The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-01-29
FINANCIAL And COMMERCIAL.
WALL STREET,
SUNDAY. Ian. On. 1

SUNDAY, JAM 49, 1872.
The general trade Of tine City has been dull during
the week, although on the last two days the upward
turn IN gold gave the exporting merchants little
more to do Among the merchants there is
general anticipation OF busy spring, and prepara-
tions are making Tor heavy trade this impression
being confirmed by the arrival at this early date OF
many out OF town dealers. prospecting for their
stocks. The imports OF the past week show belief
in large business. the amount of foreign merchan-
disc brought into port being quite close upon
$1O,ooO,o0O.
THE MONEY MARKET.
The money market mas worked more easily, and.
while the lowest rates OF the week were not MAN.
tanned the close the reaction will be followed by
recurrence oil lower rates when the market has nd
justed itself to the wants in connection with
special speculation in the gold market On Monday
borrowers ON call paid as high as per cent, gold,
but through the middle Of the week were supplied
az per cent, and exceptionally at 4a5 per cent.
But on Saturday the closing dealings were at cur
rency to coin. These rates, while interesting 10
WALL STREET
more particularly have been the forerunner OF an
easier market for mercantile paper, which. out OF
bank (wnere it is received pretty freely from regular
customersl, has been dealt In quite brlsky at and
s per cent Foreign exchange was weak despite
large imports. and gradually fell on to the Of
and 1O9k a 1899 for good to prime" sight bills.
The weakness is attributed to continued large negO-
tons OF American railway loans in Europe. where
our railway mortgages are becoming most attrac-
tive investment
THE STOCK MARKET.
The stock market, after some erratic fluctuations
ana ieverish and active movement early in the
week. grew dull and heavy Everybody IL at sea
again prospects for the future, especially
and boldest operator on the 'bul siue Is no longer
interested In higher prices. When he left the mar
ket early in The week. taking with him copartner
of great strength also, he threw 1t into spasms OF
excitement by his heavy sales OF stock. and started
decnne which threatened the interests OF the
numerous other operators and combinations, ana
was arrested only by desperate effort on the
part OF the Drew-Vanderbilt clique-Mr. Drew
fearing the delivery TO him OF several hundred
thousand shares OF stock on which he had sold
puts, f" and she Vanderbilt pool being caught Md
way In fresh and expanded speculation in Union
Pacific.
THE GOLD MARKET
The speculation IN the Gold Room doomed into I'M.
portance as the week drew TO close, and promises
to enlist the attention OF the thousand and 0per.
atOrs who are Withdrawing from the waning specu-
lat0n In the Stock Exchange. IDlprniS, as q law
yer would say, the origin OF the rising movement in
gold Is purely speculative. Dlu not the young Midas
that is not his real name, which Is a very common
one, by the way) suddenly put all his capital up on
| new movement in the gold market. the brokers In
the latter department OF business might. perhaps
have gone all winter, spring and summer without
any Improvement on the dull everyday routine OF
squabblng their 'splits" eighths and quarters
| STILL while the beginning Is speculative the move
ment seems not undertaken without some reference
to the general situation here and In Europe. The
two leading at the bottom OF 1t the virtual
WITHDRAWAL OF THE RoTHsCHILDs
from any further connection with our new loan, as
ntimated in their acceptance OF the French tobacco
revenue lien, W hich will occupy good proportion
OF their capital with French finances for many years
to come, and the approach OF the Presidential cleo
tion which, for some reason excites rise In gold.
In 1868 gold advanced TO $50, although 1t had
| been as low as 1851 in 1866. Besides.
the recent cheapness OF gold has induced
heavy purchases Of goods In Europe.
as Indicated In the imports now at hand These, at
least, are OF the arguments put forth In sup
port OF the speculation. The extreme fluctuations
daily IN the price Of gold during the week were al
tOllOws:-