The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-07-03
FINANCIAL and COMMERCIAL.
WALL STREET,
- n In.r

SUNDAY. July 1871.
Tomorrow July 81 being made n special holiday
by resolutions OF the Stock Exchange and Gold
Board, there Will be no formal transactions In the
Wall street markets and only such informal business
as may originate with those who choose not to
absent themselves from the street. The day not
beng legal holiday the banks will remain open to
meet the payment OF drafts ana for like necessary
business.
WEEK IN WALL STREET.
The approach OF the midsummer season is at
tended with the usual diminishing activity OF the
various departments Of Wall street, and the volume
OF business the past week has been quite small.
The street had already exhibited considerable in
difference TO the course OF stocks, and whatever
disposition there had been to look for In
activity result OF the immense money
disbursements Of July was suddenly checked by
THE ROCK ISLAND AFFAIR,
which impelled dealers to excessive caution, for no
speculative scheme had been so well planned and
so nearly reached fruition. The failure Of the m0ve
ment In this stock produced effects which diO not
run out until far into the week just closed and
falling market prevailed up to Tuesday or Wednes-
day last Here the "bull' cliques came to the
rescue. for the decline was beginning to assume
very serious force, and checking the decline began
buying, compelling the 'bears' TO cover such sales
as they had made in anticipation OF further disaster
Island "break." The general situation may be
summed up In brief as follOws:-The "bull" cliques
are loaded up with stocks, which they expect to sell
during the midsummer imitation OF the money
market The public, with singular and exceptional
sagacity, realized and went out or the market
just the top prices OF the season had
been reached. The "bulls have therefore to
look for a market only to the "short" interest,
which, judging from the character of the market in
Gnfr
has been thnned out to very slim proportions. In
the early days OF paper money, when there was no
means OF calculating how soon imitation would
cease, prices steadily assembled But nowadays
with the volume or the currency known and Its
innat0ry powers decided ana limited, 1t is impossi-
BILE to seduce the public into buying high priced
stocks. on this theory only can we explain the fact
that, with the prospect OF nearly hundred millions
OF money to swell the channels OF the money mar
ket In the immediate future, there Is an almost
utter apathy on the part Of the puDlic as to
usual Wall street investments. Here and
there safe railroad mortgage is dealt
in, and for a few weeks past an average
Of several hundred thousand dollars day has been
quietly invested in such securities. But there are
no headl0ng, needless ventures In the fancy specu
lative stocks and non-dividend paying shares.
Moneyed men seem to be unwilling to buy any inter-
est in such corporations beyond the underlying
foundation OF first mortgages.
THE MARKET.
The gold market during the week has been
puzzle Ill more ways than one AS far as Indica.
tions may be trusted 1t seemed quite evident that
the gold pool, fearing the erect OF the prepayment
OF the July interest had quietly disposed OF their
gold. But, to the surprise Of every one gold
kept advancing and on Saturday touched 1895.
Is this another confirmation Of the general law
governing the movements OF the financial word,
showing that artificial influences can not divert the
real course OF Market although cliques and pools
may for time briefly INTERRUPT: check IT. Accord:
ing to all the rules OF Wall street gold ought to have
gone down. but the market received the sales OF the
gold pool and the nine millions paid out by the
Treasury and kept on rising. The extreme nuctua-
tons daily in the price of gold during the week
were as follows:-