The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-05-16
Reaction in the Stock Market---Prices
Slightly Improved.
CAUSES AND RESULTS.
money Easy at ) and Per Cent-G0Id Steady
ut LIZ ~ a liz 50.
Railroad, Government and Southern
Securities Steady.
WALL STREET,


The stock market to-day flew or on another OF
dts strange tangents, and responding to secret in
nuences, began process OF recovery from the de-
preston recently described. The street quickly
surmised the source from which tine buying came,
and, joining In the WORK, prices were generally
advanced from u TO Ia per cent In certain
quarters confident undert0ne prevailed, and
at was argued that che spell was broken which
has held stocks In leash; but ON the other
hand, suspicious strongly prevail that the present
IS only repetition OF the farce shat has 80 often
within the last sixty days been rung into play by
the prompter's bell. The backbone OF the "bul'
market, II not broken by the panic was, at least,
paralyzed, and little has occurred since that time
to give it permanent STIFFNESS strength Brokers
are blue because there Is no outside custom.
There Is
NO OUTSIDE CUSTOM
because old investors have grown shrewd by ex-
pertence, and refuse to put their money into
Atocks that show py their inability to recon q
process OF settling down 10 the lower basis en-
forced by contraction. Though money is nomi-
nally easy and quoted At and per cent 1t is not
equally easy to obtain for speculative purposes,
except on such securities as may be successfully
turned in day; SO that 1t is almost folly to regard
an upward movement at the prese nt time as In
dicative OF permanent reaction from the gloom
that has been hanging over the market. The
market is simply obedient to conditions that nave
followed all our panics There Is withholding
of1unds and
WANT OF FAITH,
a shrinkage OF values and dimnutlon of the pur-
chasing power Of money. There Is stagnation in
trade, decline in manufactured productions,
cutting down OF prices among the dry goods mer-
chants, and eager endeavOrs everywhere to make
both ends meet. The banks of the country cannot
legtttmately loan their surplus and hence send |,
TO New York, hoping that 1t may be ''pcked up" at
Il and2 per cent per annum on call; railroads are
endeavoring to adapt their expenditures to the
decrease OF their traffic, and thus In all the chan
knels Of trade is to he observed the movement OF
sluggish, unsettled current which. n not abso-
duteiy demoralizing Is certainly not calculated TO
encourage the
VAST SPECULATIVE INTEREST
which deals with the hundreds of millions OF dol
liars that have sought New York as a proper field
for profit. We find few people to-day who believe
in the sudden change that has been made from
the "bear' to the "bur' side, because they deem it
artificial, temporary and not warranted by the
outside commercial situation; yet prices to-mor-
row. by reason or the covering OF the short nter-
est recently created, may show even greater Qrn-
ness than they have done to-day. There are no
predictions to be made, and as we have before
written, the market will only ascend to O higher
platform when there are few brave men, with
enter. and by the purchase. or great blocks
OF shares repossess the control and give to the con
diton that stability which it seems to nave lost.
The transactions were as lollows:-Western Union.
S5,94O shares; Union Pacific, 1900; Wabash, LOO;
.,PacIfc Mail, $500; Ohio and Mississippi, 1900;
New York Central, $500; st. Paul. 1850; Rock
Island 500; Northwest, 5000; Erie 1900. Total,
133,Ss0. The opening was strong with an advance
ON closing quotations.
THE UNITED STATES TREASURY.
The Treasury balances to-day are as foilows:-
Currency, $964O0OO; coin. 600; certificates,
$36,670000. The customs receipts we're $303, 900;
for the week, So 900; revenue receipts LOT the
day were $3i6, 79S The following are the exhibits
OF the gold and silver coinage exclusive OF bars,
for the month Of April and the ten months ending
the same For April-Gold, $3,3o6,4 400; trade dol
lars, $4266O0; subsidiary silver coin, $16S,6S5;
total S. ,5s5. For the ten months ending April,
1874-Gold $46,2l4,040; trade dollars, 81. 900;
subsidiary silver coin, So o594 total $780, s91 1854
The Assistant Treasurer to-day paid out s2s1, 600
on account OF interest and $4,000 in redemption
Of nve-twenty-bonds.
THE MONEY MARKET.
Money to-day could be had ut per cent on
call, although exceptional loans were made low
as per cent 1t Is intimated that these low figures
made Tor purpose. Prime BANKERS notes are
discounted at 6 o So per cent Foreign exchange
CLOSED uul, with business at 4.SI5@ 4.S6 l0r HOOQ
to prime bankers GO day bills on London, and
L00k q 4.91 Tor demand.
THE GOLD MARKET.
The specie shipments engaged for tomorrow
amount to $95O,oOo. Other amounts are said to be
in course OF preparation for export by German
bankers The highest sum named Is 100000
Gold opened ut 11214, moved to 1125 1929, at
which the price was generally firm, but closed at
712X. The rates paid for carrying to-day were g.
~ and per cent to nat.
The following SHOWS the transactions at the
Gold Exchange Bank to-day
Gold balances. 1910, e43
Currency balances. ,483, $50
Gross clearances 81, 296, 600
CLEARING HOUSE STATEMENT.
Currency exchanges. 500 500. Sl2
sCurrencs balances. 34i9,924
Gold exchanges. 1907, 1856
Gold balances .......................... 5S6, liz
DRY GOODS IMPORTS.
The imports OF foreign dry goods az this port for
the week ending to-day were $1,el2, 1870 and the
amount marketed sl,7ll,25d The dry goods im-
ports for the corresponding period OF last year
were 1l34o. 255 ana Tor 1872 s2,19s,623.
SOUTHERN SECURITIES
were dull. We annex the late bids:-Missouri