The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-10-17
FINANCIAL and COMMERCIAL.

WALL STREET,
SUNDAY, Oct. 10, 1870.


THE GENERAL TRADE OF THE CITY.
TWAS matter OF general remark that the war In
Europe had produced very dinerent results upon
our markets from what had been anticipated It
viii bo remembered that on Its outbreak thousands
rushed into speculation in products likely to be ex
ported In such crisis but were doomed 70 dlsap.
polnsment and financial loss. Wheat, which. it was
supposed, would be In particular demand even fell
on N price ana the same decline was observable In
ether staples Whatever the reason OF the check to
expectation land 70 the best mercantile experts the
wnoio matter 10 stu mystery the de-
mand has now come and the dsarth or
breaastuns In Europe threatens to DO one or the
moss fearful features Of the war. ON Friday and
Saturday the cable was industriously employed
transmitting orders to this city for wheat, hour,
corn and provisions OF ell kinds. Wheat In LIVER
pool mas gone up about 1Kd. bushel and the price
mere has advanced %. . 3d. II there ID one article
winch We have In abundance more than another It
Is wheat so that the ADVANCE In face Of the Inn
mense supply known to be on hand, is measure Of
the ensrmsus demand. The exporters are oonss-
queauy tubant - the TRADE In breadstuns bids fsr
TO DO very active ana highly profitable. The dry
gcods trade, while not Is animated e two
or three weeks ago, Is fairly active, particularly
1or domestic fabrics The up town trade u very
brisk and the retailers are doing heavier fall
business than experienced for many years, even
with the disadvantage Of continued fine weather
Our own advertising columns AFFORD striking proof
OF fne revival OF activity all over the city. 4
THE WEEK IN WALL STREET. sgten x
Tne STIR In general trade has been followed by
moro active markets IN the various departments OF
Wall street, ana the brokers' have executed
ders the past week than they aid for month In the
previous dull season The reaction IL only natural
sequence after the long depression which followed
thai
has been slow, but conservative. The fear OF o.
stringent money market was discounted as long ago
rs last July, when the great decline in stocks was
entirely attributed to the war In Europe. II VIII be
found, however that the speculative movement OF
the street had been so educated by the experience OF
the past few years that the public would doubtless
have realized on their stocks and induced the de-
cline OF last summer, without the pretext OF the
war In Europe. A few years ago they would have
waited for tight money before selling out. This year
they took time by the forelock, and sold their
stocks month ahead OF the usual season, Hence
the reaction winch has taken place has not encoun-
tered stringent money. The percentage OF decline
was 80 great that prices could advance great deal
without filing up the volume OF money attainable
for carrying stocks. These facts are the secret OF
the ease IN money at this PERIOD when It has been
usually 80 active. During the week gold interest
was paid In some rare Instances, but 1t was
due to activity which was wholly accidental
or artificial and incapable Of continuing.
The "balls" In gold exacted high borrow.
ing rares and disturbed the loan market
at > time when the street was paying million cur
rency into the Treasury while the city officials had
just called million and half OF dollars to meet the
payment Of some Of the city's bonded debt The
stock market was strong In the main, and prices
rose from one to four per cent the only irregularty
In the advance being at the period above referred to-
when the "bulsn In gold made cash gold scarce for
delivery. At the close, however, the causes OF dis
turbance seemed to have disappeared, for the money
market settled back to i've to six per cent as the
rates on call, while the stock market resumed its
buoyancy and upward movement. rr9rs F
! The Gold Room was the scene OF considerable ex-
element midway OF the week, owing 10 very sue
cessfui squeeze In the gold loan market, BY
which the sbulls" compelled the "bears'' TO pay
from to u per cent daily for the Of gold and
also to their contracts at figures which enabled
the bulls to get out OF the declining market. The
loan market was very irregular later in the week,
and gave signs OF the formation or new sshortn
interest based on the sharp advance In fve-twentes
in London and the prospect OF heavy exports OF
wheat In answer to q demand from the portions OF
Europe laid waste by the war.
The extreme fluctuations daily In the price Of gold
during the week were as follows:-- &