The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-11-27
FINANCIAL and COMMERCIAL.
WALL SfRKEr,
SUNDAY. Nov. %, 1871.


WALL STREET,
SUNDAY. Nov %, ISL
ne week, m general trade circles has been WIN
- specinl novelty or new feature The more con-
nprystive classes OF merchants nave been sa'lsnoo
WIN the tenor OF business buk a. usual, o'no's
~rnn,a,n or dulness and small returns. tpto"n'
=. retailer, are doing fsirly bat little cold snap
vuuld doubtless make them even petser sa''sncu'
IN WALL STREET
@ dulncss has been as confirmed Us u wen couiu
:. esnec,ally in the gold market which has seldom
cr never in It's hfstory experienced 80 little annma-
-, Tne speculative sentiment Is SO utterly indlf
s.rrnt 70 the market that the brokers outside OF
sbosc VINO have regular mercantile trade, are not
,aytng once expenses. Seats In the Cold Board
nay be had ct q heavy reduction on their nominal
value.
ON THE STOCK EXCHANGE
mere very quiet movement until the very last
aay OF the week, when the transactions were nearly
q not wholly eqnal 70 the business OF all the pre-
vsous portion ofthe week, and promised to develop
INTO extended proportions ultil everything was set
tack by the unfavorable character of the bank
statement OF Saturday. The speculative combi-
nations met little or NO opposition IN ad-
vancing prices and the weeks business was
o. steadily improving quotations. Indeed tho
oxurcs OF Saturday noon were on an average
q per cent above the lowest Of Monday, ana
snOwed even q considerable Improvement when
subjected to the depression following the bank
seasement There Is SIN wanting. however. .
general interest In the course OF the market and
ne cnques have found d,facult to excite outside
speculation. The future Of money was never % I'M
certain. Indeed,
THE MONEY! MARKET
has been continuous puzzle to financial circleA
TIE Chicago disaster would 1t was thought lead to
the utmost stringency. But on the contrary 1t has
been the occasion OF the easiest money market ever
experienced here at this season. And whyf Because
mo money that was to 60 to Chicago to pay
Insurance losses has accumulated 1t New York
pending the settlements OF Claims for damages
and swollen the amount here to such volume that
tho banks usually 30 poor In November, had week
Oefore last surplus OF over nine millions Of legal
reserve, and the rate on call went down as low as
four per cent. These facts account for the steady
recovery OF the STOCK market 10 the figures which
prevailed before the Chicago fire. Wall street
jumped to conclusions too suddenly and made prices
On the Stock Exchange which were not due until
the insurance companies had begun to pay their
aoSses and ship money 10 the burned city. Now
nriscs the question whether, with the expiration Of
the sixty days. privilege Of the insurance companies
and with the natural shipments or currency to the
South and West for cotton, wheat and pork, we
shall not experience this winter even o more
during the panic following the chicago tre' It
should not be forgotten, however, that as II to
serve as q timely lnterposuon at such a crisis the
government WILL on December !, strengthen the
banks with fresh and large supply OF gold-the
amount OF which has been estimated by some ut az
much ten Misunderstanding from the inter.
changes OF the new nve and old six per cents
and the cancellation or q portion OF the loan OF
1867 This latter source Of relief should not DO too
nS~ LATHAM 80
Uther nnanciers, again, the events OF December
WI yield little or gold to the street. but be con-
summated without the disbursement OF any Treasury
money beyond such as may be needed to take up
some OF the 'tcaled" DO nds neld In Europe.
The money market grew active on and after Fri
oay, and the rate on stocks hardened 70 per cent
although borrowers on governments readily sup
vated themselves at per cent
TUE PRESIDENTS MESSAGE.
II viii be seen by our Washington dispatches that
M PreHdents Message this year VIII nave great
bearing ON financial and commercial interests In
new Of the proposed sweeping reduction Of the re-
venue
THE BANK STATEMENT.
The weekly statement Of the associated banks
showed quiIe unfavorable, because, on the ono
hand, these institutions have Increased their loans
bwe miilions although on the other they have lost
million ana . half In legal reserve. The
specie export and customs duties 30 equally
Balanced the outcome OF coin from the
Treasury that the specie item shows little change.
The principal loss Is nearly . million and
. half In greenhacEs shipped doubtless, to
NE South and West The banks appear to
have made no demand on borrow ers for the return
Of loans In order TO meet this demand for currency,
but increased their loans to I'LL MP the space caused
b. the shipments. Hence the deposits show only
ntning change. The statement compares with It's
predecessor as follows