The New York herald., 1872-12-09

lions OF the Pos!masseE general lor
--A dovERNMRNT POSTAL TELEGRAPH,
which he believes capable OF construction at q
cost Of only onequarter to onethird OF the capital
of the Western Union Company, had q depressing
effect Also The chief feature Of the share list has
been Pacific Mall which has been worked down to
79's, as against 1o3 in the Fall, by the very
parties who had been 50 instrumental
In causing It's advance. Indeed, the per-
version Of the stockwell party has caused
serious comment upon the lack of consistency and
good faith in that party, inasmuch as they are now
guilty OF all the wickedness and evil that they
were In the habit Of charging to the Smith-Gould
party when the latter were locking up money and
depressing the stock market. The
PACIFIC NAIL POOL
unlOaded, very probably in the vicinity OF par and
are now endeavoring to get back their stock for
'the January rise." AS for the stringency In the
money market, 1t Is attributable to several innu-
ences which have counteracted the effect OF the re-
turn Of currency to this city from the INTERIOR among
which are the locking up Of money by the specula-
tive cliques and the withdrawal by the Treasury OF
the money issued in october to relieve the strin-
gency prevailing in that month. There is also an
influence not resdily seen and therefore, generally
omitted in the caculation-viz., the
REDUCTION OF THE SHORT INTEREST
in the stock market since the Northwestern "cor-
ner." When the "bears" are numerous stocks are
easily carried and money Is less wanted. But with
such an elimination Of the short interest as that
resulting from the terror inspired by the North
western ''corner' the load OF stocks becomes
heavy, and hence the wider demand for
money at present. A counterpart to the
depression at the Stock Exchange was
Afforded in the speculation for rise In gold, the
pool in which are endeavoring to enlist outside in
will sell to them. II the outsiders will 60 short
they will squeeze" them. Cash gold was made
worth = per cent, according to the record on the
book. but the transactions were probably fictitious
as there is very little outside interest in
THE GOLD MARKET,
and the pool have the business all to themselves.
Their control of the market enabled them to ad-
vance the price to 11ss, which is warranted neither
by the tone Of the foreign exchanges nor the cond
tcn ofour foreign trade the imports last week hav-
ing fallen to the low sum Of about $3 95O, 900. The
Secretary Of the Treasury has sKilfully shown In
his report to Congress that the average OF gold for
the past year has been the same that OF the pre-
vious year, although our imports were much
heavier and our exports much less than during the
previous twelvemonth. AS we have imported too
much for immediate consumption, the imports
must continue to fall OF greatly. He says:-.'The
stock Of wool in warehouse June 80 was sun1cient
for six months consumption OF sugar, for four and
q half months OF coffee, for i've months, and OF
tea, for twelve months" On the other hand, we
are more likely to increase our exports in the I'm
mediate future. There is no greater bubble In Wall
street than gold at 1884, as win be seen doubtless
within the next few months.
LATEST PRICES OF GOVERNMENTS.
The following were the closing quotations Satur.
day evening for government bonds Limited States
currency sixes 1924 1l2,s; do skies. 1884, regis
tered, 113H . 113a<; do. do, coupon, 117x lis;
do. fve-twenties, registered, May and November
ll3s. 11sX; do. do, 1862, coupon, do, 1882
l13I; do. do, 1884, do. do, 1881 113x; do. do
1886, do do, llsS ia; do do, 1867, registered
January and July, 1l2X 11S; do. do, 1885, coupon,
do, 1l6 1855; do. do, 1851, do. do, III .
l17k; do. do, 1865, do. DO, 1l6s< q lit; do ten
forties, registered, looM 1O9s<; do. do, coupon,
1895 109S do. flves OF 1884, registered, Ill liz;
dc. do, coupon, Ill . liz.
THE SOUTHERN STATE BONDS.
The Southern state bonds were only moderately
active for the leading Issues, and quite dn for the
general list. The Tennessees continued to advance
on the demand from the railroads for settlement
of their obligations to the State and on Saturday
were quoted 10. The political excitement In New
Orleans has had, very naturally. depressing In.
fuence on the Louisianas and on the New Orleans
city bonds. The new South Carolinas were heavy,
but steady. The financial reforms promised by the
present Legislature OF South Carolina are attract
ing the attention Of investors TO the pCeseut low