The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-05-16
FINANCIAL AND COMMERCIAL.
REvlvING THE TREATY.
Simultaneous Influence 10 the London
and New York Markets.
GOLD D0WT HERE---BONDS Up THERE
Purchase OF So, 600, 600 Five-Twen-
ties by Secretary Boutwell,.
p A OFF @ M A IL.
gczt Of the Law Authorizing a Reduction Of
the Capitol Stock and Prescribing the
Qualification Of Directors
LOOSE LEGISLATION.
How To Be Honest-A Manual for
Wall Street.
Governments Firm, Railway Mortgages and
Southern Securities Quiet and Steady.
Honey Easy---F0reign Exchange
Unchanged.
Text Of the Law Authorizing a Reduction Of
tho Capitol Stock and Prescribing the
Qualification Of Directors.
LOOSE LEGISLATION.
How To Be EOnest-A Manual for
Wall Street.
Governments Firm, Railway Mortgages and
Southern Securities Quiet and Steady.
Honey Easy---F0reign Exchange
Unchanged.
TR EASURY BALAN CES
WALL, STREET.

TR EASURY BALAN CES.
WALL STREET,
WEDNESDAY, May 16-8 p. M.
On 'Change to-day wheat continued Inactive, the
high prices still asked restricting dealings At the
close the market gave way slightly. Flour was
Gall and heavy in the cheaper grades. Cotton was
quiet, but firm.
THE FEATURES ON THE STREET
were fresh effort in certain quarters galvanze
the Washington Treaty into new life by reports
Prom Tendon and Washington, and an increased
purchase OF bonds by Secretary Boutwell,. The
latter has proved virtually imperative In direct
sense, but Nferentialy may have had Its Influence,
~ will be seen hereafter.
REGARDING THE TREATY,
which, for oil purposes OF relieving the present
barrassing situation In our commercial relations
abroad, as was said before here, Ia complete dead
letter, as treaty or no treaty, must continue for
some time yet to SHIP specie in settlement Of our
Foreign Indebtedness, the revival Of hope concern
As an amcable arrangement on disputed points
was adroitly managed. There Is o certain sugges-
uveness however, connected with the means made
me- Of to this end that recalls the days
Of the Syndicate operations and that re-
markable negotiation through the great ad
ADMINISTRATION banking house Of the per five cent
loan. First came despatch, dated London
three p NJ, as follows 1.-THE message Of Presi-
aent Grant to the United States Senate submitting
the proposed additional article to the washington
Treaty relative 80 the Indirect Claims serves to re-
assure the public that the differences between the
Two nations win be honorably settled. The publ
cation OF the message had an effect upon the mar
ket for American securities, which are now nrmer
than at the opening" Almost simultaneously with
Sals came Washi1gton despatch to the effect that
Sne senate Foreign Relations Committee had the
supplementary treaty under consideration, and
would undoubtedly report It, while the further
rance was given, on the authority of distin-
euished citizen Of the District Of Columbia known
In Syndicate operations, that the negotiations
respecting the treaty were progressing most favor
ably. There is
A COINCIDENCE
m this agreement OF sentiment. ION both sides Of
the Atlantic 80 remarkably similar In its express
sion as to cali attention to another significant cir
cumstance Mr.. Boutwell, purchased s3,ooO,Ooo Of
bonds being 100000 In excess Of the amount
called for. Among the proposals to sell submitted
vas an oner Of 1000, 900 from this same banking
house before referred to, through whose London
agency the Syndicate business was managed Now
our securities undoubtedly improved In London to-
Gay, but the question occurs here, Did the opera
tions Of the London agency have anything to
10 with stimulating that Improvement and did
the large sale Of the American house have any con-
neeton herewith 1t is not pertinent here to In
4uire how far the action OF the Chamber Of Com
mcrce this afternoon may have had the same In.
upiration, but the moral OF 30 much
APPARENT MANIPULATION
n o very plain one, and Wall street would do well
70 heed Its application. Divorce the business of
the street rapidly as possible from this elastic
treaty ana the pendulum-like negotiations con-
neeted Herewith whose movement embraces two
continents In their vibratory action, and be pre-
pared for Its final acceptance or rejection
Independently Of oil rings. The first
effect Of It's abrogatlon might be to
st further enhance the price Of gold and interrupt
she profit Of Treasury agents on the continued
COLLATION. of the five per cent loan; but with our
resources this need not create ALARM as, while the
tide of population Is set In this direction and we
have new lands for emigrant settlers, we have the
prospect Of steady growth in internal wealth and
prosperity compared with which this English treaty
business sinks into lnsgni1cance Its endorsement
now would not help the present situation but, az
this s only temporary strait, our true interests
lie In complete indifference as to the result.
THE EFFECT ON GOLD
OF these various Influences, mainly refcrrible 20 the
treaty reports and their effect upon the London
market, was to weaken the premium, which, after
opening at 114& went or to 113S, recovering again
TO ia from which 1t subsequently reacted TO 1884,
remaining steady for the greater part OF the after
noon at that figure and 1874 Later on ia was again
reached, but towards the close the market became
easier and settled to 1884 113X. The effect Of the
increased bond purchase as CORRESPONDING possible
increase In the gold sales tomorrow not visible,
such an anticipation not being regarded as
entitled to much consideration. In the loan mar
bet early in the day loans ranged from dat for bOr-
rowing 70 per cent for carrying, bat after Clearing
House hour from to per cent was paid for carry
ing. The short interest in tho market is now
large one and the long gold Is said to be In strong
hands. In the decline to-day, at the close, there
WAS some discounting OF reduction In the Bank OF
England rate tomorrow, which is looked for as
part OF the programme in connection with the
treaty business. Besides, the advance last week
largely resulted from an artificial move
nent. The engagements Of specie for ship
ment by tO-morrow's steamer amount To
e776000 all coin. The customs receipts TODAY were
$4,000. The Assistant Treasurer to-day paid ont
e2soooo on account OF interest," and se5e 600 in re-
compton OF fve-twenty bonds The operations of the
Gold Exchange Bank were as follows Gross clear
ings, $6S,44o,000; gold balances, s2o2s.644: chr.
rency balances, s2647,8so.
STOCKS WE'RE GENERALLY UNSETTLED
throughout the day. Pacific Mail was still the lead
ing feature OF the market, nuctuating between s5k
and SON, but selling mostly in the neignborhood OF
- Panama receded from Its strong position OF
yesterday and went or 81 per cent. In Pacific
Mail there waa difference throughout the day
ranging from to :. per cont between cash and