The New York herald., 1870-03-07
FINANCIAL and COMMERCIAL.
WALL STREET.
SUNDAY. March @. 1870.

WALL STREET ,
SUNDAY. March g. 1870.
Wall street has within the past week afforded
ample topics for reflective minds The sudden dash
towards specie payments which our finances have
taken furnishes spectacle calculaesd TO make tine
American vaingIorlous OF his country and institu-
tions. In addition 10 tue causes which have pro-
duced the
DECLINE OF GOLD TO 1f2A
there Is one which has not been prominently
noticed, Out which has been none the less
operative, and that Is the important position
which our country has taken among the natons
OF the globe. We are no longer little fringe
OF civilization on the edge OF the Atlantic, but Q
people OF vast wealth and strength. 1t IL only since
the war that Europe has come regard us as other
than sort OF colony, energetic and entelprlsing,
but without stability or stamina. But the cable,
the press and the steamship have revolutionized
these ideas OF US, and European wealth Ia turning
towards us for investment The ocean telegraph in
particular has brought the people on both sides OF
the Atlantic into community OF finances and the
time Is not FAR distant when New York London,
Paris and Frankfort win be as closely united
as now are New York, Boston, Philadelphia
and Chicago. The metropolis OF America il des-
tined to be the metropolis oil the world, ana ere
twenty years New York win be the centre or ex
cnange, as London now s. The cable in making
connection between our money centres and those OF
Europe, Is bringing about uniformity In the dis-
tribution OF capital just as the opening channel
between two lakes brings the water OF botn to the
same level Even now the m0neyed operations OF
New York are twice as large as those OF Lon
don. and every circumstance indicates that
our city will be the grand clearing house
for the business OF the civilized world.
1t is because . knowledge OF us is becoming
general abroad that foreign capital 10 coming here
or seeking investment in our government or corpo-
rase securities. The objection to heretofore was
that we were new people. without the maturity
ana experience OF European countries But the
three great agencies OF the press, steam and tee-
graph are making our institutions familiar every
where. Hence our financial position Is coming to
level with that OF other countries. why should
United States paper money be at discount OF
twenty per cent when that OF Austria. country
bankrupt FOR half century, is only nine or ten per
cent below pary
THE COUNTER MOVEMENT IN STOCKS.
The most singular feature connected with the
decline IN gold has been the counter movement--the
advance in the stock marke. or course, IN consid-
ering this question it must be borne In mind that
much or the advance has been due to q direct effort
OF the stock gambling cliques who were caught with
load Of stocks on hand when gold took It's sudden
tumble. The cliques, IN following the proverbial
philosophy or Wall street ana acting upon time
honored experience that stocks 80 up the spring
of the gut capital this centre nave placed
themselves antag0nistcally to the course or the
gold market which they also expected to 90 up. But
now that gold in obedience outside Influences has
resisted every effort at advancing 1t, the cliques
find themselves compelled to adopt a strategy
which Will lnure to their success. In disconnecting
the gold and stock markets they preach the doctrine
ting medium OF the country just as much as II
Congress ordered an issue OF rs much adj
dltional currency as there Is gold and
silver coin in the country. Still 1t Is question
whether the stock MARKET II left to ITSELF would not
decline. 1t is this problem which keeps the public
from taking any prominent part III stock operations
just now. The natural tendency OF prices has been
downward, and 1t has required all the 'bulin force
OF the cliques to keep them up. Whenever their
help has been suspended the market has dropped,
or drlfted into dulncss. What the cliques Will do
may be gathered from their lavish use OF the CAPT.
tai now 80 abundant In Wall street. They are de.
termned TO carry out the programme on which they
entered before the decline gold interfered with
and obstructed their plans.
TIE MONEY MARKET.
The offerings OF money call loans have not
been below the average OF the past month, and the
rate mas been In most instances five to six per cent
The process Of redemption by the country banks
either been concluded or suspended, the glus OF
national notes not being SO remarkable OF late.
Some or this aUso tion is due to the greater capital
required to carry Stocks that their prices arc
ten twenty per cent higher than at the beginning
OF the year. Commercial paper Is IN fair request az
seven to nine per cent for the choice grades.
THE gANK STATEMENT.
The weekly statement OF the associated banks pre-
sents no important feature, except perhaps In the
item OF deposits. which have increased about two
millions OF dollars. There Is trning gain in specie
and legal tenders. The gain in specie despite the
customs payments OF the week, Ia due TO the coin
disbursements OF the Sub-Treasury In payment or
the March interest on the ten forties The last two
statements compare as follows:-
FeD. 20. March s.