The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-11-28
BOND PURCHASES,
-
Total. ..$4, 600, 900
Total
TIE WEEK IN WALL STREET.


He TIE WEEK IN WALL STREET.
Considering the exciting ana conflicting de-
spatches from Europe during the week the Wall
street markets were steady and quiet. Gold wants
10 so down and stocks want to take their usual win
ter rise after the passage OF the time for easy money
and before the advent Of the dividend paying season.
but the foreign news restraints their natural ten
dency.
THE GOLD MARKET.
Tile more peaceful advices from London, con.
corning the Anglo-prnssan complications, rem.
dercd the gold market heavy. but the decline
was measured by an extreme nuctuatlen Of
Only u per cent-viz, from 1I2I TO 1l11. 1t
was generally settled at the close Saturday that
war was only remotely probable; but as esnsos and
hve-twcntios In London had not recovered to the
standard existing belore Prince Gortchakof's first
note was made public there was not much dIspos
ton 10 indulge IN speculative sales. 1t remains TO
be seen, however, what effect will be produced by
the report that Queen Victoria has taken deter.
mined stand against any war-a piece OF intelligence
which reaches US during HE holiday of Sunday. It
will doubtless require the more energetic opera
ton OF local influences to excite specu-
la'ive activity In the Market and during
tho interval tho large exports OF cotton
ana produce will pave the way for a sudden and
sharp decne-possibly TO within few per cent Of
par-when the government shall begin the payment
OF the January interest the public debt amount.
Ing in all to nearly $40 o0O the first instruments
Of which may be expected not far nom Christmas.
The foreign bankers seem to have been encouraged
BY the news from Europe, Tor they suddenly low.
cred their rates, but at the reduced quotations pro.
vokcd little demand, the street il fairly supplied
Win bills drawn against shipments OF merchandise.
THE STOCK NARKET.
The stock market was strong but without any
greatimproyement. The "buls' are disposed to feel
the speculative disposition Of the community out.
side OF tho street, while the "bearsn having been
worstcd In the several recent attacks which they
made on the strength or the excitement In the Lon.
don stock market not Inclined TO cell on the eve
OF the winter plethora OF money al this centre. Tho
cliques arc preparing however, for variety
prises, and their plans Will be made manifest before
the holidays. Two favorlte speculative stocks arc
on the programme for sharp rise this winter. One
OF these has already given signs OF s future ANNA
tton Its retrogradaion at the close OF the week
said to be portion OF the programme, which con-
templates frequent and violent fluctuations The
other was tile feature last spring, when it rose
about ten per cent, or until its promising career was
suddenly cut short by the unlucky absence OF its
patron at Sunday school picnic, which oversight
was taken advantage Of by the bears' to begin the
demolition of the structure Of figures erected
by Its pool Of operators. That tho winter
Will witness an animated stock market Is a foregone
conclusion. The panic Of 1860 Is gliding away into
the 0bscurity OF the past and will be cs forgot
ten as the crisis OF 1857 and S64-at least as 1t
operates to restrain the public Interest In the
Of prices at the Stock Exchange. There Is ouch
thing as too much temperance In speculation. 1t Is
the intoxicated abuse OF the facilities of Wall street
which runs Its patrons. The growth Of capital and
the Increase Of wealth require constant channel
for their expansion to fields Of new capital and new
wealth. The intelligent investment OF money IN the
enterprises Of the age is the foundation of civilization
and national prosperity
THE GOVERNMENT MARKET
Government bonds sympathized closely with the
course Of the foreign market, but exhibited a
stronger disposition to decline with It, than to react
with it, The secret Of this lack OF buoyancy Is tie
apprehension that The next Congress will limit tho
Secretary OF the Treasury TO the purchase OF
q stated per centage or the public debt annually,
while the market Is well supplied with offerings Of
various mortgages on first class railway lines which
present constant competition for the mouey Of in
ycstors
SOUTHERN SECURITIES.
The features OF the week In this department OF
business have been sharp fall and an equally sharp
reaction IN the Tcnnessees and steady advance In
the new North Caro!inas. Tie message OF the Gov.
ernOr TO the Legislature at Raleigh took strong
ground against any reputation OF the Sate's Oh.
legations, and pointed out way by which, IL sug-
gests the payment or interest may be resumed The
South Caronas were also better and fairly active.
THE MONEY MARKET.
The money market continues abundantly sup.
piled, and the rate on call during the week ranged
nom four to six per cent.
The more important feature however, was 4 re-
Taxation in the rates for prime mercantile accept.
ances, which sold as low 6is per cent discount.
nofe hrokera rCnOrt An active dana for rima
grades and state that buyers show great confidence
in dry goods paper particularly, the merchants in
that line having had good season. The rates fer
paper range from "a s per cent Drawers oner 1t
at GU q IN per cent discount. Buyers bid u s per
cent discount.
THE BASK STATEMENT.
The weekly statement OF the associated banks Is
strictly speaking, unfavorable but the changes
reality only trinng. The only feature Of importance
is a decrease OF about quarter Of million in the
legal reserve, owing to further loss in greenbacks,
which IL accounted for by the Treasury operations
OF the week, which gave the street million OF gold
and took out OF It million Of currency, tho later
operation OF buying bonds not appearing In the
weeks statement. AS the deposits have been drawn
down by about half milton the surplus reserve
is impaired by ABOUT only $4,000 The statement
contrasts with its predecessor as follows:-
Loans. ...... s28l,oo9,2le s2646oslls Dec. sllOo
Specie. 49,. I7,5so,225 1s,22o617 Inc. 6l2, ss2
Circulation. 3a,3o1.22 81, 353 o79 Inc. 62457
Deposits -. 1ei,co0,406 013 Dec. 1888
Legal tenders 52,7l6,773 5l,s26,55 Dec. s9o,2l7
The banks now hold sl3, $3.50 955 above the reserve
required by law.
THE COURSE or THE GOLD MARKET.
The extreme fluctuations daily in the price Of gold
during the week were as fo,.ews:-
H,ghest, forrest
Mon lay. ACKNOWLEDGEMENTS. tt24 nix
Tuesday OBSERVATION-DISCLOSURES. 112 l12S
Wednesday. ACKNOWLEDGEMENTS. 1l2T 1ll1
Thursday. thanksgiving hOliday.)
Friday. Observation-Disclosures. 1928 INK
Saturday. ..................... liz 1llA