The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-05-02
The Condition Of the COuntry---PeOple
Practising Economy.
THE MONEY KET.
Gold and Government
Bonds.
THE UNITED STATES TREASURY.
Stocks Stronger = Combinations
and Possibilities.
WALL STREET,

WALL STREET,
FRIDAY, May l-6 +. NJ.
Trade in the West viewed from financial point
OF view, does not appear TO be more encouraging
than 1t Is at the East. The banks are reported as
doing only a moderate business, and universal de-
preston exists From Chicago comes the infOrma-
ton that purchasers in that market who in good
times easily obtained credit now ind 1t difficult
20 do SO, General retrenchment is observable
both in business and living. Great numbers OF
persons have been forced out Of cerksnips and
driven TO seek remunerative work elsewhere.
The middle men are fewer and less well paid,
while retailers in the city have it is reported not
only lost good deal of their custom. but suffered
an unusually large amount OF paper to 60 TO pro-
test These are
UNPLEASANT FACTS
TO record. but 1t is not diflicult to descry the
source OF the evil. The panic produced its natural
consequences, such as loss OF confidence and con-
traction in trade; but Congress, by the stupidity
and uncertainty OF its legislation has done thou
sand times more evil in disturbing values, throw
ing business on its balance. and unsettling the
judgment OF the merchants, manufacturers and
producers Of the country. Thirty-ive millions Of
people are to-day practising economy more rigidly
than at any time sin zee 1861, while the
GOVERNMENT IS A GREATER sPENDTHRIFr
than at any other period OF peace In Its history
The decline in our imports shows less extravaganza
on the part OF the masses; and everyw here, from
the household TO the grandest bazaar, may be wit
messed a curtailment Of expenditure and adapta-
tion to the peculiar circumstances OF the nation
Even the railroads have been forced to reduce
rates, and some OF them-as, for instance those OF
Wsconsln-are compelled to conform to State laws
that forbid profit. If they do not entail actual
loss. We observe that the Chicago, Rock Island
and Pacific Railroad has issued q new local tarin
which SHOWS
REDUCTION OF TWENTY-FIVE PER CENT
on the old rates The Milwaukee and st. Paul
Railroad has likewise adopted lower scale Of
prices, although one not in accordance with the
new Wisconsin law, the reason given for the dis
obedience being that no State has right to oblige
common carriers to do what In the nature Of
things cannot be safely done, and that the COM
pany might as well carry for nothing at the
rates prescribed. These facts all point in one
Observation-Disclosures Congress owes it to
the country to so shape its legislation as that at
the earliest day possible the people may recover
from their depression, and in reviving establish
themselves upon commercial basis that has for
ats sbed-rockn o currency that is worth 100 cents
70 the dollar.
THE UNITED STATES TREASURY.
The total payments by the Treasury on account
of May interest," date. amount to S. ST., 0CO The
Assistant Treasurer paid out to-day $4,000 &C
count OF interest and $4,000 in redemption OF ve-
twenty bonds. The Custom House receipts to-day
were $426 900. The internal revenue receipts
amounted to s555,Ooo. The following are the
Treasury balances :-Currency, S5,25s, 074; special
deposits OF legal tenders for the redemption OF
certificates OF deposit, s5, $780, 600; coin balance,
$33 TO- sO0-incuding coin certificates, 500 3OI 952;
outstanding legal tenders $685. 600 000 the amount
OF dve-twenty bonds outstanding to date is
$4,7a2,6O0
THE MoENY MARKET.
Money closed easy to-day at and per cent on
cali Discounts remain about the same. Foreign
exchange was firm at the regular rates, to wiz
ASS for sixty days and 4.9l for demand
THE FOREIGN MARKET.
According to late London advces the rate OF dis
count the open market for three mon ths' bills is
1916 per cent, which IS 3-1e per cent below the
Bank OF England rate. Parts dispatches quote
rentes at sol. SOC. The amount OF bullion which
went into the Bank OF England to-day on balance
was E6,000.
THE GOLD MARKET
Gold sold down to- 112H to-day and up to 113S,
but closed at 13. The rates paid for carrying were
81. and 2 per cent.
OPERATIONS AT THE GOLD EXCHANGE BANK TO-DAY.
Gold balances. ACKNOWLEDGEMENTS. Sl,l74s40
Currency balances. Observation-Disclosures. ,337 g05
Gross clearances. ACKNOWLEDGEMENTS. 34,2l3oO0
CLEARING HOUSE STATEMENT.
currency exchanges. 81, 3s4 707
Currency balances ..................... 1905 26s
Gold exchanges OBSERVATION-DISCLOSURES. 5,977305
GOlu balances 7lSl37
The specie shipments Tor tomorrow are SAID to
be $350,0o0.
DRY GOODS IMPORTS
The imports OF foreign dry goods at this port for
The week ending to-day we're s1,S75,4Se, and the
amount marketed s2,317,3 $780, The imports for the
corresponding week OF last year were 81, 721, 42S
and for 1872 49, $780,
GOVERNMENT BONDS.