The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-12-12
PINlNgIiL and COMMERCIAL.
WALL SrEEET,
SUNDAY, Dec. IL, 1870.


Che continued low figure for gold and the heavy re.
ceipts at the Southern ports left shippers with mar
row margins OF profit In fact this remark viii he
found true OF business In general. me actual
amount Of trade throughout the country
H UP to II not above the average, but
profits have been light, and where capital
invested In business used 10 return Is 20 per cent
pront merchants are glsa now to have derived
10 per cent upon their Investment. The wheat
trade was unsettled during the woek. The market
At Liverpool has been falling one, despite the pro-
l0ngation OF the struggle In France; out the reac-
ton 10 doubtless raeeable to the nbatemeng Of fear
In England OF war with Russia. The home
demand has been fairly active, as usual
at this season; but the West seems ready
to supply the market. no matter now large
the inquiry and hence prices have not undergone
important change. In dry goods there was more
doing, UNDER demand from up town and out or
t~wn small dealers TO complete their assortment for
the holiday season. but Is evident that the trade
on the eve of going into winter quarters. In the
retail line there Is no complaint. The season has
been propitious to employees, and people OF the
humber classes are pretty well supplied with
money. am
fsesrs IN WALL STREET
there has been revival OF activity in all departments
save at the Gold Board, which Is dead-locked by the
interruption 81 cable communication with Europe
AT THE STOCK EXCHANGE
the greater activity was brought about by raid Of
the bear" cques, who, IL will be remembered, pre-
pared for their operations by locking up money.
Their attack was continued for several days, when
they abandoned their purpose, and the market rap
idly recovered In the heavy dealings both ways the
brokers Tell i'll for remuneratve crop of commits
sons, which have for the time being stopped the
general complaint OF dulness. AS to the failure OF
fha thonr ia
merous dividends which have been declared on
railway stocks for the half year ending December
81 the possession OF which gives buyers at this time
the advantage OF prices that seem very cheap.
Again, the money market refused to become strin-
gent under their manipulation. Last Monday we
had occasion to refer to the probability OF "bearn
attack and predicted its defeat as follows
me change IN money Is due, however. to the ma
nipuiaa a OF "6ear' clique Le same which
but with Indifferent results, the prime OF their
defeat then having been the refusal or money to
become active from normal causes, an important alb
ance III their plans being thus wanting. The move
ment has been renewed at more disadvantageons
period, IL would SEEM for IL Is out Of tile question
that no natural cause intervene before spring to
render money stringent. The effort is In process
OF trial, however, and while a considerable guam
tity OF specie has been Withdrawn, greenbacks have
been locked up In one bank which Saturday
morning was creditor at the Clearing House over
S2,bOO,00O There Is no cause for apprehension,
however. Al abnormal movements IN val street
JdH THIS one aCH be governed by the general Ian.
Again the clears" were alarmed lest they should
bring about stage OF prices which would place
them at the mercy OF the great outlying ..bul' in
teTest, which Is ready to into the market at
moments notice. Inquiry at almost any brokers
Office viii reveal the fact that the public have orders
on their books to buy stocks when the market 'goes
on'' three or four per cent. The public have been
taught so much conservatism by the panic of 1859
that they seldom invest now, except in special In
stances, unless they get bargain and the capital
ready for these ''bargains'' is almost as large
az ever. The outside demand for stocks is
great at the present time that fall OF few per
cent Is as much as the most persistent 'bear'
onslaught could bring about. Furthermore, the
financial situation IL likely be undisturbed by
fresh legislation at Washington, for, as far Of
Congress has shown Its hand, the session is likely tc
be devoted to political ntrlgues, political capital
making and political quarrels, rather than to nan-
cial or currency questions. In TACT, It was the
apprehension OF this idea that started the market on
Its Upward turn after tho Message and annual
reports had all gone in to Congress-.
' AT THE GOVERNMENT BOARD
the dealings towards the close OF the week were ON
very large scale, and prices advanced pretty nearly
one per cent all around, the only exception occur
ring in the currency skies, which were neglected
and steady. The street seemed to have suddenly
gold interest on many OF the issues-equal to over
three per cent In currency-prces were very cheap,
and hence strong "buish" feeling prevailed, pro-
ducng the Improvement above expressed. The dis
position to buy was also encouraged by the impres
sion that Congress win leave the financial question
TO take care OF ITSELF for another session at least
and that investments will not be distracted by the
crudlties and visionary schemes which were show
cred upon that body last winter.
GOLD
was very dull and It's fluctuations confined to the
extremes OF l1lH and HOY. The average business
at the Clearing House daily has fallen to less than
s8o,Ooo,ooo OF which amount fully dve.sixths are
renewals. 4#tu
during most OF the week was in good demand at
Six TO seven per cent but towafdthc close gradually
relaxed to i've and Six per cent.
Foreign exchange was strong and higher, owing
TO the scant supply Of commercial bills, the dimnu-
ton OF the latter being due TO the interruption OF
commercial business through the cable.
THE BANK STATEMENT.
The weekly statement OF the associated banks Ia
very unfavoraDle, showing, as it does, an impair
ment of the surplus reserve TO the extent or about
$3oOo,ooo. The actual loss in reserve is over
$3300.000, comprising q decrease OF over million
in specie and over two millions in legal tenders but
the decrease In liabilities is ss6oOoO the loss in
net reserve Is as first stated. As the indications
favor the theory That the locking up Of grcenbacks,
by which the above results were produced has been
abandoned during the week, very favorable ex-
hibit ID looked for next week. The statement con-
trasss with Its predecessor as folIows:-
Dec 3. Dec. 10.
Loans. $3.50. 26s,IA3 $685., 147 2s2
Specie. iI,los,oss l5,9s5s4s
Circulation. 49, 23S, 1913 321s5, ATT
Deposits. 1914, 99l,3 $40 1914 ISL 1855
Legal tenders. ........... 51,257,656 40 ia, 022
The changes since last week are in detail as fol-
lows
.
decrease Ia specie 1172,2l8
decrease IN circulation. .................. 52,91l
Decrease In deposits. OBSERVATION-DISCLOSURES. 800, 964
decrease 10 legal tenders. l33, 834