The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-06-24
Stocks Higher and Strong,
but Dull.
The Leading Spirits of the Street
Mostly Absent.
Daniel Drew the Only Faithful La
bOrer in the Vineyard.
The Wool Clip and the Demands
Upon the Money Market.
WALL STREET,

WALL STREET, /
SUNDAY June %, 1872.
The dulness during the week just closed was un-
mitigated and extended to every department Of
business. 1t is true that considerable
DECLINE BREADsTUFFs
brought In good many buyers and gave promise
OF activity, but the market relapsed into dulness
again before great deal had been done. These
observations with reference to trade are also quite
pertinent to the subject of
THE WALL STREET MARKETS.
where the transactions were OF limited extent
and idly executed at that II the energies OF the
brokers were in reverse proportion to the severity
of the heated term 1t has been remarked hereto
fore that the
ABsENTEES
in Europe were never so plentiful, and now that
midsummer is at hand we find steady diminution
of the ranks of those brokers whose aspirations
do not embrace the project of transatlantic trip,
and who content themselves with a sojourn at some
domestic summer resort or watering place. Natu-
rally the first topic with everybody is
MONEY,
and the subject is interesting just by Of
the advent of the demand for what is known the
''wool clip mot the votive offering OF the Wall
street ros who go to shear and get shorn) but the
annual animal product which goes to the mill later
in the year for the production of our woollens The
extent OF the outward movement Of money on ac-
count OF
THE WOOL CLIP
during the past week is indicated in the bank state
ment published on Saturday and Analysed further
on, chiefly In the item OF loans which were in
creased four millions, while the deposits fell
Off about sixty thousand dollars. Usually, when
the loans increased, there is increase OF de-
posits. 1t does not always follow that an increase
of deposits means expansion Of loans. But 1t
must be evident to everybody familiar with the
details OF the discounting business of the banks
that wider
ACCOMMODATION
OF borrower induces rising Of the deposits.
Hence, when we find that the loans have been ex-
banded four millions, and that the deposits have
fallen Off to any extent the inference is obvious
that the amount OF money sent away has
been equal at least to the expansion of loans.
The legal tender item betrays this outflow
in part only, for the reason that the banks have
taken advantage Of the chance to ship away as
much national bank currency as they could, the
usual redundancy Of this class Of paper money at
this season making 1t an object with them to get
rid of 1t.
have, with all this revelation Of the condition Of the
money market maintained considerable degree
Of flrmness, and in the earlier portion OF the week.
when many Of them were sharply depressed, the
cause OF the decline lay elsewhere-namey, In the
attitude Of Great Britain at the Geneva Conference
when her protest was entered against being bound
by any award for indirect damages pending the
negotiations for q ratification of the supplemental
clause. All this sounds like
ANCIENT HISTORY,
in view Of the Alexander-lke action Of the con-
ferees In cutting the Gordian knot Of the whole
treaty question by putting the indirect damages
matter beyond the pale Of their deliberations. The
recovery OF tone in the stock market following this
settlement Of subject which had been long dis
cussed through the cable, at an enormous sacrifice
of cash and dignity on the part of both Great
Britain and the United States was quite manifest
In the later half of the week. the railways and mis-
cellaneous participating almost without exception
in the general improvement. Some specialties
were even actively strong, and
THE FIFTH EVANGELIST.
Daniel surnamed the Drew, was conspicuously
manipulating his several favorites II we except his
CASTOR love, Wabash, which was somnolent, and
consequently quiet. But his Canton "sheers' were
danced up to 1922 while the Quicksilver shares, both
common and preferred, were sent whirling up
among the forties again, much to the chagrin Of the
many 'laborers in the vineyard" who had sold out
among the thirties and pocketed heavy losses. The
theory of the advance in Quicksilver is the ratfca
ton of a contract by which the product Of the mine
Is to be disposed of at $50 per flask against $780,
the price under the former ruinous agreement, by
which the stock declined to 4. This explanation
we give in order to correct statement that Quick
silver shares had been recommended as an invest
ment on account of the growing consumption Of
BLUE PILLS,
made necessary by the increasing luxury of the
comInunity intermediary Erie dropped to 81, on
a report that the controlling English stockholders
had agreed to sell the presidency to Jay Gould, but
rallied to 55. The tone Of the market at the close
on saturday was even buoyant because the reports
of satisfactory adjustment of the indirect damages
question were confirmed by
DECLINE IN GOLD
to 113X as against 1l4, the price on Tuesday, when
England entered her protest as already referred to-
A corresponding weakness In the foreign exchanges
was also attributed to this result AZ Geneva, and
to lowering OF the Bank of England rate of dis.
count on Thursday to the traditional three per
cent. With the yielding in gold there was proper
tionate decline in governments, which being quoted
in currency reflected the lower premium almost
Immediately, although on the other side our bonds
attained on Saturday the highest point in their his
tory Gold closed at 113H a1l3h. Money most Of the
week was quoted per cent, but there
transactions at as high as and at as low as per
cent
| THE COURSE OF THE GOLD MARKET.
The extreme fluctuations daily in the price OF
gold during the week were as follows:-
highest. Lo,cest.
! Monday. ......................... lA 1883
| tuesday. ...................ss..... ll4b lloIs
| Wednesday. ACKNOWLEDGEMENTS. 1855 1855
thursday. ...................'... ll31s lioA
| friday ........................... 1909 1903