The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-05
GOLD STEADY.
Reduction OF the English Bank Rate-Ameri-
can Securities Abroad Firm.
MONEY STILL EASY AND ABUNDANT.
WALL STREET,
THURSDAY, June 40 p. M.


OF net earnings, although on a large decline in
gross receipts. The rumor impaired some strength
TO the price OF the stock. II will be recalled by
the readers OF this column that about two weeks
ago the Toledo, Wabash and Western Company
gave to the public similar statement.
THE STOCK MARKET
gave no PROOF of the strength that has been hoped
for, prices barely holding their own. In several
instances the gains OF the day were more than
lost, and In but one case did the improvement ex-
coed u per cent. The exception referred to is
Harlem, which moved from 1863 at the close last
night to 1913, opening and closing at that price.
The Impression prevails In many quarters that the
street has enJered upon Its usual summer duiness
and Will more easily yield to depressing influences
than to any EFFORT made to create and maintain o
condition OF strength. When the bears take or
their grip and change their tactics
.r THE OUTSIDE ELEMENT
will doubtless come in; but Just now there is little
to encourage a speculator In record OF nuctua-
tiOns which shows greater decline than before
alternating with each advance. The situation is a
difncult one on which to base predictions. for in
order to understand the market one must be able
to analyze the motives ana discover the purposes
OF the master spirits who nnquestionaby now
have it under control, and who. by the way, are
fortunately aided by series of natural causes
which win half OF the battle. The improvement OF
the day was as folows:-Lake Shore u per cent
and st. Paul Il per cent. Erie lost n per cent
Wabash Il, Union Pacific n and Western Union x.
%. THE SALES OF STOCKS
embraced q total Of 114.l67 shares which were
distributed as follows:-Western Union, %, $50:
Union Pacific. $50; Wabash, 400; Pacific Mail.
1900; New York Central, 1885, Lake Shore
4O15e; St. Paul, 1900; Erie, 1000; Rock Island,
5000 Northwest 4,e25; Harlem, 200; Ohio and Mis-
Irnn nj
THE COMPROMISE.
Late kilograms from Washington are to the
eject that the Conference Committee on Finance
Will agree upon some compromise" measure.
Blu: compromise under present circumstances
means nothing. The government has before 1t one
duty. It is plain and simple, namely to retrench
In its expenses. When this is done we shall hear
less Of the ability of the administration to redeem
its broken pledges. Had the Chatrmen OF
the Finance Committees OF the two houses
of Congress possessed not merely strong convic-
lions OF she duty OF government, but also the ab-
tty to maintain and enforce them. the word 'com-
promsen would never nave been heard while the
credit OF the United States was at stake. Proba.
bly, ere this should have had such legislation as
would have placed that credit first in the world,
and restored confidence which cannot again
exist SO long as Congress claims the power to add
one dollar to the volume OF legal tenders. Unfor-
tunately the friends or honesty have been be-
trayed In their own stronghold Mr.. Sherman, the
Chairman of the Committee on Finance OF the
Senate, who, when the first Legal Tender act was
being debated in the Senate in February, 1852,
almost under the fire of hostile guns. used this
language, Il agree that this measure can only be
justified on the ground OF necessity. Is there
such necessity ~ and who, only some
fourteen months since, in report to the Senate
upon the issue OF legal tenders In october 1872 by
Mr. Boutwell,, declared that the act OF the Secre-
'tary "was unlawful and without warrant OF law,-
Mr. Sherman, who said all Of this and much more
in private conversation, and whom the friends OF
honesty had right to expect would use the high
position he ne,d to keep in check and hold back
the forces Of reputation, the nrst man in the
United States Senate to hint at q possibility OF
compromise on this subject, thus al once sacri1c.
ing not only all the influence which belongs to his
position but with 1t the true interest OF both the
government and the people. II the past six
months experience with an innatlon OF paper
promises has not been enough to satisfy the dull.
est intellect In the Congress OF the United States
that no relief for the existing commercial and
financial troubles can come from such a source,
but that, on the contrary, 1t involves sure and cer
tain ruin and general insolvency then is this
country cursed with an imoecity in high places
such as never existed in any otner.
'~ THE MONEY MARKET.
Money loaned on call at Q and per cent
Commercial paper ruled as usual. The banks are
seeking employment for their surplus capital on
the street. Foreign exchange was dull and
weaker with actual business at 4S7.i for prime
bankers sixty day bills aud 4.s7k 4s7lS for good
bankers. Demand bills brought all the way from
A90 to iAs1, according to grade. The specie en-
gagemen.s to-day amount to s1.O37,6 S5, OF which
$709, es5 Is for Europe.
THE FOREIGN MARKET.
The London market shows no material change
and the cable comment is that American secur-
ties are strong on easy money. The following are
the late quotations --Consols money 92%; con.
soils, account, 025s; old '65 bonds, 1857 a 1887;
CTS, ITO a uOh; 10-4o's, 1915; new lves, 1861;
Erie, 30x. The rate OF discount OF the
Bank OF England was reduced by the directors at
their regular meeting to-day from 81 to per cent.
The OF specie In the Bank OF France during
the week Is 1S. 022 900 francs. Rentes are quoted
at 59f csc. The specie 10 the Bank OF England
has increased $685. 900 during the past week. The
proportion OF reserve to liabilities is AK per cent
against 43X per cent last week The following are
the quotations In Amsterdam Central Pacific,
frst mortgage bonds, 77,S; Union Pacific. frst
mortgage bonds. 72H; Union Pacific stock. 22x;
Northwestern preferred, ASK; st. Paul preferred.
20; Erie 2gx.
THE GOLD MARKET
In the face or the heavy shipments made gold
continues to exhibit weakness, and we note to-day
the opening and closing price at 1l1K, with the in
termediate price at 11lT. The rates paid for car
rying were TX, and finally per cent Loans
werc made nat The bids for government gold at
the Sub rreasury today amounted to $3.4O5,O0O,
at prices ranging from I1l.o1 to 111.55. $1llo0o0
was bid for at lll5a to 1Ii.55.
CLEARING HOUSE STATEMENT
Currency exchanges. $72 ,O12
CurIency paiauees. OBSERVATION-DISCLOSURES. 3,219,5H
COLO exchanves. ........................ 9,6S2 925
Goio uaahccs. 1,053,066
The operations OF the Cold Exchange Bank to-
day were:-
Gold balances. 81, 221, 612
CURRENCY paances.. 1,474,0l4
1roSs cica'ances'.. .......... 25,310,OO0
TUR UNITED STATES Tpp.cr,y