The New York herald., 1870-05-16
FINANCIAL and COMMERCIAL.
WALL STREET.
SUNDAY. MAY Is. 1870.


WALL STREET. |
SUNDAY, May 16 lS70.J
rhE WEEK IN WALL STREET.
Ine salient feature OF the street during the week
WAS tne sudden elimination of the bull movement In
several OF the leading speculative shares. From
Aaoe indications 1t has since been made manifest
tnat the principal operators were not harmonious in
TINS realization Of the pronts derived from the en-
hanced prices OF stocks compared with the figures
at which the movement started, and hence we
ind an irregular speculation toward the close
tho week. But that the movement for realza-
tion has commenced in all the speculative shares.
and is only temporarily delayed in order that 1t may
be more efectuay carried out for those which have
not yet participated In it, Is the impression con-
veyed to any one who impartlally studied
the situation on Saturday The specu-
lative combinations are generally narmo
NOUS when In distress Like politicians, they
quarrel only when the spoils at hand. In essay
ing the spring campaign for rise In stocks they
were very friendly in their relations TO each other
Only one set OF operators attacked them on the
'Dear" side, the onset being confined to the North
west shares. but even they turned round with
sne general current and became "bulls.n Now
that the cliques have succeeded in advanc-
ing prices ten to twenty per cent mutual
distrust and fear pervade their councils. They are
suspicious OF each other and dread treacnery in the
temptation to make good the fruits of the campaign
Each clique is afraid OF being left the last to sell
out. The Lake Shore party got out OF the market
very quietly. Then followed the Ohio and Missls
sppi combination unloading the latter stock
being an instance in point of the fear Of
treachery-and realization has taken place in
other shares, but not to so great an
extent the market having been too "soft" to re.
ceive large sales The Central clique were afraid of
day
themselves into the breach when the "breakn Of
Thursday occurred. The effect Of the events of the
week has been to render the market dull and to
put all fresh operations rather on the bearshn side
Of speculation.
The gold market was dull until taken hold OF by q
clique for an upward turn this summer, their plans
being based upon the falling of In the cotton re-
ceiptS Tor the balance OF the season. They are ma
nipuating the market for short interest as foun-
dalton for the movement, and have already tempted
large speculative sales the feeling being confidently
entertained that when we are so near specie pay
mentS the government will not suffer any sharp ad.
vance In gold, particularly as the Treasury Is so
abundantly supplied with facilities for frustrating
the design.
The government market was lower in its general
movement, prices having fallen or with the re.
versed course Of speculation at the Stock Exchange
The money market was easy at the close at three
to five per cent Prime commercial paper was in re-
quest at SIX to seven per cent discount. Foreign
exchange closed strong on the basis Of for prime
bankers sixty day and 110H for sight sterling bills
THE BANK STATEMENT.
The weekly statement Of the associated banks was
again favorable. The gain in the surplus over the
legal reserve Is about million and half of dollars
due to an increase Of nearly three millions in legal
tenders and specie combined alnst an increase OF
only i've millions in deposits The last two state
ments, with the differences in detail, are shown as
fon0ws:-
Leans y 81 Inc asses s
Specie 81 49,, sss ssaSssoS Inc. ss4so7
Deposits -. 2l7,3622ls 222442,319 Inc. $3.50 101
Legal tends. 5s1Os,922 57,s47,0o5 Inc. 1888 O38
The banks hold reserve OF $685. 466, ,837 In ex-
cess OF the required legal limit. III
THE LATEST PRICES OF STOCKS.
The following were the closing street prices Of
stocks on Saturday evenrng:-Canton, 719a a721s;
Cumberland, 43 As; Western Union, 33,z
8sX; Quicksilver, on 10; Mariposa,
10; do. preferred, Tx a 17%; Pacific
Mail, aoA a SsH; Adams Express e6A
81; Wells-Fargo Express, l41s a Is; American
Express 4214 49, United States Express 451a 461s
New York Central consolidated, 1918 1O19s; do.
scrip, 96X o 81; Harlem, 144 145; Erie 23s< q a.
Reading, 1887 1o4; Michigan Central, 124 126;
Lake Shore, 9sa4 80; Illinois Central, 141H 142S;
Cleveland and Pittsburg, 1os 1861; Chicago and
Northwestern 79H 7914; do preferred, Ss1I s99S;
Rock Island, 119a< a 100; Milwaukee and St Paul,
6sH q e6ss; do. preferred, s11s slA; Toledo and
Wabash, 56>4 6e1l; Fort Wayne, 941s e42l; Ohio
and Mississippi 37S 37a; New Jersey Central, 109A
109K.
CLOSING PRICES OF GOVERNMENTS.
The following were the final street prices
Saturday evening Tor the government llst-
United States currency SKIES, 112h q 112A;
do. skies, 1881, registered, III 117X; do. do,
coupon, 1T 1171S; do. vetwentes, registered May
and November, 111}s 11la4 do do, 1862, coupon,
do, 1121< 112; do. do 1854, do. do, 111sl 111;
DO. do, 1885, do. do 1l17s l12; do. do, 1855, do,
January and July, 1141s 11414; do. do, 1867, do.
do, 1141S 114es; do. do, 1885, do. do, 1141s
114; do. ten-forties, registered 1O7 1O7k; do do.
coupon, 1OS 1885.
THE COURSE OF THE GOLD MARKET.
The extreme fluctuations daily in the price Of gold
during the week were as foliows:--
Hi0best. LO1cest.