The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-10-09
FINANCIAL and COMMERCIAL.
WALL SrRevr,
SUNDAY, Oct. z. 1871,

SUNDAY Oct =, lS7l.i
The commercial markets have been unsettled by
the fluctuations In gold, and more cautious feeling
was observable in trade. but return of confluence
was quite perceptibe toward the close, on the
steadier and stronger tone OF the gold market and
foreign exchange
THE WEEK IN WALL STREET.
In Wall street the volume OF business has
been below the average for many weeks.
ana there was no Disgusting the lack OF
animation, In the stock market more particularly.
considering that the week JUST closed was
In the middle OF what is usually busy season. this
inactivity Is rarely exceptional and out OF course
There seems to be great deal OF Indifference TO
speculation Just now ana the legitimate inquiry for
investments has run rather on railway bonds and
mortgages than upon stocks. the prices OF which
having fallen considerably below the high figures OF
the summer do not orer much temptation to the
"bcars," while an apathetic iealing ON the part Of
the ''bus" exists In view OF the possible cont ngen
ccs Of the money market. Midway Of the week.
when money relaxed to per cent, there was for q
day or so quite an active business and an advance
In prices inspired by the example OF Wabash which
rose to 63A on the result OF the annual electton but
oil this Improvement was gradually lost, and dull
Ter day than Saturday could not be long Afforded by
the brokers as an average for their business the
Stock Exchange. The bank statement. in showing
relapse to the sraitened resources which challenged
SO much attention a few weeks SINCE did not help
the situation at the close when In addition the at
fractions OF the Jerome Park took away large
proportion OF the usual daily operators In FREE
quent?rs OF the market The ensuing week also
promises to be broken one, In view OF the con-
tinuance OF the races.
Money has been irregular, with the range or rates
on call loans to per cent Al times the latter
was a 'sharp" rate. Again the offerings ~ and s
per cent were abundant. The tendency at the close
however was 10 the establishment Of 8 per cent.
Prime commercial paper was quOted Q 10 per cent
discount.
Foreign exchange was strong, in response TO the
successive advancements OF the Bank Of England
rate OF discount, the minimum OF which was put
up to Ave per cont at special meeting Of the direc
tors held Saturday, The leading drawers advanced
the rates for sterling to 100 for sixty-day bills and
40 for sight dealings being quite active carly in tho
day at 1881 and 1887.
Gold was weak at the beginning and rapidly de.
clined to l1sx on the breaking up OF the comblna
tons In the Gold Room. AS usual In such under.
takings treachery entered and some members of tho
clique endeavored to unload on the others. The
market having needed o 'short" interest was fur
nshcd it, curiously enough, from the ranks OF the
late "buls.n The intended reaction failed to come
however, ana the now ''bears'' md themselves at
the mercy OF rising market. The activity OF money
IN London was u contingency for which due allow
ance was not made, and hence, when the bank rate
was suddenly advanced on Saturday, for the
second time during the week, gold advanced 10
lis.
TIE BANK STATEMENT
The weekly statement OF the associated banks Is
exceedingly unfavorable. The contraction OF loans
is only about three millions. although the loss in
legal reserve Is over three and half millions and
the decrease In liabilities only i've and half mil
lions The loss in specie alone Is nearly three mil
lions. The lighter shipments OF currency 70 the In
terror reflected in decrease Of less than seven
hundred thousand dollars In greenbacss The de-
crease In deposits Is made up OF the withdrawal OF
loans and the loss OF reserve The statement shows
that the banks have preferred losing their resources
TO curtaling their accommodation 70 borrowers.
The statement contrasts with Its predecessor as
follows