The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-05-15
Foreign Exchange Dull and I'm.
changed.
o u r. POR .
WALL STREET.

- -
ra.#r F5 hrfa WALL STREET,
TUESDAY, May 14-8 r. M.
2 On Change to-day wheat was less active and to-
wards the close declined &c. to &C. for spring and
common winter. Dealers continue to hold on and
prices are nominal. Flour was less firmly held and
low grades upon weaker disposition were in
moderate demand Cotton ruled dull and steady.
p2 GOLD 114H.. lt nt 1853 at
The expectation expressed in this column last
evening" that the effect Of the new treaty negotia-
lions had been over-discounted yesterday and that
o reaction in the movement Of the gold premium
might be looked for, found an early realization this
morning in the first sales In the room at I131z as
against 1884, the latest figure of last nights Sales
This upward turn which had its inception in the less
favorable character Of the morning newspaper re-
ports concerning the new negotiations said to be
in progress to settle the vexed question Of conse
Quential damages, was steadily continued through
out the day under accumulative influences operat-
Ing to advance the premium. Among these was
the Shipment, as per engagements reported yester-
day, Of 500, 900 In SPECIE Of which 100000 was
gold coin, and the reported engagements for ship
ment tomorrow Of various amounts, increasing
nom time to tune as the day advanced until the
sum Of $s5O,O00, Of which 100000 is gold
coin and the balance silver, was reached
loan market, which worked easily in the
morning hour at to per cent for carrying, be-
came active later, until 1e4 was paid for borrow.
Ing with an exception at lie, growing out Of the
failure OF o small operator on the short side The
afternoon advices from Washington concerning the
action OF the Senate being further unfavorable and
the hitch which occurred there yesterday having
been telegraphed abroad with the effect Of produc-
ing sharp decline in American securities in Lon
don, the market closing there heavy contributed
to stimulate the bull movement until gold reached
1l4H shortly after three O'Clock. With this figure
as the highest point Of the days Sales the market
became steady, with offerings at Lie, but closed
frmer ia lie bid.
THE FEELING IN THE MARKET
n decidedly bullish, with but little outlook either at
home or abroad, unless through the direct inter-
ference Of Secretary Boutwell, In selling gold
10 sustain any other anticipation. The Treaty Of
washington, from which so much was expected, is
regarded as hopeless middle, the best escape
from which would be Its complete abrogation, there
being many, indeed, who think that such conclu-
sion would be far more conducive to agreeable rela-
tions between the two countries than continuance
Of the present irritating discussion and while none
zee in such q termination the remotest danger
Of conflict, the opinion is almost universal that
for all purposes Of restoring the financial
entente cOrdtdle which existed some months since
and providing for the present exigency in our
commercial relations it Ia already dead letter.
We were too hasty In entering upon engagements
which we thought could be easily met through the
now of capital hther that this treaty would secure
and the diiculty has just arisen In time to check
that very movement. Being thus 80 checked with
new avenues Of employment opening, 1t Is easy to
foresee how II will be diverted In such directions
and how difficult 1t win be to again turn
ThuQ w ha
Russian government seeking o loan In London
Of fifteen millions sterling, and France appeal
Ing to the financial world. for three hundred
millions of francs to enable her to pay or her Ger
man indemnity and rid herself Of the German army
Of occupation, dispatches like the following, re-
ceved from London to-day, have q significant
value: IA report that the United States Senate has
rejected the proposed additional article to the
Treaty Of washington, In relation to the indirect
claims is current in this city, and has depressing
effect upon the market for American securities
In the meantime we have our bills to pay In Eng
land and elsewhere for unusually heavy purchases
OF foreign goods which, In lieu of other resources
must be paid In hard cash. Hence the heavy ship
ments OF specie by each outward bound steamer,
and the prospect OF their continuance. Grain does
not appear to go forward very rapidly notwith-
standing, or because Of Its high figures, while the
mistaken policy Of contracting the area Of the cot
tonplanted district, pointed out In this column at
the time as an egreslous bunder, gives as short
cotton crop. 1t must be admitted that here are
series Of blunders, political, commercial and eco
nomical, hopeessly 1t would seem, without
remedy, each leading up to the grave question now
agttating Wsn street, "What are we going to do
about 1t ~ Coming from the lips Of the late Tam
many leader, this nippant inquiry was but lightly
considered; but pressing itself upon the atten-
ton of business men, IL commends itself to
their thoughtful examination, and suggests ex-
treme caution In all departments OF trade until
such time as q more encouraging prospect opens
up. To dwell at further length upon this point
might excite undue alarm, and It need only be
added that the strictest conservatism should be the
governing impulse In all commercial dealings.
The customs receipts to-day were $e3s,ooo. The
Assistant Treasurer paid out t2osooo on account Of
hvetwenties redeemed, and $4,000 on account Of
interest ON the public debt. The operations Of the
Gold Exchange Bank were as follows:-Gross clear
ings, tce ST. ooo gold balances, l,oeo S24; cur.
rsncy balances, $1,ses,7so.
The stock market was generally dull, the leading
Seaturc being the
ADVANCE OF PACIFIC MAIL no SIX,
With very heavy transactions throughout the day In
that stock. This represented an al vance of 6K per
cent from the lowest figure Of the day, and seemed
based upon no satisfactory condition. The prospect
Of the approaching election, with the early closing
Of the transfer books is no explanation, whileit IL
also said that some leading operators the street.
apprehensive Of some dangerous provisions in the
new law authorizing o reduction OF the capital
stock, covered their shorts.
PANAMA ADVANCED TO 1914
m sympathy with Pacific Mall, being an advance Of
~ Dsr cent although the apeclsl relation govern.