The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-04-24
FINANCIAL and COMMERCIAL.
WALL STREET,
SUNDAY, April %, 1871.
THE WEEK IN WALL STREET.


me original anticipations as TO the course OF
speculation this season. based upon The efforts OF the
Secretary OF the Treasury keep the monetary stu
tion favorable to the refundng Of the fvetwenties
into the new i've per Get l0an have not been dsap-
pointed; and now that Congress has adjourned and
the uure Of the money market-at least for the In
terval to acknowledgements no cause FOR uneasi-
ness, the sentiment OF the street and the public
generally is enlisted in favor OF continued buoy ancy
In the stock market.
The week just closed has witnessed extraordinary
activity In the railways and many of the miscea-
ncous shares which constitute The list OF the Stock
Exchange. The upward movement in prices was
almost without reaction, save toward the close,
when as usual on the last day OF the week, there
are heavy rcallzasions by those who make 1t a rule
to leave the street Saturday without the mental
burden OF too heavy line OF stocks to carry over
into the new week. The indications indeed favor the
belief that some OF the larger combinations had de-
cided on realization earlier in the week. but found the
general demand strong enough to take oil that was
offered without being satisfied ana without being
impressed for lower asiccs. The orders for real ia.
ton were consequently countermandeI, and the
speculative fever became a Juror. Curiousy enough
the excitement among 0e dealers in stocks Is at
tended with an ever-present consciousness of the
danger which surrounds them. There Is an absence
~
cunty which find expression In "Stop or
ders," limiting the losses which win be accepted
should the market suddenly reverse its direction.
This state Of things has led to the rather shrcwd
servaton that not until the rage for higher prices
has lost all sense Of caution will the cques begin to
market their stocks. Az 10 the short interest exist
ing In the market opinions differ, but that 1t was
largely closed out by the buoyancy OF the past week
is quite probable. The cques have steadily figured
to keep II alive and have succeeded In remarkable
degree. But the 'bcars' have been often deceived
by the numerous scoops" that their wariness
Is at length aroused TO the real strategy OF the
buils," and their disposition to sell greatly dscOur
aged. The future may. therefore, see fresh efforts
to enliven their peculiar prediction especially
the 'bus'' may easily excite general feeling that
after 80 prolonged and SO large rise the market
ought to have reaction The campaign for the
summer, however, Is not abandoned. The interval
may see frequent fluctuations. The "bulls Will
doubtless make as broad short interest as ever,
by encouraging the belief That the end
has come; but such prclimnaries VIII
only strengthen their operations later In the season.
1t will be only when the street really believes tnat
'prices are never going down any more'' that the
danger Will have arrived. Then the dozen or more
cliques now manipulating the market Will be dis
covered be the opposite side of the speculative
contest.
The problem OF money seems to have been
eliminated Of all considerations connected with
the April movement OF currency, Tor the
bank statement at last shows q gain in de-
posits-the item affected more Immediately
by the interchange Of money with the Interior The
relaxation OF the interest rate was hardly perceptl-
bic unit! toward the close Of the week, the earliest
returns OF currency being fully absorbed BY the
street in consequence OF the enlarged volume OF
business at the Stock Exchange. But now that the
current has been fully established in this direction
the probabilities that the rate on call will run
down to three or four per cent before midsummer.
The gold market was the scene of great excite
ment owing to the swimming progress which
"bull' combination had made, until their operations
were suddenly deranged and defeated by an extra
sale OF Treasury gold. In fact the entire portion
the week gave promise Of speculative activity III
the precious metal likely to keep pace with the
movement in the Stock Exchange, but now the
speculative dream has vanished, and the Gold
Room for the rest OF the season Is likely to be purely
a brokers' market. There Is longer any incentive
to buy after the action or Mr. Boutwell, on Thursday
last, and speculation for decline would be slow
for 'tne street"
TIE BANK STATEMENT.
The weekly statement or the associated banks
proves quite favorable. As the average ia still q
rising one the banss really better or than pre-
scented in the exhibit. The gain In greenpacks, rep
resentng the return OF currency from the interior
and the disbursements Of the Treasury exceed four
millions Of dollars. while, despite specie shipment
OF 49, 100000 and customs payments OF GEO 900 for
the week. the loss in specie Is much less than two
millions. The surplus above the legal reserve now
stands at SIS, $40 900 Increase Of 81 go 0o0 The
statement compares with It's predecessor as fol-
lows