The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-11-21
FINANCIAL and COMMERCIAL.
WALL STREET. |
DAY, Nov. 2j---lo70. !

/ THE GENERAL TRADE or THE CITY
during the past week was active and satisfactory to
the wheat and cotton dealers, the contingencies OF
an extensive European war creating demand at
Liverpool which gave the exporters full lines OF or
ders, the execution OF which was rendered more
easy by the advance In gold and foreign exchange.
the cotton market was irregular until toward The
close, when the marked decrease In the receipts mt
the home ports ana the large shipments OF the week,
COMBINED VITA the more peace III tenor OF European
advlces, rendered IL firm. In the dry goods trade
there Is continued complaint of duness the unsea-
sonable hneness Of the weather checking bus-
ness In wosllens ana heavy dry goods while
| the public taste seems undergoing
change IN the matter or foreign goods
winch has left the importers with heavy stocks on
their shelves Whether this ackieness be the result
OF fashion, economy or other influence, fine goods OF
the style now ON hand do not go of well as was
anticipated. What business has been DONE how
ever, was cautious and the wholesale dealers report
their country collections unusually prompt. Up
town trade Is good but the retailers are anxious for
o cold snap In order to precipitate activity.
THE GOLD MARKET
| In financial circles the speculative feeling mas
| found most exercise in the Gold Room owing to the
! fresh complications In Europe. Great disappoint-
ment was experienced, however In the compare
lively narrow fluctuations In the price of gold. tho
/
precious metal being still fresh to tempt opera
tors to hold Tor heavy rise, not to speak or the
normal influences which at this time are
adverse to a high price for gold Hence
While the dealings were very large the clearances
one day amounting TO nearly $40 600 900, operators
were content with small profit. The extremes OF
the week were ll0h and 1l3hthe latter point beng
| attained when it seemed morally certain that the
ciakoir Granville correspondence would lead to
| war between Russia aud England. The excitement
| was as great almost as war had been actually de.
| clared SO that such an emergency seems TO
| have been almost fully discounted In the
price of gold at nay The comparatively small rise
| is due to wholesome apprehension or the inter-
| ference OF causes which, without the present dis.
turbance abroad, would incline gold TO point sew
era per cent below ITO. These are, briefly the highly
satisfactory condition of our foreign trade, which,
| according TO the statistics or the Bureau at Wash.
ngton left the lst OF September with the small
balance OF only So 1850 900 against us; the continued
disbursement of the November interest on the public
debt; the approach of January l when further in
salment OF nearly S3s,oooooo coin interest IS COM
ing out OF the Treasury. and the heavy exports Of
wheat and cotton. Indeed, as the war In Europe
has closed to us the sources II not the supply Of
] many foreign goods which entered largely into our
| imports, ana as the ensuing six weeks are In the
height OF our exporting season, 1t would not be at
| all surprising II on the 3lst OF Deem
| Der next we shall have exported more
than we imported during The year which will then
close. Under these circumstances gold at present
| prices Is far from being cheap particularly II peace
In Europe remove the danger OF any sudden return
| OF our flvetwenties.
| THE srocK MARKET.
The feature OF the weeks movement at the Stock
| Exchange was q sudden decline OF and hall to
two per cent In the active list, following the expec.
tation OF probable war between Russia and
| England. As far as 1t was possible to
discover this decline was the result rather OF specu
larve sales than OF any general change In the feel
ings OF the holders OF stocks, the situation OF the
money market being such to encourage reten-
ton OF investments. In fact, the financial situation
Is without the least cause OF alarm. The banks were
seldom In strong position Last night at the close
OF business they held not only the required
by law, but nearly $14 100000 In addition so that II
necessity required they could expand their loans to
the extent OF $50 000 AS to the disturbance
which would be brought about by actual hostilities
between Russia ana England, It would be but q tenn
porary furry. Indeed, some or the railway officials
have been heard to express wish that war would
take place. for it would swell the freight earnings OF
their lines. The Crimean war began October. 1854
| season CT the year when money Is usually very
stringent and in those days gold was the only re-
serve which the banks could hold, and as the war
at first took large quantities OF specie TO Europe
the banks were compelled to contract heavily. Not.
outstanding these adverse circumstances stocks
fell or an average of only five to per cent In
the interval to December 80, 1854. Here, however,
the current suddenly turned and a sharp rise en-
sued New York Central and Reading rising nearly
20 per cent. A better parallel is to be
found, however, In the Austro. Prussian war Of
1856, when, as now, specie payments were sus.
| q IN
serve, and gold was simply commodity for ex-
port, like cotton wheat. The difference was tnat
IN 1886 the gold coin Of the Countrywide basis
banking-was Liable to sudden diminution, while
in 1866 the real reserve Of the banks
the $780, 900 legal tender currencyis not In the
least liable to contraction by deportation to Europe
In 1868 stocks steadily advanced ana, during the
three months the war lasted, rose about 10 per
cent The normal fuctuation In stocks, with war
between Russia and England, should therefore be to
higher prices even II we had passed the season
of tight money which appears to have been the only
reason OF the preliminary fall In stocks when the
Crlmeap war broke out. The Inference that the de-
cline last week was the result OF speculative sales
is thus strongly confirmed To analyze the position
more closely, we are situated now as we were just
before the AustroPrussan war broke out, or as we
! were ct the beginning OF the year 1885, IN the
Crimean war, when, the strlngency in money COR
rected OF overcome, stocks took their rise OF 10 TO
20 per cent.
THE GOVERNMENT BOND MARKET.
The government list was unfavoraby affected by
the decline Of 1ve-twenties In London, the de-
preston being all the greater that gold remained
staiionary-a condition Of things that invited q
speculation in the transfer OF bonds from the Lon
don to the New York market. The peaceful aspect
of affairs the end Of the week suddenly checked
the decline, however and the marker closed strong
at sharp Improvement.
THE MONEY MARKET.
! The agitation produced by the European compli-
cations was made the pretext OF more activity In
money but the rate on CALL except In few rare in-
Stances did not up above six per cent, while the
bsiness Of the week was at five and sly per