The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-06-26
FlNAN,IiL And COMMERCIAL.
WALL STREET, I
SUNDAY, June IS, 1871. {
THE TRADE OF THE CITY.

THE TRADE OF TUE CITY.
The CHIEF feature IN commercial circles during the
week has been the reaction in the cotton market,
which was weak and lower on later intelligence
correcting the first reports OF greatly diminished
crop for 1s7l-72. In fact, strong "bearlsn' senti-
ment was developed on the part OF those who specu-
late In the STAPLE ana the effect OF their sales would
have doubtless led to much lower prices had not the
spinning trade alarmed by the original reports,
been large buyers throughout the week. As to
the future OF prices there was seldom so
much room for pure speculation The re-
action referred to and the more conddect
belief In better crop are due TO the quite general
announcement that the planters have promptly re-
placed the cotton washed out by the heavy rains of
the spring. The success OF such movement is
therefore, likely to be so greatly modified by the
latchess OF the planting and other circumstances
that as we have said, there is ample for dis
pute as to the extent OF the crop eventually. In
other departments OF trade there has been mode
rate activity for the season.
IN WALL STREET
the week has been OF unusual interest, its leading
incident, the panic in Rock Island shares, recalling
wildly the Fort Wayne panic OF 1864, the parallel
being further extended the fact that the loss In
both instances fell chiefly upon individual operators
and the houses directly acting as their agents in the
speculation. Morse OF 1864 is closely copied by
Woodward in 1871. The result on
THE STOCK MARKET
was also to create general demoraliz alton and a
"brcak" in prices all around. The decline else
where had already commenced. The turning point
in the great "bull" speculation OF 1871 had been
reached fully month ago, SO that when Consolida-
ton Coal and Rock Island tumbled they simply lent
their force TO a market pretty well accustomed to
the declining tendency. The public, who seem to
houn CHI nj ifv ham
among the nrst instead OF the last to get
out, had been quietly realizing before the
panic commenced, and the latter event
simply fastened realization on the part or those
who had not been prompt enough to take
their profits earlier In che season. Ii looks indeed
rs II the professional spectators are rs Il rule to
come out second best in the stock movement this
season. The Rock Island disaster almost wholly
confined 10 this class OF operators, and the persons
interested in other stocks selling above their
average market price are the cilques who have had
hard work OF 1t to realize what little they have
parted with They doubtless counted upon being
furnished brilliant opportunity for unloading IN the
very easy condition OF the money market this sum-
mer, and looked forward to the enormous dsburse
ments OF July interest certain imitation. But the
outside public have pretty generally lett the market.
Last week the banks shipped to tue country over
$4,000 in greenbacks. This money was III great
part the proceeds OF stocks sold for account OF
speculative holders living in the rural DISTRICTS who
bought early in the spring in the winter, when
prices low. The summer Is therefore likely TO
witness feversh and unsettled market, resulting
from the contest between the cliques on the one
hand and such of the .'Dears have had the pluck
to sell in time OF easy money: for the speculative
elements OF The street are reduced to these
classes.
have shown steady Improvement with the approach
OF the time for the semanrual interest large
proportion of them. Washington dispatches OF Sat
urday announce that the Secretary of the Treasury,
as a means to stimulate subscriptions TO The new
loan intends calling IN $2o,o0o,000 OF the Cd six per
cents and cancelling them. This story is iaDrica
ton out of whole CLOTH The Secretary Of the Urea
sury would not dare to commit SO lagrant breach
Of trust reposed In him rs the ducary agent OF
the people. TO pay par for $2o0oocoJ OF hve-twen-
ties when they may be bought at discount In
\ the open market would be gross violation o
| his duties. ON Saturday the 62's were selling a
| 1929 when gold was 1l2ss. Allowing for the
accrued interest on the 62's they were selling at
about II1,S. In other words the Secretary OF tie
| Treasury could purchase the bonds fully one per
cent less tina par He would, therefore, wilfnlly
sacrifice the sum OF $780, 900 OF the peoples money
In order to force his pet scheme OF refnnding the
debt.
rue MONEY MARKET.
Money during the crisis attending the Rock Island
affair became active and loans on call were made at
as high as six per cent. But with the subsistence OF
the excitement the rate fell or to per cent.
THE BANK STATEMENT.
The weekly statement OF the associated banks
shows no important change IN their standing.
There is further expansion IN the item of loans,
but the reserve is only slightly strengthened BY
small excess In the receipt OF specie the loss in
legal tenders The banks gain Sl71 ,542 In their sur
plus reserve which now stands at $16.s55.S5A The
statement compares with Its predecessor as FOL
lows:-
June II. June "a. Changes.
Loans $203 1884, 5S2 $3.50, 979, CAS- Inc. $S45 ll3
Specie. ..... 12,9Se,o10 14,0152l6 Inc 1,025 306
Circulation. 3OG62,OsS 3v,56O 606 Dec. 1Ol, 492
Deposits =. 233276 $50 2i3, 521 513 Inc... 1858
Legal tends. ,2l7e,g64 7l.36l, 168 Dec. ST. 796
LATEST PRICES OF GOVERNMENTS.
The following were the closing street prices OF
governments ut the close Of business on Saturday,
United States currency SKIES 1l5 1l5<; do. d. 1884,
registered, 1143I HAS, DO. d. coupon, 117.a lis;
! do. fve-twenties, registered May and November,
1925 a ll22<; do do. 1862, coupon, do, 112'S .
1Io7.: do do. 1864, do do 112M 112aI; do do,