The New York herald., 1870-02-07
FINANCIAL and COMMERCIAL.
WALL STREET, I
SUNDAY, Feb. 6--lS70. I

SUNDAY, Feb. 6-lS70.
The past week has included the LIST OF February-a
day on which many business engagements are made
and arrangements entered into IN the general trade
OF the city, The tone which has characterized these
transactions has been more cheerful, and although
In strictly commercial circles buyers are tardy
this year and disposed TO take smaller lines, the
prospect for the spring trade Is not discour.
aging Gold has had ss large fall as may
bs reasonably looked for before the funding
laws now under consideration In Congress
can become operative, while tho experience
OF the great suspension or specie payments In Eng
land has shown that the final obteratlon OF the
premium on gold progresses with increased dim-
Guilty ana reduced rapdity as par Is approached IL
has been demonstrated since last September tnat
the price OF gold does not regulate our domestic
values. AS General Butler said in Congress, we
have money OF our own, independent OF the world
az large, and It's purchasing power affected by
the outside markets. The latter portion OF this is
not all true. Our domestic values are affected
by the range OF the gold premium. but
only slightly. Gold within the year has fallen
to 120 Where Is the corresponding fall in
other commodities. With gold at 100 the price OF
an ordinary pair OF boots s now from So 10 $40 in
coin. The same articles could have Deen purchased
before the war for 50 to S. The real secret OF the
higher prices OF goods lies in the taxes and IN tho
greater volume OF currency, which il now
$500 100000 against 5000 600 900 $780, 600 900 at
was never definitely known). Hence we find
that, despite the fall IN gold, prices In commercial
circles are firm, and buyers are making larger
spring purchases than many OF our merchants
expected.
THB MONEY MARKET
At the same time the plethora OF money In the
banks has made the money market easy and even
te arItf
tiate their paper. Depositors OF prime standing are
accommodated at bank with the utmost prompt
mesa. In the open market large balances have been
pressed upon the leading government bond dealers
at four per cent ana on Saturday evening the sup
ply was so large in excess Of the demand that
lenders with heavy sums were unable to
place their money at interest over the In
terval to Monday. Commercial paper has
been In special request and the street is bare OF the
gilt edge" grades. which have been absorbed long
since. The country banks are large buyers. For
prime double names the range has been from 8Js
to per cent. Single names take wider range.
Occasionally piece Is done at but the general
market ranges from to ls. Foreign Exchange has
been irregular, but In the main strong under the
| swelling volume or the imports and the increasing
shipments OF specie The lower price OF gold GER
| tainly tempts q good deal OF importation. The
IorclHu Hoous in,loouceu uurnB ING WceA "efc VI
| the value OF nearly six and u half millions oi
| dollars.
l THE GOLD MARKET.
Gold at the beginning OF the week was steady and
strong but upon the passage OF the Currency bill in
the Senate and the Introduction OF the Funding bill
| became heavy and under went decline OF one per
cent The street attributes the weaker feeling to the
expected contraction likest0 result from enforcing
| the provisions OF the first, but undue allowance
appears to DO made for this influence aud too little
for the erect OF the Funding bin in enhancing the
national credo. The loan market was irregular but
the general rate for carrying gold differed little from
| the general money market. The extreme nuctua
/ tions each day Xare fniloMs:--