The New York herald., 1870-05-23
FINANCIAL and COMMERCIAL.
WALL SraRrr. |
SUNDAY. May ~, 1870. (

SUNDAf, May 22, 1870
THE WEEK IN WALL STREET
has been on tine whole dull one although charac-
terzed by considerable fluctuations on the course OF
values at tire Stock Exchange The break IN prices
the preceding week stimulated more opposition on
he part oi tue spectators for decline altnou,h
their efforts have not been successful in more than
rev OF the active list, and also checked the outside
speculative demand to whom the .breasl, made
manifest the dangers attending ventures in the
stock market, even when The season ana crcun,-
stances have most latterincly favored speculation
the result OF this state OF affairs has been the
dulness referred to. The disposition 10 sell
for decline has according to the views OF the
"huls, made the market really drmer. aud perhaps
such would be the fact were the leading mbina-
tons harmonious In their position as regards the
market. But the temptation to realize and take the
pronts seems predominant with some OF the e tdng
clques, and, doubtless, would have been yielded To
had the market presented the conditions essential TO
the success OF the undertaking. But with the pre-
vang dulness, their present tactics seem to favor
an Increase OF the short interest. There is there
lore, want OF uniformity in the plans OF these CON-
bnatons. While some are seeking the opportunity
TO realize those who have sold out are not averse to
movement which Will enable them to get their
stocks back at lower prices In the railway shares
Reading was excited and touched the highest price
attained in many years, but tEen sharply declined
ON heavy realizatons. Lake Shore WAS weak and
lacking other support than that given by the street
aud the natural buoyency OF the season. fell or In
price The Vanderbilt shares were lrrn considering
the advanced figures at which they are now main
tained Harlem, despite the feeling that the new
issue OF shLres had been discounted, was
lower and dun The Ohio and Mississippi
shares have been prominent a. leaaure
OF the week, but very unsettled in price.
The Northwest and ST. Paul shares attracted less
attention than usual The position which Erie has
held in the remarkable speculation OF the spring il
IN curious contrast 10 the famed activity that old
speculative ayorite. II has only been heavy and
neglected, but has slowly declined, seemingly in
sympathy with the movement In the price ut Lon
doh where American credit has Of late been the sub.
ject o. severe STRUCTURES from the press. La the mis-
cc!laneous shares Pacific Mail was weak ana de-
cined under an anticipated untayorabie report from
the company, which. however, had not made lts ap-
pearance up to the close OF the week, although
pected as cary as Wednesday last. There was d
feature In the details OF business toward the
close which has ecited considerable discu sion
among those who are seeking to divine the plans OF
the cliques The bonding demand for stocks has
been steadily on the increase. hence enc infer
ence that the cliques have worked in new aud eX
tensive short interest. Such signs however are
among che most deceltlui In the street. The cioues
proCltyttles are on the short' side and who borrow
back The stocks which they sell. The Increased
money market IS therefore regarded with suspicion
by those who are most familiar with the strategy Of
the cques.
The speculation in the Gold Room was unusually
tame and the bulls" In nsta lces got tired OF
their work and sold out. The market IL supported
By several large operators who are almost alone in
doing 80 for the reason thai the OF spectators
have become tired OF its duIness ana inactivity and
have transferred their attention to the Stock Ex-
change where the fluctuations present frequent
opportunities for rapid 'aurns.o The undertone OF
the market is firm. In sympathy with the strength OF
the foreign exchanges, bur the price the close fell
Of in response to the larger cotton receipts of the
week.
The government list was duh and generally lower
the foreign demand being very light, owing to the tr
fling profit ON expectation of b0nds While the home
business confined to purchasers the counter by
small Investors. The upward tendency in prices has
been checked by the halt In the advance OF the gold
premium.
The State bonds were dull but generally steady
The South Carolinas were strong and higher, In an
swer TO the proposition OF the Sinking Fund Com.
mssioners TO extfngulsh portion OF the debt. Tne
Tennessees were active. but irregular in price.
The money market was very easy, and OF the close
the rate on call was three to four per cent for all
engagements. The banks are once more so abund-
antly Supplied with national bank notes that they
Offer them free of interest for al long as ten DAYS
where the borrower agrees to return grcenbacGs or
Certified check. Commercial paper feels the lower
rate for call loans ana s readily negotiable at six TO
seven per cent for prime names. Foreign exchange
closed firm at 1925 for prime bankers sixty days
sterling bills and 1lo14 for sight.
THE BANK STATEMENT.
The weekly statement Of the associated banks IS
again very favorable. The loans have been increased
less than two millions while the gain in reserve Is
two and three-quarter millions, against an increase
OF four millions In deposits. The increase in specie
is due TO tile light customs payments OF the week.
The following table shows the condition OF the banks
this week, compared with ast:--
MGv14. M0y II. Changes.
Loans. .-$27S,3oS,3H $3.50, ,26l077 Inc. 81 563
Specie ..... S2,45S.906 "a, ll6s35 Inc. 1O63,o2o
Sspos 3 ssosas RSe ns 1882
Legal tends. 57e47,OO5 5sO23 300 Inc. lo76,3ol
The banks now hold S2s, s,2oi,O9S In excess OF the
legal reserve.
LATEST PRICES OF STOCKS.
Tie following were the closing street prices
for stocks:--Canton, 63H q SO; Cumberland
43H a.; Western Union, 32a 32I; Quick
silver, 9I en- Mariposa, q s.; do, pre-
ferred, IT liz; Pacific Mall ss;s seX;
Adams Express lex divldend), os,l s41;
Wells Fargo Express, lax Is; American Express,
4sl a 43k; United States Express. 43I q 45A;
New York Central consolidated. l015< u 10Iis; do.
scrip, 9e's a s65s; Harlem 14a1s l45; Erie 231z
23A; Reading, 1O4HalU4k; Michigan Central, 1885
1876; Lake Shore, 96 o.; Illinois Central, 140lz
1909; Cleveland and Ptsburg 1O7 lO7Jl; Chicago
and Northwestern, s114 s1h; do. preferred, ssS
a Ss's; Rock Island, 1ls1l 1879; Milwaukee and
ST. Paul, sazs 05%; de- preferred 7t% 80; Tole-
do and Wsbash b5T SO; Fort Wayne, OAK a 95;
Ohio and Mississippi, 3s7l 3Sh; New Jersey Gen.
tral 1881 a 100.
CLOSING PRICES OF GOVERNMENTS.
| The final street quotations for tho gov
ernment list on Saturday evening were
| as follows:-Uni:ed States currency slxes Il2x
| 1929; do. skies, 1881, registered, III 117H;
do. do. coupon, III a 1l7X; do. 1ve.twenties,
registered, May and November, 1llX 1llX; DO.
do, 1862 coupon do, 112 112X; do. do, 1864,