The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-06-17
Stocks Abandoned During the
Summer Holiday.
GOLD AND THE CAUSES OF ITS DECLINE.
Georgia Bondholders and an Honorable Pro-
position from the Bankrupt State.
Registration Of South Carolina
Securities.
The Money Market and Saturdays
Bank Statement.
WALL STREET, I
SUNDAY, June 10, 1872. I


SUNDAY, June 10, 1872
The advent OF the summer season has been at
tended with the usual consequences to the trade OF
the city and business transactions have been almost
minimum. The observation has been made that
year by year trade shows tendency to concentra-
ion at the two seasons Of spring and fall, and this
year, as contrasted with last forms no exception
to what is seemingly becoming rule. The
DRY GOODS
trade Ia very quiet, but the market mas been COM
paratively firm, and promises to continue 80
throughout the interval to the fall movement
Breadstufs have been lower for the week, with a
wider distribution ana larger export OF some va
rteties.
COTTON
was easier, but steady If not firm at a decline OF
about &c. The ''squeeze' of the sshort, interest
has, 1t is thought largely eliminated this element
OF the speculative movement but not enough in
the opinion OF many. to rob the speculation for
rise OF so Inherent source OF strength. Crop es
Inmates for the cotton year OF 1928 do not differ
widely. and the testimony quite concurrent as to
yleld OF about the average OF 1912.
|, THE WEEK IN WALL STREET
has furnished few Incidents of general Importance
to the financial community, the only features Of
interest being centred in the Stock Exchange in
connection with a sharp decline in some of the
leading speculative shares, such as Pacific Mail and
Erie and weaker movement in gold. AS to the
decline in railway and miscellaneous stocks an
explanation is offered In the general liquidation OF
their interests by the dozens, nay, hundreds of
operators who have gone or are
GOING ABROAD
or into the country. Heretofore these parties did
not make it a preliminary Of their leaving town to
close out their interests in the MARKET but retained
them, and from the side and watering place
no of Tho
telegraphic stock reports, much feature of
the American hotel the printed bill of fare They
Kept up communication with their brokers and
bought and sold by telegraph their Judgment
directed.
THE ''BULI4s'' AT SARATOGA
and Newport gave check to the "bearsr at Sharon
and Cape May readily as II both were only few
hundred feet apart in Broad or Wall street. But
this season the greater number OF the SPECTATORS
have gone to Europe, and as the cable would be an
expensive, if not inconvenient and dilatory,
means OF communication their interest in stocks
has been peremptoriy closed out On the other
hand those who go to the country are divorcng
themselves from their long welded favorites OF the
stock list and making their vacation one OF
REAL RELAXATION.
Nothing is so wearing upon the human constitu.
ton as the protracted mental strain of a continued
interest in speculation. Heart disease brain dis
orders, dyspepsia and whole train of ills are the
result of this everlasting effort to make money. 1t
is proverb that "every man becomes a fool or
physician by forty.n We see something OF the
pertinency OF this saying in the present tendency
OF the Wall street fraternity to emancpate them
selves from the slavery OF their occupation and be-
come
instead OF fools they progress in their experience
OF the street and Of life. II is no wonder as the
life assurance actnaries tell u.s. that modern gener-
atons are increasing In longevity. The "fools'
die young; the 'physicians' live, and live longer
than their progentors.
THE GOLD MARKET
was lower to the extent for the week OF just one
half Of one per cent, although between the ex-
tremes the range was trife more. The reduction
OF the Bank Of England rate OF discount to 81 per
cent and decided falling Off in the weekly export
OF specie the chief of this result. The
actual assembage OF the Geneva Conference was
also matter tending to Offset the prophecies OF a
failure OF
THE TREATY,
while from Washington came assurance that the
Treasury operations in connection with the refund
ing of the debt by the negotiation of bonds In
Europe would not be retarded by the failure Of the
treaty, inasmuch these negotiations were not Of
POLITICAL but OF purely business nature. Gov
eminent bonds fell on with gold, and in pretty
nearly the same proportion, a movement not I'M
natural in view of the approach to parallelism of
the two commodities
Money was easy at o per cent, the average and
general rate being
FIVE PER CENT
The large government dealers had large balances
pressed upon them at per cent, and some OF the
stock brokers paid, on the other hand, 6 per cent.
large business has been done in commercial paper
which has been In unusually good favor with in
vestors rates ranging from to per cent discount
for everything In the shape OF prime paper, single
or double named running sixty days to six months
The Southern
STATE BONDS
were dull and for the most part firm. circular
from the authorities OF Georgia regrets the inability
OF the State to redeem the bonds fall
\ ing due this year, and offers the bond
4 holders the alternative OF continued payment
OF the interest as heretofore the conversion of
the bonds into the new seven per cents, authorized
by the Legislature. A notice In our advertising
colum ms calls upon holders OF
SOUTH CAROLINA BONDS
and coupons to present the same for registration
at the once of the Commercial Warehouse Com
pany In this city, In compliance with the law of the
last Legislature, which validated the State debt.
and provided for its registration preliminary
to the resumption OF interest payment
THE BANK STATEMENT.
The changes In the bank statement are not OF
Importance, showing q sympathy In the banking
movement with the dulness 40 prevalent In busi-
uoas crclaa Thera IN O ma ann lOo tha