that demand HIS suddenly fallen
OF. But few orders have been received from Europe
70 reinvess the May coupons aud the dealers in
foreign exchange have Strengthened their rates In
consequence. How long this Indifference to our
securities abroad Is to last it s hard to determine.
American credit would appear 10 have received a
blow OF some severity, but not we trust q lasting
one The discussion OF the funding measure In
congress- and outside and many OF Its provisions,
nave Undoubtedly served to interrupt the invest
ment demand, which was likewise checked By the
manner IN which The present Secretary OF the Trea-
sury has endeavored to force his bill through in the
AoOV VI thS opVVoIOu VI ~ ldTye Glass; ID COlupe-
tent as himself to judge Of its value. Then the
pg,taton respecting the legal tender decision,
the demand for its review and the general
discussion OF It's merits on either sde
mas awakened grave fears as to the responsibility
or respecabiity OF American courts and Legislatures
and otherwise exposed to harsh criticism In the
minds OF foreigners who do not understand our
American way OF doing things. This Is especially
operative in Germany with the class who invest In
small lots In England there appears to be a dis.
trust OF American finances since the gold corner,
which has been further increased by more recent
events that the London journals do not omit to
quote to our discredit. The absence Of the usual
orders for reinvesiment have thus served to
strengthen gold in the face of the payment of the May
interest," the larger portion of which due to foreign
holders, well c0unteracted the expectation OF
Increased sales by Secretary Boutwell, this month.
THE following table shows
TIE COURSE OF THE GOLD MARKET