The New York herald., 1871-03-27
and COMMERCIAL.
WALL STREET,
SUNDAY, March 90, 1871.

THE TRADE OF THE CITY.
The past week has been good in most branches and
quite satisfactory In the wholesale dry goods line.
Where the activity has not come up to expectations,
the deficiency is attributed TO the fact that earlier In
the year the dealings were larger than usual and
hence the market has undergone natural reaction.
The uptown trade Is excellent for the time being,
and promises to be much better as the spring pro.
gresses for the reason chiefly that the disappearance
OF frost has revived out Of door employment and the
working and laborlng classes are steadily earning
good wages
THE NEXT COTTON CRuP-ANTICIPATIONS AS TO THE
YIELD OF lS7l-72.
The "cotton year." as is perhaps generally known,
begins Sebtemoer l. Calculations and speculations
as to the present current crop seem to have de-
cided that the yield viii reach about 900 bales
ana satisfied this point are beginning to regard
the yield of ls71-72. commencing next September.
According to the Financial Chroafcie:-"The pre-
vaing opinions to the extent Of the planting for
the next crop appear to be quite diverse. The New
Orleans Price Current, for instance, In It's issue OF
March Is, states that low prices cannot stop cot
ton production; they ,cfu possibly Increase &C.
The planter will plant for crop enough,
to bring him as much income at six cents
pound as he receives for cotton at twelve cents"
On the other hand, correspondent IN the same
paper In speaking OF Mississippi says that the sit
udtlou ia tuut otdsc 10 pCCuilaf. i. Auo COtIUu
crop has increased about thirty per cent 2. The
factors cannot collect their advances 8. The plant
ers are unable to command supplies A. The laborers
are, in many instances, without f0od.' The 1nfor.
nation this correspondent gives only confirms wha
we are receiving from divers other sections Of
the South. Now, 1t strikes US that this con-
diton OF things, II correctly stated, is in
compatible with the idea Of another planting
equal to the last For If an increase Of the crop this
year thirty per cent, with decline on the plana.
tion to eleven cents results in great loss that
the factor Is unable to collect his advances while
the credit Of the planter is wholly used up that
he cannot even command food for his laborers, how
much better of would the planter be If he were to
raise q larger crop and sell 1t at SIX cents per
pound as proposed by the first writer. This is the
question that must present itself to the Southern
| farmer, ana II he has the wisdom we give
him credit for, he will unless he can
hire his labor at lower rates. turn his chief attention
to fattening hogs, and raising corn and wheat to
satisfy the hunger OF those empty stomachs. We
have not as yet any definite Information with regard
to the extent Of cotton cultivation. From the above
facts, however one would naturally conclude that
the planter Will have no desire to produce large
crop, or II ne have the desire, that he Will find 1t
difficult to obtain the necessary funds. Whet her
this conclusion will prove to be correct we
dare not undertake to say. Only one thing is as
yet assured, and that ie, as we stated two weeks
ago. very much less money will be spent for
fertilizers"
THE WEEK IN WALL STREET.
The features OF the week In financial circles have
been the great activity and buoyancy the Stock
Excnange and the decline in gold. The speculation
for higher prices In the leading favorte railway and
miscellaneous shares has not been SO unanimous,
however, on the part OF all previously concerned In
the bullish movement. The dread Of an active
money market in the vicinity Of April intimldated
some smaller holders into selling, and in the case OF
certain stocks excited some disarecton in
the fostering combinations which forced the
loyal members thereof to take the shares Of which
their partners disembarrassed themselves. Refer
ence Is had in this instance more particularly to the
movement in Ohio and Mississippi. which, after
selling as high as 49X dropped to 46 on the unload
| ing OF stock by portion Of the bull clique, who
| originally organized the movement with view to
placing Mr.. Torrence Commodore VanderDilt's SON.
n-law In control OF the direction, to achieve which
end they were at the pains OF, and succeeded in,
procuring vacancy, by resignation, In the
former board. Since these sales were made
however, the main body Of the clique rallied and
applied their efforts to restoring confidence in The
stock The situation Is In great degree the pa ralel
OF that in Western Union Telegraph. which on Its
rise to 43 was abandoned by portion or the clique
and fell back to 3s only to be taken In hand afesh
by the remainder OF the party and carried to SO.
While the market was IN the main strong It
vas quite irregular, the trouble In the Ohios
having checked temporarily-but only temporarily
strong upward movement In the st. Paul's, the
Northwest stocks and Wabash. Late on Saturday
the announcement was made that the directors OF
Rock Island have declared per cent cash divi-
dcnd, payable April 81. The struggle between the
two sides OF the market was most inteiSe on
Saturday, when the "bulls," fearing that de-
moralization might ensue among their supporters
by the unfavorabe character of the bank state.
ment, entered the market late in the afternoon
and advanced the entire list, the prices in some
instances reaching the best figures made since New
Years.
The government list was unfavorably affected by
the slim responses to the invitation to subscribe to
the new loan and BY an uncertain feeling to what
may be the result OF the complications In France,
although no one was prepared to express the Opln.
ion that French local matters should or could have
any eject upon securities of the United states with
which country France s In respect OF sucn invest.
ments, wholly unconcerned. At the close Of the
week the whole list rapidly recovered, and, taking
the prices in gold, there has been an advance OF
nearly one per cent in the fve-twenties as com.
pared with The figures Of week ago
We begin to think from the conelativc move.
ments Of geld and governments, that II Mr.
Boutwell, succeeds in making fve.twenties worth
more than gold it will be by sudden decline In
both. but greater in the case Of gold so that the
same result Will be virtually attained That Is, as
gold bids fair 70 tall to LOG 1O7 this summer, and
fve-twentes to fall In greenDack quotations to 1os
a ITO lex the accrued INTEREST,". 1t is possible the
refunding may be partially successful. Should he
accept this natural movement and cultivate
1t, instead OF endeavoring to straddle the
Il
bonds and running down that Of gold his
ambition will be nearer qualification. The latest
street quotations were as folows-United States
currency skies, ll3I ia. 90. Exes 1881