The New York herald., 1870-01-24
FINiNCrlL and CONMEReEab

fF WALL STREET
SUNDAY, Jan. 20. 1870.
The current Of speculation during the week was
sttll in favor ofhigher prices In
The sTo0K AARHHJ
although the volume OF business was not up to the
corresponding seasons II the immediatey previous
years. The OF tns lies In the greater caution
which has pervaded the public mind ever since the
events OF September. Last January stocks were
just In the rst stages Of that remarkable inatton
which collapsed with the gold "cornern Money is
as easy now as IL was then-more go. In fact-but
the transactions in stocks are diminished scale.
Tne cnques have had less Impressions
bic market to work upon this year and
have failed to stimulate the old enthusiasm. Con-
sdering the obstacle thus presented their success IN
the "buIi" movement which Is their programme for
the spring months has not been indifferent Prices
advance almost insensibly or rather very slowly,
but they steadily climo from week to week. re-
Prospect Of prices for the past month will show that
despite the intermediate dulness and spasmodic
declines in shares the general course OF the market
s upward. During the week there has been corfsId-
erablc activity In Rock Island which uctuated be-
tween 1885, a10SH the street being treated TO sem
sa0n In the shape OF discovery that two millions
OF new stock had been issued In the summer, for the
non-registraiion of which the name OF Rock Island
was struck from the lst at the Stock Exchange and
the driven to the sidewalk where the dealings
v1ve recollecrons OF the Erie expulsion OF last WIN
ter 1t is dihicut to comprehend the motives which
at present guide the manipulation OF this STOCK. Its
refusal TO '.break" III panic upon the announce
ment of the over issue and the heavy purchases or
the past few days under which the price on Satur-
day reacted to 1885, seem ind that the inside
clique, who went short OF 1t from 15S downward,
have courted the discovery of the overssue for the
purpose OF bringing In their stock. The fact that the
new issue was authorized was wen known to the
public. Indeed the directors retain the right
to issue two millions more when they see ut. De-
spite this overhanging contingency the price has
been firm. Rock Island has been football among
the SPECTATORS wl1o knowing the attraction II pos
sesses as the short connecting link between the
Pacific Railway and all the various railway lines OF
the East have been able TO operate upon the public
confidence. Rock sland like Erie, is among the great
railways OF the country but like 1t has unfortunately
fallen into speculative control. The railway list was
in general active and the week closed upon marked
Improvement In their prices. The feature OF the
ensuing week promises to be struggle In Northwest
OF which Daniel Drew Is reported largely snort,
whine Commodore Vanderbilt Is said to have been
buying it ever since September. Now, as the
veteran Commodore has an old score to settle with
the ex-prcsident of Erie. and has been patiently
bdlng his time for revenge and watching for an op-
portunity to entrap his Old adversary, the street
looks Tor an interesting contest In the immediate
future between the two giants Of Wall street,
@ THE GOLD MARKET M
was dull and the price heavy. The abundant supply
OF gold has de1ed the effort Of the ''bus'' to keep
up the premium, especially as the stronger specula
tive combinations have either been out Of the mar
ket or on the "bear'' side Of 1t. The speculative
spirit has almost abandoned the Gold Room Of late
and transferred Its interest to the stock market.
GOVERNMENT BONDS
nave sympathiZed with gold and declined. The
foreign demand has been light, particularly in Lon
don, where the new Russian loan is marketing. The
government bought two millions during the week.
but as the holders seemed to have large amounts to
sell the strengthening influence Of the purchase
counteracted. The Secretary Of the Treasury now
holds about 500, 900 600 OF purchased bonds. The
I following the closing street prices on Satur-
day:-United States currency slxes 1908 III; do.
skies, 1881 registered, 1l79s lls; do. do. cou-
pom, 117si 11S; do. nve-twcntics, registered,
May and November 1854 1l5s1; do do, 1862, cou-
pom, do 1855 1876 DO. do, 1854 do. do 115a q
l15a; do do, 1865 do. do, ll5s 1l5s1; do. do,
registered, January ana July, 1l4a 1I41E; do do,
1885, coupon 1l46 q l14l1; do do, 1857. do. do,
1l4sS ia do. do, lS6s do. do 1147s Has do.
ten-fories, registered, lie a 11214; do. do cou-
pom, 1925 1l2ss.
SOUTHERN SECURITIES
were irregular, but generally dull and heavy. The
Transactions were mostly confined to the Tennessees
North Carollnas, Vlrginias and Louislanas.
THE MONEY MAagET
was easy at five to SIX per cent, with iosas at the
close OF the week low as four per cent. The banks
are gIutted with national bank notes, which accu
muate here pending the inactivity OF the rural DIS
trcts during the interval between the marketing OF
| the crops and the opening Of spring activity. Conf
mercial was in request by the country banks, and
discounts for prime snort paper ranged as low as
seven per cent. Foreign exchange was strong on
the basis of 1857 100 for prme bankers sixty day
and lO9l,l 1895 for sight sterling
| THE BANK STATEMENT
| The accumulation OF funds at this centre Is still
further reflected in the bank statement submitted
Saturday afternoon although lts favorable features
produced lrele effect upon the street. good state
| ment being generally looked for, while the Rock
Island affair continued TO absorb great deal OF at
tention The lncreage in deposits is over Ave mil
lions, made up OF an increase OF nearly TWO millions
In Specie an increase OF about two and half mi.
lions in legal tenders and increase OF hall nil
| lion In loans. Tue banks gain about four millions
in reserve. Despite the large deposits the surplus in
excess Of the legal has been increased about
three millions. The last two statements compare as
/ follows&-
| Jon IS. Jnn. %.
| Loans. ......... $3.50, I0I 100 $25y, 532, 15t
| Specie. ............. $3.50 567 Sc, Asa, ,Oo1
| circulation. on......... ..t.soos23 5J, 500, VI
| UeposltS. .......... ZUl, oooool zVt:4iVoz'
| Legal tenders. 5224S,4 475 51sGl94
/ The changes are in detail as foows:--
Increase in loans. ns....................... s491,55(
Increase IN specie e....................1 1913, $50
Decrease IN circulation. Observation-Disclosures. 100, 101
Increase IN deposits. ............ 5,0S3, AZ.
Increase III legal tenders .............. 1870 95s
,oan