The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-10-10
FINANCIAL and COMMERCIAL.
WALL srRxE, |
SUNDAY. Oct. 0, 1870. ]
FIFE GENHRAL TRADE OF THE WEEK

TIE GENERAL TRADE OF THE WEEK
nas not been as satisfactory TO the merchants as that
Of the earlier portion OF the fa There was lul In
activity and demand, which combined TO induce
,ower nr,zes for most kinds OF merchandise. The
ac,pe in cotton has the secret OF the change.
country buyers and uptown tradesmen have not
entirely supplied their wants. and hence 1t Ia
Thought that the ul Is only temporary and not the
beginnng OF the declining activity OF the year. The
nail IN the price OF the raw article OF domestic
cotton goods naturally induces buyers to wait
willie the supply furnished from tho Eas. has been
more abundant owing to the better working OF the
mills In Tint section. The iercer character OF the
war IN Europe checked the speculation 1or rise
IN cotton but the decline while still progressing
during the week was checked by reports OF dry
weather In most OF Che cotton States. The consump.
zion OF cotton In Europe has so greatly arrested
by the war that the socksin European and American
ports are largely in excess OF the usual quantity,
while the visible supply the world over Is now a
hundred thousand bales in excess Of supply ct this
time last year. The 1ne weather of the week
checked business 10 wooens. The uptown trades
men and RETAILERS would in particular, profit by the
advent OF cooler weather for with the present season
there il little disposition to lay In warmer goods.
: The nour market has been firm and active under
good export demand for wheat. In general the
~
rae amount OF business.
AT THE STOCK EXCHANGE
the dealings have been more active than in any
week since the war IN Europe started SO sharp de-
cline and the surrender Of Napoleon so suddenly
checked It, 1t viii be remembered that with the
latter event Wall street was disposed TO enter on
rather active movement for higher prices, but was
deferred by fear OF the approaching fall, when
money has been usually so stringent. Hence the
long dulness at the Stock Exchange which followed
she surrender OF Sedan. Since that time persons
outside the frequenters of the Long Room
have had their TIME fully occupied with
their legitimate business engagements, the
season having been one Of great prosperity In
commercial circles and were without that leisure
which, following success In money making, Is sure
70 turn the speculative nina toward Wall street.
The past week was one Of less activity in general
trade as above noted, ana hence we Ind q more
widespread interest Ia the course of prices at the
Stock Exchange on the part OF the general public.
with the result Of general advance In prices
ana buoyant tone to the market. The
buying disposition thus evnced has been encour-
aged BY the growing conviction that money u not
TO be stringent this fall. That the HERALD was
prompt TO foresee remittance Of the usual activity
IN the money market this year must be fresh In the
memory OF our readers Should the next week or
TWO pass without any accident this expectation
VIII have been fairly contaminated When specula-
ton was 30 heslatng last August that 1t feared this
periodical strlngency We wrote:-
The question, however, which absorbs most int.
rest, and now constantly exercises the mind OF Wall
street. is the future Of the money market In the In
terval 10 the cessation OF the fall demand from the
directed to this matter w the steauy decline in the
resources OF the banks, whose surplus beyond the
legal reserve Ii confined to the sum Of only ten NIL
nf hAl lo ynF nfnh r,nriAu
shown Is easily within the reach OF speculative con.
traction. But the situation this fall Is different from
great mistake in operating Tor heavy decline in
stocks In the interval TO the relaxation Of money is
very obvious.
A week later we had occasion to say
The course Of prices AT tine stock Exchange has
Justified the warning given In this column last Mon
day morning that the popular anxiety to make
speculative sales IN anticipation Of repetition Of
the panic and Stringency or last September might
commit very serious mistake.
In the middle OF September, still observing the
continued deierment Of activity, we wrOte:-
As to Wall street, the continued abundance OF
money Is provocative to business which rarely
awas exception TO this rule. but at that time the
speculative feeling was he'd In check by the remem-
brance of the eyentful previous fall and winter. At
the present time the signs favor recurrence OF the
activity OF 1865 based upon the abundance oil money
IN the fall Of tha year. sScE nea seem to nave their
crops and If the indications arc not very deceitu
1870 bids fair to be repetition OF 1858. 1t Is a
commendabe feature too, that the movement SO
Tar has been highly conservative and steady. En-
gagements and Investments have been made with
q prudence and caution that promise q healthy
business.
II now we turn to the record OF prices the Stock
Exchange we shall lind a steady rise in values under
the influence OF easy money ana gradual dissipa-
nion OF the fear OF activity We compare the prices
'of August 20, when the nrst OF the above quoted
paragraphs was written, and the prices on Saturday
last in order to exhibit glance the direct effect
or the continued ease in money ana show how dis
.astrous would have been speculation movement
for decline, such as we warned our readers
against. 1t should be remembered that in the
second column OF prices in the table per cent
should pc added to New York Central, stock and
scrip az per cent to Pittsburg and 81 per cent to
HANNIBAL and ST. Joseph for Immediate dividends
-l870--