The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-06-16
The Bank of EngIand---A
Financial Humbug.
THE MONEY MARKET
General Improvement in
Stocks.
The Summer Speculation Proba-
bly, Begun.
A HEALTHY BANK STATEMENT.
WALL STREET,
CVrNnAy lima IL 10

SUNDAY, June Is, 1873
Tho prominent feature or the past week-that in
which very large portion OF the business COM
munity are interested-was the sudden weakening
In gold recorded yesterday. True the decline was
not great, yet 1t was al-sutiicent to lend encour
agement to the belief that the leading operators in
making up their pool counted too strongly on con-
tngencies and at last have discovered the mistake.
The downward movement, doubtless did obey natu-
raj causes, and clearly responsive to the favor
able reports from abroad and the equally favorable
condition of our home markets. Nevertheless, 1t
is still an open question whether within the next
four months we shall not witness Tightening Of
screws as the result OF this momentary locking
up OF gold. and material advance in its
price. The clique have not reckOned without their
host. ana the operations OF the Secretary OF the
Treasury, bold shrewd and giltedged as they seem,
may yet demonstrate that the true key to the stu
alton is In the pocket OF Wall street. Men who
brave enough to buy gold at time like this with
view to speculate upon either natural or abnor-
NAL rise not likely to be frightened by the Bank
OF England, the buoyancy OF securities abroad, or
any other circumstances resulting from accidental
and temporary combinations in finance. They have
played for stake OF no mean proportions, and it
does not seem probable that they will yield the
game without struggle. Gold may continue to
decline for several days. but In the end the result
will bear out what has been reiterated in these col
umns, to wit: that when the conspirators here are
ready for their coup detat, the paltry sum in the
United States Treasury will not amount to a fea-
bite IN preventing the complete success OF the
pending scheme. The .n
DULNEss IN TRADE AND SPECULATION
that prevails is subject of frequent comment. 1t
Is felt not alone in Wall street. but throughout the
entire community. Our lmportations, especially Of
dry goods have been anything but remunerative
to the Importers and large amounts of goods
either remain in bonded warehouses, have been
sold at ruinous prices or reshipped to foreign
markets. This is said to be especially true OF Silks
velveteens and millinery goods. Any check, how
ever, to the spirit or restless extravaganza that
has existed in America for the last years is for
che best; for the moment that our people begin to
realize the Importance Of economy at home and in
the personnel, and to follow the noble example OF
the people Of France, who are probably stronger
moment shall we be on the verge of the resumption
such as this country has never known.
THE BANK STATEMENT.
The bank statement il unusually favorable, mas.
much as it shows gain during the week Of
$ll55,s2s upon the large surplus Of So s55
ported last week as over and above the legal re-
serve Of rs per cent. 1t win be seen that the item
OF specie has not been lessened and 1t is than
probable that the deposit Of gold as collateral sc.
curity has been again embraced in the weekly ex-
hibit for the purpose Of presenting the latter in it's
most attractive proportions The total liabilities
are $245, 57s 800. The legal reserve would amount
to SOL 1893 49, the which is ST. $50.
The statement. with It's predecessor Of the pre-
ia Uiv ha1n