The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-05-30
FINANCIAL and COMMERCIAL.
ECOR RATION DAY.
A Dull Market Pre-
dicted.
English Views of the Mon
etary Situation.
SPECTATORS ON TIE BACK SEATS.
The Foreign Market
Buoyant.
MO n e Y e A = Y.
Union Pacific and Pacific Mail the
Features Of the Day.
The POOP Still Mys-
ferrous.
@ O L ID - II T. A ID Y I.
The "Pool'' Still Mys-
teriOuS.
Stocks Firm but Dull and Generally
Unchanged.
WALL STREET,
THURSDAY, May 29-6 p. nj.
DECORATION DAY.

THURSDAY May 29-6 p M.
DECORATION DAY.
The law having made tomorrow holiday
neither Of the boards of Wall street VIII be in SEES
si0n. Rest will therefore come to surcharged
minds and possibly in the interim there will be q
review OF the situation that will result in more
sane and active movements than have recently
been noted. The street complains OF dnlness. The
broker holds his chin down with sort of serio-
comic patience; the outside Spectator fingers
around the Geographic tape in the expectation
that one moment or another will show the rise or
fa on which he has based his hopes OF gam talking
sense and nonsense in the same breath, and won
dering at the pertinacy OF those spasms in specula
ton which trip automatically athwart his eye. Tor
the instant encouraging and then blasting his an
Sicipations.
THE LAME DucKn
likewise comes into the picture and, lowering
around his old stamping ground, gathers sort OF
interest in the progress OF daily events and venti
lates his experience on the "what was and might
have been 70 and SO, through all the variations OF
Wall street life, have echoes upon echoes OF
thought and speculation. IL amounts to nothing.
Boiled down, the situation may be summarized in
half o dozen words. There isn't man on
'Change or ont OF it, rich poor, who can tell
what day may bring forth. 7he real operators
are idle.
THE ..sMALL FRY'
are content with brokers' commission. In short,
there IL no leading mind to give direction to the
tendency OF Summer events, and 1t does not ap-
pear probable, from the present standpoint that
until Fall, any "boss" bull or bear VIII deign to up
set his equanimty to that degree which is neces-
sary to evoke the full magnetism Of the market.
Practically there is no probability OF financial dis
tuTbance either in the near or the far future The
monetary condition is strong. The gold clique, II
Stocks on their barebones-at least, such is the
EyAeral belief There are no rasping influences
ct work abroad.
THE SITUATION AT HOME,
among railroads, government and State securities,
imports exports, in the cotton and produce mar
kets-in fact in all those premises which form the
basis Of speculative calculation-s at once healthy
AMI within command. Hence there seems to be
no promising reward at stake in an attempt to
Overturn the market during these coming Summer
months, and we shall doubtless see just the same
inane condition reported from day to day that has
been recorded during the past two or three weeks.
WIS have entered the Summer solstce, and the
Stock and Gold boards have recognized the fact
by agreeing to adjourn daily at three p. M. in
order to enable their members to leave town at
reasonably luxurious hour.
THE FOREIGN MARKET
was buoyant The fact that the directors OF the
Bank OF England on this, their weekly day Of con-
ference saw no reason TO change their rate Of dis
count; that the premium on the French loan in
view ofthe possibilities OF French disturbance that
would have unquestionably displaced values had 1t
occurred, jumped to an advance OF ca per cent;
Shat Consols and all American securities are
stronger and steadier, gave o TO the local
tet that was felt, perhaps inierentialy, through
out the day. Speaking Of the present foreign stua-
zion, the Investors Guardian of the 18th Of May,
takes cheerful view when IL states that zone cir
cumstance in connection with the
LATE UNPRECEDENTED RUN
upon the cellars OF the Bank OF England is worthy
OF especial note, and is calculated to present a
theme OF much congratulation to fnanciers and the
country generally. Eight years ago there came to
ns from most OF our important colonies a simuta
neous demand for money, and the London dealers
erected large loans for the Cape, Australia, New
Zealand Victoria and Nautilus, on terms very adj
vantageous to ourselves The event has proved
shat there was threefold advantage in these loans.
Net only did the subscribers OF the money divide
among themselves from one to two per cent annu-
ally on all that passed through their hands but they
now have the satisfaction ofknowing that their ex-
ertions have greatly stimulated colonial enterprise
and progress, and also that the borrowers are by
this time enabled to become in their turn lenders
10 q large amount. There is at the present mo-
menL u Bteduy VI pOlu IToIn nearly nll the
colonies named which has a very apprecable
eject In diminishing the tension produced by the
extraordinary commissions OF European money
markets during the past few years. All this is as
It should be; and 1t is salutary TO see so clear an
Illustration OF the fact that our wellplaced con-
ndence in our colonies rebounds TO our own adj
vantage with certainty and precision. We are
now reaPing the benefit OF that remarkable advance
In colonial commerce.
IL may be added 20 the above that the inquiry
for
GOLD IN ENGLAND
is still very active, and while the United Ss2tes
mas no immediate reason to send specie forward
Australia and other colonies OF Great Britain have
already shipped to an extent well nigh equal to
the Continental demand, so that the balance in the
Bank OF England IL not very likely TO be seriously
disturbed, whatever may be the slim accounts TO
che contrary. The advices Of to-day show that Erie
was easy at 49l4 49K; new 1ves advanced X per
cent, and are now quoted at s91I the issues OF
Js8! are at 94x and ten-forties at ssK q So Paris
rentes participating In the frmness OF the Con-
finental market, have advanced to $500.
THE MONEY MARKET
preserves Its equanimity. Anybody who possesses
good commercial paper can secure from to per
cent discount thereon, while call loans range from
to per cent. Foreign exchange was dull from
1Oek TO 10sx for prime bankers sixty Gays ster-
ling, and 109k q 1927 for sight. The prices for
Continental exchange are the same as quoted
vo,sardav The cuatoms recgipts tljay were