The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-07-11
FINANCIAL and COMMERCIAL.
WALL STREET, /
SUNDAY. July 10, l57o.I

SUNDAY. July 10, 1870.
TIKI WEEK IN WALL STREET
The influences which affected the course OF values
In Wall street during the week were the mai pas.
sage o! the Currency bill and the prospect OF war
III EUROPE: ..e markets opened dull and steady
after the Fourth OF July holiday but were soon dis
turoed by the revival OF the Currency bill. The
STOCK market which had made considerable progress
The week before, on the first disagreement OF the
copierence committee became heavy, aud prices
after the passage of the bin fell or one 10 two per
cent not so much through auy pressure oil speca!a.
i've sales as through postponement or the gen
efal movement for higher prices. which had been
commenced In anticipation or failure Of oil the
financial measures TINS session. But when the Cur.
rency Dill went through despite the original predlc-
lions that the two houses could agree the street
became discouraged aud determined TO await the
adjournment OF Congress- especially the Funding
bill is again agitated and may reach final passage
Just as Unexpectedly as did the Currency bill. Other
wise the conditions for q bui movement this sum
mer exist with as much force as ever. Contrasting
saturdays with Tuesdays July 81 prices the gene
raj list shows decline OF between one and Two per
cent, excepting for Reading which steadily advanced
aud closed two per cent higher. The managers OF
tins road are emulous OF placing It side by side with
Illinois Central, Chicago aud Alton, and other ten
per cent stocks. and have made very gratifying pro-
gress toward that end. When the stock was selling
about ten per cent below Its present price we In
formed the public OF the programme then contem-
plated. Its upward movement has been only once
arrested and then ty the sale Of shares for the
account of lady capitalist, well known opera
tor in Reading who, doubtless, now repents her
hasty disposal OF the stock.
The gold market, IN the same way opened dull
and In early transactions declined on false report
that Treasurer Spinner was selling the sinking iund
gold. the lowest price so made was lllh. Here
the market became active the prospect OF a rup-
ture between France aud Prussia ana gold advanced
10 1I2,s. Midway Of the week the situation was re.
ported less warike and the tendency OF gold 10 de-
cline was assisted by the passage OF the Currency
bin, which contracts the real money of the
country between fifty and sixty millions
Indeed were It not for the anxiety and
suspense IN the Gold Room concerning the
foreign news the passage of the Currency bill
would have led to sharp and sudden fall In gold,
aud the price would doubtless have gone TO between
los and Ito. As il was, the two influences checked
each other on the last day OF the week the foreign
news came more exciting and gold slowly advanced
to ll2zs. Should an immediate peaceful settlement
OF the present European complications be suddenly
reached gold would tumble all the more rapidly for
the efforts which are now being made to advance IT,
II IL certainly nattering to national pride and
10 crch1t tnat golu should
make triding upward movement on news
which year or two ago would have put it UP one
or two per cent at a Jump and intoxicated the
Gold Room with Joy. The ''bus" in the precious
metal should seriously ponder the possibility that
grand war In Europe would bring this country 10
specie payments. 10 was peace in Europe while we
were at war That sent gold to 300 May not
reversal Of the causes bring reversal OF effects
While we were at war all Europe was busy making
ind selling Us goods. When Europe goes TO war,
we shall be the producers and her armies and navies
the consumers for all that we can send.
In this connection curious problem Is about TO
be solved concerning our government securities
Should Europe go to war we shall doubtless have
testimony from impartial witnesses the stand
ing Of national credit, for in such shall
see either large ana general return OF the bonds
| held abroad, or a comparatively trining reshlpment
| OF them. 1t Is significant OF the extent
| this movement VIII take that with a sharp
| decline in rentes ana consols our securities
| have been comparatively steady I'm London. Paris
| and Frankfort. The market here was lower on the
news 1t Is true, but the decline would have been
| less had not the Currency bill been regarded as
prejudlcal to higher Prices, for the that 1t
was generally expected that the Secretary OF the
| Treasury would be compelled 10 stop his bond pur-
| chases in order to redeem the three per cents
The Southern state bonds were active for the Ten.
| nessees and North Caronas, but Otherwise steady
| and dull.
Money was easy ut three to four per cent with ex-
| ceptions at five. Commercial paper was In fair re-
| quest at six and six and half per cent for prime
| double names.
| Foreign exchange was dull and firm at the close,
on the basis Of 1921 for prime bankers sixty day
| sterling and 1lO1. for sight.
| THE BANK STATEMENT.
| The bank statement Is favorable, but only nomi-
| nalIy So Had not the government disbursed gold
so largely this week-o the extent OF over four mil
| lions-a decrease OF three and half millions OF
legal tenders would have made the exhibit unfavor-
able. Not that there is anything to apprehen-
| sion for the immediate future OF money. Despite
the large loss Of legal tenders the banks have gained
considerably In reserve but the exhibit shows that
| during the week there has been a systematically
heavy shipment Of currency to the Interior in add.
ton to large payments into the SubTreasury for
| revenue taxed Tue movement to the interior has
been larger than supposed. The statement contrasts
| with It's predecessor as ioll0ws;--
Juy2. Ja'p o. CiaYe.
Circulation 49,. Sso7ess5 ssioo,$si Increase a. sss
Deposits. 2l9Css42s 2l9251ss Increase 5000
Legal tenders b6,s5,2H 63,3is,s7O Decrease sf562s