The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-06-02
SOCKS GENERALLY FIRM
Secretary Richardson FOreshadows
His Policy for June.
THE BANK STATEMENT.
The Manipulations in
Gold.
CLOSING PRICES ON SATURDAY.
WALL STREET.


WALL STREET
SUNDAY, June ], 1873.
There have been spasms OF activity during the
week In all departments. but the general tenor may
be represented by one word-dulness. The specu-
lative spirit has shown Its chief interest in Pacific
Mail and Union Pacific, but both OF these stocks
nave been subject to certain artificial influences
that are already familiar, and 1t is scarcely neces
eary to advert to the causes OF luctuation The
remainder OF the market in the main was not only
steady, but at the close OF the week manifested
strength IN keeping with the precedents that at
TEND this season OF the year.
THE FOREIGN NEWS.
In the main the foreign news presents no fea-
lures that are not encouraging. Our bonds. rail
road securities, consols, rentes and the premium
on the French loan indicate solid Continental
substratum. This genial influence being reflected
to our own market, the result IS seen in firm gov
ernments, steady gold and strong stocks.
THE MONEY MARKET
during the past week has been remarkably easy and
at the close borrowed additional strength from the
Improvement in the bank statement. The latter
taken in connection with the policy OF the Secre-
tary OF the Treasury, as loreshadowed below,
would seem to indicate That we may expect new
temper In the life blood of the nation.
THE POLICY OF THE TREASURY
Secretary Richardson, in his dispatches to-day,
which naturally afford cue for the operations OF
the ensuing MONTH has instructed the SubTreas
ury Of New York to 'sel millions OF gold and
to buy one million OF bonds during the month of
Junen The tendency Of this order will be to dis
turb the operations OF the gold clique, and we may
look at once for a bear movement.
THE BANK STATEMENT
for the week was in the main favorable. in
asmuch as it shows gain of sS4S, 175, and nearly
restores the surplus reserve reported last week.
The legal reserve now amounts to $4,9lS,650 the
percentage Of reserve to liabilities In the case OF
national banks being about 27.6l per cent. There
has been decrease in loans, specie, circulation
and deposits, with an increase OF S1579 400 in legal
tenders. The statement, with its predecessor OF
the preceding week, is given below
May "a. Man 81.
Loans. SITS, $4,000 $277,957, 500
Specie. ............... 20o32,600 1s,4S2,OO0
Clrcuatl0n. ...........-. 27,403,o0O 27,446, 100
deposits 209, 10000 20S. 1885, 500
Legal tenders. ......... 42,752,900 A, 800
The changes for the week have been as folows:-
Decrease IN loans. s1.SS7,500
decrease IN specie OBSERVATION-DISCLOSURES. O.6OO
Decrease IN circulation, ................. AZ, 700
Decrease in deposits. OBSERVATION-DISCLOSURES. 1,625.S00
Increase IN legal tenders. 1,579,400
The above figures show that the banks now hold
$4,91s, $50 in excess of the required by law
as against S4,O7O,475 last week, the gain being
$S4s175.
was steady during the week. 1t was evidently not
the intention OF the Clique to prices in such
. manner as to arouse suspicion. Yet there are
grave reasons for the present manipulation, and
those who look at the relationship between specie
and currency, and see the strong volume OF the
one and the slight substratum OF the other, are
forced to the conclusion that the parties who have
so persistenty absorbed gold for the last three
weeks have done so with keen eye to the future
and in expectation OF results that will accrue from
causes not more speculative than they are natural
GOVERNMENT BONDS YESTERDAY
opened quietly, but retained their frmness, with
increased activity towards the close OF the day.
The quotations indicated strong sympathy with the
foreign market, and the demand is not likely to
Blacken while surplus capital abroad continues to
seek profitable investment. A fair business was
done In the issues OF 1881, 65 and '6S. Secretary
Richardson Is reported to have received q
despatch from Government Agent Catel, at
London to-day, stating that the called bonds
are coming in rapidly. The indications are
that another call will be made this week. The
following the last quotations: -United States
currency skies, 1865 116i4; do. sxes 1884, regis
tered, 11SA 119; do. do do, coupon, 122 122i4;
do. 1ve-twenties, registered, May and November,
.1161l III; do. do 1852, coupon, do, 1864 Ill.,
do. do, 1884 do, do 11634 III DO do, 1865, do.
do, 11sH 11Sss; do. do 1857, registered January
and July, 1854 1l9; do. d. 1865, coupon, do,
1l9 q 119A; do. do, 1857, do, do, 1918 a 12l7s;
do. do, 1868. do, do, iloN 40; do. ten-fortes
registered, 1l2h 1l3; do DO, coupon, 1l42S
114M; DO. 1vos. 1881, registered lis 1l6; do
do, coupon, 1i5s@ ZIG.
HIGHEST AND LOWEST PRICES.
The following table shows the highest and lowest
prices of the principal stocks during Saturday: