The New York herald., 1870-08-15
FINANCIAL and COMMERCIAL.
q irs WALL STREET, I
SUNDAY. August IL, 1870. I

constantly tends TO produce In financial circles was
exempliaed the past week in the more AMI
mated character OF business at the Stock
Exchange and Gold Room. Wall street. with
every recurring summer. has to contend with
the attractions afforded In the more numerous
race meetings at the different watering
places, and which draw or attention and check
business. few years ago race in summer was
confined to an odd display OF horsenesh at OF the
ou~offashion Long Island courses. Nowadays
Saratoga has two grand summer gatherings OF the
friends OF the turf and Long Branch one, with the
prospect Of repetition OF the Saratoga idea Again,
the current week has witnessed the great yachting
contest for the Queens Cup and the departure
Of the New YORK Yacht squadron on Its
annual cruise. The average Wall street man is a
turtle, and as far as may be, yachtman Hence
It Will be easy to comprehend the 1ckleness Of the
activity Of Wall street this summer. When there has
been no race the brokers have had plenty TO do. 1t
is true great many when out Of town speculate by
telegraph, but the expense OF such communication
adds to the burthen OF that terrible 'rnterest
count" which often away with the profits Of
venturc 'you know"
The real feature OF the week was the sharp decline
In gold, which ran down from l2c1 to 1854 on the
defeat OF the French army, movement whica was
communicated to the premium by the seeming con-
sent OF speculation that Prussan victories shall be
who calmly contemplate the situation that tho war
| In Europe. will be 10 benefit, succeed which
side may the tenacity or speculation to the above
idea was 80 strong that when subsequently q new
and strongly Nap0leonic French Cabinet was formed
and the Bank OF France suspended specie payments
| gold ran back to 118H. The latter matter was
strangely misunderstood as ts effect upon gold,
for 1t certainly strengthened the market. although
temporarily. The sudden emission of q thousand
mill nf tn hos
seen by our cable telegrams. already pro-
voked a premium Of four per cent on gold
In Paris, and 1t is only question Of time how greag
this premium VIII become France Is repeating the
history OF our finances In the late war, and this sud-
den addition OF paper money to the currency OF that
country Win lead TO still higher premium spe-
cie The redemption OF the new issue Will OF course
depend upon the embarrassinents arising OF the
warand We shall doubtless period Oflcngthened
suspension IN the French empire. One Of the great
countries which sustalns commercial relations with
| the United States Il thus entering upon crisis
through which we have just passed. Can any one
| doubt, therefore, that one element more has
| been added to the influences which are
steadily bringing us to specie payments9
| II anything occurs to embroil Great Brl.
| tain in the war the suspension Of the Bank Of
| England would be an immediate necessity. The
national debt OF that country is reater than ours
| and her embarrassment would place us all on the
level OF an irredeemable paper currency, with the
advantages all In favor OF the young republic, teem-
ing with agricultural, mining and manufacturing
| wealth.
| The stock market was strong, and prices OF the
| leading railway shares made considerable improve
ment in price, owing to the settlement OF the dini-
| culties heretofore existing between some OF the
rival lines regarding the tariffs for freight and pas
senger trafc. The deliberations OF certain railway
magnates at Saratoga called forth the highest
! prices Of the week, but an adjournment to
Long Branch to extend the terms OF peace other
trunk lines was taken a signal that the agreement
was likely to be broken Off by the failure Of these
other lines TO cooperate, and hence selling move
| ment ensued which produced decline. Towards
the close, however, IL was announced that har-
monious terms had been arranged all around
and q fresh upward movement took place, the
street being inclined to assist owing to the preva
lence of q generally bulish feeling In anticipation
OF increased railway earnings this alI in cOnnec-
tiOn with che movement OF the crops Moreover the
bearish feeling was arrested by The very easy con-
| dton OF the money market, wherein the
rate on call loans ranged from three to Ave per cent
While the daily market for money Is thus the oppO-
site OF stringent active, there less disposition
to make time engagements. and ordinary prime
paper seldom discounted at less than 7k per cent
| Foreign exchange was lower and unsettled.
The government bond market was extremely quiet
and transactions were far below the usual average.
On the one hand there Is disposition to await the
further effects of the In Europe upon the course
| Of prices at London, and on the other an
indisposlrion to give the foreign bankers chance
| to realize upon such bonds as they purchased at
prices produced by their alleged unfair speculative
depression OF our securities when hostlllties first
broke out.
The Southern State bonds were frmer with good
demand for the dividend paying issues
| THE BANK STATEMENT
| The weekly bank statement Is again unfavorable,
but less than last week, owing to the large reduc
ton OF liabilities. The surplus reserve has, however
been entered upon to the extent of ST. 237 03O and
the banks now hold only sI4oS2 149 above the limit
required by law. The statement compares with lts
predecessor follows:-
August g. August 13. CHANGES.
Loans. $2s1 1872 144 S278, ,647,6lo Dec 81 534 525
Specie. ..... 2e472,eo2 24,loi,ao2 Dec 1906, 200
Circulation. 3l,943,l44 32909,l6 Dec. 33,97s
Deposits. :. 220.slo3 800 2l5 074,49a Dec 5744sO
Legal tenders 52,2S7, 1873 5l,97o,262 Dec. 3i0,9-s
At the corresponding period last year the banks
held over 500 100000 in excess Of the legal reserve
CLOSING PRICES AT THE STOCK EXCHANGE
The following were the closing prices at the
last session of the Stock Exchange:-Canton
Company, eo1l 65; Consolidation Coal, 2eh
bid; Western Onion, 34H a49S; Quicksilver,
AZ o; Marlposa, 8; do. preferred, 10;
Adams Express es11 SO; Wells-Fargo Express
1875 14Il; American Express, Az 4s; United
States Express, A As; Pacific Mail, 3s% 81; At
lantic Mail, 29A; New York Central consolidated,
957. a SO; do. scrip, 9lK elA; Erie, 22,s
22ss; Harlem, 1874 1875; Reading 95zs q 90;
Michigan Central l1s1S 11s,i; Lake Shore, oa a
931S; Illinois Central, 1917 bid; Cleveland and Pitts
burg 1861 bid; Chicago and Northwestern, s1I
bid; do. preferred. s5,4 s51s; Cleveland, Columbus
Cincinnati and Indianapolis. so; Rock Island, ia
1141I; Milwaukee and st. Paul. 6o% a 61h; do. pre-
ferred 77H a77k; Toledo, wabash and Western,
SIX 51I; Fort Wayne, o31z bid; Chicago and
Alton, III 117A; Ohio and Mississippi 385 a