The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-28
FINANCIAL and COMMERCIAL.
Wall Street and the DulneSs in the
Stock Market.
The DefalcatiOn in the Atlantic National
Bank and Its Lesson. -t
DISHONESTY vs.. M1SMANAGEMEHI.
The Money and Gold Markets-SaturdayA
Bank Statement.
WALL STREET,


WALL STREET,
SUNDAY, April u, 1873
The subsistence Of the recent stock panic and OF
the excitement tnat attended it mas been followed
by the gradual relapse OF the market into
QUIET AND DULNEsS
The last three four days OF the week were, In
fact intensely dun, Notwithstanding the contem-
poraneous steady relaxation in money and tho
more cheerful condition in general OF the financial
situation The serenity Of the week in this respect
was disturbed only at the very close, when the ex-
traordinary revelations from the Atlantic National
Bank sent everybody home to ponder over tho
mutability and uncertainty OF the Wall street de-
partment Of human affairs. The bank In question
was not popular one with the bankers, or with
the Stock Exchange people. but it was far from
being regarded as uns0und. Its
SUDDEN COLLAPSE
produced only slight effect upon the stock man,
ket, for the that comparatively few brokers'
accounts we're in the concern, and the street was
but little affected by the defalcatiOn. What the
effect will be in the ensuing week, when the defal
cation has been followed by the banks suspension,
is another matter. 1t aggravates the unfortunate
character OF the event that it should happen at
time when the public mind has been rendered 80
sensitive by the prolonged stringency in money
and the vague fear of more serious result than
the ''break" or panic in stocks week before last.
It'll
NOT ALTOGETHER FAIR
to charge the monetary situation with the failure
OF the Atlantic Bank, for an honest and conscien-
tious oficer at the cashiers desk would have had
no such confession to make as Mr. Taintor voun-
teered to the Chairman Of the Clearing House Com
mittee and his bank would have been to this hour
q nnnIo a fha hoc nf ham II hn
however, to endeavor to make the public see that
personal dishonesty is not the real reason Of the
trouble in this case and tina. our banks just a.
innocent OF completely with Mr.. Taintor as is the
Church with the occasional minister who falls from
grace. There is widespread fear that there are
OTHER TAINToRs
among the cashiers and other Ocean and Atlantic
banks among the numbers of our local institu-
lions. And yet the essential character Of banking
operations in this city has been, in a general way,
strictly conservative. How many failures have
there been from actual mismanagement, from dis
counting bad paper, or from an undue expansion Of
credits So few, even in long series Of years. that
they could be counted on the fingers Of one hand.
The Atlantic Bank has been bankrupted by theft
as much as If its assets mad been stolen from the
counter by "Dutch Heinrich" or Its safe bursted
by English Harry" To a certain extent misman-
agement in one way can be alleged, because OF the
NEGLECT OF THE DIRECTORS
to make themselves acquainted with the actual
condition of the bank from time to time. But the
average director is an easy going man, content to
believe his cashier incapable OF dishonesty espe-
cially II the latter be in good standing in society,
possessed ola fine house, and, more than all, MEM
Der of the church II the commotion which is likely
to follow this affair results putting higher pre-
MUM on sterling honesty and integrityit will have
proved BILE ssng In disguise. :,
The DRIFT of the money market during the week
has been toward
LOWER RATES,
and signs are already plentiful that the Summer
will witness glut OF money at this centre which
will be the antithesis Of the recent stringency.
Notwithstanding the contraction Of the three per
cents during the past two years, there is just as
much paper money in the country, and the greater
part OF it will ind It's way to Wall street for tempo.
rary deposit during the interval Of inactivity in
the country hence to the Fall. The rate on call
loans ranged as high on one day as 40 per cent,
but by Friday and Saturday had settled to an aver
age Of about
7AS PER CENT.
The relaxation has encouraged transactions In
commercial paper, and some moderate amounts
have changed hands at about ten per cent discounts
for prime names, the quotation ranging from nine
to twelve per cent. frner tendency in the
foreign exchanges has also been developed, but
rates are still far below the average at this season.
showing that the demand on account of importa-
tions of foreign goods has been less active than
would have been anticipated in view of the amouns
OF the imports 1t is estimated that the amount Of
FOREIGN GOODS
In bonded warehouse is not far from $780, O00 600
enough to supply the country for over six months
to come In certain cases 1t is asserted the consump-
ton has been inadequate that the factors or brok
ers to whom the goods had been consigned were
compelled to reshp the packages in lieu OF sending
bills Of exchange This fact, in connection with
the current heavy exports Of domestic produce.
explains the difficulty encountered by the clique in
reviving the speculation IN god the price OF which
has been sustained at range OF l17l< 117zs. In
the stock market steadness was the rule, If we ex-
cept Pacific Mail, which was feverish and fiuctu-
ated several per cent.
LATEST PRICES OF GOVERNMENTS.
The following were the closing quotations Sat.
urday evening for government bonds:-United
States currency skies, 114z IFS; do.
skies, 1881, registered 117h 117A; do. do.
do, coupon, 1909 121; do. fve-twentes regis.
tered, May and November, 114Z a IFS; do. do,
1862, coupon, do. 1855 11sX; do. do, 1864, do.
do 1855 Mss do. do, 1865 do. d. 12Oz 12Ox;
do, 1867, registered January and July, I17x
ll7S; do do, 1866, coupon, do, 117Z a 117x; do.
do 1857, DO DO, 1893 1197s do. do, 1868, do.
do, 1174 49, do ten-forties, registered, nix q
1l2A do do, coupon, 1134 ia; do. nves OF 1881,
registered, 1l41a Did; do. do. do, coupon 116l<
ll6a.
THE COURSE OF THE GOLD MARKET.
The extreme fluctuations daily in the price OF
gold during the week were as iolows:-
HtGneSt. L0loeSf.
Monday ACKNOWLEDGEMENTS. 117Z ll7X
Tuesday OBSERVATION-DISCLOSURES. 11IX 117k
" ednesday. OBSERVATION-DISCLOSURES. 11Iss 117k
Thursday ......................... 117X 117x
Friday Observation-Disclosures. 1l7X 117k
SATURDAY. 117A 117X