The New York herald., 1870-05-30
FINANCIAL And COMMERCIAL,


WALL, STREET
SUNDAY. May 90, 1870
THE WEEK IN WALL STREET
The important part which tho question OF our
foreign trade wields Ia the financial situation, and
which Is oftentme lost sight Of In the absorption OF
Wall street with local topics and events, has been
made rather manifest during the past week In the
activity In the foreign exchanges. Whatever the
exact relation or our exports to the Imports the
present season is one In which usually there is from
the gradual decline OF the former necessity for gold
shipments and corresponding advance in the
foreign exchanges. We have often adverted to the
difficulties which surround the solution OF the
question OF the balance OF trade. In former years
the statistics OF the Custom House department were
sufficient 70 give q very approximate result But
since the commencement OF the shipment Of Ameri-
can national and corporate securities to Europe it
has been matter OF impossibiity to determine the
situation, for the reason that public record is
made of these shipments. and hence an important
element of the calculation Is wanting The ship
ments Of gold last week were over two millions OF
dolars-the largest OF any week during the pre-.
sent year.. The advance In exchange has not
been the result, we think, OF any very extensive
demand for remittances. Hut commercial bills and
bond bills have been OF late unusually scarce. The
decline In gold last winter unsettled the importing
trade and merchants were very conservative In In
Producing goods. The advance In exchange has
exhibited symptoms OF speculative movement not
disconnected with the Gold Room. Il Is openly
alleged In the street that some Of the leading bank
es are concerned In an upward turn in
gold, and hence the assistance gwen thoir
plans by the operation of advancing ex-
change. Tho market Ia In such state, however,
that slight advance In gold lets out renewed ship
ments OF government securities. The continued
ease In the money markets OF London and Paris has
stimulated our nve-twenties and placed them at quo
tations which permit shipments from this side, with
gold al l1s and exchange at lOsH. The gold market
during the week was unsettled In sympathy with
the movements in foreign exchange. Early In the
week some OF the outside operators, and perhaps a
certain proportion OF the 'bears, In stocks,
sold the market down 10 ll3N, from which,
with the frmness In exchange, there was a
rally to 1l5H. The market toward the close was
weak and seemed TO be depressed by speculative
sales, according to the testimony Of the gold loan
ing rate, the operators for q decline acting appa-
rently on an intlmaon Of the policy Of the govern
ment during the month OF June as well as upon
the belief that with $32 O00 600 Of gold interest to
come on the market July tlvre cannot be any
serious advance In the premium. 1t is pretty well
understood that the government having once
enhanced the national credit TO the de.
gree represented by gold at present prices
Secretary Boutwell, Is In accord with General
Grant In 80 shaping the policy OF the Treasury that
there shall be no disarrangement of values In the
future by any sharp advance In gold. The farmers
and merchants have become reconciled to ana have
pocketed the losses resulting from the fail in gold
from 1913 to ll3. They have begun anew on the pres
ent platform OF prices and do not need an advance
In gold. Indeed, the next winter will doubtless,
witness still lower prices for gold than were
made last winter, the country remaining at peace
and being undisturbed in its foreign relations
When the cotton crop now In the ground is mar
keted gold is likely to dip below 1l0 ana those whose
business Is materially affected by the gold premium
should make their calculations accordingly.
The money market Is unusually easy for the sea-
son, and at the clore of the week lenders had dif-
Guilty in employing their balances at than three
per cent. The rate on call was three four per
cent, with some outstanding engagements at
five. The market for commercial paper exhibits
corresponding ease and prime double names were
readily salable at six per cent. Time loans for sixty
to ninety days have been made at five per cent.
Governments bonds have been comparatively quiet,
but strong, and were less sensitive than usual to the
fluctuations In the Gold Room, the market being
stoadied hy tho low rates FOR money, which have
diverted great deal Of capital to these securities,
and thus Kept the amount Offering within narrow
limits.
The stock market was dull but I'm the main strong.
The drop in prices In the beginning Of the week
overcome in later movements and the speculation
towards the close was In marked sympathy with an
advance in Pacific Mail, which rose to 43M as q Sc
quence of the favorable exhibit OF the company In
their published report.
THE BANK STATEMENT
exhibits gain Of over million IN reserve against
an increase OF only million and half in liabilities
The specie item has fallen Off about million four
hundred thousand dollars in consequence OF the
large export OF specie during week. The increase
In legal tenders represents the further accumulation
Of capital at this centre. decrease OF seven hun
dred thousand dollars In loans is attributed less
costractile on the part of the banks than
to the return OF money which the borrowers could
get at lower rates in the open market The gain in
the surplus over the legal Is $500 3lS, the
banks now holding 500 1924, 42l in excess OF the re-
quired limit. The following table shows the con-
dition OF the banks this week compared with asi:-
Mdy21. Mdy2s. Changes.
Loans. 80. saso, ,2slo57 sa5s,5so74s Dec. .s5lo5s4
Circulation. 81, ioi,ois s3 al9,sis Inc. 5s'iSO
Deposits. 226,552926 22s,o39,3i5 Inc l,4o6419
THE LATEST PRICES OF STOCKS.
The following were the closing street prices for
Cumberland 45 Western Union, 80 s21S; Quick
silver, sn a ga; Mariposa preferred, l5]s a 18H
Pacific Mail, 4sas 431,; Adams Express,
63T 81; Wells-Fargo Express, 1874 1876
American Express, 431s a.; United States
Express, As a 461; New York Central consolidated,
1907 1ol; do. scrip, 9554 90; Harlem, 144&
144gl Erie, 23 2a1s; Reading, 100 1904; Michi-
gan Central, 124A a l24,s; Lake Shore OK a 97H;
Illinois Central, 1881 l40K; Cleveland and Pitts
burg, 1OsK 100; Chicago and Northwestern, 81 u o
50; do. preferred s9j4 s9H; Rock Island, 119 a
119h; Milwaukee and St Paul, 65sS a 85T; do.
preferred. So% q 81; Toledo and Wabash, SO q 5o16
Fort Wayne % a 951k; Ohio and Mississippi 39]s
39% New Jersey Central, l09}s 1096; Boston,
Hartford and Erie, ~ ~.
CLOSING PRICES OF GOVERNMENTS.
The following were the final street prices for the
government st:-Unted States currency SKIES, 1l2zs
1I3; do sixes 1881 registered, l17 l17x do. do,
Common III. 1171i: do. 1ve.tWenties, reQistered