The New York herald., 1879-08-11
FINANCIAL and COMMERCIAL.
Review Of the Situation in
"the Street."
SOME SIGNIFICANT FIGURES.
The Remarkable Ease OF the
Money Market.
WALL STREET.

WALL STREET.
SUNDAY, August 10. 1879.
The week just closed was noticeable for two
Ihingsthe general in the values of stocks and
the continued easiness Of the money market, not
withstanding the vast Withdrawn from circu-
lation by the government Speculation opened on
Monday with a weak tone, which was attributed in
part to the belief that money would be sitter and
that prices had reached their highest point. Under
heavy sales the market declined Il to per cent but
at once recovered. and general advance of q to
per cent followed. The high prices called out
many sellers anxious to realize that stocks again
sold down to about the opening level Upon this re-
action those who had sold at higher figures began to
buy back. the volume of business increased and an
advance. ranging as high as 6H per cent brought
some of the shares up to higher figures than they
had reached since the panic Yesterday after exhib-
itng spasmodic strength at the opening the market
weakened and after comparatively small
business. closed at decline of about
per cent. Lake Shore and the grangers
they have been throughout the present "bull'
movement-the leading stocks In point of activity
md strength. OF Lake Shore j6.100 shares
dealt in at the Board. the whole quantity of the
stock being ,665 shares; Northwest common sold
220.O62 shares the whole stock being only 149,sSs
shares. and st. Paul common dealt in to the
tent of POS 955 shares. the whole stock being only
15i.042 shares. These figures. coupled with
the foregoing statement of the fluctuations
that marked the week, tell their story
of the unsettled and feverish activity that
prevailed. Perhaps there never was a time when
old and careful operators evenly divided in
opinion respecting the course of the market as at
present Everybody comedies that there have been
good and substantial reasons for considerable rise
in values; but when it to saying what portion
of the present advance is due to natural causes and
whit any--to speculative trickery opinions diff
Ter. On the side stands the man
who asserts that further rise is inevita-
be. He calls attention to the fact that
money is not worth anything like what it
nsed to be, and that the much-tui ed-of returning
ade Of prosperity" will further appreciation
sf general commodities compared with money.
The opinion that the money market will continue
sasy apparently rests good grounds. The pro-
auction of gold and silver is constantly increasing.
and since specie payments have been resumed these
metals are just much added to the volume of the
circulating medium No fear exists that they will be
exported but. o. the contrary. it is certain that
specie will be brought hither from Europe
in unprecedentedy large quantities. The total value
of the exports OF merchandise from the United
States during the fiscal year which ended the
sOth of June exceeded the value of the imports in
the sum of s264.6366o2. against of exports
over imports during the preceding year of
$257 ,sl4234. Even with good crops in Europe the
balance OF trade in favor would naturally be
creased this year. but when the enormous deficiencies
in the grain supply of the Old World considered
it is plain that the importation of specie to
pay for the breadstuffs shall export will swell
the volume of money to remarkable degree AL
ready the expectation OF gold from London has been
begun. and the Bank OF Engl and is making prepare
tions to continue the shipments 1t would be diff
ct,lt tVor mar cfr
market than that to which ours has been subjected
during the past two weeks. Within that time the
banks of this city have turned into the Treasury in
payment for four per cent bonds the astounding
sum of s55.000.O00 in legal tenders. and of this
amount nearly $340O0,0O0 we're paid in during
the past mine days. And yet Ahere not the
slightest disturbance in the money market except
two little furries when spectators requiring
immediate loans sent the rate up to six per
cent for few minutes only. when the high rate
brought out abundance of capital and the nominal
restored. Almost tho entire amount due for
tho four per cents has been called
in and no danger of disturbance is to be
apprehended in future from that quarter. That the
people have full faith in the soundness or resump-
ton is shown by the fact that for the $20 900 in
government bonds redeemed during the present
year Rreenbacks their equivalent have been
cepted and no has thought of asking for gold.
Our legal tenders pass current in Canada at pre-
MUM even.
The impression produced by these facts upon
foreign hnanciers is manifested by the frequent
allusons to it in their discussions by the fact
that they about to attempt to place loans in this
market instead OF In London. heretofore. Among
these United States of Colombia are endeavoring
to negotiate loan Of 50. 10000
All these facts referred to by those who believe
In higher prices to come as going to show that
shall have a stable and easy money market. and that
the necessity for investing superfuous capital to
say nothing OF swelling crops and increased
ings must lead to further advance in the prices Of
stocks in general and for Western raroad stocks in
particular. On the other hand the bears assert
that the market has gone above the highest point
warranted by facts. and that any further advance
must be the result of of
the deliberate and dishonest schemes of pow.
srful operators They admit that considerable
advance should result from the alluded TO
above, but deny that amy such rise has occurred
IL warranted. In support of this they make the fol-
lowing comparison between the lowest prices for
which leading stocks sold in August last year and
the prices obtained for them last week, and sco at
the idea OF such immense rise being legitimate: =:
1873. 1879. Increase
Lake Shore. ................ 59& Sis 29k
Observation-Disclosures. 32i. 1885, 46%
Michigan Central. ....... 50 S6as 21A
New Jersey Central. - 53A 2A
Rock Island. ............ III 14lh 3O5a
Bt. Louis. X. @. and N.... ~ is
The nominal increase January 1. in the value
VI eighteen railroads at the present quotations is
nearly S71,00O.000. Those who doubt the soldty of
the present level Of prices that money will be
.l.rlo Int hu f,, Fin