The New York herald., 1871-03-20
FlNiNCIiL and COMMERCIAL.
WALL STREET 4
SUNDAY, March le, 1871. (

shows the increasing activity which Is inseparable
from tue season, no matter what the arrangement
In or varied opinion as 10 values. The expectation
OF heavy trade this spring bias a.r from present
indicauons, 10 &c FUZZY realized Tne recent reduc-
tionm railway freghts has bronghl . great many Of
the Western merchants into town, and buyers are
plentiful and disposed 70 take large lots.
TIE MONEY MARKET.
The more confident tone in business circles IL due
in great measure 10 The belief that the Treasury
Department VIII, In furtherance 81 rne refnnding Of
the national debt contribute Literally from It's re.
sources 70 the volume OF money IN circulation with
view 70 Keep ny the money market easy. Mr.
Boutwell, by boarding q hundred millions or money
In the Treasury has been The great "bearm
Of the country, but his vanity ana ambition
are both al work how 10 compel bin to
10 pe q great "bnll.n The indifference with whcn
the loan was originally received by the public
has only stimulated him 10 more jealous efforts ana
while the public show natural reaction from Their
first indirerence-an Indifference that was natural
when everybody was waiting for somebody to make
startthe vast resources OF the Treasury arc 10 be
used, according 10 rumor. III modifying the
situation so that the new loan may be
offered under advantageous circumstances. A
disregard OF this consideration has occasloned con.
siderable uneasiness as 70 the course % the money
market the ensuing few weeks the impression ex-
listing that owing 10 the general activity OF money
In the vicinity ~ April the rates on cali loans in
Wall street might run mp 10 figures beyond the legal
interest. 1t Is possible that money may be worth six
10 seven per within The next fourteen DAYS bur
as TO stringeucy there is cause for apprehension.
Advantage, doubtless, viii De taken OF the occa-
sion 70 attempt the production Of extreme activity
but With the future discounted n largely as II has
been already by extensive loans on time for thirty
10 sixty DAYS, and with the known policy OF the
Treasury there is no real reason for alarm.
THE GOLD MARKET.
Cold was steady most OF the week, but at the
close became heavy and declined, when il began 70
be whispered that Mr. Boutwell, would buy or re-
deem with gold a: least s25,ooo,ooO of the public
debt in April. We .lo not know Inc authority
for these whispered umors, but they received
cfedenee enough 10 induce general selling out OF
'long gold on Friday ana Saturday. The Treasury
programme for next month coatemplates, it Is fur
tner sald the abolition (Which we have often ad-
ylsedl OF pnrcha ing dve.twe1tes with currency
aud the substitution Of the direct exchange OF gold
Tor the bonds. The highes, price during the week
was ll3. aud the lowest aud closing price 10 =.
THE STOCK MARKET
The activity OF the Stock Exchange recalls fhe
earlier days of paper imitation, and is doubtless the
natural consequence or the condition OF things
which then existed. The bulk OF paper money Is
just as large now as when the closed, and until
Congress contracts the currency the country grows
up 20 The active use OF every dollar OF paper now
III existence it Will be Impossible 70 prevent the
grand food and ebb in prices at the Stock Exchange
when seem to succeed each other wlth the regu-
larity Of the seasons. Prices were unnanlrary
oppressed last winter by the war in Europe, when
followed remotely the gold panic OF 1869. The tide
promises now 10 surge much the other way ana
produce one OF the most active and buoyant
campaigns ever known in the street. This
rise seems 10 have started from "hard- pam;
ana While there Is no doubt that many shares the
list are now selling above their intrinsic ana average
yaiue Tie market has been 50 oversold on this
theory and in anticipation Of a .'break' or a
'panio" al every step that the successful passage
Of the lst OF April or even the ensuing week 10y the
'bullsi Will cause a rout OF the bears
and force them 10 buy stocks from the
''pullsn at whatever figures the latter
choose To dictate. The marked has. therefore The
strength OF an underlying enormous short interest,"
Tne great American bear" VINO advised the public
last winter thar 'Wall street had two hundred MT
lions ol stocks ali for sale" is nearly distracted at
Inc loose aud ncautious manner in which The pub
lie bought the 'sheers'' which ne offered for sale
and sold before be had taken The precaution 10 be
iher owner Doubtless he win remember
THE coHMoDoRE's ADVICE,
"Sonny never sell what you haven't got." The
therefore TO present even more attractive features
than II has during the remarkable season just
passed. Two enormous armies are on the eve or
pattle. The wellington and Napoleon or stocks con-
front each ether Next week or the succeeding one
al most VIII witness their Waterloo. who is 70 he
wellington and who Napoleon?
TIE B2NK STATEMENT.
The weekly statement OF the associated banks Is
very unavorable ana reflects the operation or arl-
Gcial influences TO assist monetary crisis III CON
necftOn with The natural outflow OF money 70 the
rural districts at this season, when the coun.
try banks draw on Eew York for funds 10
be employed ia the 'tAprjl settlements" The
banks themselves SEEM however 10 regard
the occasion as devoid OF any cause for
alarm, and IN view Of the Interests which
they have at stake their raocnation is not likely
be hasty Or devoid Of sagacity. There is an i'm
mense short interest in the stock Market and some
powerful operators are leagued TO produce decline.
rhey must succeed now or go 10 the wal Should
the LIST Of April once go 10y without break IN The
stock market they viii be overwhelmed 10y the
NOUS summer rise which may he looked Tor in the
stock Exchange. with peace IN Europe and win the
Secretary Of the Treasury determined to make the
money market easy. even Ii il requires nim TO part
with every available dollar 81 gold in the Treasury
IN exchange Tor bonds, the speculative spirit is
thoroughly aroused and viii lead 10 marked results
before the close OF mo year The changes since last
week In the bank statement are
Increase In loans 30, ,0io
Decrease IN specie. 1I05,43l
Decrease IN clrC uaton. 1856
Increase III deposits. l,0ai, ,05g
Decrease m legal tenders s.............. i22 23g
The totals tins week compare with those OF last
week a. follows:
March IL. Nnfch S.
Loans S@s9.353 }at S2e2.5 576A04
Specie. ........... ....... 23,169i16 ~, 663, 10
Circulation ............ 3l,C5jGG II. sos, ,2lj
Deposits. 22g,92I54 80, 1885,.
Legai tendefS.......... 51,035tSt -, ,ei5
The loss IN reserve Is s2,52767o ana 10 the surplus
over the legal reserve s2770. 40. The banks con-
iihoe TO hoid $l2 .G7G in the legal re-