The New York herald., 1871-10-23
FINANCIAL and COMMERCIAL.
WALL STREET.


WALL STREET !
SUNDAY, Oct q, 1871.
The general trade OF the city has naturally SUI
2ered some depression by the calamtous events IN
Chicayo as much, however. py the excessive eau
tion OF dealers as by liquidation to get money for
sudden wants. The wheat market continued to
disappotnt the speculative interest and was lower.
The cotton market was weak through the scepticism
OF the trade to the reliability or the prognostics-
rtions OF short CROP and underwent Q considerable
decline for the week.
IN WALL STREET
the chief interest has centred In the of the
stock market, which. after half week OF
continued depression and semi-panic, occcu-
pied the remaining three days with an active
business, ut sharp advance In prices The
changed situation OF the money market and the
relaxation OF rules call to less than legal interest
was startling surprise to the 'bears, 5" who, nndng
the ease OF the market maintained to Saturday.
closed their contracts and made the fnal business
of the week on the Stock Exchange the scene OF q
''bear" panic Were 1t another season OF the year,
or were not the Indications OF artificial manipua-
ton so plentiful, the sudden recovery OF the market
would be very natural reaction after the previous
heavy decline. But 1t Is hardly probable that money
could be worth only per cent on Saturday, when
the rate on Tuesday ana wednesday ranged from
per cent TO per cent. 1he reaction was more
probably o smart and brilliant coup of the late
'bear, cliaues who covered their speculative sales
when the crowd began TO sell, and BY taking in
'iong" STOCK, twisted the host OF smaller bears."
As compared with the lowest prices OF the recent
panic the best figures OF the rise show an advance
ranging from4 to per cent.
The gold market was weak under the oner OF the
government to prepay the November interest, with
thc usual rebate and as q consequence OF the
stringency In money which placed gold 10 the same
category as stocks, the price on Monday was ia
and on Friday liz. Here the "bears' covered and
as the Gold Room had generally concluded tnat the
price was going to ILL., new short interest has been
formed as an Offset to the bull plans Of the larger
operators. The prices left or Saturday evening
112k ll2K. 1854 81. .s..a el
THE BANK STATEMENT. A0st
1he weekly statement Of the associated banks
proves favorable, thanks 10 the policy Of conserva-
llsm which has been at length adopted by those
institutions under the significant warnings OF the
past few weeks. The nrst feature OF importance is
p c0ntracuon OF nearly ten millions I'm loans-a
result really not expressive OF all that they have
been doing In this direction SO far Wall street Is
c0ncerned; for, with an extension OF perhaps i've
millions In the way OF accommodation to the mcrcan-
tile interest, they must nave Withdrawn fifteen NIL
llons rom Wall street. with the effect OF sending the
speculative interest to the foreign bankers for loans
ol sterling on pledge OF stock c0llaterals, as was
referred to In this column early In the week.
Otherwise the statement Is not susceptible OF
explanation, unless on the theory that the bank
accounts OF some Of the larger pools in the stock
mArket have been adjusted to produce the discre-
pancy. Thus the decreased legal tenders is only
$s27, ,000 when the shipments Of currency to Chicago
were several millions and the reow during the past
few days less than half Q million. Furthermore
there u an increase In specie when q decrease
was expected. the Treasury receipts for customs
and the foreign exports OF specie being largely In
excess OF the TWO millions OF government gold sold
on Thursday. In partial explanation 1t Is said that
the banks have receipted TO the extent or about
million dollars for the November registered inter-
est, and have counted the Treasury checks which
arc payable on and after Wednesday next as 90
much specie on hand. The deposits have fallen Oh
over eleven millions representing chieny the con-
Tfk:{ion in loans. 50 far as their surplus Il con-
cerned ana the calculation is made for all the
banks on the Clearing House sheet-the Twenty-Five
PER Gent law. II good one, being applicable, 80 far
as the interests OF the public concerned, to the
etate banks as we'll as to the national banks-a gain
has been achieved. and they now hold reserve
enough 10 show . surplus OF about one and
. half miilions-an amount small enough
20 have excited considerable remark did II not
furnish favorable contrast to the deficit OF last
week aud little enough to meet the ordinary ext
rencles OF the banking movement at this season,
uardless OF the financial comm0ton 0ccasiOned by
the Chicago FIRE. The statement compares with Its
v,radccesaor of ,aat week "a folio VS.