The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-04-24
More Manipulation of Money,
with Changeful Rates.
PRICES OF STOCKS OFF AT THE CLOSE.
Governments Firm, Railway Mortgages Steady,
and Southern Securities Quiet.
Another Advance i'm For
eign Exchange.
TREASURY STATISTICS


TUESDAY, April 20, 1872
On 'Change to-day wheat was less active, though
still nrm, buyers holding of, in view OF the high
prices. The condition Of the Liverpool market in
duces this strong feeling. Flour is active and
higher, with an inquiry for spring exceeding the
arrivals. Cotton was dull and lower.
GOLD 111A.
The gold market was the field OF special interest
on the street upon an advance Of q per cent, the
premium opening at 111H and advancing to 1111,
with sales at both and the intermediate figures,
and closing at 1111s 111A. The influences oper-
ating to produce this disposition to higher range
OF the gold premium, which Is not supposed to rest
here, are many, among the most prominent
OF which may be mentioned the heavy and increas-
ing line of our imports, with recently diminishing
exports, and the growing scarcity Of bonds to take
the place of cereals in settling the balance of trade
inducing an expectation of heavy shipments Of coin
at an early date. Again. the backwardness OF the
spring season does not give the most encouraging
prospects thus far of this years grain or cotton
crops; while the existing political situation in Europe
whether as it respects continental relations or
own difficulties with England, either in regard to
their effect there or here, are calculated to create
the gravest concern in financial circles. Thus we
have
IMPORTANT COMMERCIAL CONDITIONS
oil calculated to disturb the late ease in monetary
matters in which our people have so long revelled
under benefcent Secretary who, cramping their
legitimate resources by undue taxes, kindly under
took to guide and direct their general prosperity by
paying the natona debt at his discretion out OF
the peoples money and SO giving governed move
ment to a currency, the natural ebb and flow Of
which should never have been disturbed. In ad-
dition there are
POLITICAL CONSIDERATIONS OF SERIOUS IMPORT
which, although now imperfectly understood, and,
It may be, exaggerated yet contain in these early
whisperings the possibilities Of general European
war; while we, on our own part, are on the eve of
Presidential election which promises to be one OF
peculiar bitterness between the opposing parties.
What the Secretary may find 1t his duty to do In the
premises can only be cpnjectured, but, should the
grave situation abroad increase in the elements Of
sudden warlike confagration such rapidly fol-
lowed that short interview Of still summer
day in the Garden OF Ems between Benedetti and
the Prussian King, or New Years re-
ceptton not very long ago at the Tuileries,
1t would be prudent on his part to hoard
gold for any extraordinary emergency that
might arise, wherein the United States might be
called upon to assert Its neutral dignity. That
such thought has dawned upon Mr.. Boutwelrs
mind is, OF course, exceedingly problematical, the
weekly gold sales and bond purchases, looking to
1the reduction Of the public debt" being the
Alpha and omega OF his 'policy." Still, President
Grant Is not yet rusty in the ways Of command, and
an order to the Secretary to discontinue his Treasury
operation Is not beyond the range Of possibility,
The whole political situation, both at home and
abroad, is undoubtedly full Of occasion for anxiety
to the financial mind, accustomed to Judge from
cause to effect and weigh the gravity of underly-
ing sources OF excitement and danger In gold
balance both with respect to the quality OF belief
that may be as well as ought to be attached to
them. Consequently, with two such causes oper-
ating upon the market, to-day's advance in gold
sumes the appearance Of merely natural move
ment. There has been
THE USUAL RUMOR
of clique interference in the ordinary course Of
the gold market, but the proof of their existence
is wanting in the days ordinary business. True,
gold is for delivery, and commands currency
at from to per cent interest," oaning at the close
at nat, and thus, in the face of the announced pre-
payment Of the May interest Tomorrow without
rebate; but two-thirds OF that interest is due to
Europe, and buying movement, based upon the
facts above mentioned would quite explain the
demand for gold for use. To-mOrrow's clearings
will doubtless show a pretty heavy business To-
days report was as folows:-Gross clearings,
gold balances, 900; currency bal
ances 81 $780, 129 The customs receipts to-day were
$673O00.
FOREIGN EXCHANGE AGAIN ADVANCED
to-day In anticipation of demand for bills against
the May coupons, and leading bankers marked
their rates up to 1Osl for sixty days sterling and
1lOX for short sight,
THE MONEY MARKET
gave the cue to the speculation in the Stock Ex-
change to-day, as yesterday, the market opening
firm, but going OF at once upon ascertaining the
money rate to be fixed at the start at seven per
cent coin interest ON stocks, with full seven cur
rency on governments. With an advance OF the
rate among the stock people to 1-32
the market became stl weaker but
this rate failed to be maintained IN the
face OF free Offering OF currency by the lead
ing government houses at per cent, which
gradually made an exceptional rate in that
quarter while after the usual period of settlements
the relaxation Of yeste rday repeated and loans
were made as low as three per cent. Thus the
'Hockup" party-as they now popularity de-
scribed-repeated, on O more conservative plan
their operation OF yesterday, with still more marked
effect upon the spirit ofthe stock market which late
In the day did not sustain the afternoon spirit Dis
counts are quiet, best paper being quoted to s,s
per cent, with good acceptances running TO u
STOCKS DULL AND IRREGULAR
The above paragraph concerning money relates
the course OF the stock market to-day. Opening
firm the market rapidly fell, but, hating, remained
throughout the greater part OF the day with dull
Indifferent feeling, prices generally fluctuatinQ
within narrow margin, and speculation appear
ing to be at standstill. In the afternoon, after
the last coll. there was slight squirt OF activity