The New York herald., 1870-04-25
FINANCIAL and COMMERCIAL.
WALL STREET
SUNDAY, Anr,l "a. 1870.

HgluAlsVlAU ulvD VUIlVlklzIVanUs
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WALL STREET l
SUNDAY, April "a, 1870.
The feature OF the woox was tho decided revival OF
speculative activity m
TyiB STOCK MARKET
attendant upon sharp advance IN prices Of all the
leading RAILWAYS. Those wn0 are familiar with the
menOds OF speculation need not to be told that the
success OF movement on either side OF the 1nan-
cinl arena 10 emnently due to the support which Is
negatively gwen BY The other side. The
year opened with very general espousa
OF the "bu" side by the leading cnques
whO relying upon the usual abundance OF
money At this centre during the early spring and
summer felt confident OF their ablitY to make their
undertaking highly successful The leaven OF eau
tion engendered BY tho September panic was uni.
versal, however, that though they made the effort
several times their "bnp' movements heretofore
had been failures The little aavancc ia prices kept
out those who would buy, and the "bcars" thought
figures not suicienty advanced TO AFFORD reasonable
chances OF n large decline. THUS the outside
public refused to come In. For at least two months
the market was puzzle and perplcxity to the
cliqnes. They mad easy money and all the usual
requisites OF "bnip' movement. The market driited
into dulness and one or two bears' attacks Of con.
siderable force were made upon them; money was
looked up for couple Of weeks and made active;
but the "bulls," knowing that wita their load
OF stocks O panic and decline meant bank.
ruptcy, fought and vanquished the ''bears,
and forced them ilto qmetude. new
source OF distrusr and apprehension arose
with the approach OF the month OF April and the
expected drain or money to the rural districts. But
the drain did not take place. The 'bcars' above
referred TO sought to precipitate activity IN money
by Withdrawing legal tenders from tue banks, aud
were greatly astonished, as was Wall street gene
rally, at the absence OF the usual demand On the
contrary the exchanges began to favor New York.
ana money flowed in here In unusual abundance.
Meantime the outsiders, who were impatient
to speculate, had gradually overcome their
caution, but still remembering tho panic
began TO Sell stocks ''short" such was
the advice OF most OF the brokers. "t Is safe
70 be short OF stocks,' they sad ''the ciques are
loaded no with them and cannot get ont without your
assistance" And so the public and the constitu.
tonel "bclrS' gave the cliques "a hundredn now
and then, bcug mosC particular to do SO when the
market would fail Off one or two per cent. The
cliques took oil that was offered, ana, In market
SO dun thai It excited constant remark, worked up
avery largo 'short" interest. The ease OF the money
market and tho plethora OF unemployed capital
easily enabled them TO do this. They borrowed
money ON tme-ior periods Of thirty, sixty ana
ninety days-and so took care OF the first install.
ments of stocks which they purchased. As time
went along and the "bears" began to be more nt,-
merous they mad their stocks carried by the "Dears
themselves, thus giving a most remarkable contra.
dlcton TO the prophecy that they could not carry
their loads but would be inevitably swamped under
their weight For instance, the "bears' not only
carried Northwest on Saturday without inter-
est TO tae owners, but paid the 'buls''
trh
privilege I, the effort Of the 'bcars to cover at
the close OF tue week which produced so s,gnal an
advance In prices IN Lake Shore, Northwest. Rock
Island aud Plttsbury. Thesc stocks have been most
successfully cligued. 1t Is to be doubted whether
the ransacuons attending this activity have sprung
from entirely fresh ventures on the .builn SIDE by
the outside public. The upheave IN prices Is the
result OF the cashng together OF the hosts OF Dus"
and 'bearsn When a market IL In the hanas
Of the cliques II Is no market for the public. Even
II the public should take sides now with the victo.
rous bulls'' taey nave no guarantee that the all.
ance viii be maintained. The ciiques have trick OF
making private settements-by paying tlc differ
ence OF prices n cash. without buying stock at all
and many al outsider has suddenly found himself
left IN the lurch and the market slip from benea,n
his feet when he thought his position the strongest
IN the world. Not that circumstances at present
suggest such 4 proceeding as the immediate policy
OF the controlling combinations, but the public
would 90 Well 70 be always on tneir guard against
tue contingency.
THE MONEY MARKET.
AT the close the money market was easy at four
to SIX per cent the latter being almost exceDl;sna
as the rate On miscellaneous coaterals. The mar.
ket for commercial paper showed more movement,
aud prime double name Gcceptances were current
a. 40 average OF seven per cent discount. Foreign
exchange was duh after the steamer, bu. closed
firm on the basis OF 100 q 1o9x for prime
bankers sixty day GAd loS;. lo9a for sight
sterling bills.
TIE BASK SrATTMENr.
Tie weekly statement OF the Associated Banks IA
very favorable ana one OF the best exhibits this sea.
son. While the banks have decreased their loans
million Goaars ney have gained about three millons
In legal tenders, against loss In specie OF million
and q hall OF dollars. The surplus above the legal
reserve has Increased over million. The following
table stows their condition last week compared
with that OF the preceding
AprlId. ADyfY a.
Loans. $2ta. 9sl,7N $a69 ,0Ie, ,2y0
specie ................... 26,S79,5l3 20 3l0 322
Circulation. ............... 33,o9s,253 80 0lBOoS
Deposits. CONTAMINATION. 212 l3,9s9 203 $50 3,5
Legal tendefS............ 6ole0,0Ao 53llo o.6
The changes in each item In detail as follows
DscLcsse in eA'ccie l5o9, l0t
decrease IN CALCULATION. Observation-Disclosures, AID