The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-12-05
FINANCIAL and COMMERCIAL.
WALL STREET,
SUNDAY. Dec. 4, 1870. 1

SUNDAY, dec. 4, 1870.
the GENERAL TRADE or TUE CITY
during the past week was unsatisfactory. The ex-
por,ers have been disappointed In the course OF The
markets abroad for both cotton and wheat. These
commodities nave usually nuctuaed In opposite
direcuons during the progress OF the in Europe,
cotton declining with the diminishing pros
poets OF peace ana uice yerso. But last week
poth markets have been heavy, unsettled and
lower. The temporary settlement OF the questions
III dispute between England and Russia, w their
reference TO general Convention OF the Powers.
was expected 70 bring about puoyancy in cotton,
but the disappointment experienced in this airec-
ton was paralelcd by an absence OF activity In
wheat The dry goods merchants have had occa-
sion for no great complaint, but their business
might have been larger. liz pp town retailers are
about the Only class Of business men whose trade
'c'''' s''ffl ra. v,rv :. sr,,,.rr N,s.sa-
The transactions IN the various departments o.
The money market have been on D very limited
scale. The brokers are almost desperate under the
dearth OF business bur are IN hopes that the session
OF Congress VIII revive speculative activity. Even
the declaration OF numerous dividends on railway
shares has failed to excite outside interest. The
duness has Increased as the tune for the
meeting OF Congress has approached whence II Is
inferred that the public are approhenslvc Of new
tie the situation. II may be that The public are dis
counting tins matter 100 freely. II VIC shall w.t.
ness reaction from the present duness which will
lmpart all the greater animation TO business. The
inevitable descent OF gold 10 within few per cent or
par this winter viii release and set free money enough
10 practically produce an imitation OF the circulating
medium, and nfation OF the currency has one GER
tain result-yiz, the imitation OF every thng else.
AT the stock Exchange the duness resulted in
general decline in prices, the decline being very
gradual and confined TO one and q half 10 two per
cent for the shares when especially active
speculative features The disappointment here was
like that in commercial clrcie', the temporary I'D
justment OF the AngioRnsslau question being Iol-
lowed by movement the opposite ot tina. antici-
patel-
The increased demand Tor money was assigned
as one reason Of this rcrogra0e movement the rate
on call having gradually hardened from Il
per cent to a per cent. The change II money il
due. however, To The manipuations oil - ''bear,'
clique-the same which operated In the market lass
september and October, hut with indifferent results
the prime cause OF their defeat then having been
the refusal OF money to become active from nominal
causes, important alliance In tnelr plans
being thus wanting. The movement has
been renewed AZ more UisadYa ntageous
period, 1t would seem. for 1t Is OF tue question
| that no natural cause intervene before spring
to render money stringent. The eiort IL In process
/ OF trial, however, and while considerable guam
THY Of specie mas been withdrawn greenbacks have
| been locked up IN one bank which ON Saturday
morning creditor st the Clearing House lor over
| $4,000 900. There "a cause for apprehension,
| however. All ABNORMAL movements In Wall street
FAIL This one VIII be governed by the general law.
Gold dull and steady. Tie extreme fluctua.
tion was only one per ceat. The price ell 10 lloi.
a n n
began buying with the result OF Advancing the price
on Saturday 10 ill2F. The metal was heavy On their
hands however, and declined again III !. ut the
very close. The loan market was Irregular. but
generally favored holders, whose balances were
upon an average carried tree OF interest.
/ Government bonds were quiet ana dull. Price.
were in the nam lower, The apprehension OF some
uniavoraDle Congressional action Induced saea, but
the lower prices brought in ready buyers. The num-
her OF first class railway mortgages III the nlarAet
| IL a constant Challenge TO fresh investors.
TUE BANK STATEMENT.
The weekly statement OF the assoc ated banks l.
uniayorable A decrease OF over half 4 ulilIian ID
legal tenders Is attributed 70 the locking mp green
backs by parties interested III a decline III stocks
ton being over million oi dollars Tue actual Loss
in reserve Is even greater than the million and hall
above specified the liabilities OF the banks have
been augmented alb out hall milton dollars. The
surplus reserve Is therefore impaired nea Is
sls00,00j. The statement contrasts with Its pre-
| decpssor foLGWJ.--