The New York herald., 1871-02-27
FINANCIAL and COMMERCIAL.
WALL STREET, |
SUNDAY. Feb. 20, 1871. I

nave Hau an dClfVe maTkel, out nave been compelled
to accept shifting and unsettled margin OF profit.
In some lines OF domestic produce higher prices
have prevailed, but the general feature has besa
steadiness. There is little buying on speculative
account, for the reason that the conviction
Is generally spreading that the time OF sharp u
tuations has gone by and that the country settling
down 10 legitimate routine Of commercial life
The lowering OF freights on the trunk lines Of rail-
way out OF New York brought q good many orders
into the market, and the dry goods trade for the
week received an impulse which promises well for
the character OF the spring trade. The uptown re.
tailers are, OF course waiting for the breaking up
OF winter and freer circulation Of money among
the working and salarled classes or the population
THE MONEY MARKET.
In the money market there is the usual abundance
OF the present season Of the year. In fact capital
has been seldom freely offered for the temporary
uses OF Wall street and for the discOuntng OF prime
mercantile paper. Confidence Is also felt In con.
tnuance or for the remainder Of the interval to
the fall and there Is little or no disposition to take
advantage OF possible and heretofore usuaD
activity In the vicinity OF April /, when
the rural settlements liable to call away from
the city much OF the money now on deposit here by
the country banks Five per cent was occasionally
paid on call loans during the week, but toward the
close the rate mad settled to three TO four per cent
ON governments and TO four per cent on stock col.
lateras. Time loans on the latter have been made
Tor periods ranging from sixty days TO six months
for rates ranging from Ave to seven per cent. Ac-
ceptable paper was in request and current at q
per cent discount.
Foreign exchange was only steady midway OF the
week, but on the peace news became firm, the rates
remaining unaltered during this nuctuation in the
tone Of the market.
THE BANK STATEMENT.
l,1r
strictly speaking, unfavorable But no apprehension
was created by the loss OF reserve which is attributed
TO the continued heavy payments for customs duties
especially the banks themselves show no dlsposi-
tion to contract but have been quite liberal in
tending accommodation. the loans being increased
three millions OF dollars. The statement con-
trasts with Its predecessor as follows:-
Loans re- T. sso g. 1nc ossss
Circula'n.. al,7a7,sn sl,72o,445 Dec. 1855
Legal ten.. 56,366,639 57.17S,40s Inc. s1l, 769
The loss in net reserve is about 5000, 600, which
brings the surplus of the banks down to about
SIS, 400, 600.
GOVERNMENT BONDS.
The government list was unsettled and lower
early in the week, but under the prevailing ease and
low rates in the money market, which forced hold
ers OF idle balances to buy these securities prices
gradually improved and maintained the ad-
vance to the close. The final street quo
tations Saturday were:-United States currency
sixes 1l3's 1l33a; 90. sixes, 1881, registered
ll4ss ll421; do. do, coupon, 1l4x Il4l4; do.
fve-twenties, registered, May and November,
112 a 112L; do. do, 1882, coupon, do, 1l2E
l121s; do. do, 1854, do. do liz a ll21; do. DO,
1885, do. do, ll2 112i4: do. do. registered,
January and july, l1oI Ill; do. do, 1855, cou-
pom. do. l1oX Ill; do. do, 1867, do. do, 11OX
A.
fortles registered. 1osH losA do. do, coupon
11ln l1lI.
THE STOCK MARKET.
The long patience Of the street in waiting for a
movement at the Stock Exchange was rewarded
with a speculative revival which seems to have
started out with vlgor and life determined to make
up for lost time. When money was easy as 1t has
been for some weeks and stocks so cheap as they
after the depression and decline OF last Decem
ber IL was easy to quicken the market into activity
and puoyancy. Apparently everybody was wait
ing for a leader and this requisite was
volunteered by the Vanderbilt party. who reshened
their speculation IN Western Union Telegraph and
started that stock IN the upward direction with
such impetus to send It from Az to SO. The
example was not lost in other Of the leading specu-
lative shares, and while the usual reasons and
rumors were originated or fabricated (Wa street
always wants reason for q movement) the ball
once set in motion was kept going, overwhelming
vast numbers of shorts, who, remembering
the frequent false starts the market has had
since New Years, thought this was another OF them
and acted accordingly. After Western Union the
next most important rise in Union Pacific,
which was affected by the Congressional proceed
1ngs, which were given IN full by the press during
the week. Pacific Mail also ran up suddenly but
underwent. partial collapse at the close the pro-
phecy that the subsidy will be defeated. st. Paul
also reacted on account OF a bad showing in the
matter OF earnings for the last week reported from
Milwaukee. Otherwise however. the best figures
were made at the very close Of dealings In the twl-
light Of Saturday, on the sidewalk before the
Stock Exchange, when the quotations left or as
follows:-western Union Telegraph, 51X So; Pa.
cinc MAIL 453s 45X; New York Central, consoli-
dated 95A 95X; New York Central scrip, elx a
91T; Erie, 70 22j4; Reading, 99l4 999s; Lake
Shore. 80 s6h; Pittsburg, 1857 1OsL; North
western, TX 77,z; Northwestern preferred SIX
ss; Rock Island, 1895 109A; st. Paul, 53H q
53A; ST. Paul preferred. 74M rs. wabash, 54a6 a
5s1s Uhio and Mississippi. a71a 37a Boston,
Hartford and Erie, "a IN; Columbus, Chicag
and Indiana Central. Tx ais.
THE GOLD MARKET.
Considering the important advices from Europe
the gold market was very steady-the extreme quo.
tatons being 1ll1t 111I-a steadiness attributed
W 'ne aiiooe u'ci apseuoo VI any speculative Ieel.
Ing In the Gold Room, where, for the first in the
history or the present era of suspension Of specie
payments, the market has been suffered TO fuctuate
from natural influences, the few speculative
transactions occurring from day to day hav-
ing as little connection with the mouve power
as the fies on the wheel OF wagon. Even the con-
tngencies OF the future now that peace in Europe
has most probably arrived, are SO perpexing to the
speculative mind that the latter refuses the mental
effort at their solution and allows the question to
go by default. The extreme fluctuations daily in
the price OF gold during the week were as follows:
Higles. Lotcest.
Mon lay. ay......................... lux nix
Tuesday ....................... lll1 l1l5s
Wednesday. y...........-......... tHoday.)
Thursday Observation-Disclosures. 1ila lll34
Friday ......................... me- NIX