The New York herald., 1870-09-15
FINANCIAL and COMMERCIAL.
WALL STREET,
WEDNESDAY, Sept. 14--6 p. NJ
A BETTER rEELlSG


A BETTER fEEIiNG
was the decided feature Of the limited business
which was transacted to-day in Wall street, and II ~
evident that II requires only little courage on
the part OF some Of The larger dealers to preciptate
an active market. The brokers VIII certainly relish
such change and hail the return OF activity with
delight for they have passed through q season
which for long and persistent dulness has seldom
had Its equal In general circles tho season
has been, lar active one, and the Reports from
the crops Of wheat and cotton are favorable to q
good season for the farmers and planters Prosperity
In the great Agricultural districts o the country Is
really the foundation OF prosperity in tho cities and
mercantile centres. Hence, with the active move-
ment ol ireigits on The variHus railwny lines, as
Indicated in the unvarync array a Increased
earnings. easy money aud a fine fall 80 Iar ~
weather is concerned Wall street Is disposed 10
JOIN In tho general bucyancy Of the season but lark
the boldness TO make start, the popular mnnd ra.
memberlng so profoundly the sturtling events oflast
fall, with its great panic In gold ana stocks.
TaE MONEY MARKET,
while shade more active to-day, owing 10 the
greater activity at tne Stock Exchange referred ~
above was abundantly supplied at i've to six per
cent on CALL and In some Instances At four per cent
TO the leading government houses II will be renenl,
bered the view was advanced In this column that
there was general dnscountIDg OF active money as
early as the middle Of the summer and that specu.
lative operations based Un the Idea Of sfrinr
gent money might prove a pitfnll to the
public and guarantee the success Of the clique move
ments for rise. The absence Of stringency up 10
this time seems verify this opinion. II should be
understood that money Is now more evenly distr1.
bnted over the country than ever since the close OF
the war; and that the new banks auth oYiZed by the
last Congress win tend 20 make the distribution still
more uniform. Az fast as orr dry goods 20 West
and South the wheat and cotton are coming here,
and In time our banking system VIII be- SO perfect
that the only movement OF currency will be IN get.
tement OF the difference between the values Of the
incoming and outgoing merchandise. After the war
the South had no money, and consequently the
planting Of the crop and la marketing required u
sudden and sharp drain OF currency every year.
Now the South Is beginning TO own its crops ana
has also expanded its purchases OF Northern goods
that the now Of currency souinwa.d Is decreasing
year by year.
FOREIGN EXCHANGE
Moreover the movement 10 ttansfer English cspl-
tai to tins market, of whoh We gave the first init.
nation a few weeks sinco, has steadily continued,
and to-day the Canadian hanks were selling their
drafts on London ut u quarter to han per cont
below the rates Of the resident houses The market
outside these forced sales was JUL on tho nominal
quotation Of l0s1 109Ts for sixtyday and 1lO3S .
l0s Tor sight sterling 1t Is eren suggested that che
Bank OF England directors AZ their meeting Ia the
morning may advance the rare OF discount IN order
to check this outflow Of English capital.
GOLD ia HAY.
The prospect Of change IN the English rate 81
discount as suggested ana the more warike Viti.
tude Of affairs In Europe were made the pretexA for
. rise in gold, which took the price to I14sS-rhe
movement being encouraged by the largo propo-
sals-over five and hall millions--lor the govern
ment gold today 1T the sub Treasury. The prices
bid were lI3 u liA.Ii, and the whole amount was
awarded In lot at the highest figure to proni
nent German banking house. In view Of the steady
quotations for bonds IN London and In the alb
sence or any demand FOR shipment, lt Is ntinated
that the spectators, VINO short Of the market
arc indisposed 10 have 20 much company on ,thelI
side OF speculation, the extensive number ol
'oears' making gold expensive 10 borrow
ana that the movement to-day was to
| tho purpose OF shaking OF the smane
| operators for decline. As the market row stand
the 'bulls'' are so few that the 'bears'' not oni
| carry their gold but pay large consideration 70
tho privilege. The general character of the marke
| was dul however, and at the close little notlp
| was doing In the Gold Room. Tho course OF til
| market Is shown IN fle table,.