The New York herald., 1870-02-14
T!YiNGIaL AND eOIllIRaCnAL.


tracts made before and falling due after the passage
o tue Legal Tender act. the opiniol OF the majority
OF tho Court declaring all debts created 10 be pay
40 In coin. me effect was, however, less pefcep-
tiDe than might have been anticipated. and alter
lew ua~,s DISCUSSION the topic-xe al wan street.
sensations-was sooa dismissed from genera con-
sideraton. The question ls one waich has
lost much OF Its interest, for the reason that
during the eight years OF suspension old contracts
nave oeen cancelled or merged INTO new ones which
win he settled without legal recourse TO the decislon
Just rendered. or course there are numerous minor
debts ana moneyed contracts which are not 0D-
voasy adjusted by tho general tenor Of the ruling
OF The court, but these, AZ nxased. viii only have
10 go the rounds OF lengthy judicial processes and
meaatlme the cause Of action Viii have disappeared
IN the return OF specie payments.
Asns5f ! THE GOLD MARKET
WAX street has hecone quite bearish In It's views
of the Immediate course OF The gold market WAen
tia opinion Of the Supreme Court was gwen 1t was
supposed a that the greater demand which |
would thus, arise Tor tho precious metal
would gina1ence higher prices, but whatever
tho eventual effect Of this decision, gold mas
BEEN weak aud heayy. IL IS dtnlcult to say why tne
premium dld not respond to tl,s mpressioa but the
IGrmaess which was temporarily given the market |
seemed. 10 be taken advantage OF to sell large
amounts which had been held by speculative hands
In expectation Of rise Which dsds not come The
"buhsn IN gold paya had long and tedious waiting
OK it, and tired OF the delay and o. tie dn!nes Of the
market have at last unlpade1 to tho best antage
The outside Influences are Not such a. TO favor an
advance and rs 1t is known that the government IS
sreadnI opposed TO ~ rise ;RuA" movement does
not enlist much favor anong The spectators. ln-e
deed,t tho chief operators abandoned the Gold
Isoom stmontA ngo, and have not since seen
Nominal, arfd although tine export since January
has bsen nearly four Millions che greater portion or
is has comprised coin im 0ans,t,t between Mexico,
CUP and South America and Europe, ana gold and
silver bars. With the present price Of exchange
there Is no profit In shipping American com, aud
the lower range OF exchange Is due TO the large
shipments or cotton and produce Gold Is therefore
grayitating TO lower prices and unless the specula
tors step In TO sell it short and create an unnatural
demand for 1t the immediate future Is likely to Wit
ness one step nearer the consummatlo.l OF specie
piymentA. .4 9tt ,at.,......
THE MONEY MARKET. tef
The money market during the week was steady
~ Ogr TO six per celt with hyeand six the pre-
valllns rates on call loans WIN pledge OF govern
ment bonds aud miscellaneous STOCK collaterals.
Whatever tendency the market manifested to still
lover figures was couDterbasanced ~ tue Increased
volume OF business ia stocks aud tue consequent
absorption OF moro Of the dlo capital with which
the banks are supplied at this season. An influence
Is nov at work which may effect some fluctuations IN
the rate call In the immediate future II saems that
our CITY banks are endeavorgng TO remedy the evil
OF tho oyerplus OF nativnal bank notes by making
thcin up in PACKAGES and sending them
home ior Redemption, thereby extemporlzing
process OF s. redemption which should
have Con gressonal regulation. How far these ex-
changes Win AFFECT the money market remains to be
seon.A Repotely they VIII bsneIl our local banks,
ilasnuch they will In few weeks strongly fortny
tho reserve OF greenbacKs, and thus ail0rd more
scope for the expansion or loans and lncrcase
deposits. Commercial paper was IN good deinand
Of six to eight per cent ror prime double name
accepanccs aud at seven to eight for the best single
nanles. Foreign exchange was steady the face OF
n.hrer supply ofccnmercial biils, ana only mode
ratey active at I0sz& 100 for prime bankers sixty
day s.erng and lo9H losss lor slghs sterling.
The absence OF commercia. bills IL attributable to
the fact that the exports OF the Southern ports are
constantly growing in magnitude. and hence the
drawing from Southern cities on Europe direct. W
t THE STOCK MARKET,
The bulish speculation at The STOCK Exchange has
been fairly maintained; but tho moro recent anu
most marked advance in prices has been confined TO
new fnv0rives. such as Ohio and Mississippi Terre
IIsuse, Illinois Central and Harlem. The restora
tioa oi ROCK Island to the Call has strengthened the
oaeraons OF the party controlling that stock, who
reaplng rich harvest by selling large numbers
OF time contracts 70 buy the stock NJ rates 10
two per cent below the market which contracts
they will not, or course, permit tho buyer to make
ayal OF. New York Central stock ana scrip have
been barely steady ana seemed &c indicate that the
larger holders were realizing. The Western
railways have been nrmer and active on
improved earnings, particularly 81. Paul and Lake
Shore. The Northwest shares participated in this
bioyancy but at the close manifested tendency to
'break.n the stock being In the hands Of small
clique who are perfectly willing to sell at present
prices Elie was strong on the discovery that about
60 600, 900 Of the stock IL held In Europe. Reading
was active and drn. showing Its usual progress to
highest prices with Its steady approach the semi.
annual dividend day. In the miscellaneous list
Pacific Mail was nrmer Cumberland strong aud
Western Union heavy. tpa
GOVERNMENT BoSps. .xs&
The government market was irregular, ana after
the government purchase. underwent slight de-
cline on supposed speculative sales. Prices rallied
on purchases by prominent banking houses and two
atrops parties now represented 10 be on either
side OF the speculative struggle UP to the close on
Saturday neither side had accomplished any decided
advantages.
a,g Hg - SOUTHERN. sgCUnITIEa rs - -
Tho marke; for the Southern State bonds. after
ruling steady for the general List, excited to-
wards Tho close over sharp upward turn In new
Tennesaees OF which toe street was heavily short and
which we're suddenly In reQuistlon on orders from
leading Southern rail way corporation. The Vir-
ginias wero In good demand and the Loulsianas ac-
aye on the eyee bonds, South Carolnas were heavy
under speculative sales and closed dull. As next
weesis the last in which the insurance companies
IN. o M n Hmm nj
dcirg in the State ana as the law enfcrces
heavy penalty where policies are issued without
such deposit OF collateral security, some 90 mpet
ton is looked for IN the market especially a many
Of tho comparies havo been induced 70 hold back
for the purpose OF buying at lower prices, and have
delayed their orders to the last moment The North
carolluaa have been strong but without special
1.. H t,l1gt ran BANK STATEMENT. H. Il .r5 .
Tne weekly statement OF tins associated banks 10
unfayoyabls, IN Showing loss In legal tenders and
49,