The New York herald., 1870-04-11
FINANCIAL and COMMERCIAL.
WALL STREET,


WALL erRgBT,
SUNDAY, April 10, 1870.
An.r a ann ana rather monctonous week the wall
....s, community we're treated 10 q decided sensa-
ti0n In ..v,r
.nd won't nome saturday evening with ample food
for reecton during the interval to the resumption
of business The interest OF the street the last
s,ay was All at once arrested by the sharp advance
in gold which sold very freely at ll39<, the highest
point attained in what In Wall street In very long
while. At the same time there was an undercurrent
NJ the Stock Exchange, the strength OF which was
quite perceptible. while other facts were not want
ing to suggest ihat the great cliques are moving.
Wall street cannot remain idle ali the Time There
have been now three or four weeks OF comparative
quiet and duness. Activity essential TO success In
speculation. The brokers tired OF the long dearth
or 'ordersn and hail the prospect with delight. The
movement OF Saturday was reconnaissance by the
leading SPECTATORS who sent strong force into the
Gold Room while their pickets took up advanced
pOsiuons In
TIE STOCK MARgEr.
It was the first step III the impending campaign.
The cliques all loaded up with Stocks Upon the
results OF this reconnaissance will depend the policy
they VIII inaugurate. They Will continue to feel the
dinerent markets untll they possess accurate inior
nation as the and resources Of their enemies
the .Dears.n Present indications are against the
chance OF any great strength among their opponents
who comprise less tnan half a dozen OF the chronic
''shortsn OF the strcet-men who have been locking
up greenbacks for couple OF weeks past In hopes
Of precpitatng stringent money market when the
spring activity was to set in, out which has been pro-
vOkingly deferred. The clques have the same con-
troll OF the market which they displayed last
year at ths season. when they ruined the shorts by
jumping prices ten to twenty-five per cent only 70
fnc nreli,
inary to making the panic In September. All the
principal stocks are in the hands OF the oiques.
They have made arrangements against an active
money market should one ensue before the summer.
Although behind time II Is not improbable that the
usual activity may occur before the middle OF May.
The whole country seems to be bchindhand just
about month in everything. The September panic
set everything back. The cliques are indepen-
dent OF such considerations They have covered
all their stocks by time loans running thirty, sixty
and ninety days. But the army most confident OF
success will tire OF inactivity and long for occupa
sion. The cliq1es in motion and WaIl street may
look for lively times the next few weeks.
MONEY MARKET.
The money market was easy at four to seven per
cent the rates during the week, with tho
bulk OF business a. from Ave TO six. Discounts
were steady at seven TO eight per cent for prime
double name acceptances. The leading BANKERS
advanced their rates for sterling to 09 for long and
l09% for short bills. The movements In the ex-
change market suggest that the cnques have also
been at work IN this department Of Wall street.
Foreign exchange is the pivotal point 0n,wbich gold
turns. II requires the purchase OF millions OF gold
to start the gold market. The purchase OF few
thousands Of exchange slfllces to accomplish the
same object. Foreign exchange is a powerful lever
IN the hands OF speculators desirous OF operating
upon the gold premium.
TUE BANK STATEMENT
The weekly statement OF the associated banks IS
quite Inavorabe. Despite the fact that the domes-
Tic exchanges continue TO favor this city, and that
the money markets OF Boston, Philadelphia, Chicago,
New orleans aud all the large cities are working
easily, there is loss In legal tenders Of about two
ana half millions, ana falling Or in deposits
Of over four and haIf millions Speculative
manipulation is therefore very evident. The banks
lose million specie, while the surplus over the
legal is reduced about 81 400 900. The last
atan fptln