The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-02-24
FINANCIAL and COMMERCIAL.
WALL STREET,
HAh no q n n


FRIDAY Feb. 23+6 p. M.
On 'Change to-day wheat was dun and steady.
Yhe cotton market was dull and lower
THE DRY GOODS IMPORTS.
Tho imports OF foreign dry goods for the week
ending February ~, 1872. were So, 1330O5. The
amount taken out Of warehouse was larger than the
amount sent into warehouse, ana the total amount
OF goods marketed was s3.6ss, lla
MONEY sTRNGEST.
A sharp inquiry for money was noted at the be-
ginning OF business IN the loan Market and all the
earlier dealings were at full seven per cent.
the only exceptions being at six per cent
to the government dealers. but the amount thus
loaned was inconsiderable. AS the close OF bank
ing hours drew nigh the stockbrokers' needs
became urgent, owing TO q general scarcity OF
funds, and an active market was established at the
Money Change, corner or Broad street ana Elk
change place. From per cent plain the rate soon
advanced to gold and later to currency, plus
commissions OF l-a2 and 1-16 per cent Even the
Inducements of these figures failed to bring out an
adequate supply, and It was not until
u PER CENT WAS PAID
that inquiry LETT or satisfied and dealings closed
As usual speculative interference with the money
market Is assigned as the cause OF the sudden
6trngency this afternoon. and from recent de-
vevel0pments IN the position oil certain leading
operators IN the STOCK market there Ia little doubt
the activity has been accelerated by the Withholding
OF large balances heretofore freely loaned to the
street every day. But The banks themselves are In
. great measure responsible for the advent OF the
present activity. Last week they held only 49, 500 900
OF reserve in excess OF the legal limit and 1t Is easy
to that with the reduced bond purchases OF the
government the flow OF specie into the Treasury for
the current heavy custom duties, the accumulation
OF currency in the Treasury by the internal
system, and preparation in the rural districts for
THE SPRING SETTLEMENT,
the banks are unable to extend accommodation
TO the street. Early In the year We called atten.
ton to the low linz OF legal tenders In the banks,
and contrasted 1t with the item OF loans to which
1t bore the proportion OF only twenty per cent,
leaving the banks to make up the balance with their
immobile specie, which for currency and as re-
serve might, we said, 'be SO many cotton bales"
The expansion Ill loans is only a renex OF another
matter, viz.-the ruling prices oil stocks, which &C
cumuated here through the winter, ana under
an abnormal course Of speculation, advanced to
figures which are ten to twenty per cent
above the average Of the season. In other words,
Wall street Is carrying its full proportion Of the
active speculative stocks with an amount OF money
dsprop0rtlonae TO their prices; and 1t is the effort,
therefore, to make inferior amount OF money
spread over the stock market that invites the
present strngency. Moreover, the past year has
witnessed the Introduction OF several
POWERFUL ABsORBENTs OF MONEY.
loan OF sl5 900 has been virtually enforced by
the declaration Of the scrip dividend of 40 per cent
capital of the Lake shore Railroad. The shares or
the ST. Louis and Iron Mountain Railroad and
several other enterprises have crept into notice
among the Wall street dealers, and, starting simply
rs paper from the hands OF their owners, have
challenged ana arrested so much money. Hereto
fore the government made place for such securi-
ties by retiring every month all the way from four
to fifteen millions OF Ave twentes. But for the past
few months MIR. Boutwell, has been exceedingly
conservative, and has limited his bond purchases
TO barely the percentage required for the sinking
fund, or about half million a week. The abstrac-
tion of money has been thus direct, instead OF
being simply temporary, withdrawal to go into
other investments. The most curious fact in the
present situation Is the reproduction OF so many
features OF the famous speculation OF 1S6S-6o.
HISTORY REPEATS ITSELF
II Wall street as faithfully In the world at large
In the winter OF 1S6S-69 stocks were ruling above
their average Just as they are now But despite
the exceeding srringency Of money, prices were
carried up by the bull cliques in the spring and
summer OF 1862 Rock Island touching 141 New
York Central 2IS and Lake Shore 100 All the great
operators lust about this time broke up into con-
fllcting cliques and the coincidence finds further
parallel In the fact that now, then, the Wander
pilt-ClarK parry were The ''bulls" and the Drew.
smith Erie party the money squeezing" 'bears."
For 1t transpired to-day that Mr.. Drew returned to
his old love, having been discovered 'short" OF
Union Pacific his previous bulish ideas having ex-
istence simply In his wish to see an advancing
market place beyond all peradventure the prots OF
his enormous sales OF "puts" which contracts
being now mostly expired, or near expiration, he Is
Tree to reverse his opinions about the market.
STOCKS HEAVY AND DULL.
1t was this latest development Of clique move
ments that caused o heavy and depressed feeling
on the Stock Exchange to-day, although beyond
Q nuctuation OF TWO per cent in Union Pacific
the cnanges' were not important and might have
occurred in any ordinary time. Indeed, 1t is
only the widespread following OF the Vanderbilt, or,
to speak more recently, Clark, party, who are so
confidently relied upon to make and not to mar
anything they take hold or that explains the quiet
resistance the market gave to the Blucherlike de-
sertion OF MIR. Drew and the sudden stringencv in
money Indeed. all the circumstances point to a
war OF financial giants the coming spring, such as
prevailed In 1869.
HIGHEST AND LOWEST PRICES.
The following table shows the highest and lowest
prices OF the principal stocks during the day.