The New York herald., 1871-12-11
PINlNUIlL and COMMERCIAL.
WALL STREET, |
SUNDAY. Dec. 10, 1871. {

.
The week in commercial circles has been satis-
factory. ana for the season fair movement has
taken place. The decline IN gold was, curlously
enough, little check to business, and had small
influence prices, which were controlled Dy
other causes such as In the case OF domestic
produce, moderate receiDts and In the case OF
cotton, q considerable reduction In the amount
moved to the seaDoard. The uptown trade has
been quite active, with the advent OF colder weather
ana the approach OF the holidays.
IN WALL STREET
the week has been characterized by great duiness;
on some days the dealings were almost nominal.
With a there has been no little speculative activity
the part OF the larger operators but the example
they have set In buying or selling has not enlisted
much sympathy or cooperation on the part OF the
public, who snow as yet curious indifference to the
markets.. and hence the transactions of the profess
Sional class ended the market relapsed periodically
into
DULNEss.
Moreover the various State papers presented to
Congress at the beginning Of the session just con-
vened were devoid OF material on which to base
speculative operations we except the suggestions
as to general reduction OF taxes-a measure not
likely to 60 into effect before next summer, and
therefore too far away for the usual 'dscountlng"
by Wall street. and the recommendations as 10
postal telegraph and steamship subsidies The
broaching Of
THE POSTAL TELEGRAPH
question was followed by q rise in western Union
697s but the subsequent reference OF the matter
to committee where 1t IL likely to be suffocated
occasioned decline OF 2,s per cent. Pacific Maxi
felt the influence Of the subsidy proposition more
substantially, and gradually improved IL per
cent. Lake Shore was the subject OF direct move
ment by the "bulls' and advanced to e1k, being,
fha acffU fnaf of fha ola
ket otherwise
THE WEEKS FLUCTUATIONS
hardly exceeded range OF a IL per cent tho
best prices being made as general thing on Friday
or saturday, previous TO the bank statement,
which had an unfav0rabe effect and occasioned o
reaction averaging about One-half per cent
The money market was unsettled ana the rate on
call ranged between the extremes OF y per cent,
and 22s per cent. he latter being the equivalent OF
the "commlsslon OF 1-16 per cent paid for turning
stocks These changes seemed to have been
brought about by the conflicting speculative ciques.
but had little effect on prices, for when
MONEY
was easy the public didn't buy. nor when 1t was
tight did they sell. At the close on Saturday the
demand suddenly became active, and the latest
dealings were at ''sharp' seven per cent Prime
paper was quoted a IL per cent discount.
Foreign exchange was lower for the weeks range
of quotations. on account OF a better supply OF
commercial bills and rates lett on on the basis OF
100 Tor prime bankers sixty day sterling and IO9k
for sight bills.
Gold closed on Saturday at 1ooT 11O.
THE BANK STATEMENT.
The weekly statement OF the associated banks
again proved unfav0rable, owing to heavy loss In
greenDacks, the average OF which Is lower to the
extelt OF $6,74l,5eO. This very large figure gives
color than any other fact to the rumors which
prevailed during the week OF locking up OF legal
Exchange, but which were currently disproved by
the absence OF any important features in the daily
clearances Of the banks 1t Is difficult believe so
large an amount was required by the demand for
currency in the West and South but 1t Is possible
that the loss thus occasloned was aggravated by q
preparation for settlements OF insurance losses ut
Chicago. Whatever the explanation the difference
is certainly sensational On the other hand, the
banks have gained about five millions In specle-a
sum much too small, according to previous calcu-
laLons as the loss In legal lenders has been excess
sive and suggests at the problem Of the where
abouts OF all the gold paid out by the sub-Treasury
In liquidation OF the checks received from Washing
ton for the "caled" bonds OF 1867 The deposits
have fallen on only Million which is less than
difference between the outgo of legal tenders
and income OF specie and Is still more OF discrep-
ancy view OF expansion OF 81, in loans.
The statement compares with its predecessor az
follOws:-
Dccernber2. DecenJer9 Q.
Loans ..-.......... 4292, SIG. 900 1924 0Ss, 400