The New York herald., 1871-05-15
FINANyIAL and COMMERCIAL.
WALL STREET,
SUNDAY, May l4-6 r. M.

THE TRADE OF THE CITY.
The week has been marked by falr activity in com.
mercial circles. Even the dry goods trade showed
considerable animation, owing to demand from
uptown buyers who tnd ready market for the
various assortments Of lighter goods. l; Is only
reasonable 10 conjecture that this demand would be
Still better were the weather more seasonabe. In
cotton there have been large dealings, both on spccu-
lation and for consumption and export the tone OF
The market continuing firm at advanced prices FOR
the several grades. Wheat and -four were irregular,
and the market at the close. heavy The sudden re-
pairs to the canal checked the speculative inquiry,
THE MONEY MARSET.
The feature In financial circles has been the in
creased ease in money which for temporary use
among the stock houses was worth only flve per
cent at the best aud finally became so ABUNDANT as
to break the rates down to merely nominal figures
on Saturday. With the present outlook there is
every TO believe that before the middle OF the
summer the ordinary rate Oh stock collaterals viii
gravtate TO three per cent. In discounts there Is
hardly a corresponding abatement OF rates, but
there Is no telling at how low figure some of our
prime houses might negotiate their paper were they
to try. ~ "a. "a .e.S
- -.~r f.eF FOREIGN EXCHANGE.
A disagree ement between the holders OF the Trea-
sury certificates and the officials Of the II 1asury
Department as to the coin in which the certificates
might be redeemed, and the arbitrary refusal of the
latter to pay out standard gold, Induced a sharp
advance In foreign exchange, the rates gong up in
proportion as the Treasury, in paying out gold, de-
scended into the smaller denominations OF coin. The
rates were advanced to figures which cover the
average of these small coins ana closed at llOH
q ll07S for prime bankers sixty day sterling and
HOY llo7S for sight bills.
THE GOLD MARKET.
The gold market advanced In sympathy with the
foreign exchange market, despite the fact that gold
contracts, such as exist IN the Gold Room, are sus-
Cepttble OF settlement with Treasury certificates.
But the action OF the Treasury Department gave an
impulse TO the speculation for rise on the general
ground that any misunderstanding III the monetary
situation is always reason Tor higher gold. The
movement lacked enthusiasm, however, and the
entire advance OF the week was only y per cent,
viz. from Ill to 1111a.
THE STOCK MARKET.
The stock market was, IN general dull, It's natural
tendency III that way being helped by the circum-
stances OF the annual election ana installation Of
officers and the removal OF the Stock Board to less
c0mmodious and less agreeable quarters. Prices
were irregular and the general feeling aimless, If we
except operations in Union Pacific, which give
proof OF the support OF strong clique, and in
Ere which, while acting SO as to repel
speculation, steadily made its way to
higher figures. Lake Shore seems to have
lost its brillancy for the present and the specua
tion in 1t dragged, its price gradually declning.
Pittsburg was Knocked about by Its Clique In lively
manner, but appears to have few deaears in 1t out
side themselves. Pacific Mail lost all its buoyancy
and fell away two or three per cent. It's clique
supporters are said to nave had quarrel as to the
management OF the bull movement, which was
arranged to come Off this spring and summer. The
remaining active shares were alternately steady or
heavy. the list having lost its homogenty.
In State bonds moderately large business was
done al higher prices In the Tennessees Sonth Caro-
unas North Carollnas and Mssouris. There is an
increasing demand for the low-priced Southern
bonds generally, and quite an interest has sprung
up in the North Carolina special tax issues which,
from the fact that they have number OF coupons
attached, are brought go much cheaper to the
investor.
GOVERNMENT Bonds.
The government list was firm and In most In
stances higher The London quotations for the
newer issues OF the lve-twenttes in connection with
the situation OF the foreign exchange market allowed
shipments by those who had remittances to make.
The following were the final street prices at the
close Of business Saturday:-Unirsd States cur :
rency skies, 15s 116; do. skies, 1851 registered,
1l7h q 117A; do. do, coupon, ll7s 1l71;
do. hve-twenties registered, Nay and No
vember Ill 1l1B do. do, 1862. coupon do,
lI1n 1Ilk; do do, 1864 do. do Ill q 1l1A;
do. d. 1865 do. do, III l1l&; do. do registered,
January aud July, 1885 llS3s; do. do, 1865. cou-
pom, l13s4 q 1l37s; DO. do. 1867, do. do, l133s
l13k; DO. do 1868, d.. do, 1875 1l3ss; do. ten
foriies registered, 100 1924 DO. do coupon, 109K
o 1O9A.
THE BANK STATEMENT
The weekly statement OF the associated banks Is
very favorable. The total gain in legal reserve con-
ssting largely Of greenbacxs, Is over $4,000, 900,
against an increase In liabilities OF about S4300 000
Deducting the twenty-five per cent OF reserve tied
up by the latter, the banks are stu able to add
$l,46S. sos to the surplus above the reserve
required by law to be kept on hand,
which surplus now amounts TO $i4,629, ,442
1t is not so easy to understand small decrease in
loans unless upon the hypothesis that the duller'
business AT the Stock Exchange has so limited the
demand on call that the receipt Of money by the
maturing OF time engagements mas been grea ter
than the fresh engagements Of Wall street from day
TO day. Tho statement contrasts with lis predeccs-
eor as follOws:-
Mav6. MAJ b. changes.
loans. $3.50 sl2,77s $3.50 2si.2s1 Dec. $sI,4s7
Ejaculation IsS isyil7S sa7o Dec Dec ssae
Deposits. 227, 7,5sl5a0 23l,g5oots Inc A. STATS
Legal tenders. 62,099,2ll 6l,252293 Inc .2.l53 oo2
COURSE OF THE GOLD MARKET.
The extreme fluctuations daily in the price Of gold
during the week were as follows:-
Highest. Lo,ces'.
Monday. ....................,....1 III
Tuesday. ........................1llA ll1%
"Wednesday y....-. .................lllA 11l16
Thursday ...........lll2s 1llh
friday. ....................-...... q 1llS
Saturday Observation-Disclosures. lil1s 1ll2s
LATEST PRICES or STOCKS.
\, The following were the final street quotations
Saturday evening Tor the principal stocSs:Western