The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-09-12
FINANCIAL and COMMERCIAL.
WALL STREET,


was fairly active, and the merchants particularly
those In the dry goods line, transacted a remuner-
alive business. The jobbers In domestic goods
Joyed the most successful returns for the reason
that their class OF merchandise was IN good demand
at improved prices The mills for several reasons
| have not supplied the city with over abundant
| stocks this summer, and holders were readily
enabled to obtain their prices The importers
| also have done fair business, but not
SO active one as might be inferred
from the large imports, a great many
of the arrivals of goods being consgnments here to
| commission houses-the amount sent on this ac-
count being unusually large owing to the Fastening
forward OF heavy stocks from European factors who
were unwilling to take the risks of the unsettled
markets at no me. But the feverish movement In
| the Gold Room checked large purchases from the
smaller Dealers although the more settled character
OF the gold premium towards the close OF the
| week induced quite q revival OF business. The
| exporters have been the least pleased with the
| weeks business, for while the European demand
| expected with the war has been but slightly in
creased the stocks or eXportable goods in the home
| ports are more than capable of supplying even
larger demand, In the uptown trade there has
| been more brisk movement, usual at this time,
when there Is general return to activity In all the
| branches and departments OF labor and business
| after the summer vacation.
|
The more active features of Wall street were dis
| played in The Gold ROOM where the startling events
of the surrender of Napoleon and the capitulatlon
OF MacMahon's army were followed bx decline In
! gold 10 1i3H. Later in the week, on the theory
that the French republic was disturbing element
| to the peace of all Europe and in sympathy with
| sharp decline In American securities at London,
gold strongly reacted, touching 1854 Subsequently
the persistent efforts at peace and the proposition
for peace congress at Viepna which were regarded
as not entirely hopeless In London, where the mar
| kets suddenly improved, led to second decline,
and the price closed at 1855. The weaker feeling at
the close not entirely the influences from
| abroad. Ever since the war commenced in France
gold has constantly endeavored to assume the place
to which Is entitled under the natural influences OF
| the reduction of the national debt and the
increased activity and expansion OF business
throughout the country. Again, the dscre-
pancy between the exports and imports was
| lessened the past week, and the figures of our
| foreign trade snow an increasing movement in the
| former and largo decrease In the latter. There
remains but q few weeks in which to base any hopes
or high gold upon our reduced exports and heavy
| imports. That period passed, and In the alb
! sence OF any new complication in Europe. which
shall threaten return OF our securities from abroad,
gold Is destined to take astll further plunge toward
the obteraton of the premium. IL is problem what
would have been the eject had Prussia been worsted
! in the conflict with France, bus the reaction In
favor OF our government bonds, resulting from the
| success OF that country was decidedly assisted by
the readiness with which we Immediately CON-
menced specie shipments for the few bonds that
were sent back. We have got so far now toward
specie payments that every merchant in the country
would prefer actual resumption to the unsettling of
business calculations by the nuctuaHng value OF
the paper dollar.
| THE STOCK MARKET.
The stock market during the week was in general
firm, the only sign of weakness being given when,
in the excitement attending the return OF gold TO
1881 there were heavy sales to realize, In the
| that Europe, by fresh war complications springng
out OF the organization OF the French republic,
would cause renewal or gold shipments and thus
| precipitate that strngency OF the money market.
which has been so generally apprehended but still
remains aloof. The subsequent decline IN gold and
the light shipments Of the week led to reaction In
prices, but business at the close was exceedingly
| dun. &
| THE GOVERNMENT MARKET.
| The dealings in government bonds were light, and
the market betrayed by the offerings at the Sub
| Treasury, well supplied Holders, however, were
| not disposed to sell at a concession, and hence
prices have been irm the effect OF the large Offer
ings just referred to having been counteracted by the
action Of the government in buying three millions as
against two called for In the advertisement The large
supply doubtless due to the fact that many OF the
/ banks and private capitalists who bought for invest
ment during the relaxed rates for money In the
summer are DESTROYS of realizing In order to have
| the money at hand Unemployment through the eX-
| pected activity Of the fall months when money on
CALL according to the experience OF the several past
years, is expected to command extravagant rates OF
| interest.
! THE MONEY MARKET.
picking problem Of disposition strlngency, de-
spite the advent Of the when it has usually
been very active The OF this lies in the dor
mant speculation at the Stock Exchange, where the
public have been light dealers in anticipation Of this
| activity. The cliques ana large holders
| of stocks have made time engagements
| bridging the period or activity,s and are con-
| sequenLly removed from competition for the funds
! now available In the street. Again, the demand
| from the interior has been discounted in q great
| measure, the South having retained large portion
the profits of the crops Of last year and previous
years. while the decline in headstuns at Chicago has
| checked any active movement in that section. In
| fact with the activity in domestic goods
! alone noted, and with the low price Of
| wheat and corn, the metropolis has entered
| on the talpirade with encouraging prospects Dis
counts were easier at the close owing TO the fear
| among money lendcrs that activity in the money
| market this fall Is o matter OF considerable doubt,
| ana hence there was more investment in paper,
| which, on extreme quotations for prime grades,
| ranged from \ to per cent. Foreign exchange
fairly active, despite large sales on speculative
account and rates were firm
THE BANK STATEMENT.
The weekly statement of the associated banks is
without important features, the decrease surplus
| reserve being only about 100000. Although the
banks reported little no movement OF currency to
the interior this week the legal tenders have fallen
| or over million and half of dollars, which fact
! gave rise TO rumor to-day OF an artificial move
| ment TO make money stringent for effect upon the
stock market On the other hand despite the specie
shipments OF the week and the fact that the Trea-
sury received over four millions for customs during
| the week ana disbursed only half a million in