The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-06-19
FINANCIAL and COMMERCIAL.
WALL STREET,
SUNDAY. June is, 1871.
THE TRADE OF THE CITY.


THE TRADE OF THE CITY.
The summer dulness mas SET In upon most depart
mens Of city trade although peculiar circumstances
have occasioned considerable activity In some
branches, a. for instance In the cotton market,
which has been the scene of pretty large transac-
tons, based upon the anticipated shortness OF the
growing crop. So far as trade IN general is con-
cerned 1t seems az IL 1t were undergoing q
process OF concentration at particular seasons.
In olden times, before the telegraph and railroads
gave us prompt communication business was spun
out over the whole twelve months. But now the
buyers all come In crowd In the spring and In the
fall, make their purchases ana go home. Their
goods are forwarded after them, the merchants
have few months OF intense activity, the packing
of goods often extending far into the night. and
then all is over until the next season. Something
OF this is also beginning to be regular thing In
THE WALL STREET MARKETS
In the spring there Is general demand for stocks
The season Is one IN which people buy When all
the purchases are made the stock market becomes
dull. With the advent OF fall, when money Is re-
CURED for moving the Southern and Western crops
and for active use in mercantile pursuits gen.
orally the idle capital employed at the Stock
Exchange Is withdrawn, and the selling period
for stocks arrives. Doubtless the community are to
be congratulated for this flood ana ebb tide In
summer holiday, which can be benencially awaited
OF for the recruitment OF the health OF those who,
with the peculiar zeal OF American business men,
would toll necessarily their business enough to
keep them constantly engaged.
The week on the Stock Exchange and In Wall
street generally has been one OF great duness,
the natural tendency TO Inactivity being
assisted by the withdrawal OF many dealers
TO the series OF races at Jerome Park. Many brokers
complain that the dulness great as they have
ever experienced. Prices, as result OF this lack OF
interest in the market gradually weakened, and the
decline In some instances was quite marked. Taking
the active speculative list the decline ranged from
| one to four per cent. The course OF the market
| tempted operators on the short side Of the
| account, but these were conducted with
| great tmidity, owing TO the unusual ease
| and abundance OF money AMI the reputed
power OF the combinations interested the ''hul
| slde In fact, the 'short" interest betrayed Its
anxiety at the close OF the week, when under a
general demand for stock TO contracts for de-
livery, prices rose one.half to one ana half pei
| cent.
| The gold market after faint prosecution OF the
''bul'' movement alluded to last week, relapsed into
| duness also, and is now without any speculative
in,erest beyond what exists on mercantile account
the "twistlng OF which was avowedly the object Of
Government bonds showed considerable animation
toward the close, account OF the approach OF in
I terest day. Many European investors make 1t a
rule 10 convert their coupons into bonds, and each
interest period shows therefore, good inquiry fol-
| this Investment.
| The Southern State bonds were active ana higher
| in the Tennessees which advanced to 70, but were
| otherwise only steady, but strong
| Money was easy, In face OF large demand from
the rural districts, in connection with the market
| ing OF the "wool clip.n The market for CONNER
cial paper was quiet with prime names quoted 4 y
| per cent discount
| The early manipulation of the gold market I'M
| settled and lowered the foreign exchanges; but on
| the disappearance OF this influence, sterling ad
| vanced ana closed l101S 11OL for prime bankers
| sixty day bills. and 1l0S 1iOA for sight.
1 THE BANK STATEMENT.
The weekly statement OF the associated banks
proves quite favorable, thanks to the pool In thu
Gold Room. who, by REFRESHING the shipment 0
specie the past week, lett the banks with q goot
exhibit in the way of reserve. The gain In lega
tenders and specie amounts TO about ST. 900 900,
as the set-of 10 this Is only twenty-five per cent 4
an increase of about $780, 900 I'm liabilities, tn
surplus reserve OF the BANKS increased 49, 404
leaving them with total OF SIG,6S4, 312 In
| the reserve required by law to DO kept hand
The statement compares with its predecessor as fol