The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-02-12
FINANCIAL and COMMERCIAL.
WALL STREET,

ment In the amount OF dealings. The "war fever'
accustomed little decline in cotton, but the market
was better at the close. Wheat was stronger on
lighter receipts both here and at the western cities
The dry goods trade was fairly active and led or
quite natterin9ly for good spring business. The
uptown trace Is quiet
THE WEEK IN WALL STREET.
The Wall street phanrasmagora. which was get
ting to be very dull snow, what with the dulness
OF the street and the waning speculation OF the
Gold Room, was given considerable variety by the
Introduction OF the Alabama claims question In its
latest ana freshest aspect. The gold brokers were
especially delighted with the excitement, for they
reaped more commissions in o day than they were
wont to IN month.
For some reason, probably because ''blood Is
thicker than water" more especially in these times.
when the two countries sort OF Siamese twins,
lgatured by the Atlantic CABLE 1t was difficult to
get up any apprehension Of war between England
and the United STATES; and while the politicians on
both sides were extremely belicose there was q
calm undercurrent in financial and social circles
which early In the week checked any sensational
tendency In the Wall street markets. 1t Is true
the London press discussed the smatter OF our
claims for indirect damages with great bitter
ness and demanded their positive withdrawal j
before the Geneva Conference should again as
semble. But it was not until Gladstone had been
betrayed into his angry response to the interpella
ton" Of Disraeli that the London money market be-
came excited and consols and American securities
declined intimatlng to the calmer minds on this
side OF the Atlantic that there was something more
serious In the agitation than they would
credit It WITH Gold, which had been labor
ing at 1927 11oX, hereupon shot up to 10Y.
and the daily business at the Gold Bank
ranged from seventy to eighty millions. Next came
the London 2fnaes Gliding its brethren for their
Incorporate language; and eventually, q quleter
feeling in the money market with recovery in
cons0ls and United States bonds all consprIng to
reaction IN gold to 11OK-a figure not maintained
to the close however, for the local influence of a
heavy loss OF specie In the banks occasioned
another advance to 11OX, the market closing finally
10Y l10H.
Meantime stocks had opened weak on the re-
ported serious illness OF Mr.. Daniel Drew, and q
very uneasy feeling prevailed among the numerous
holders OF that gentleman's contracts known as
"puts," which stood to them in the place OF mar
gin at their brokers'. His absence for q few days
from the street intensified the anxiety or this class
OF operators and induced good many sales
OF stocks bought aganst his ''puts," and
also tempted more confident speculation among
the 'bears." Just as crisis seemed TO be prepar.
ing from this local situation Of AFFAIRS and when
panic might have been precipitated from the alarm
ing decline OF stocks in London, Mr.. Drew reap
sale purchase Of stocks the execution of which at
once impaired a better feeling, but turned the
activity of the market into duness the "bears"
Immediately desistlng from what they Thought
hopeless sales and the "bulls' ceaslng to dispose
OF their stocks in the encouragement thus given
them. The ''bulish" propensities OF Mr.. Drew are
strangely inconsistent with the record OF that gen.
tleman's career In Wall street. He made his great
wealth as persistent Spectator on the 'bear'
vhOdv nd
about eighteen months since he told an 'Inter-
viewer'' that Wall street was carrying over
two hundred millions OF sheers ""and all for SALE"
at which time his favorite Wabash was so 55, and
Northwestern Is IS. 1t Is said that In his recent
more friendly acquaintance with Commodore Van
derbilt In the intervals between mis- games OF whist
with latter, he has been slowly won over to tho
veteran Commodore's theory that ''ths country Is
| o bulr country ike all new countries, and that
| all enterprises must go forward and not
backward" Hence his enormous sales OF contracts
to deliver him railway shares at prices close upon
tie market rate, his business In which mas been a
leading feature in Wall street history TOR the past
| Six months.
The excitement abroad in governments caused
their decline here, but to the same extent, the
! fall in prices developing an active demand from
host investors who uneasy ever since the savings
bank troubles earlier In the winter had been waiting
to put their money In these securities.
Money felt the agitation for few days, and loans
on stocks commanded per cent coin to currency
and little commission. But the dealings at the
close were at per cent
Foreign exchange hardened on the demand to re-
init against the importation OF our bonds from Eng
land and Germany, and sterling advanced 4 for
sight bnls-vlz., to 1l0-and 4 for sixty days-viz.
to 109k.
The Southern State bonds were firm throughout
the week, In direct contrast to the course OF the
railways and miscellaneous shares the chief fea-
ture being rise III South Carolinas July issues to
35H and in Virginia cOnsols to SO.
THE BANK STATEMENT.
The weekly statement OF the associated banks was
unfavOrable, and had o depressing influence on the
stock market Saturday. The banks have expanded
their loans 81 500 000 although they have lost
about 81, 100000 In legal reserve. There Is q
slight gam I'm legal tenders. but the chief feature
the decrease In specie to the extent first specified
as expressing the loss in reserve. The statement
compares with its predecessor as folIows:-
Fpb. 3. Feb 10
Loans. S2S2 6lO, 400 $3.50 $4,000
Specie. ............. 23,9s6 100 2l,272,3OO
CirculauOn. ............ Lozlo,IU 20 lol, Iuu
Deposits. .............. 22o,eO6.7OO 22l,ol9,5oo
Legal tenders. ........ ID. sos, 500 46,6l6,100
The changes since last week being as follows:-
Increase IN l0ans 'SZ,eiloOO
Decrease In specie 2,713,S00
Decrease IN circulation. ............-..... $1,000
Increase IN deposits Observation-Disclosures. 1l2,800
Increase In legal tenders ................. $4,000
An analysis Of the above shows that the banks
now hold only $5593, 100 above the limit Of
required by lava decrease in their surplus since
last week OF $2,677.4oO.
LATEST PRICES OF GOVERNMENTS.
The following were the closing prices OF govern
ment bonds saturday evenlng:-Unted States cur
rency SKIES 113 1l4S; do skies, 1881, registered,
ia l14h; do. do, coupon, lis 115H do. five.
twenties, registered May and November, 1l0H