The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-01-30
FINANCIAL and r0NNERCIALA
WALL STREET. /
SUNDAY, Jan. 20. 1871.


inquiry from the domestic trade continued light,
and only few out OF town buyers were in the city.
II would be hardly fair to say, however that there
Is any general complaint among the merchants.
the season Is the ono during which they look FOR
sta2nation, and hence what little Is doing renders
them content. On all sides preparations are making
Tor an active spring. and good business is anticl
pated. The irregularity referred 10 above was In
some lines of New England goods scarcity OF
which was appTehended, on account of the dry win
ter and low water, which reduced stocks and led to
strong competitive inquiry. 1t remains 10 be
seen what will be the result the mar
ket OF the present heavy snow fall par.
tcularly II it should be speedily followed
by thaw sufficient to give the mills plentiful water
power at an early day. In exportabe products
trade was also irregular The prospect OF peace in
Europe started speculative demand both for wheat
and cotton, but the advanced prices were nam
tanned to the close only In the former. The latest
news of the surrender OF Paris will doubtless lead to
further activity in the ensuing week.
THE MONEY MARKET.
Despite the retention from circulation OF many
millions OF legal tenders by parties who seem inneX-
be IN their speculative operations az the Stock EX-
change, ana Il more active demand for currency at
Chicago and some OF the Western centres the money
market has steadily worked INTO a condition OF
MONDAY was "a per cent fell on Saturday to 4a5
per cent. The fact Is the movement OF cur
rency in this direction at this season Is one
OF immense proportions, and not easily
obviated in its elects upon our market
by special or individual influences by temporary
arrangement OF the general current NJ some locai-
ties. Thus, while Chicago keeps and holds all the
money she can command IN her immediate Vicinity
New England and the Middle States are sending us
proiusely OF their paper money surplus The reten-
ton at Chicago is only temporary. however ana due
to the present movement OF the commodities OF the
pork trade. In this connection 1t Is gratifying TO
notice that Congress has awakened TO the nece ssv
or providing Clearing House for the national banks
OF the country, and the appropriate committee of
the House are now deiberating on measure which
will require these institutions to establish some
central agency (at New York. doubtess,, where
they Will be required TO redeem their
issues IN legal tenders. 70 us in
the metropolis sucn measure would be OF meal
cuable benefit, as it would render the money market
more stable and afford a remedy against the over.
plus OF national bank notes which drift TO US ana
accumulate here IN unwieldy masses during the
spring and early portion OF the summer months
THE GOLD MARKET.
The gold market was again very steady, the high
est price having been llosi and the lowest Ilo,i.
throughout the dealings in the Gold Room, SO stag.
nant was the business OF the market This paralysis
Of the premium Is due to the Introduction into the
gold problem OF several unknown quantities.
or rather quantities whose future influences
are not comprehended with sufficient conn
dence to base a speculative movement upon
them. Reference Is had to the prospective
proximity OF peace in Europe. ana we think the
problem no nearer solution by the announcement OF
the eventul captulation Of Paris that result having
been fully anticipated during the latter half OF he
week IN Wall street. The future which lies behind
the surrender OF the French capital full Of vague
uncertainty as to the results and changes which are
to happen IN the financial world We tind the
foreign exchange bankers stifening their rates TO a
point which Is near the specie-shipplng figure: but
they do this more for precaulion and protection
than through any wedigested conviction that they
will be promptly called on Tor the return OF the
European capital which found its way mere last
fall alter the Inauguration Of hostties
between France ana Germany. The surrender
Of Paris may be only q stage in the
progress OF Europe TO greater complication than
ever, so that calculations OF peace are based on not
the Surest OF foundations when Inferred from the
capitulaton OF that city. Even were peace to follow
the surrender the question Is again complicated by
the absence Of certainty that money VIII return so
ing at the situation again from another standpoint
II Is evident that III the natural order OF our neces-
titles the prostrated people OF France viii want
food before money. and that whatever OF the latter
VIII be supplied to them In revving and rebuilding
their enterprises and industries VIII come in large
part TO The markets which viii most plentiluy cup.
ply them with the former. The future OF
our wheat and cotton trade with peace
IN Europe is one OF signal brilhancy. The
hungry sans cniottes VIII need both our great
staples. Under these circumstances it is not to be
wondered at that the Gold Room paused, and that
day-the second instance OF the kind since
the suspension OF specie payments-gold stood
rigidly at quotation all day, without the devia
ton Of as little eighth OF one per cent. In
fact, it was only at the very close Saturday,
when the immense imports OF the wecK-nearly
$4,000, 000-were reported, that anything like
activity prevailed, ana then 1t was the result or
prompt action on the part OF an intelligent and keen
operator, who believed himself warranted In plung-
ing IN because the immediate local influence OF the
above fact a guarantee against any sudden
msnap. Otherwise the gold question, IN Its general
features, prevailed problem to the end of the
week.
AT THE STOCK EXCHANGE
the railway and miscellaneous shares were strong
and active, while business was well distributed per-
maps more than usual, many or the latter class
coming in for movement after proracted periods |
OF neglect and dulness. The course Of prices was |
not devoid Of irregularity howeyer-a result attrb-
uted a lack OF harmony In the views the specu.
atve combinations and larger holders, some OF |
whom evidently realized on the buoyancy of their |
speclaties early in the week. while the kept fast
hold OF their possessions. Despite the sales from
the former the stocks controlled by the latter
parties pursued their way TO the highest prices vet
made in the current movement. III fact, consider !
ing that January Is not as yet completed. the
.spring rise," which had been so divided by the
operators for decline. has made fattering pro.
gress.
The government bond market was strong and
buoyant throughout, ehecting closely the drift OF
capital to this the absorption or securities
promising for temporary investment higher rates OF
interest tnan are likely be obtained for money In