The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-05-08
FINANCIAL and COMNNRClAL.
WALL STREET, |
SUNDAY. May 7, 1871. !

SUNDAY, May T. 1s7l.I
THE GENERAL TRADE OF THE CITY.
In commercial circles the week has shown far
activity In most branches but prices have been I'M
settled. The dry goods trade has been exception
ally duh, but not unexpectedly so At the Cotton
Exchange the dealings have been large and quite
animated, owing to growing impression that next
years crop will show no increase, II not dimlnu-
ton upon the yield OF lS70-71. number OF specu-
lative contracts were covered and o good demand
was experienced from the manufacturers. The
anticipatons OF smaller crop in 1S7l-72 are based
upon the belief that tho decline in the price
OF cotton the past year has robbed its culture Of
much OF the speculative attraction which 1t had for
Northern capital while the Southern press Is almost
unanimous In calling on the planters To reduce their
acreage OF the staple and grow more corn and
cereals. The wheat trade has been more active,
at slightly higher prices owing to the break at the
OK Bow, In the Ere Canal, but there was little dis.
position to buy freely on this account, especially as
the Liverpool market. while higher Is hardly buoy
amt, the season ior the new crops there having
opened encouragingy. In miscellaneous merchan.
disc the heavy rains OF the week have retarded
business, and the same influence has been felt in the
uptown retail trade.
AT THE STOCK EXCHANGE
there has been quite u lull in transactions but
hardly heavy marxet Prices were sensitive and
lower, but could not be called weak taking into
consideration the sharp advance which they have
recently undergone The inactivity seems to have
originated in general indispositon to DO anything
until alter the Lake Shore election ut Cleveland had
gone by, and when this--the event OF the week, If
not OF the season-had taken place the street con.
tinued to seek preteXt for duness In the pro-
longed absence Of the clique leaders, who
1t 10 SAIL left Cleveland for tour of the
other Western railroads. The OTHER Cliques
manifested desire to start operations irrespective
OF Inis reason, but were only partially successful the
market under their efforts being at most only strong
IN their specalties, and quite irregular. The price
OF Lake Shore 1uctuated with the varying prospects
Of an extra dividend to be declared in connection
with some sort OF a cooperation with New York
Central, either by lease by direct consolidation.
But the figures OF the annual report weakened the
faith In thus idea. and led to decline OF about three
per cent from the highest point made previous to the
meeting at Cleveland. II the street is MIXED with
the hope OF such q dividend 1t will be
only what has been many times prophes'ed.
The requistion upon the Erie Clique for restora-
tion OF the stock wheedied out OF the English lit
gants u assigned reason for an advance In It's
price to 254, against 20 q, It's average quota
ton for many months prcvlou ly. Plttsburg which
II seems is not to be leased to the Pennsylvania Gen.
trail, recovered Its dividend" quite suddenly and
advanced to 13lta, leaving OH finally at l2S1s-the
rise being attributed to further purchases by the
controlling parties who Will, il need be, declare them
selves large dividend on the claimed ability OF the
road to allow such increase OF the capital stock.
The government list was 1irm, but only moderately
active, the market sympathizlng with the general
tenor OF matters al the Stock Exchange. The follow
ing were the closing prices Saturday evening"
United States currency SKIES, 1l51a 1l5 40. SKIES,
1851, rep istercd, III ll7s do. do, coupon III
NIX; do. Gve.twenles, registered, May and Novem-
her, llOs llllS; DO. do, 1862, coupon, do, Ill
lI1L do. Co., 1854, do. do III NIX: do do, 1865,
do do III a INK; do do. registered, January
and July, l13H 1875 do. do, 1865, coupon,
do. 11SA 1881; do. do, 1861, do. do, 1l3H
Q 1872; do. DO, 1855, do. do l1s11 1881; do
ten-ioriies, registered, 1884 100; do do, COUPON
0lo,a 1o9a&.
THE GOLD MARKET
was also dull and the fluctuations in price were con-
nned 10 the extremes OF Ill ana Ill u. The specua-
tive interest Of The street in gold has greatly abated,
and the market has been for the most part brokers'
one. The questions Ct the exports Of specie and
heavy imports OF foreign goods excite very little dis
cussion, as II the Gold Room had fallen into an
apathy on all such topics, especially as the best
arguments on both sides fail to arouse activity
The extreme fluctuations daily In the price Of gold
1urinU the week were as fuIlOws:-