The New York herald., 1872-10-28
PACIFIC MAIL AND NORTHWEy FERN.
The Pools, the Professionals and
the Public.
THEORY OF THE CURRENT SPECULATION.
Saturdays Bank Statement and
It's Suggestions.
WALL SrxEET.


SUNDAY, Oct. ~, 1872
The wholesale trade Of the city shows diminish
7ng proportions from week to week, and an earlier
,aAvent OF the Winter dulness is expected this
year. The trade between the downtown merchants
and the uptown and nearby retail dealers con.
tnued good up to the time 1t was interrupted by
she horse distemper. The general suspension OF
vehcular l0comOtion led to cessation OF business
both between people In trade and between the
trade and consumers With the restoration OF
these facilities the local and retail Fa trade will,
doubtless, be resumed with satisfactory activity.
THE MONEY MARKET
has been easy to the brokers and dealers in Wall
street, while the banks have also extended more
liberal accommodation to customers. The rate on
call loans has been irregular and unsettled and has
varied from per cent per annum to 1-32 per day,
she latter being an extreme rate paid In few In
stances only during one occasion when the dis
turbance incident to general shifting Of loans in
she gold speculation excited activity in the money
market. The advance in values at the Stock Ex-
change caused better demand for funds late in
She week, and the closing dealings OF Saturday
were marked by the unusual feature for that day
Of an active inquiry at currency to ! gold.
Among
THE NOTE BROKERS
there is yet no important Improvement In the
amount OF business. and the supply OF prime mer-
camille paper which cannot find discount at bank
u quoted at IL per cent. The foreign exchanges
aiter considerable hesitation, strengthened and
closed firm, at 1887 for prime bankers sixty day
sterling ana 1101 for sight bills-a standard which
II just about the specie shipping point. Although
the Bank OF England rate was not disturbed the
past week, contrary to a widespread anticipation
Of an advance therein, money is reported
very active in the street in London
and hence there is such depression
IN
our commercial interests-a fact the more to be
gretted, as this is the season when we have the
most merchandise to sell. Hence, in the dminu-
tiOn Of commercial bills, the bankers have put up
their rates for exchange, and have been compelled
10 iortify their accounts on the other side by
GOLD SHIPMENTS
to the extent OF million and quarter OF dollars
the past week-the forerunner it is reported OF
several millions more to go out the ensuing week.
Fortunately. the prepayment OF the November in
terest on the public debt has furnished abundant
material for these shipments, that gold has fuc-
tuated within the narrow limit OF 1122 113,.. II
is pity to lose our specie at this any season
but the consolation is given us that the shipments
viii tend to relieve the London money
market and revive the Liverpool demand
for our goods. 1t is not often that we
export gold when our wharves and warehouses are
oiled with our domestic products; and the Unequal
our imports, which, during the past week, were
nearly seven and half millions, against exports of
less than nve and half millions. The week be-
fore our imports were actually half million less
than the exports. Such IS the injury done US by
the scarcity OF money in London,
ON THE STOCK EXCHANGE
the week was one OF unusual activity with in some
OF the favorite speculative shares dealings Of
enormous extent. Indeed, the magnitude OF one.
Mail
been seldom equaled aud never sur
passed in the history OF Wall street. The
capital stock OF Pacific Mail, $4,000, ,ooo
was twice sold during the week, the recorded
amount OF shares that changed hands in the
elk days having been about 400 ,OOo On Friday the
brokers Of Daniel Drew sold 10 900 shares OF North
western in one lot at rs per cent the buyers being
the pool, headed by Jay Gould, who, by the way
Aas been the leading spirit in the market ever
since the Pennsylvania election. 1t was thought
the operation was 'short" speculation on the
part OF Mr. Drew, but his brokers claim that he
was possessed of the stock. The pool put the price
mp TO SO and asked settlement but none being
made they advanced the stock to s3as. Pacific
Mail touched I034 and closed 1925. These were
the two more especial features Of the week, but the
general list was active throughout and the
SPECULATION TOOK A WIDE RANGE.
The bank statement caused good deal OF selling
Saturday, but the cliques rallied the market again
Mt the close. The feeling for rise is not conf
dent, however, and while it is dilcult to find any
numerous amount OF ''bears,n there was during
the week pretty large closing out OF accounts on
the 'bull" side. Not that there Is any general de-
epair OF future advance in prices ana OF abull''
market between this ana next summer, but the
specie shipments may cause bad bank statements
and tighter money in the immediate future. More.
over, Mr.. Boutwell, has given the quietus TO all
hopes OF an Imitation OF the currency. The stock
speculation so far has been confined TO the regular
Adoitues OF Wall street and the professional class
OF operators. 1t promises to be divided into
THREE EpOcHs.
The first of these commenced with the announce
ment OF the election result in Pennsylvania anu is
now In its wane. The second VIII begin with the
news OF Wednesday morning, November O. and the
third will begin the week after New Years when
the great American public, happy IN the posses.
sion OF millions OF interest money, not TO speak OF
the principal, will be ready to JOIN in the Wall
street speculation. England will then have gotten
over her monetary stringency; the German loan
viii have been paid OF, and the Bank OF France
will be stin better prepared to help Its neighbors
The signs all point to worldwide speculation &C
Aivlty ana buoyancy In the forthcoming spring or
,s7s7s.
SOUTHERN SECURITIES
The market for the Southern state bonds was
moderately active the business OF the week being
cheDy In the Tenuessees south Carolnas North
CaroDnas, Vlrgnias and Mlssouris al steady prices
The Tennessees were firm al IS 75J.. The follow
ing were the closing prices Saturday with the
latest quotations for the leading Southern railway
and municipal ds:-Tennessee, ex coupon.
B a 75h; do, new, rs 151x; Virginia, ex
coupon, A. q so; do, registered stock, old, 81 a
a do