The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-06-30

months with the nve months OF lSIz ana 1911 SHOWS
how strong the outward current now is:-
IMPORTS AND EXPORTS OF GOLD IN THE FIVE
MONTHS OF THE FoLLowfNG YEARS Compared.
Imports Exports Inspori. Export.
1873. .f6, 952,426 s1o. l17,077 fSla 6Sl
1871 sssssa . s5s,ad
The imports In the last five months were less than
they In the corresponding months OF 1871, but
the exports are twice as large as the exports IN
1871. In The latter year, too, there was surplus
OF import In the i've months amounting to
q surplus OF export amounting to s2,2s2, $50, and
port Is f3, 164, ISL"
THE TREASURY AND THE SYNDICATE.
Incidental to the above subject correspondent
contributes the following conundrum, which is re-
specially referred to the proper department for
answer. The thoughts expressed corelatively may
be heard echoing through scores OF ofiices In our
great money centres, and are fair exhibit Of the
arguments of those who are basing their belief as
to the future OF gold upon certain contingencies
foreshadowed in this COMMUNICATION
win you please explain on what grounds tho
Syndicate uninterruptedly claim the success OF
the new five per cent bonds, Offering by the gov
, ernment, have ever since their appearance, been
a0tsa pr 81 n u New YORK
against their original cost OF Of and 100 respec-
lively, at an average discount OF from lh-l@ per
cent? IL the Treasury violating the laws OF Con-
gress by selling these bonds below par, or Is 1t
credible that the Syndicate could be engaged in a
cannot be sold above 9sY You viii agree that these
operations admit OF grave. suspicious Nobody
VIII believe that the Syndicate WORK pom "a gore
other compensations than the legitimate commits
sions allowed by the government to make up their
lossesY This certainly requires prompt investiga-
ton. 1t is evident that certain spectators in the
gold market are greatly assisted by Treasury opera
tons
AT THE EXPENSE OF THE MASSES
and IN favor only OF the ring OF bankers called the
How could the operations OF the Treasury be
otherwise explainedP Already vague fear Of
such unjustidable acts Is spreading. The large
amount OF gold certificates IN circulation
1885 G0O, 000) against the but too well known small
reserve or hard coin about $72.00oooO) creates
uneasiness in quarters where confidence IN the
governments Treasury is OF essential necessity.
These operations show unmistakable signs OF
helping speculation destined TO enrich few 30
press the premium In gold unnaturally low. and, as
q consequence, the decline produced by Increased
sales or the Treasury and an unaccountable over
issue of gold certificates has brought about an out.
flow TO Europe OF part Of our greatly impaired and
needed gold reserve which, If not promptly
sions. Once sent abroad, who knows not that
there is no return OF our precious metalg The
question, therefore, arises, why our all.important
reserve is uselessy squandered now, when all the
elements exist Of strengthening 1t for squally
daysy without intending to prophesy, 1t may be
ness il persisted In, will END in disaster Perhaps
1t is yet time to remedy the evil by Immediately
contracting the ROlu by
ing our largely impaired reserve and by stlmuat-
ing shipments OF everything else but our precious
metals, this policy simultaneously and unfailingly
also acting as a salutary check on our extravagant
importations.
THE STOCK MARKET
during the week was excessively dull-perhaps
the most undressing that can be recalled in the
history of the street. Although prices are low,
there seems to be no disposition to engage in
active enterprises, and there arc no symptoms OF
an early infusion Of speculative elements, much as
they are hoped for. The great leaders are either
absent or patiently awaiting the organization of
new combinations and notwithstanding the ease
of the money market, even the less pretentious
operators averse to campaign that cannot
be begun and closed within forty-eght hours at the
outside.
HIGHEST AND LOWEST PRICES
Tho fotlovOC table shows the HIGHEST and loypst