The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-04-03
FINANCIAL and COMMERCIAL.
WALL STREET, /
SUNDAY. April 2, 1871. ]
THE WEEK IN WALL STREET.

WALL STREET, |
SUNDAY. April 2, 1871.
THE WEEK IN WALL STREET.
The enlistment OF fresh interest In the placing OF
the new loan representing certain houses and firms
who had disapproved the action OF the Secretary Of
the Treasury in appointing special agents certain
banging nrms IN Europe, and whose feelings were
Modified by his final withdrawal OF such agencies.
LED to q rather more active movement In subscrip-
tons to the new bonds and turned what threatened
to be q dull II not Q heavy market at the
Stock Exchange and government board into
fairly active and buoyant one. overcoming entirely
the disposition OF the street to accept lower prices
view Of the fact that the week. as the last one be-
fore the 1st OF April was likely to be attended with
money market
In the Gold Room the initial success Of the new
loan was received with demonstrations Of delight
by the operators for decline whose bOldness was
stimulated BY Of heavy gold sales during the
month Of April by the Treasury. The
.bullsn were as disconnected as the others were
elated and the result of their respective situations
was decline in gold from 11oH to l1Oh, the market
at one time giving every indication OF going into
panic and dropping several per cent In fact, 1t
the covering OF the short interest at l10h that
served to check It, and the later mercantile demand
for gold that 0ccasioned a reaction to 10Y. 1t
the week had reached the enormous amount
OF $4,000, 1000 and the reaction was conse.
quently easily explained. In fact, the explana.
ton was more than enough. In ordinary times
such an excessive Introduction Of foreign goods
would have caused q sudden and large advance IN
the price Of geld; but just the sentiment o. the
street is against . higher premium, while an OBJ
stacle to specie shipments is presented by the al.
vancing prices OF American national securities In
Europe net 10 speak OF the prospect which is favor
ably regarded In many quarters that the per cents
win be taken TO considerable extent in Europe as
fresh investment, independent OF the conversion
OF the fivetwenties now held there.
AT the government board the feature was the
buoyant strength of the general issues, particularly
the currency six per cents which advanced full
two per cen; to 1l6. The 62s OF one time were just
u per cent below their par IN gold, and progress to
the standard ut which the success Of the new loan
is to great extent insured was regarded with no
little complacency by the more Jealous friends OF Mr..
Boutwell, IN Wall street. The London price OF the
'62s came 92z on FRIDAY night. which, deductng
accrued interest was 4 u OF the par (Which is 81
III sterling, The progress made In the new loan was
quite na,tering after the middle OF the week. ana the
total subscriptions reported up 10 saturday night
were $50. 900.
The money market worked easily at four to five
per cent with exceptional loans government COL.
laterals at three per cent until toward the
close OF banking hours on saturday, when,
in marked contrast 70 the usual course
of matters on the last day OF the week.
O sharp demand set IN at dve per cent which
became the general rate on all stock loans In the
final business oil the day. In fact, the inquiry was
so active that some borrowers mad to pay six per
cent for accommodation at the last moment. A less
abundant supply Of money had been generally an.
tod md had
pected that with the enlarged volume OF business
at the Stock Exchange and the steady now OF cur
rcncy to the rural districts the past two or three
weeks In connection with the April settlements the
rate on call would have risen before this to Iull
seven per cent
At the Stock Exchange there was marked dimi-
mutton In tine volume of business contrasted with
the earlier weeks Of the month Of March, but
steady advance in prices. In fact. the week Just
closed recorded the highest prices OF the for
most Of the leading speculative avorites, showing
fused to part with what they had already
purchased, and were quietly buying such
stock as was offered By the street In antlci-
pHion OF stringent money market In
fact. the bull' ciques have been reinforced by the
desertion to their side Of several leading operators
who had been short OF the market since last winter,
but VINO covered their contracts and are now COM
United to the Inauguration OF grand summer cam
paign in favor OF higher prices. The fact that the
market is already high seems only to encourage this
movement, for the reason that with current prices
the general .'bear'' sentiment is Kept alive and
anords foundation for the renewed operations OF
the "bun chques.
THE BANK STATEMENT
AS generally anticipated the bank statement for
the week ending April the verna period of none
tary activity proved to be very unfavorable. 1t
the last about the last week which could expert
ence the outward drain OF currency, ana hence
Wall street accepted the bad features OF the state
ment quietly. The stock market rather better
after the agony OF expectation was over.
The principal changes are a loss OF $l,Gal, sl5
in specie, and loss OF Sl922, S65 in
legal tenders. making the aggregate loss OF
legal reserve S3,564,ls0. TIE deposits have run
down $685. 207. that the surplus above the legal
reserve is impaired only $2,e5o,ooo. The last men,
toned item has IN consequence fallen to about
S7,sooo0o. The statement contrasts with its prede.
cessor follows:-
Hdrch 70. ADrfl /. CHANCES.
Loans. go. 1921, tl4,321 $29l.O,2y27 Dec l3y3
Specie. l96I7007 l,,315,69. Dec I,C4l, 1916
CIrcuIan... 3l.5S3.3gS 3l.5T5,7S9 Dec. 1909
Deposits.. 225 5s4302 3D., 1855, 035 Dec $780, au7
Legal ten. IS, l9340S %, 2i0,jl3 Dec. 1.y22 S5J
LATEST PRICES OF GOVERNMENTS.