The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-05-05
The Mishaps and MiSfOrtunes Which
II
Have Pursued Stock Speculation
Tight Money, Defaulting Cashiers
and Broken Banks.
PACIFIC MAIL A FINANCIAL JONAH
The Money Market for the Memorable Month
Of April, 1873
gATuRDAY,s BANK STATEMENT.

yATURDAY's BANK STATEMENT.
WALL STREET l
SUNDAY, May 4 1873.
TDe career OF the stock market the past week.
and in fact for series of weeks, has been anything
but remunerative TO the
OPERATORS FOR A RISE.
From day to day the most rational calculations or
q better state Of AFFAIRS have been defeated by
some mishap or accident as mischievOus as unex-
pected Tie market has been like those unlucky
people whom everybody's experience is more or
less familiar with in everyday life. No matter
what opportunities are Afforded, no matter what
help is given them, they are always breaking down
and getting In trouble. The stock market ought
long ago 10 have been in the smooth water Of easy
money and sailing on the buoyant tide Of
THE SPRING RISE.
But something kept turning up. In the first
place, the money was blocked in the remote inte-
ror OF the Western States, and withheld for nearly
two months beyond the usual time. Then, when it
began to reach the cques locked it up or sorted
out the gr eenbacks and sent them out OF town. and
so kept the banks good deal poorer than poverty.
Then the cashier Of the Atlantic Bank defaulted
and the bank broke, and every depositor in the
city began to lear every other cashier would de-
fault and every other bank would break. small
run on the Continental and Manufacturers and
Merchants Banks was the consequence OF this
APPREHENSION,
the public mind being assured only when the
Clearing House mad passed upon the solvency OF
the banks last mentioned, and declared them in
good standing. With this matter settled 1t was
thought the situation was all right. AS the poet
has told u.s. man isn't, but always is to be blest.
BY Friday the money market had settled to COM
parative ease, and the Spring rise seemed at hand
this time, sure thing and no mistake. But alas
for the trusting faith OF the bovine herd, the wag
ging tongue of scandal began to make free with
the fair name OF several of the biggest houses on
the street. for whom could you believe sound
after the failure OF Barton AllenFn Rumor even
went SO far as to say that
COMMODORE VANDERBILT
had fathered the difficulties OF OF the half dozen
or more vanderbilt houses,n and, acting less i'm
partially than In the Barton a. Allen case had
opened his purse strings and loaned his posterity
million or two OF dollars to help them out OF their
troubles. To cap the Climax the last day OF the
week the street, with Paul Pry mIschievous
Bhrewdness scented out the alleged embarrass-
ment OF MI. Stockwel, heavy operator in Pacific
MAIL and watching his movements "a closely as
though they were his CREDITORS. jumped to the
cluson that he had Jailed Something Of this re-
suit had been anticipated early in the week, &C
counting for the weakness in
PACIFIC MAIL,
the price OF which declined about q, per cent m
TO Friday night, and fell per cent more during
tie excitement Saturday, occasioned by the
reported failure OF the party referred TO- In the
semtpanic following this tumble and the rumors
OF impending bankruptcy in the case OF several
prominent brokerage firms, the market declined
quite seriously, touching by the one O'Clock Board
OF Saturday, the lowest prices OF the week The
greatest fall, as stated, was in Pacific Mail, which
went down cent 10 AQ3I no no Oraatacf
was in e. G. and |. c., which fell per cent to 32k
Union Pacific and 0hios went OF about 4 per cent,
and Ohos per cent. The other fluctuations were
confined within range OF per cent.
WESTERN UNION TELEGRAPH
being exceptionally strong and rising to S6k. The
publication OF the bank statement with It's excel
lent showing, checked the decline, and later re-
taxation in money caused reversal OF the course
Of the market, which assumed considerable
strength in the last few minutes OF business, the
rally being helped by a rumor that Messrs. Horace
+. Clark and Jay Gould had agreed to assist Mr.
Stockwell out OF his difficulties. The bank state
ment was the real secret Of the reaction, however
as 1t promises an immediate future OF easy money
The rate on call during the week ranged as high
u per cent day, but declined TO as low as s per
cent per annum, both being abnormal
ExTRgMRs.
II would be hard, however. to say what the
average was. The month OF April was the most
stringent in the history Of Wal street. The rate
On call for the thirty days, according to calculations
made by several brokerage firms, averaged about
~ per cent, or about 81 per cent per annum.
CommerciaI paper was nominal at pa u per cent
discount. Gold WIS weaker under the disturse-
ments on account OF MAY interest, and declined
from 117s to ll6h reaction TO the opening point
being occasioned il the middle OF the week by a
decline In London prices, the result, in turn, OF ap
prehensions OF civil wsr in France.
LATEST PEIcEs oP GOVERNMENTS.
The following we're the closing prices for
government bonds Saturday evening United
States currency sixes, ll4h o ll5k do SKIES.
1881, registered, Ii715 1171; do. do, coupon,
1904 III; do. lve-twenties, registered May
and November llib 1l5a4; DO. do, 1862, cou-
pom, do, I14x Il45<; do do, 1864, DO do, Hay
Hay; do. d. Isd5, do do, 11I1I ll7x: do. 1851
registered Japaary and July III. NY do. do.
1866, coupon do, 1l7h 117a do. DO. 1867, do
do, 1193I If9; do. do 1868, l171S us; do. ten
forties, registered, 1liL o NIX do do. coupon,
113k Iy8<; do. ives, or 1881, registered, 1Is,i
Hay 40. do. do, coupon. I14i< Il4z
THE COURSE or THE GOLD MARKET.
The extreme fluctuations daily In the price Of
-old during the week were as ioliows:-
H,ghest. Lo,rest
inlay OBSERVATION-DISCLOSURES. u71 III
suesuay ........................ ll1S ll6I