The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-09-04
FINANCIAL and COMMERCIAL
WALL STREEc, |
SATURDAY, Sept, 3--6 r.. IA.

Prussian war electrified Wall street this morning,
and by the exaggeraton OF Its remarkabeness pro-
| duced reactlonary doubt in the minds OF many
| which was not dispcled until private cable de-
spatches satisfied the most lncreduous OF It's verify
| Practically the effect OF the news was the
| DECLINE OF GOLD TO ia
as against l16l the figure OF the earliest sales be-
fore the intelligence had left the wires Tor dissent
| nation among the public. When the fact was
! known there stampede for the Cold Room,
and that apartment was soon yelling mass OF
brokers. From ll61s there a steady decline to
ll5, when q reaction, stimulated by few, that the
news was hoax. induced return to 1I51. Here,
| however. the market encountered fresh nool or
sales and when at length the despatch not only
confirmed, but rumOr added that BaZalne
also had surrendered, gold broke TO ia. Consider
| ing the weighty influence operating for decline
the obstinacy OF the market in going to still
| lower point has puzzled most Of the shrewdest
dealers In the street II IL large fall OF course,
| Tor one day. But the impression was general that
! the price would not stop short OF l12. The early
| obstinacy al 1l5 was accounted for by the ap
| prenension that the news was a hoax. II e@-
| PLANTATION or the resistance after that point
| 1t is urged that the short interest was un-
| usually large. and that tile opportunity 10
| cover was immediately taken advantage Of by the
''bears II is further animated that the gold pool,
buyers every step OF The decline, the facts OF
| the day TO AFFORD the lrst real evidence that
such combination has been organized. That II lost
strength toward the close of the day ny the detection
OF outsiders IL clear from peastcity OF the pre-
| MUM late In the day. There was but one reaction,
from ia TO ll4s and wnen the price closed al ll@S
| bid, it was evidently kept there by the effort OF
some of the shorts to cover The jubllant iona OF
the German bankers was u feature OF the market.
This class OF dealers had been sellers for many
days and their delight al the OF their coun-
rymen abroad heightened by the success OF
Their speculative transactions here. II will be re-
membered that made note OF the fact that within
The past week the foreign bankers had been buying
our bonds and selling gold. therein taking the oppo-
site course To the brokers OF domestic origin who
on the hypothesis OF higher gold at this sea-
son Of WIDE discrepancy between the imports
and exports, were free buyers. Indeed, The
feeling was so strong with the mercantile
community that gold was reasonably cheap at this
time Of year, when they are under the necessity Of
making large payments for customs, that the
brokers had fun lines OF orders TO buy, and hence
the resistance the decline, which, above stated,
puzzled the street. The speculative sales for
lower premium very large scale. accord
ing TO the impression of many, and it is thought
the cearances OF Monday viii fully reacn
$780, 900. Great interest Is manifested to the
course the lOaning rate will take Monday morning,
and the opposing elements OF the room respect
lively sanguine that each is on the right side, the
bears looking for further decline and The
"bul.s'' FOR reaction.
THE STOCK MARKET BUoYANT.
The stock market was. might be inferred. Y
ceedingly buoyant, owing to the theory or specu-
latIOn that stocks should rise gold declines. The
advance in prices was one TO one and half per
progress at thus point arrested by heavy reaza-
tions, which served TO cheek ont did not lower
prices the market closing the best figures OF the
day. The activity at the Stock Exchange, while II
great improvement on tnat OF previous days this
week, bore contrast 10 chat which prevailed ia
the Gold Room.
MONEY FksY-THH BANK STATEMENT
The money market was easy az four TO FIVE per
cent ON governments ana at five to SIX on stocks.
Foreign exchange was dun after The steamers, and
unchanged.
The weekly statement OF the associated banks Is
more favorable than anticipated, and shows little
change in resources from the previous exhibit; for
The loss in reserve while moderate as compared
with the weeks Immediately preceding, has been
attended with . decrease of liabilities, so that the
surplus above the legal reserve falls OF only
S221 $3.50.
The following shows the statement as con,rased
with its predecessor
august 81. SEPT g. changes.
specie. ..... Io,e3s,ss4 1s,2s5,62o Dec. la5s,755
Circulation. 32,904,906 3l,7S6625 Dec. l6s,2Sl
Deposits. 2ol, zoe, 200 200, 800 Dec. 1255,l47
Legal tends 1888, rs 49,,30712 Inc. 77l,059
CLOSING PRICES AT THE STOCK EXCHANGE.
The following were the closing prices at the last
session Of the Stock Exchange:-Ca Company,
611s O.; Consolidation Coal, 26's bid; Cumberland
Iron, 90; western onion, 341i 34al; Quicksilver,
~ a s; Manposa, 8 so; do. preferred So I0
Adams Express. Co.'S 6G1s: Wels-Farge Express,
1914 a 1873; American Express, Ak 41h; United
States Express, AZ 421l Pacific Mail, 40ss 40&S;
New York Central consolidated, 90 96ta; do
scrip, slX a 9l7S; Erie, % a 23,S; Harlem
1885 l34}l; Reading, s7zs 9s; Michigan Central
11s a 100; Lake Shore, o3k 93'l; Illinois
Central, 1871 bid : Cleveland and Plttsburg,
1861 JOG; Chicago and Northwestern, So a $50;
90 preferred, ss}z SS1k; Cleveland, Columbus, Cln-
cinnati and Indianapolis, 70 bid; New Jersey Cen
trial. 1o2 1903; Rock Island 1l44 ll45s; Milwau-
kee and ST. Paul. 627s 63; do. preferred, 1919
S0 Toledo, Wabash and western, 521l; do. pre-
ferred, 7G a 70; Fort Wayne, " 9iA; Chicago and
Alton 1I2i6 ll2A; do preferred ll2 114 OhIe and
MISSISSIPPI 347a 50; st. Louis and Iron Mountain,
AK a IS; Delaware Lackawanna and Western, 1917
: l02: Morris and Essex S5l5 50; Boston Hartford
| and Erie, a 81; Hannibal and ST. Joseph, liz
| lI5: do. preferred. 1l4H bid; Columbus Chicago
| and Indiana Central, Is 1874.
HIGHEST AND LOWEST PRICES.
| The following were the highest and lowest prices
| to-day for the leading active shares
Hfonest LONGEST
n. Y. Central consolidated. 96l 95y,
| n. y. Central Scrip. 81 9Oa
Reading. ...................... 972S e6A
| Lake shore. S33a S2$s
| Northwestern preferred. ........... sS3s s7sz