The New York herald., 1870-11-07
FINANCIAL and COMMERCIAL.
WALL STREET.

WALL. STREET
SUNDAY. Nov. 0, 1870.
THE GENERAL TRADE or THE CITY
during the past week highly satisfactory In the
line or cotton exports, Iairy active in breadstuis.
but dun in dry goods. The cotton market was favor-
ably affected by the prospects o. peace IN Europe.
and prices advanced, although the highest 1gures
were not main aimed to the close rue indications
az present are against as heavy crop last year;
at least the receipts FAR below those TO this
date IN 1869. This fact combined with very mate
rial increase In the exports, has rendered the market
nrner for the weeks business IL was only the
unsettllng ana decline OF the goll market that
prevented permanent strength throughout. II
we look at values from specie standpoint cotton
has been firm and higher. The hrea lstufis market
was fever,sh and Irregular an improvement IN Lay
erpool, which was originally the occasion OF consid-
erabe strength and activity In the home market,
being overcome by the decline in gold and the
ablndant receipts from the West The sales of dry
goods have fallen or ior the reason that the Western
merchants lald in heavy stocks early Ia the season
on the expectation OF sharp advance in prices
owing TO the European II Is early to LOOK for
the trade OF the holiday season. while the fine wea-
ther checked dealings In the woollen and heavy
fabrics. The uptown trade, however, continues
active, the iab0ring classes finding steady employ
ment ana earning good wages.
THE STOCK EXCHANGE
there has been decided revival OF business ana
prices have advanced FOR all or neaIy all the share
list. the bcarsh m movement which was 50 strongly
operative the previous week, gave way TO COM
plete change In sentiment, and the dealers who
were formerly conspicuous IN selling during the de-
cline prominent In buying after the market
had tnrned. The "bals'' and 'bears' made peace,
and, the latter having been suffered TO cover their
contracts, both parties are combined for an up
ward movement. The overtures for peace came
from the "bears., VINO found that they had
mscalculated IA expecting stringent money
market thus iall. In fact, the great feature
OF the STREET IL the abundance of money, the
accumulation OF which is great that borrowers on
mixed c0llateras we've quite generally supplied at
five per cent The bunk statement Is n guarantee
OF continued case the balance OF tue winter season.
Some of the banks during the week were Offering
loans for six months at per cent. ana, In lieu
Of placing them, we're buying government bonds and
other securities, which Will insure a good rate Of
interest pending the winter glut IN money, when the
call Is likely 10 fa to two three per cent.
The banks are now in sncn position that they
could, il any exisency required, expand their loans
over forty millions Of dollars. the coming season win
very probably witness the activity ana excitement
or 1868. Speculation has its alternate years, like
the cranberry ana whortleberry crops, and lS70-11
is likely 10 see rs great u rise as there was
! depression IN I569-To The 'sbears foresee these
| facts and have consequently closed their specna-
tive sales and placed themselves the '.buln side
| OF the market. a leading brokering firm on Broad
| way, adjacent TO Wall street, who innGence trade
| to the extent OF many millions ana who were con-
| spicuous In the recent 'bear" movement, have
changed their views and placed their customers on
the ''bu" side OF speculation. AS is TOO often the
case, the "bear ciiques changed their tactics Sc
cretly and compromised with the 'DulIsn leaving in
the iurch the most OF outside small spectators WHOM
they induced to take sides with them. The public
VIII at least give credit for having honestly repre-
sented the situation the past few weeks, when, in
the midst OF Inc universal blueness and depression,
we exposed the danger CT parnngwIth investments,
| and particularly OF speculative sales, the ncon-
sistency OF the opposition 10 the market being such
as TO induce the suspicion at times that the pro-
| fessed .sbears secretly in colus,on with the
"bull' cliqucs and merely acting bell-wethers TO
induce an outside shoit interest In furtherance OF
the schemes Of the latter The very TACT that money
Is likely TO be worth only two or three
per cent this winter IL diyerting a great
deal OF capital TO securities which are
! on the list OF reliable divdend-paylng
investments. Where speculation is directed by this
guide 1t is out OF tbe power or the cques render
| IL Improbable. Money Intclligenty employed pro-
| duccs money. The older the country grows the less
INC rate Vi Investments
| which pay good dividends gradually absorbed
| by capitalists. England is an Old country and mo-
ney there is WORTH the average, about three per
cent per annnm. Hence investments paying more
| than that rate command a large premium. The
London Raatcay Ne,cs gives a table OF the business
OF the leading English lines for the last six months.
| We quote the column OF prices and dividends for
shares selling above par:-
Stocks. Dipideads, Market Price
Southeastern I'D prcf).. 21s per cent 10
! Grea. Northern. ........ 5 per cent l23
| Great Northern list pref.l per cent. 1885
| London and Nor'western per cent l29
! Mldand.. ............... 6l4 per Cent 1T
Lancashire and f'kshtre. per cent I3t
kortheastern.. Ia per cent. las
THE GOLD MARKET
was weak, and declined to ITO on the absence OF the
| speculative support which kept the prenlum lrom
falling to It's legitimate level. At the same time the
loan market became easier ana rates began 10 favor
horrOwerQ althour tha vatratIa from, ar