The New York herald., 1870-01-17
FINANCIAL and COMMERCIAL.
WALL STREET,
2TyNnAx Inn III JQT0

had been anticipated aud yet the deliberations OF
that body brought out several new financial
measures. The whole question OF the currency and
bank reform has SO many different theorists that the
street H unwilling TO believe that any measure
u likely to undergo enactment until 1t has been
amended, reamended ana remodeled until 1t be-
comes compromise OF al the different plans that
have advocates In Congress. The influences which
have affected the course Of prices during the week
have been independent entirely OF these different
projects.
THE MONEY MARKET.
Many OF the shrew Ter operators III stocks were
under the i'm preston thar the tendency which the
money market has shown to ease ever since New
Years would meet a more or less serious check IN
the expanding volume OF business at the Stock
Exchange, and doubtless many contracts at the be-
ginning Of the week were made upon this hypothesis
She relaxation, however, has steadily progressed
and the prophecy OF a five per cent money market
before the LIST OF February looks like realization
The first week closed til six to seven per cent as
the rate on call. Yesterday fancy loans were made
as i've per cent, ana the OFFERINGS At ak stocks
were abundant, attn ou1h some Lenders contrived to
get seven. As might bc expected, this decline has
anected commercial paper. which has been more
current during tho weex at nine to ten per cent,
although the extro.ne range for prime doable name
acceptances still continued at about eight to eleven
Per cent The market was rather slow to yield on
account OF four suspensions reported during the
week, one OF some account and tine others for light
amounts. their cause being traceable to the decline
IN gold. The prime bankers put up their rates for
sterling rather SHARPLY on Friday, and maintained
shem In the face OF light demand for remlttarces
and OF better supply oil produce bills our exports
Being natteringy large. A speculative design Is
suspected The device OF putting up prices to get
good point to drop from Is an old one The whole
la aHu uiusf In Hrnlu nj nyrbu
GOLD.
The gold market was heavy and dul and evidence
- not wanting that the cques who turned the price
up from l199S unoaded IN the vicinity OF 1913.
demonstration at the Clearing House on the part OF
orm who have the reputation OF having been the
brokers for many CT The numerous movements In
gold ELECTED the tnat they were heavy sellers
and the intelligence led to weak and heavy mar
ket. which was feebly rallied once twice on the
0treDgth OF the news from Paris out closed dull
saturday ut the lowest range OF the week. The gold
loan market favored holders the week progressed
the relaxation In the general rate cal leading
decline In the rate for carrying.
STOCKS.
were irregular and in the main strong. New fea-
lures came upon tie surface oil speculation while old
enes were moro or less neglected. The latter were
not weak but simply somewhat lower in price az
compared with their more buoyant periods. The
Arst week OF the new year produced general ad-
vance OF about ak per cent In the leading shares.
yh.s advance has been fairly maintained the past
week, while the new favorltes have brought up
to the general standard. 1t Is The deliberate pro-
-gramme OF the cliques TO "bull" stocks while
money remains easy. TO he successful they must
Srng In the outside pubic. A too rapid advance
would only keep the latter away. An advance
oI SIX per cent every week would check the specu-
1aSlve tendencies OF the public, especially since the
September panic has led to unusual caution. An
outsider who Is about to venture, say upon North
west. will regard 1t iavorably at CT and may buy at
70, but let 1t rise to Is anl he will abandon the ide
because the stock has had too sharp an advance
BY dropping iI to 70 agan, however, he VIII come
In. Tne movements oil the past week seem to show
the operation Of this or similar system Of tactics
on the part OF the ciiques They have not let old
prices go or too much to convey the impression
Shat she market is weak, nor have they rushed 1t
ahead too fast to keep out the general public
THE GOVERNMENT MARKET.
There was considerable activity In the govern
menr market althoasa prices did not 1uctuate
widely. The decline IN gold operated against the
bullish feeling, and would have had greater effect
had not the German bankers been large buyers.
The European market seems to keep up q steady de-
mand for our bonds, and their export has become
. matter OF regular trace, just as much as
shat In cotton and produce. Tue weakest day
was the last day, wncn tho CTS sold very freely
At ia, but the lower prices brought in prompt
buyers and the market closed steady with the fol-
lowing quotatlons:-Unired States currency sIxes
109x 10e2l: do skies, 1881, registered, 1171z o
117x; do. do, coupon, 117X o 1171; do. fve-
twenties registered, May and November 115 q
a15X; do. do. 1857, coupon. do 1853 115sl;
10. do, 1861 do d., 115 ll5k; DO. do, 1885, do
do., Ills 1l51S; 90. DO, registered, January and
yuly, ia = 1l41s; do. do, 1865, coupon, do,
1l3X III; do. do, 1857, do do, ia 1l4,S: do.
DO. 1S0s do. do., ia I14; do. ten-lorties regis
tered, Ill Ill y; do. dO., coupon, 1l2i4 1l2X.
SOUTHERN SECURITIES.
The market Tor tne Sousnerl S.ats bonds was
active and irregular. The features were the North
Oarolfnas. particularly tue new bonds which were
excited under speculative manifestation. vrginas
were strong. The Rclm0nd Dispatch says that
the amount Of money In Lae STATE Treas Try on the
9TH inst. was S7560d0, OF which S25o,o)O has been
paid over 10 the Second AUDITOR with which that
officer will pay the January interest on the state
debt The July interest on the foreign debt win also
he paid at once. According TO the message or the
Governor of Missouri the debt of tnat State
IN 1869 was S3,o010oO. The in crest on
tho bonds for Jaly is already provided
Cor; that or January following can easily
be arranged. There Is now in she Treasury nearly
5000, 900 which belongs to the interest fund. The
principal OF the bonds maturing 1872 amounts to
$477,Ooo and that of 1873 OF S6sc,OOo can also be
promptly met. During the past year S6O miles OF
railroad wee built and 1035 miles now In course
Of construction.
THE BANK STATEMENT.
The weekly statement Of the associated banks is
remarkably favorable. The line OF deposits has been
Increased over twelve millions Of dollars the con-
srlbuting items thereto being an increase OF over
m iOpn fnrr
millions In specie and an Increase OF nearly four
millions In legal tenders. The banks received at
least three millions in national notes from various
sources In the Interior, the DRIFT Of capital being
shls way from toe country general. Despite the
large increase In liabilities, as represented
ey the deposits they have sufficiently increased tho
items OF specie and legal tenders to enable them 10
odd over two millions and a half to the surplus in
excess OF the required to be held by Jaw the