The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-03-24
The Dulness i'm Wall Street and
the Causes of 1t.
PERSONNEL OF SPECULATION.
The Course of Stocks,
Gold and Money.
Lease of the Harlem Railroad to the Now
: York Central and Proposed Doubling
Of the Capital Of Panama.
SATURDAYS BANK STATEMENT

SATURDAYS BANK STATEMENT
WALL STREET,
SUNDAY March %, 1873.
The week has been duh one in Wall street,
much to the disappointment OF the brokers, who
have been ransackng their memory for parallel
case OF
at this season OF the year. In explanation we
have, first, the protractcd scarcity OF money; and
second. the occupation of business men with their
legitimate concerns. 1t ID just the season when
merchants are engaged to the extent OF all their
time, and speculation is a luxury which requires
leisure for It's indulgence. Whatever may be the
inference-and the matter is capable both OF intel
ligent defence and OF censorious condemnation
the ranks OF the Wall street spectators are re-
cruited more and more every year from
THE MERCANTILE CLASSES.
II would startle many staid, odashiOncd mer-
chant to learn how many Of our merchants make
ventures in wall street nowadays. They are not
there all the time. be 1t understood; they devote
themselves during their busy season to their own
business with savish energy and perseverance,
But in the months OF dulness-the "O1'' seasons OF
trade to speak-they scan the stock list read the
money article, and make ventures here and there
in amounts varying from the conventional one hun
dred shares up to a thousand several thousand
shares 1t is the absence Of this element just now
which contributes not q little to the
DULNRss OF THE STOCK MARKET.
It is evident that q similar explanation will &C.
count for the lack of interest on the part OF the
great mass of Out-of-town operators. When money
is scarce and the interest account tends to eat
up the profits of venture the outsiders are 10th
to come in. Again, money has been and is worth
much all over the country this Winter and Spring
that rich men prefer the certainty OF the high
return OF interest to the chances Of Wall street. 1t
is only when capital is drug at two or three per
cent for its on call that 1t is tempted into stock
operations. Hence 1t is that we fnd plentiful
lack'' OF the ''outoftown ORDERS" which have
usually burdened the telegraph wires and mails at
this season In previous years. 1t is not impossible
that
THE SPRING RISE
may yet prove a reality and q successful eventu-
ality to the patient "bulls' Of Wall street. AS we
already know, the movements of trade and money
are all month to two months behindhand. The
merchants are beginning only now to experience
the activity in trade which should be at its height
A few weeks hence Wall street may have its turn.
1t seems more likely, however, that the fever Of
speculation will be deferred until nearer the Sum-
meE AS may be fancied from these comments
upon the stock market, the fluctuations OF the week
have been of important extent outside OF two or
three specialties. In general terms the market
was weak, and prices declined up to about Thurs
day, when
THE CURRENT CHANGED
and the lost ground was nearly reganed by Satur-
day night About the widest luctuation was in
Harlem, which, after an advance to 1897, on the
impression that the capital would be increased and
the road leased at per cent to the New York
10 tyal fall ha IN on hat ha
road would be leased at its present capital only
but would retain independent control Of the horse.
car lines in Fourth and Madison avenues-an
elastic source Of revenue-whch, by judicious
management, ought to add enough to the rental
guaranteed by the New York Central to make the
road pay its stockholders not less than 10 IL per
cent. At the close on Saturday report prevailed
that
THE PANAMA DIRECTORS
contemplated doubling the capital by the award Of
o scrip dividend to present stockholders. and ex-
pected to pay per cent dividends in future on
the enlarged capital. The course Of the stock.
however. had been at variance with this idea, as
its price declined during the week from 122 TO 1l2-
In fact, to l09h OK dividend. In the gold market
the premium recovered to l5x on the lighter ex.
ports and the heavier imports OF the week, the
movement being assisted by the action Of the
Treasury in issuing about two millions Of the so
called reserve of greenbacks. Money loaned at
Lie and interest and down to q per cent the
relaxation being quite encouraging ON the last two
days OF the week.
LATEST PRICES OF GOVERNMENTS.
The following were the closing quotations Satur-
day evening for government bonds limited States
currency sxes 1881 ia; do. do, 1884, registered
III 117z; do. do. do, coupon, l1s 1lsL; do.
nve-twenties, registered, May and November, l1e
ll6A; do. do, 1852 coupon, do, I16 o 1164;
do. do, 1854, do do, 1l6 ll61.; do do, 1866,
do. do, III NIX; do do, 1867 registered January
and July, lis 1l5>4; do. do, 1866, coupon, do,
IFS 11St; do. do, 1867, do. do, III MY; do
do, 1868, do. do., 1861 1l6,s do. ten-orties reg
istered. 110z q Ill; do. do, coupon, Ill lllh;
do nves Of 1881, registered, 1884 ia; do do. do,
coupon, 1854 ia.
COURSE OF THE GOLD MARKET.
The extreme fluctuations daily In the price Of
gold during the week were as foows:-