The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-10-03
THE WEEK N WALL STREET.


The more active feature Of Wall street during the
week was the gold market, where the price rose
from 1885, 10 ll4ia on the continued scarcity or
cash gold This influence would have been opera
tive 10 q much greater extent had it not Deen COM
bated hy the reduction OF the bank rate England
and Holland, the advance III iiye-twentes in Lon
don and free supply OF foreign exchange
bills drawn by the Canadian banks. Foreign ex-
change depressed by these sales untl sixty day
sterling sold AT l09 ana sight at l0eg but under
went Q reaction on saturday Of about thrcc-eignhs
per cent. The highest figure recorded for borrow
Ing was one-eighth. The spectators for decline
were discouraged by tie 'squeeze in cash gold aud
largely covered ther contracts. The Tight export
Of GOLD during the wcck-only SlGj 0o0--led 10 a re-
action, and the closing quotation liSss a III.
The government bond market was depressed md
way OF the week by report that the government
would buy only million Thur sday out subse
quenty recovered and closed strong il, The highest
prices OF the week
Money was easy At four to six per cent ana hor-
rewers on call, with first class miscellaneous coate-
rails. were generally accommodated al i've. on gov
ernments the rate was invariably four 10 five per
cent Money lenders almost nave tcgiyen up
the expectation Of stringency Tits fall, ana the ap
proach Of Ocl0Dcr has therefore turned q great
deal OF capital into discounts, the rates or which
show marked depreciation.
The stock market outside OF 4 few Of the active
list, duh and very steady. The changes, slight
they were, were mostly for the better. On Satur
day there some disposition realize and prices
! fell OF, but closed steady.
SOUTHERN SECURITIES.
The market for the Southern state bonds was firm,
but with little dong. There was more disposition
to buy anc there large orders on The street from
| London for dlscrciiOnal investments, which are
slowly filing TIE inquiry from the South Is also a
decided feature, and shows that the wealth which Is
gradually accommodating under the revival or pros
pery in that section is seeking investment in home
| securities. The following were Saturday nights
closing prices for the Southern list:Tennessee ex
coupon, ga 621s; do, new, co., 6O,s Virginia.
eX coupon 63 d5; do new, "A IS; do, registered
stock. old, SIS 53h; Georgia skies. So a SIS; de.
seycns, 90 81; do. do, Old 30 o.; North Carolina.
ex coupon, so sos; do, funding, 1865, IS 40;
| do. do, 1858, "a 81; do, new, % 20; de-.
special lax. 2si. "a; Missouri SKIES, eo'l a s01s:
do. Hannibal and ST. Joseph. 80 u u; Louisiana
SKIES, II -; do, new. &c g.; do.
| levee skies. rs IS; do. do, cights, 81
| 20; do. penientGry sevens, IS so; do.
| railroad Fights ana interest. 70 a 80; Alabama
nycs, 70 . rs do. Fights, 100 lOi do. railroad,
Fights, % 9S; South Carolina SKIES. so 50: 40.
new, January and July, 6s co. do, new, April and
October, ex interest, 81 20: do, registered stock.
old, 20 a 70; Arkansas SKIES e. "a; do. sevens ex
interest, 90 -: Mobile and Ohio Railroad sterling,
so ST. do, interest eghts 13a "a DO, second mort
gage Fights, SO 81; Mississippi Central Railroad,
| first mortgage seyens, IS IS; DO do, second
do. Fights, u 10 New Orleans and Jackson. first
mortgage, 81 4 IS: do do, second mortgage. cx
| tercst, 20 u; Memphis and Charleston Railroad,
first mortgage, So SO; TO- do, second mortgage, 70
| 80; Greenville ana Columbus Railroad guaranteed
| by South Carolina, 90 g.; Macon ana Brunswick,
| guaranteed by Georgia. 80 &c; Wilmington Char
| lote and Rutherford Fights, 10 80; Memphis city
| skies, So a 60; Savannah city sevens, s3 II; New
orleans consos, old, IS 70; do ISSUED railroad
sizes, 80 a ~ do, new scyens. ~ %.
THE BANK STATEMENT.
! The weekly statement OF the associated banks Is
/ favorable and IN exhibiting gain OF about $4,000
in lega. reserve inspires tile hope that The drain or
currency to the interior has entirely. ceased and
/ counter movement set IN. Were it not FOR the
4 tiDucd loss in specie, owing TO tic export OF coin
/ and the customs payments Of the merchants the
| showing would he exceedingly favorable. At the
same time the banks have contracted their loans,
ana are therefore In yet stronger position than n
! they had yielded to the temptation 10 expand
| rcspondngly with the increase In reserve The
statement contrasts with It's predecessor as fol-
| lows:
/ Sept y. o.. L. ChnHges
Loans. 80. s2G7 os7 6i7 s2s6 as6,6ol Dec. ssoI ol6
| Specie...... l4,670,724 l3212asi Dec. 1897 143
Circulation. S2,733o46 ~ 71s,l99 Dec. 14s47
| Deposits. -. 19l.066,202 i9l 05J,574 Dec. i062s
Legal tcndrs 49,4l7,9Ss 5l,oSi,os2 Inc. 1885, 1910
The exact gain ls s254,,s2 in the surplus reserve,
vri,i poyv aprnu t.,e