The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-09-02
The Relative Ease OF the Money
Market and the Reason.
Private Banking and Foreign
Capital.
The Gold Premium and the Reac.
tiOn from Reaction.
Stocks and the Feeling and Movement ut the
Stock Exchange.
SATURDAYS BANK STATEMENT,
WALL STREET, |
SUNDAY, Sept. /, 1872.

| WALL STREET, |
SUNDAY, Sept. I, 1872.
The week in trade and finance has been indicative
rather than beginning OF the Fan season. That
is, there has been general stir In all directions
but without precipitation OF the activity which
these indications gave cause to believe was at
hand. Toward the close OF the week the markets
assumed comparatively quiet aspect, and the
busy time might be postponed few weeks more
The tendency to concentration OF business ut the
middle OF the regular seasons is one reason OF this
delay and another Is the unusual prolongation OF
| their 's Lt,r g
SUMMER HOLIDAY
by merchants, bankers and business men generally
In Wall street may be noted this abundance of alb
sentees, hardly firm there having It's full repre-
sentaton In town. In no previous year has there
been 80 general an exodus OF pleasures
from this CITY, As TO the prospects OF the Fall trade
we have conflicting indications, although none are
respondent. They differ simply as to the degree Of
activity and prosperity. The country merchants
are pretty we'll out Of debt, and while still dis
posed to buy cautiously, their purchases will doubt
less be on q more liberal scale. great deal was
done for Ffa
when the gold clique went under week or two
since. Talk as we will about a domestic currency
products every business man in town and out of 1t
keeps an eye upon the gold market. Hence, when
the fact was established, as 1t seemingly was, that
gold could not be forced above 116K even by or
gained force, more confident feeling was begot-
ten among the great mass OF smaller merchants
and buyers, to whom our city merchants are the
distributing agents of the manufacturers and i'm
porters. With the new
COTTON CROP
coming to market there Is very naturally lower
tendency In prices at the Cotton Exchange; but the
downward movement has not as yet assumed any
considerable force for the problem Of the Yield Is
again clouded by later reports of heavy damage by
the cotton worm. During the cotton year Of
1S71-72 which closed yesterday, the total receipts
at the ports were 2,724 1so bales. To this amount
we may add nearly 3O0O 900 bales for internal ship
ments to the North, and 100, 900 bales as manuac-
| tured South so that the official returns, which
ought to reach us within week or two, will show
that the crop of 1s71-72 has been about 8, 900
bales. The crop Of 1901 was 4,352, S17 bales
MONEY.
The anticipations OF continued easy money
market, expressed In the HERALD Just after the
collapse OF the Chicago wheat corner" have been
realized during the week, although the rates of in
terest on call have been unsettled between the ex.
tremes OF and per cent Just at the close on
Saturday loans were made at the full legal rate,
but they were exceptional. Although the banks
are running close upon their reserve there Is a
great deal OF money in private hands deposited for
the conventional "four per cent" which is allowed
daily balances, and hence 1t was that with only
about four millions Of surplus reserve in the banks
loans on call averaged about
FOUR PER CENT.
The quotations for prime business paper ranged
from TX to o per cent Foreign exchange was dull
and heavy and prime sixty-day sterling bills could
be bought on Saturday at 1883 1osX. Foreign
houses seem to have learned the current and drift
of the American money market and as the expert
Of every Fall for several years has shown that
money "on call' In Wall street has been worth dur
ing that season extravagant rates. London bankers
are disposed to accumulate balances here with q
view to taking advantages Of these chances In the
approaching season. weeks interest IN this way
is sometimes equivalent to years interest in
Europe Hence the heaviness and weakness of
| foreign exchange. At EB
THE STOCK EXCHANGE.
"bull" movement OF considerable pretensions
| gathered strength as the week advanced, but
seemed to eliminate on Friday under a general
pressure to realize profits by Saturday evening
the decline had assumed good deal Of force, under
the additional impulse of q bad bank statement.
The result however, for the week was an improve.
ment OF / per cent. Government bonds were
lower, comparing week with week, but steadler
and rather better at the close than during the
middle Of the week-a rejection directly Of the
| steadier and nrmer tone Of
THE GOLD MARKET, sftH
which, In the process Of reaction from the sudden
| decline OF 8h-viz., from 115x to 1l2k-was easily
helped back to 1l3k by clique manipulation. The
clique referred to was an onshoot or relic Of the
original clique, and was temporary idea, con-
tsrov tNn tlol.n rtcSS
| who mad nung themselves into the downward tide
when gold ''broke" 11a. The embarrassment Of en-
operator on the "bull" side, and sales Of gold for
his account under the rule, were the chief reason
of the quotation 112x
| LATEST PRICES OF GOVERNMENTS.
The following were the closing quotations
| for government bonds limited States cur
rency skies, 1l2k o 1l2X; do. do, 1881,
registered, lax lax; do. do do, coupon, 11e,I
q IeK; do. 1ve-twenties, registered, May and
November, 114K o 114,I; do do, 1852, coupon, do,
lax 114,S; do. do, 1884, do, DO, 114K 114X
do. do, 1896, do, DO, 114x l14X; DO. do, 1857,
registered, January and July, 1ls llsjz; DO. do,
1896, coupon, do, 11aX 11ak; do DO, 1851, do.
do, 11sx 11aX do. DO, 1885, do, do, 11sN ia;
do ten.fortles registered, 1881 o 1851; do. do,
coupon, 111x q liz; do nves Of 1881, registered,
111X liz; do. do. do, coupon. I11K liz,
THE BANK STATEMENT.
The weekly statement Of the associated banks
is quite unfavorable. The decrease In deposits ID
nearly seven and q half millions, indicating q
larger flow Of currency to the interior than was
apparent In the money market during the past
week. The loss In legal tenders Ia q million and
half and in specie fun million and three.quar
tiers. Tie sum Of these items added to o con
traction Of three and half millions In loans
goes far to explain the heavy decrease In. de
posits. The statement compares with its prede
cessor as follows:-
august "a. August 81