The New York herald., 1870-09-19
FINANCIAL and COMMERCIAL.
WALL STREET, !
SUNDAY. Sept. 1876 p. M. !

r M.
THE WEEK IN WALL STREET.
Tho continued deferment Of active mOney-the
treat bugaboo OF Wall street-has been the occasion
or decidedly more active business at the Stock Ex
change particularly after the middle OF the week.
Ind the transactions have sweled the volume OF
business to proportions which, while below the ay
berage the street is accustomed to regard as ordl
nary are far in advance OF the dealings earlier In
the season. In this revival of business Wall street
!ts only following In the course OF the general mar
kets which have been quite active for nearly every
prancn In fact the trade OF the city satisfactory
20 nearly every merchant whose views are not still
guided by the excited activity and rapid fortune
making OF the days OF the war and period OF high
gold. AS to Wall street. the continued abundance
Or money Is provocative to business Which rarely
tans TO prove operative 1t Is true the past spring
was an exception to this rule, bur that time the
speculative feeling was held In check by the remem-
hrance OF the eventful previous fall and winter At
fhe present time the signs favor recurrence OF the
nctvity OF 1885, based upon the abundance of money
I'm the fall OF that year. Stocks to have their
recurring good years. like the peach and blackberry
props and if the indications not very deceitful
1870 bids fair to be repetition OF 1858. 1t IS a
commendable feature, too that the movement so
Var has been highly conservative and steady. En-
gagements and investments have been made with
p prudence and caution that promise healthy busi-
ness. The absence or silence Of the CLIQUE leaders
mas done much to forward the growing activity OF
the street and while such people desired only by
few Of the speculative houses the OF brokers
really prefer the legitimate transactions springing
from normal influences. The business 80 done Is
Eafer In the long Hence 1t is that the recovery
IN the earnings OF our principal railway lines is
stimulating healthy speculative and investment
demand. The great depression OF last winter was
In
on In business due to the sharp fall
in the price ofgold. which checked the marketingof
the products OF the interior OF the country While
Che western lines in particular exhibited q special
uecreose as compared with the previous year. owing
70 the completion OF the Pacific Railway and the ces
sadon Of the immense movement of men, material
and supplies connected with the building of that
work. now, with q steadier quotation for gold and
with widespread conviction that Its price is GER
fanly gravltatng to par there is freer movement
OF merchandise especially the idea OF holding for
Pny accidental sharp rise in the premium is quite
generally dissipated.
The movement in the Gold Room has been the
eteadiest for many months, the extreme nuctuation
Pf the price being only one-haf Of one per cent
VIZ. between 1141s and 113%. The speculative feel
png has been guided by the course OF the London
money market, which, Gs the nearest important
point 20 the war between France ana Prussia. Is
Tegarded as the most sensitive and the most indica
live barometer OF tue influences springng out OF the
war. Hence the reduction Of the Bank OF England
rate OF discount to three per Is interpreted as
opposed to specie shipments to London or Europe
Whlle the quotation for American securities has
verified the buoyancy Of the foreign market. Under
these Influences gold has manifested downward
tendency. which has been checked only by the active
mercantile demand for gold in payment of the heavy
customs duties uSnal at this spaaou Tho tuo
Annuences neutrallzed each other producing the
Pteadiness referred to. For the future of gold In
ahe absence Of complications abroad between our
own and other countries, there Ia but one course.
Our growing foreign trade exhibits most nattering
STATISTICS for the past fiscal year. According to the
statement issued from Washington, and which has
been delayed owing to the necessity OF obtaining
returns from the ports all along the entire seaboa
our exports. in gold values have been only twelve
millions less than our imports for year ending
July l. 1870 The fact Is suggestive to what will
be the result upon gold In the ensuing winter when
the present demand has been satisfied.
Money has been In abundant supply throughout
The week at SIX per cent on call to the stock houses
and at five to the government dealers The latter
have, indeed been freely supplied at as low as four
per cent and some Of the weaker stock houses have
exceptionally paid seven but the quotablc rates are
"a first specified. The demand has been more active
1han during the previous week, but 1t Is hardly ven
turing too much say that Wall would prefer
the rate at full seven per cent the fact would in
fiicate briskness Of business everywhere. which
would tell in favor of Wall street values.
Discounts were more current, but at full rates, as
the capital In the street is still disposed to await the
changes OF q stringent market and profitable 0ppor-
tunities for carrying and turning stocks.
Foreign exchange was demoralized by large Offer
jngs from the Canadian banks, to whom the
larger holders Of stocks offered the advantages of
speculation netting about ten per cent on the capital
Invested. This was Effected by lending their bills
FOR Old, which in turn was lent in the gold mar
ket-a profit being made each transaction. The
bills 80 lent sold the street by the borrow.
ers and rendered the quotations nominal aud irreg.
;ulAr.
The government market was steady but less buoy
ant, despite the large purchases OF the Treasury.
Tho conviction that gold going lower and that its
price will again Overtake governments, as IL did on
one or two occasions last spring. ia leading to quiet
movement to realize on the part Of capitalists and
banking corporations, the steadness OF the market
under such sales being due TO demand for bonds
ny the banks which constantly organizing In the
South and West under the law of last Congress-
The State bonds were quiet and without special fea-
,ture.
THE BANK STATEMENT.
The banks seem to have exhibited considerable
apprehension for the future of money, despite the
case in the market the past week. in their state
ment this afternoon they exhibit reduction of
$333s 900 in loans. The deposits have fallen OF to
the Same extent, while the customs payments on
mercantile account have led to decrease OF over
$4,000 In specie The loss in surplus reserve is only
$3.50 30o0o-eavng the banks with about s9 600 for
any contingency Of the fall demand for currency in
the interior. The statement contrasts with its pre-
.decessor as follows:--
Sept. 10. Sept. II. Cn0yoes
Loans $271 79673l $268, 40S 700 Dec So O31
Specie..,... 1s71S,390 16,5lz151 Dec. 22Ol,1 1853
Circulation 32s97,ies S2,75o726 Dec. 146.442
Deposits. 1885, S52,4 ,430 193,479,9I6 Dec. 83725lA
Legal tends 48,072,195 49,062,532 Inc. 900, 337
LATEST PRICES OF GOVERNMENTS.
The following were the final street quotations
ror government bonds:-United states currency