The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-02-05
FINANCIAL and COMMERCIAL.
WALL STREET. /
SUNDAY, Feb. 4, 1872. I

The general trade OF the city Is still In ''winter
quarters T" Dut promises to be unusually brisk dur
ing the spring. Were the tariff and revenue ques-
ton promptly arranged by Congress the eject
would be to stimulate business; for. while the
changes would not 60 into effect before the new
fiscal year. q knowledge OF what they are to be
would enGhten the merchants In their calculations
as to what they may safely undertake during the
interval, and prepare the way for gradual accom-
mediation or the Old TO the new system OF prices.
The hope having been excited by the Presidents
Message that the revenue taxes would be removed
from all domestic manufactures and products
except tobacco and liquors, there Is natu-
rally disposition to shape business transactions
in accordance with the alteration In value 10 follow
such modification OF the revenue laws. In the
leading articles OF wheat and cotton the wholesale
markets have been firm The dry goods merchants
have already received good many visits from the
outoItown Dealers who are steadily arriving In the
city.
THE MONEY MARKET.
The money market has not fully responded to the
expectations OF an abundant supply after the Janu
airy disbursements, but as compared with the be-
ginning OF January has been easy the highest rate
on call during the past week having been seven per
cent coin, between which figures and four per cent
there were frequent fluctuations, good borrowers
getting their supply quite readily however,
at6a per cent The stock market is unusually
high for this season OF the year. and as each one per
cent rise In values on the stock Elk.
change represents 500 for every 100
shares, whatever the market price. It Is evident
that great deal OF money Is required to ''carry"
stocks as they now stand. The "buls" are not
discouraged by this state OF things hut point TO the
spring OF 1853, when money was worth y per cent
o day for exactly the same reason as now-vz., .
rising market In the spring after already high
prices In the winter.
Commercial paper was quoted at 7as per cent
discount for prime double names and 7 q IL per
cent for single Names the latter running four to six
months.
Foreign exchange was fairly active toward the
end Of The week, with recovery OF y q u In ster-
ling, and closed steady on the basis OF 100 lO0k
for prime bankers sixty DAY sterling and l0sx
1924 Tor sight bills
THE BANK STATEMENT.
The weekly statement of the associated banks Ia
unfavorable but attracted little attention. There is
q gam OF quarter OF million in legal tenders and
a loss Of million and quarter In specie. As tho
liabilities show no essential variation the loss in sur
plus reserve is just about Million The statement
compares with its predecessor as follows-
Jan. q. FED. 8 Chances.
Specie. 2s,22s. 200 2s,esS 100 Dec. l242 100
Deposits aSoSi 200 2sosoe 700 Dec. 49, 500
Leg ten.. a. 1876, 800 46 $685. 800 Inc. 2275OO
An analysis OF the above shows that the banks
hold S. go, $50 in excess OF the legal reserve
a decrease for the week OF 1855. 225.
THE GOLD MARKET.
The February programme OF the Treasury started
further rise in gold the price of which by We'd
nesday had touched 1l01I. Intermediate OF the un-
doubted active interest OF at least and perhaps
four or five speculative combinations OF more or
less wealth now operating IN the market the pre-
MUM has been affected by o reaction against our
fve-twentes in London. consequent upon appre-
hended disagreement at Geneva with reference to
the Alabama claims. Still later In the week evil
dence seemed to be furnished the Gold Room that
the Syndicate and some Of the national banks were
buying gold to take up the certificates of deposit
exchanged with the Treasury for the new five per
cents their subscriptions in that way having been
accepted by Mr.. Boutwell,. On Thursday and Friday
the market fell back to 1O9K, ana while the ma
jorlly OF the SPECTATORS for rise were credited
with milking the market" it Is said that the stock
operator who initiated the present speculation in
gold quietly sold the other cliques organized and
came into the MARKET ME sales aud their purchases
causing the decline to 109E and subsequent rally to
1o9z. The closing price Saturday evening was
1922 1907. The extreme fluctuations daily in
the price OF gold during the week were as fol-
lows