The New York herald., 1871-12-04
FINANCIAL and COMMERCIAL.
WALL STREET,

WALL STREET, I 4
SUNDAY. Dec. g. 1871. 4
The week in trade circles has been qulet and
transactions light, IN consequence Of the ,nloryen
tlon of Thanksgiving. which seems annually assuin-
tnga larger Importance as festival with the pco-
pie, and was this year celebrated with unusual zest
The produce merchants got mp a little excitement
over the cold snap and closing Of river and canal
navigation, but the endurance or the freeze was
not believed In generally, and hence the wheat
market was only temporarily firm. The cotton trade
wasqulte active on steady basis OF prices.
s.B tg ON THE STOCK EXCHANGE a
the week has been about the dulest record since
the first paper money In 1862 1t Is the season
when speculation L. usually tame, but the brokers
have seldom experienced such "hard times" A
great deal OF capitai has been diverted 10 the
brokerage and banking business from other chan
nes, and The street u, SO to speak, giurtcd with
brokers ana bankers at the same time that the
public lever for speculation has greatly diminished
with the shrlnkage in values and the gradual
development OF necessity for quieter
and more conservative mode OF living.
During the past week the public were very lightly
represented In the stock markes, which was more
than what Is technically desgnatcda ''br0kers'
market" The members VINO trade with eacn other
for small profits and the cltques had the board to
thcmselves--tne latter keeping up some show OF
matched orders known as ''washes." The early
tendency Of prices was downward, the intense dull
ness having discouraged some OF the Clique oper-
ators, who transferred their stocks to their
brethren and took light line on tho ''short" side
This little impetus developed moderately
active sentiment on the "0ear' side, which was ar
rested midway OF the week by the sudden prepay
ment OF several millions OF coin by the SuD-Treasury
in redemption or the "calledn bonds OF 1862,
trlbution to the reserves Of the banks, which re-
suited Immediately In an easier money market. The
consequence was complete reversal In the course
OF prices and an advance TO better prices thar
made at the beginning OF the week. But
r2@s# THE MONEY MARKET
failed to keap the ease 1t so suddenly
assumed. and on Friday and Saturday be-
came active at seven per cent currency to
gold interest, the shipment OF greenbacks and
national bank notes to the West ana South having
overcome the effect OF the Treasury Disbursements
especially as the Broadway Bank had to call about
two millions to meet some maturing obligations of
the city government. 1t was alleged that the
"bearsn were locking up money, too but the clear
ances OF Saturday failed to furnish evidence Ia sup
port OF tile charge. VI bi a8pEas&5 3aeIa,-s3
ernH4c ee- THE GOLD MARKET H
was weak and declined from Ill to 110x, which Is
within 4 per cent OF the lowest point touched since
the close of the war. The Influences occasfoning
the decline are alreidy explained In the
Sub-Treasury payments of coin for re-
deemed '62s A little reaction ensucd
on Saturday consequent upon the cable dispatches
from Madrid, stating that England and the United
States had intervened In Cuban affairs, but was COR
fined to the narrow limit Of u per cent rae
In this connection attention is directed to inter-
esting article in another column under the heading
OF "Light al Imperfect Coin"
Foreign exchange was barely steady on the basis
Of 100 0 1904 for prime bankers sixty.day slcrling
and l091l 1927 for sight bills ew
Prime paper was quoted q IL per cent discount.
GOVERNMENT BONDS.
Government bonds were steady and underwent
little variation. The governing committee met
Saturday and agreed to call the new lyes. which
Will be placed on the list next 10 the tcn-fOrtes
The following were the closing street prces-United
States currency sixes ll3 li3<; do. Co., 1881, reg
istered 1lSN 1l3is; do. do, coupon NIX ll7h;
do. fve-twentes, registered, May and November,
11Os l10A; do. do, 1862 coupon. do, Ill Ill
do. d0 1854, do. do, Ill NIX; do. do 1866, do.
do, 1111. 11lS; do. do, registered. January and
July, 10oz HOY; do do, 1905, coupon, do,
1l3ss 1l3k; do do, 1867, do. dO 114S I141; do.
do, 1865, do do, 1145s 11fI; do. tcn-forties.
registered, 1o9h no. do. do, coupon, 1O91 q 10.
THE SOUTHERN STATE BONDS.
The Southern list was naturally quito dull, the
speculative interest keeping pace with the like ce
ment at the Stock Exchange, while investment
orders were light. The chief feature reaction
in the South Carolnas, which have receded to SO for
the July ana 20 for the October issues. The new
Texas ten per cents have sold at as high
as 92h. Tie market at the close was generally
heavy and neglected. The following were the
prices at the board Saturday Tennessee sixes
old, 65k a e52t; do. new, IS G5tS; Virginia sixes
old 6I o. do. skies, new, 64h bid; do. SKIES, con-
soldated, 63H 64a.; do. skies, deferred, 27I
asx; Georgia skies. SO; do sevens new, s2ll Q 90;
North Carolina skies, old, 35k q S6 do. funding
act 1885, 20; 90. do, 1868, y 22 do. new, l9s<;
do. special tax, IA bid: South Carolina skies. Janu
ary and july 32l4 SO; do, April and October, 20;
Missouri slxes, 81 a sst1; do Hannibal and St
Joseph, e3h q 90: Louisiana skies, 65; DO. new,
55 do levee skies, 62 do. do eights, rs; Arkansas
slxes so So; do sevens, % 50; Texas tens, 1876
92 q 921s. &teN#N0HHf III ee un
-r .e. THE BANK STATEMENT
The weekly statement OF the associated banks Is
unfavorablc, owing 10 loss or about half mutton
dollars in the surplus reserve, winch Is now about
seven millions. The specie return Is made on
rising average, and reflects therefore, only partially
the real situation or the banks In this Item, tho
heavy disbursements OF coin in payment OF the
"calledr '62s counting during only small fraction
OF the week. The important feature Is q loss OF x
millions OF legal tenders, wlcn SHOWS the ACTIVITY
or the movement OF currency TO the South and
West. The deposits are just about the amount tho
banks have expended In loans--viz., four millions
a rather anomalous policy, but adopted, doubtless,
with reference rather to what the bank statement
will pe a week or two hence, wnen their resources
are fortified with the ten fifteen millions Of gold
coming ont OF the Treasury for the 1928 The state.
mcnt contrasts with It's predecessor as follows:-
Nor,nlber 20 December 2.
Loans ............. S2ss, ,4O3, 700 $2o2, ,318, 900
specie. e.............. 16222.SU0 1sO74,70O
Circulation. ........... 30,0s9.500 80 100000
Deposits .......... 2l9, 229,s 800 223, ,514, 500
Legal tenders. ....... 81, $4,000 81, ,4OS, 900
The differences for the week being
Increase in loans SO o13 200
Increase in specie. 1s5l, 900
Increase In circulation .................. 17,4O0
Increase IN deposits. ts.................. 1854 700
Decrease In legal tenders. l,2S6, 900