The New York herald., 1871-09-11
FINANCIAL and COMMERCIAL.
WALL STREET.
SUNDAY, Sept. 10, 1871.

STHERT. l
SUNDAY. Sept. 10. 1871.
The general trade OF the city continues improving
ana the larger dealers are already fully engaged
The out of town merchants are here IN great num-
bers and seem disposed to buy generously little
more definite estimate OF the new cotton crop would
Doubtless give stability to the trade In domcs
tic dry goods but the importers have no cause for
complaint. The low price OF gold during the
past six months has stocked the market
with large supplies Of foreign goods at
prices which offer tho temptation OF reduced
quotations In the leading assortments There Ia
also free export movement Of principal staples
and better season than last year is confidently
looked for. We have prepared and give elsewhere
table OF the leading articles entering into the
heavy imports OF the past two months, ~ compared
with tine imports OF the corresponding period In
1870.
THE WEEK IN WALL STREET.
In financial circles the chief feature has been the
further rise In stocks. followed by sudden reac-
ton toward the close and the renewal OF the strn-
gency in the gold loan market.
The gold market having presented sufficient rea
FOR decline IN view OF the partial CONVERSION
OF the debt anu the promised redemption OF twenty
millions OF the is62's large short Interest had been
formed, chiefly among the merchants, who were IN
duced to think Mr. Boutwell's plans certain
The stock OF eold always very short since The drain
occasioned by the war IN Europe, and by the large
imports Of the past SIX months. enabled the
specuators on the ''bur' side to manipulate the
market almost without interference. After the
memorable squeeze OF August they waited Tor the
September programme, and having tired MIR. Bout.
well with bids for nearly eleven millions Of gOld
ana being sold only two Millions they resumed
operations and on Saturday made cash gold 80
scarce that borrowers had to pay from Sei TO 7.l6
for its use In their daily deliveries They were em-
boldened TO this movement by the discovery that
Mr.. Boutwell, will doubtless be unable to call In tho
one hundred millions Of fve-twcn,Ies as announced
In his circular OF SEPTEMBER l. for the reason
that he was not correctly Informed by the
syndicate as to the character Of the European
subscriptions. The original advertisement IN the
European papers allowed subscriptions by exchange
OF ave-iwentie5 as well as In cash. II seems that
the Syndicate careful to make the subscription
conditional IN each case aud so received subscrp-
tions In cash for s6o0o0,ooo OF the new loan. MIR.
Boutwe anticipated getting $so,oOo,oo0 In cash
and by puttIng with 1t ;2o,0Oo,00) OF the
Treasury gold being able to call In sl0o,0oO,00o
o. the lS62's. 1t IL very pr0bable however, that
he VIII have to reduce this redemption to
the amounf OF the subscriptions In cash obrained
In Europe. To redeem 500 COZ, ,0o0 would take
$40 100000 OF gold out OF the Treasury. Now the
amount Of money in the Treasury polongin- to the
government barely si0 0O0,oJ0 the redemption OF
the $780, 600 or fve-twenties would leave his
vaults empty. In the opinion OF Wall street Mr..
Boutwell, mas got himself into most singular II not
udicrous, lnudlle by his circular OF September I.
The stock market was strong until Friday, when
II became evident that the cllques were epdeavolng
to unload. They have been, doubtless, frightened
by the very serious situation OF a1airs. with the
IN f,atl Aad frf f.r,ro
OF COO. 1t IL possible that Mr. Vanderbilt
and his wealthy friends VINO are manipulating West
ern Union Telegraph and Lake Shore NAV, ~ the
p0wer o. their great riches carry those stocks 10
much higher figures, and consent to wait
until time and the growth of business shall
make them profitable and safe investments
1t Is an old rroverD Wal, street that
Mr.. Vanderbilt may be probably followed
III anything ne undertakes for lie always makes
money tor his friends. But in the case OF New York
Central after sdvancing 1t from ss a 90 to 2is 2Ia.
he dropped II to las. or course the holder of the
stock who nad all PAID for was stll large gamer
alter all these uctuaJions, but II required great
deal OF faith TO believe In Its eventual destiny West.
crn Union go to 50 or %, but II Is just likely
to fall to 40 as suits the whm oil the party control
ling II, whose pr olesslon Is that they intend either
selling IL 10 the government at par next winter, or
by reducing tue capital stock aud improving the
eal nings to make IL an per cent dividend paying
security. II Is q further illustration OF Mr.. Wander
bits management that in the case OF the western
Union he has cut OF a the "dead-head" passes or
free privileges to telegraph over Its wires. sinh
lar policy was one of his first steps In the case Of
New York Central. 1t is also possible that the Pa.
cIhc Mali speculation NAV carry tnat stock mucn
higher, for the reason shat tho company arc doing
so large q business as to require two steamers a
month on the China route. But the market IN
general Is devoid OF attraction to the general
public and has been lett TO the cliques,
who Will prooaply run race with
each other to get out first Last spring and summer
the public got the better Of the cllqucs by selling
out at tue top OF market before the fzzle made
by Mr.. Boutwell, with the new loan. The ciiques
Iugged their loads through the hot weather, ana
about September begun u last desperate effort TO
float or the load. 1t was an open question for
time whether they would NOT, alter all, get the out
sidcrs 10 Join In the movement, and many OF the
latter did take "iyer" or two; but tue ten
DAYS Just closed rendered 1t evident to
TO the ciques tina the great American public
we,e not Impressed enough to be OF any assistance
to their plans. The year will doubtless terminate
with lurtner record OF victory for the public as
against the ciques, rs closing months beng de-
voted to the plottings and treachery OF the cllques
In their EFFORTS to get ahead OF each other.
Money was easy at two to four per cent
Governments were strong, and sympathized with
tue advance In gold.
Foreign exchange was demorazed and declined
to lOs1a for prime sixty day sterling.
The New YORK Central and Hudson River Railroad
Company have declared dividend Of four per cent,
PAYABLE Octooer Ie the books c.osing september TO-
The Southern state ponds were lower In tue Ten-
nessees but generally steady.
TnE BANK STATEMENT. ae.aE