The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-01-15
FINdNliiL and UONNERCIAL.
WALL STREET, |
SUNDAY, Jan. IA. 1872. |

SUNDAY, Jan. IA, 1872.
The chief feature OF the week in commercial
lsrcles has been the further rise In cotton which
advanced to II &c. for low mddling. The markets
In Liverpool and New York have been unusually
sensitive In their influences upon each other. One
fact was developed during the week-viz, the
growing ascendancy OF our metropolis In determn-
ing the prizes Of this staple. Liverpool during the
present season has been Influenced rather by New
York than New York by Liverpool. In
WALL STREET
there was increased activity on the Stock Exchange
and at the Cold Board and marked relaxation In
the money market. AT the beginning o! the week,
when, IN the estimation OF many, allowance
enough had been made for a restoration te the
banks OF tRe January dividends and interest
moneys dts5arscd Immediately after New Years,
there general disappointment at the
prolonged saYngency and q consequent decline
In stocks resulting from sales the part
OF those who believed the monetary situation
destined 10 slasns ana irregular,tv. by Wednes-
day. however, 1t was sufficiently determined that
the dow iseanev was largely toward the city from
the interior, apa although the nrst receipts were
chiefly naiionar bank notes the current afterward
brought falr proportion OF legal tenders. The
s'bull" speculation on the Stock Exchange
hereupou toaK a new vigor, and. although
disconcertcd occasionally by kaleidoscope
presentation OF the seriousness Of our relations
with Spain. made steady and important progress
during tne remainder OF the week. indeed, were
the Spanish war cloud entirely dissipated there
would lie azr to the progress OF the "bull" move
ment beyora tse legitimate one OF prices, alreaoy
high enough 20 make the game dangerous. With
peace assured sor the next six months. and with no
disturbance arise from the operations OF the new
Syndicate. yae prospect Of the money market alone
would be susseent to make the 'bu'l" movement sue
ressful Easy money and pluck are usually the requi
sites 70 tina mphant speculation for higher prices
The RELAXATION In the money market during inc
mast week las been taken for signal OF the "sprng
riser In stocks The extent Of the rise Will greatly
depend ON the degree OF support 70 come from the
outside pubic, who during the winter, have had
unusually little interest IN the stock market
Tne outsiders were very lucky last year. They
came in with tie spring tide, sold out their stocks
at the BEGINNING OF summer and lett the cques and
professional operators to carry heavy loads up TO
the time q rae Chicago panlc-a catastrophe which
caused the professional and wealthy spectators
enormous losses With the low prices made by the
Chicago paEac o new growth OF clique organlza-
tons sprans into existence and these combinations
are now tina 1sotve power Of the rising market on
the STOCK Exchange. They have included. by
gradual ass. a,slaion the cllques broken up by the
panic. They al stand to MAKE immense sums Of
money II the "sorlng rise shall loat the market TO
higher prices.
The gold market was weak on heavy sales OF
exchange msde against the negotiation OF two
Important ,orate loans In Europe, and declined
from 1885, To ls3 "A, but reacted to 1909 on increas
ing specie SIR srents, closing finally 1887 100.
Governments continued to feel the influence OF a
probable rede,nptIon al par in coin OF q large pro-
portion OF the ave-twenties and declined "a per
cent, but recovered an average or u a q per cent
later In the week.
Money fell Trom lie per day to per cent per
ennum, out WAS active on Saturday afternoon at
SAT per cent
Prime paper was quoted a 10 per cent discount.
Foreign excnaneg was dull aud firm on the basis
Of 100h Ie9S for prime bankers sixty day sterling
and 10sx a 1917 for sight bills.
THE BANK STATEMENT.
The weekly statement OF the associated banks ex.
plains the relaxation and easier situation Of the
money marxeL The chief feature Is gain OF
g. $40. 500 In sreenbacks, indicating the refux Of
money to the city from the interior. Tie deposits
have Increased nearly nine millions, Indicating also
pf which IL rearly four millions. the remainder,
hitter ~snbtr acting from the deposits the
bum OF the loans and legal tenders. The
Item OF spec,s shows decrease of tnree-quar
kers of milton Notwithstanding tho heavy dis.
bursements OF coin by the Sub.Treasury In payment
Df January ioterest and redemption OF the '62s.
In explanau1n 1t Is suggested that the Syndicate
Sre slowly taking up with coin the certificates OF
deposit wAica they turned into the treasury In ex
change for the new loan. Tile weeks export OF
epecle also has been over half a million. The state
mcnt compares with Its predecessor as fellows -