The New York herald., 1870-12-26
FINANCIAL and COMMERCIAL.
WALL STREET, |
SUNDAY. Dec. 25, 1870. (


rnE TRADE OF THE CRY.
The week Just closed was one OF considerable
irregularity and strong contrasts In the different
departments OF trade outside OF the dry goods line
In which there Is the expected diminuton OF trans
actions consequent upon the approach OF the usual
mld-winter dulness The irregularity referred 10
was in the leading articles OF export, the
feeling In the markets for which had become
Respondent, owing 10 the inactivity generally pre-.
vailing. Suddenly the orders to buy became numer-
ous midway OF the week, and under favorable ad-
vices from Liverpool cotton and wheat improved
ana became buoyant The exact cause or the better
demand abroad Is not precisely understood, but the
war In Europe produces frequent and often errauc
changes OF opinion In the Liverpool market, the
necusn OF which Is experienced here. In this re-
spect the exporting merchants met with success
strongly contrasting with that OF their
brethren In the dry goods trade. Doubtless
the Easterrquestion is the bottom OF the advance
In wheat, Tor the English merchants are quick to
take alarm mt the probable interference with their
supplies from the Black Sea, especially az ireights
across the Atlantic are now more reasonable.
On the other hand, the cotton spinners OF Great
Britain may pc just as sangulne that peace be-
tween France and Germany Is not FAR distant and
that their resources viii be called into requistion
supply the exhausted Industries OF France. The
holiday season has made the retail trade good In all
departments, while the colder weather has started
a demand for winter clothing which has given the
uptown tradesmen plenty OF business.
IN WALL STREET
the week has been one OF general duness outside OF
some Of the railway and miscellaneous shares ut tho
Stock Exchange. which are the subject OF present
speculative movements. Tile operators for decline
have taken advantage OF the ndlspostion TO deal at
this season, when moneycd men are 10th to disturb
hair kE.xyao tt, hntv
count OF the sacrifice OF interest which would be
entailed by making a change. Tho "bearsn have
thus had full play in the stock market, and their
operations have met with little resistance.
MONEY,
too, was naturally active owing to tho revival in
the cotton and wheat trade which occasioned large
shipments OF currency TO The West and South. and
strlngency was produced by artificial Influences
large sums having been withdrawn from circulation
by the old process OF certified checks At times the
rate on call loans was much q OF one per cent
per day--a state Of affairs which not only checked
fresh purchases, but induced holders on weak mar
gins TO close out their accounts The higher rates
on call unsettled business In discounts during most
of the week, but toward the close there was more
disposition to take prime mercantile paper at s.,
per cent
FOREIGN EXCHANGE.
The previous dulness In the export trade had
cleared the market OF commercial bills and despite
the later activity in shipments OF produce and cotton
the leading bankers not only maintained but ad.
yanced rates Tor exchange. On Saturday they
asked ls9 for sixty day sterling ana ll0,s for sight
but tho market was dun and nominal at these quo
tations.
GOVERNMENT BONDS.
The dulncss extended to the government list,
which showed only rare ana limited activity. Many
houqpg I'm no cka of n1a m
OF demand from capitalists AMI corporations seek
ing to evade the imposition OF LEGAL taxation but
their anticipation or business from this source was
greatly disappointed, and the strngency In money
occasioned return Of the bonds to the street. with
the result Of producing lower prices. What the de-
mand on this account may be next week Is profile
matical, out the original expectation may not have
been too sanguine.
THE SOUTHERN STATE BONDS
were irregular, but toward tho close sympathlzed
with the higher price OF cotton. The profits OF each
years. crop have been largely reinvested IN these
securities but the planters have not made 10 much
money this year, and the market has not been SO
buOyant in consequence.
THE BANK STATEMENT.
The weekly statement OF the associated banks
proved more favorable than anticipated. While
the legal tenders have fallen on nearly
tnrec-quarters Of million OF dollars
there Is gain In specie which reduces the
decrease OF legal reserve to about $30O,ooo The
shipment OF currency to the West and South is re.
nected in decrease OF over three millions OF deposits
but as the legal tenders nave fallen on only frac-
ton or that amount 1t Is evident that the banks have
responded TO the call for money by sending pack
ages OF national bank notes. The statement COM
pares with its predecessor as follows:--
Dec IL. Dec. "a. Changes.
Loans... $3.50 $264 Sll, l29 Dec 81, 567 7S0
specie. l7,sso613 1889 766 Inc. 400, 1S3
Crculation.. 81, l6l,35s 81, ls29S3 Inc. rs, 625
Deposits 192,024, 39l 1sS,74s,754 Dec. 3275637
Legal TENDS. 47,442,0So 46,739 0SS Dec. 702,392
THE COURSE OF THE GOLD MARKET.
The extreme fluctuations daily IN the price OF gold
during the week were as ioilows:--
Hiabes, yo,reJ