The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-05-17
TIE TREATY AND IT'S INFLUENCE
GOLD lls 7-s TO ia "a TO lla 7-9.
Sticks Generally Dull and HeaHy-.-Goyg'n.
meats Southern Securities and
Railway Mortgages Quiet. a.-.s
Money, Easy-Foreign Exchange
Unchanged.
ATLW AY RECEIp rs.
WAL STKnrT.


~Dt.t c a WALL STREET,
,t i 81 TRrRsDAY, May lJ--6 Y. III. !. .aa
on 'Chanre to-day the himer tone OF the gold
market impaired more confidence TO buyers, and
with limited demand the market for wheat wGs
Dteadter. At the coae there was weaker feeling
Aaa price became unsettled. Flour was dan and
Irregular choice family and fresh ground ruling
lrH, and sother brands easier Cotton Tas quiet
!, THE TWO GREAT FEATURES
On the stock Excbpnge today were, as on previous
days ihis week the Treaty OF Washington md Pacific
Hah-veryr separate interests, ii would appear ut
erst sight, but In realityjostiDg one another, as
VIII be seen hereafter In their influence upon tho
markets Aud first In relation 10 the treaty, there
Was noticeable falling OF from tho confident
feeling which prevailed yesterday among the pro-
English clique here, who nave taken the diplomacy
sf the country in their charge. Only two dispatches
seached the street authentic sources the frst
bearing marks Of the same inspiration az those Of
yesterday, but piping Ia q much lower key--viz., to
Gie effect that the Senate Foreign Relations Com
Hi.tee were In session upon the supplementary
Dyeaty and would certainly report It. and that ac-
Non would undoubtedly be taken upon 1t In the
Senate this week. This was too vague an
assurance TO have any effect ana was
quickly followed by another desphtch, stat
ing that the excitement In Washington urcn
Increase and that notwithstanding the favorable
report OF The committee II DO rejected ny tho
eenate. The opinion In Wall street among those
whose Judgment is entitled 20 any consideration,
~ competent or unparalleled, comedies with this
latter conclusion, based npon the argument that
whereas the President, In submitting tho matter to
the Senate, declined TO assume the responsibility OF
accepting the offensive article he will not consent,
By pressing 1t through that body by strictly I'D
Responsibility, which would not be less than II lie
had acted individually In tho matter. The further
belief is that in other way VIII ~ be ac-
septed. Thus for long time to-day tho treaty,
10 far as -any contemplation OF It's being sustained
by concessions on our part, was ont Of the market,
which was' affected apart from Il Oy other causes
pAy remotely and negatively associated herewith.
Toward the close OF business, however, r,iuor
kaned some circulation, the source OF which could
hot be traced otherwise than from its character.
that favorable action had been taken In the Senate
tpon the question as submitted to them by prest-
Gent Grant-yiz to give him their adyce--the erect
bf which was 10 depress the gold premium
70 nearly the lowest point OF the day. II
y dilcult to understand why such infor-
Nation, II true, did not reach the street
through the legitimate channels. 1t s atl
possible, however and may be a ruse on the part OF
6rant's opponents IN the senate TO see how far he
VIII commit himself TO the English Ring, the oppor
slnty OF opposition being still open when the adj
atonal article comes up for ratification Thus the
natter stands at present in its influence upon Wall
street values. The next great point OF interest In
she market, and OF far more importance In local
sense, was
SUDDEN BREAK IN PACIFIC NAIL TO 1915
shortly after noon, or Immediately before the Sec
spd call. This new turn in the speculative DISPOSE
sion which has governed that stock since the conf
@encement or the week took tho street
by surprise, and even up 10 the close
u business presented puzzling problem
20 many anxious for its solution. There
have been three great influences operating pro
ance the recent advance in thl stock which car
sied the price from 7s5s Satu rday s74 yester-
0ay The hrst OF these was the final enactment, in
she approval the Governor of the notwithstanding
reduction OF the capital stock 70 s1ooooo1o. con-
cerning which there Is more to be said than was
said here yesterday; the second was the favorable
report OF the House Postal Committee ON the
Increased subsidy and the third sharp contest be-
tween two rival parties for stock TO control the
slection to be held the last week IN this month.
Nhe parties 10 this contest were the present drec
tien and a Wan street combination. at the head OF
which was the Broad street leader who recently IT,
ared Ia the legislative investigation The struggle
was sharp and close, the new bin and expected
large subsidy being regarded as afrordng grand
opportunities for profitable speculation such az are
rarely met making the fight While II lasted yeri.
table battle or giants for the possession Of SONS
rich treasure house. Each day since Monday trans
Iers OF the stock were made on very large scale
aud az the books for registration were announced
20 close On Monday next, what could not be bought
borrowed, cash stock being worth I. TO u
per cent over tue regular. owing TO this ey-
sitement, il is ead, over $1,000 shares Of
fractional stock, which is not usually dealt IN
10 any extent in quiet times, found its
way into the street, and being eagerly
purchased, was put into 100 share certi1eates This
was the situation mp 10 noon To-Day when suddenly
me Broad street party executed change OF front,
ana, abandoning the contest, sold out their stock,
'lus breaking The price to 7ek. This gives the
sleouoh 10 the present direction, against whom
"'fc y now no opposition 70 be feared. The rea.
~o'1 ~ich suggested and Influenced this change OF
eon tue part Of the active Broad street spec-
,s arg rcaoily surmiscd. n must be borne In /
~ '~"eyer, that being out he had not the same
,s,., interest in the struggle as those who are In
t.'i.n tnn eharly understood there IL a sn,,c,an,
+, NPianAuoh OF his abandonment M 80
r., VI PURSUIT or PLACE powra - 60. 49,
in we crudencss OF the leuisla,,,a o,.s.- 1919
whicl WAS supposed TO so enhance ,na
OF the V objective points. ana the 'e.'e VI each
thence using OF Congressional favor n 20 ~,
quite clear mat this act is constitutions, 90 :. -.
faiDly comic, ., II the inference OF the tast
be held TO be legislative authority with mo
time law OF the Vted States This secton ra',.