The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-08-28
FINiNIiL and COMMERCIAL.
WALL STREET. I
SUNDAY, August 70, lsT1,


WALL STREET I
SUNDAY, August ~, lsT1,
The general trade or the city begins to show con-
siderable animation, and tho merchants annciparc
a large business this fall. The greater steadiness
In the gold premium which has varied less this
year than in any year since 1851, has encouraged
confidence in all directions, and many enterprises
have been undertaken which had been waiting for
this condition
TIE WEEK IN WALL STREET
has again much In the way OF interesting Incidents.
but so Tar there has been little Improvement upon
the business Of the summer season. The success Of
the new loan was taken TO be the signal tor revival
OF activity, and the larger holders OF stocks en-.
deavored to start the market into lfe but met with
little response from The outside public Very natu-
rally, there has been an advance In prices on the
Stock Exchange, but 1t was slow in its movement
and did not attend any Improvement In the volume
OF business. The dividcnd.paying stocks have re-
ceved attention. IL true In view OF the moral
effect Investments produced by the success OF the
government In borrowing 5000 900, 900 at five per
cent but the current prices being regarded In most
instances already affected by this influence the
prospect or which was fOreseen lass winter when
the funding question was SO extensively agirated,
capital has shown cauuousness and indisp9sltiOn
which have so far prevented free investment In
stocks. In fact, the general situation Of the market
suspicious Of buying when sellers are SO plenty.
transactions are limited The leading stocks
are understood to be neld by large combinations
VINO are only looking for market, and the cllques
controlling them are therefore left In their undis-
puted possession. The accumulation Of stocks In
this city has perhaps never been SO great The
enormous loans OF the banks-upwards OF
$3O5. 900 0oo-are an Indication OF this fact The
higher prices ruling last spring brought all tine
country" stock into this CITY, and IL Is said that
the nightly deposits OF stocks, bonds and other
rites IN the vaults OF the Stock Exchange repre-
sent market value OF about $500, 100000.
The money market has been frmer. bus irregular.
On one or days during the week lenders call
able to get four per cent but the great gut OF
capital has been SO little affected as yet by the out
ward movement OF currency and was In fact so ma
terIaily assisted by the coin disbursements OF the
Treasury during the week, that the banks, despite
their immense expansion, felt ut liberty to enlarge
their accommodation, and toward the close money
drlfted back to the stereotyped figures Of the
mer.
The gold market compressed all It's features OF
interest into the two days at the beginning of the
week, when the controlling clques so far pressed
their advantage that they compelled borrowers to
pay as high as one per cent q day for The use Of
gold In daily deliveries, but at the time gave
force to the clamOr Of the mercantile community
whose solicitations induced Secretary Boutwell,
to change the time Of mis- gold sale and
furnish tho market with q supply from
the Treasury. His interference was taken
to be threat that he would exert his powers to q
further extent If necessary to break the corner
and the cliques. taxing the hint, quietly withdrew
their antagonism and left the market 90 follow It's
own bent. Tue extremes Of the price were 1i2I
and 112H-the cliques having been content SEEM
ingy with exacting high rates for the OF their
gold. selling 1t only when the ''shorts" took the
aftermath OF buying In their gold In preference to
continuing borrowing.
The success or the new loan singularly enough
led to lower prices in the government list for the
that with the power Of redemption conferred
by the coin subscriptions to the new five per cents
o limit OF par IN gold was fixed the highest price
for the older nve.twenties. There were also doubt
Less great many sales for account Of banks and
other moneyed institutions who had been holding
the bonds In lieu OF better investment during the
pletsra OF money and low rates Of interest but
DESTROYS Of withdrawing In time meet the better
demand for money anticipated In the fall.
THE BANK STATEMENT.
The weekly statement OF the associated banks is
favorable but without important feature. The dis.
Dursemenss OF the Treasury Department by sale OF
gold aud in payment Of the September interest have
been sufficient TO Offset the payments for customs,
and the specie items show a considerable increase.
The gradual movements OF currency to the INFERIOR
usual at this season Is reelected IN further loss
In legal tenders. The Increase in deposits Is lust
about equal to the Increase specie and the loss In
greenbacks to the increase IN loans, so that the
statement talles all The relation of reserve
ana liabilities is such that the banks gain $685. s4l
In their surplus reserve, which now stands at
$o,4S4,sal. The statement compares with Its pre-.