The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-04-08
FINANCIAL and COMMERCIAL.
The Monetary Stringency and Its Causes,
Natural and Artificial.
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A WRANGLE AMONG THE CLIQUsS.
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The Bank Statement Now and
a Year Ago.
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The Weeks Ebb and Flow Of
Prices on the Stock Exchange.
COLD AND TIE SUSPECTED GOLD CLIQUE.
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The National Finances for.
Three Years.
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The "Locking-Up" Conspiracy in
the Courts.
The Bank Statement Now and
Year Ago.
The Weeks Ebb and Flow of
Prices on the Stock Exchange.
COLD AND TIE SUSPECTED GOLD CLIQUE.
The National Finances for.
Three Years.
The "Locking-Up" Conspiracy in
the Courts.
WALL STREET,

WALL STREET,
SUNDAY, April T. 1872.
In general trade the week has been active for
wheat and COTTON with the tone OF the markets
nrm. The dry goods trade shows considerable fall
tng OF, but the season has already recorded large
distribution.
IN WALL. STREET
the chief features Of the week have been the
sve strinQency OF the money Market and an active
but unsettled movement on the Stock Exchange
The course OF the money market has been greatly
modified by artificial manipulation in the interest
OF SPECTATORS DESTROYS OF fall In the prices OF
Stocks The natural activity or the season being ag
gravated by the withdrawal and locking up OF
money to extent variously estimated at from
1Oar TO SIX millions.
THE BLOCKING up'' CONSPIRACY
was suspected early IN the week. when the demand
from brokers III connection with the carrying or
stocks led to sharp advance In the rates on call
loans, the consideration paid Tor the use money
ranging as high as u per cent day IN addition 10
legal interest, equivalent to pretty nearly hun.
dred and iorLy.hve per cent per annum. The
cOmpnclty OF one OF the banks IN this
operation being revealed FRIDAY by ITS
appearance creditor at the Clearing
House for nearly i've million dollars, the ndig-
nation OF the banking interest took expression AT
Especial meeting OF the Clearing House, whereat a
committee Of In the person OF Mr. Tappan
make an investigation in connection with official
inquiry on the part OF MIR. Meigs, the National Bank
Examiner for the district oi New YORK. these gen.
uemen visited the bank complained OF, the Tenth
National, and found thar
WALL STREET SPECULAToR,
famous for MS bullish propensites last fall. when
he led the great rise IN stocks subsequent to the
Chicago panic, but more recently operating on the
'bear" side OF the market, had deposited hts checks
nd lulf
millions OF greenbacks part OF the amount going
into the Sub-Treasury 10 pay Tor a million gold
which he Is supposed TO have bought from the gov
eminent through the agency oil Broad street
brokerage tirm. The Tenth National Bank officials
denied direct connection with this operation ana
have given assurances thar they Will not allow re-
petition OF 1t. They earnestly deprecate any action
OF the Clearing House likely TO embarrass their
business and have made SO surong an appeal to the
committee that Their WILL doubtless, be le-
nentiy treated when 1t comes up Tor consideration
al the meeting Of the Clearing House Monday,
when the report OF the committee Is be submitted
FAIR PLAY A JEWEL.
The pubic should understand that all this cutlery
against the Tenth National Bank, an institution
which has been often connected with these RAIDS on
the money market, does not proceed til thoroughly
vlrtuous and dislnterested motives. II not our
wish TO defend It's action in this the many previous
desires to see lair play, ana IN It's complete indie.
pendence of all cliques and parties can SPEAK with
an impartial object. on the stock Exchange there
are "bulls' and 'bedrsn The .bullsp have bought
STOCKS which they wish 10 sell at high prlces and
further their plans they need an easy money market
The "pears' on The other hand. have sold stocks
and have withheld the proceeds from circulation,
dong with their money what they certainly may do
II they wish 10. 1t IS, therefore, slmpiya contest
between
TWO SETS OF SPECTATORS
with whom the United States authorities VINO nave
been Appealed TO, should have nothing to do. The
bank concerned may or may not have been a
willing instrument on This occasion IN the scheme
60 make money stringent but It mas done no more
than other very reputable institutions In the
vicinity OF Wall street. IL only happens mat just
now the parties VINO used to .'lock up money
are anxious 10 have money abundant among
the tockopbers, Their interest in speculation IS
Of different character from what 1t used TO be,
and hence they denounce what they once thought a
perfectly fair thing TO do, aud what they praclised
many time themselves The banks are naturally
sensitive, because their resources not over
abundant, ana because they are unwilling to make
the contraction which these docking upr opera
tons tend 10 compel The great activity OF
trade throughout the country has drawn down
the balances OF the out OF town banks. Between
the demand upon them TO meet the call from the
rural districts and the wish 70 utilize the money
they can In Wall street, they have run so close
upon the line OF their reserves that the averages
for the past week show that they hold surplus OF
less than s., 100000 against s4,6l7 54i the cor
responding time last year. The bank statement Of
yesterday compares WITH last year as lollows:--