The New York herald., 1871-09-04
FINANCIAL and COMMERCIAL.
WALL STREET.


SUNDAY, Sept 3, 1871.
The first notes OF the hum OF the fell trade are al
ready echoang In the business portions or the ctty
great deal OF confidence exists in heavy line OF
business during the season now upon u.s. and there
is every to believe that 1t will at least show
considerable Improvement over that or 1870; for In
the first place. gold has settled to something like an
average on which calculations may be based, while
the enormous growth OF the country mas opened uD
fresh markets in the great plains OF the West On
the other hand 1t Is very probable that buyers will
not take heavy stocks. They will not take as
light ones as they did last year and last spring. But
there Is spirit OF conservatism and fear OF expan-
sion which will prevent the bold and large pur-
chases OF several years ago. Fashions change SO
suddenly and certain styles OF goods so liable to
become unpopular that the merchants are not dis.
posed to lay in heavy assortments while underneath
all Is the impression that there is no speculation
in buying more than sufficient to meet the cur
rent demand, for while prices may not materially
change for six months or year their tendency Is
rather downward than upward now that the country
is recovering gradually from the imitation OF the
war.
THE WEEK IN WALL STREET.
The stock market shows the revival OF business
attendant upon the return from the country Of the
leading men OF the street, and a strong movement
has been lnaugurated IN the direction of higher
prices. The clques generally left the market 10
Itself In the summer vacation, but coming back
found the summer dulness likely to become chronic.
The operations OF the syndicate in placing the first
Instalment OF the new loan had meantime given
the financial situation a sort OF rOseaie
aspect calculated TO assist their plans,
put the element OF outside interest
was lacking and to stir this torpid
interest into life was the first step toward animating
Ia of hQ m nd I'D m
of the Secretary OF the Treasury and Syndicate with
reference to refundng the debt having encouraged
them in the faith that money would aJ least not be
more active IT, indeed, 1t did not become II possible,
easier under the intended disbursement OF coin from
the Treasury IN payment of the fve.twenties re-
deemed In excess OF the funded two hun
dred millions, they set the example TO the
street by boldly buying stocks and the
banks show an increase OF two millions OF
loans for the week their purchases have been
quite that, II not more than that amount, consider
ing that accommodation from private bankers IS
also at the command OF borrowers on collaterals.
The sentiment that stocks are already very high Is
just the reason the cliques Will find market, because
the professional spectators who scan daily the
paying out of the stock telegraph tape will back up
this sentiment by going short" OF the market. The
mass OF the public who In blissful ignorance OF
''short" speculation and would never have the
courage to venture upon 1t If they did under
stand 1t. Will quietly give the cliques such
stock as they have not already parted with and leave
the great professional operators OF the street to set
tie the contest between themselves. We had Occa-
sion TO remark last that the present year is
one in which the public have had the best of the
game The Rock Island break and the general de-
cline in stocks following the original failure Of Mr.
Boutwell, TO place his new loan found The public out
OF stocks, the earlier high prices OF the spring
months having tempted them to sell. The
lower prices ruling In July brought in
good many Of the public as buyers again.
but hardly enough to constitute an lmpOrtant out
side interest The return OF the market to Its
present high quotations has been accomplished by
the cliques who have averaged" down and up the
scale until they have sifled pretty much all the stock
of the street into their own TIN boxes. We look,
therefore, for active campaign the rest OF the
year. Every leading stock Is ciiqued. 1t is, there
fore, for sale just rs soon as the market IS SUM-
GENTLY able to bear the load. The raising OF
prices last week was the only resource left
the cliQues. Did they stand idly by and
let the prevailing indifference OF the public run into
stagnaton they would have hazarded their oil and
invited bankruptcy rising market was sure to
catch short interest at one stage another Did
they keep buying and buying until they found they
had than the capital stock Of any company
price of the stock should be. The week just closed
shows an improvement ranging from two to four
per cent the latter extreme being reached in the
case Of wabash, which was in sharp request
against the closing OF the books on Saturday
for the annual election. The Improvement was
well distributed over the leading stocks The
tivity was however, irregular. Monday and Tues
day were very dull, Wednesday brisk, Thurs
day the liveliest OF the week, Friday Satur-
day showing q slowing down Of the speculative
machine. The rise has also brought In good many
buyers-behevers in ''rlslng Market" who. silenc-
ing their conviction that prices high, take "a
turn to catch q few per cent. Each man thinks he
Is the only one that is going to jump the clique
wagon and ENJOY this solitary privilege. When
these clandestlne SPECTATORS are numerous enough
to hold all the Cllques now own. and take little
more in the way OF "short'' stock from them be-
sides 'mistake" will he discovered, ana the un-
lucky crowd wake up to the fact that they have
overreached themselves IN the most disastrous
manner
The gold market was dull and very steady. The
merchants need greatdeal Of coin from day to
day. and their purchases have sustained the market
at I12H 49, although the clique interest has been
in allegiance awaiting the Treasury programme for
September The extreme fluctuations daily in the
price OF gold during the week were as folows:--
Highest Loacest
Monday. OBSERVATION-DISCLOSURES. ll2A 1l21s
tuesday .........-...- ...... liza ll2x
wednesday y..................... lIZA ll2.s
thursday ....................... ll3 1l2ss
Friday y.........................1 112X l12A
Saturday OBSERVATION-DISCLOSURES. 1l3 1l2X
Government bonds have been quiet but generally
better, with toward the close, quite sharp advance
in the 'lOng' skies. The market Saturday was
favoraby Influenced by the higher quotation for gold
which enabled the foreign Bankers to make ship