Year: 1872

WALL STREET, /


SUNDAY, Sept. 10, 1872.


The Fan trade is In satisfactory progress, and cur
metropolis maintains her great commercial suprem-
acy, Notwithstanding all the many drawbacks Of
her defective canal railroad and wharfage systems,
90 which attention has been SO often drawn in our
news and editorial columns. The receipts and dis
srbutiOn Of merchandise going on at the present
season are in excess OF last year to an extent just
about commensurate with the expansion Of the
country socially-a fact which In used as o strong
argument against the warnings Of


OvERTRADING


Considering that the entries Of foreign goods at
aAis port for the expired portion OF 1872 are about
forty millions in excess of the same period Of the
year 1871, and that the adverse balance Of trade
taking only the imports and exports of New York;
- about fifty millions, either the price of gold and
the quotations for foreign exchange ruling very
low or the importatlOns are lighter than they
But as gold Is really ut the present time supported
70 greater or less degree by speculative coEbi
aation 1t is In reality not low, but high and would
without the effort referred to, drift to figure more
compatible with the rates for foreign exchange As
It Ia hardly probable that we have succeeded in


SHIPPING BONDS


enough to Europe to make up the deficit, the con
clusion must follow that the importatons of





OF foreign capital We remember how A. 7. Stew
art sent shlpload OF butter to Liverpool in the
war time in lieu Of bills Of exchange, the transac-
zion netting him Q handsome proat. Month by
month and year by year there Is O growing emi-
grafton to this country Of well-to-do Europeans,
who, in transferring their means to America, resort
frequently to the plan OF bringing over goods In
place Of money. man with couple of thousand
pounds leaving England invests it in merchandise,
tor which there Ia . ready and


PROFITABLE MARKET


here, and ships the consignment to O commission
house in New York. takes the next steamer and
arrives here about in time to get his money plus
small percentage Of profit. 1t Is evident that for
such goods we shall never have to remit payment
20 Europe; and IL Is furthermore evident that for
every dollar OF money which these emigrants
bring directly another dollar is checked or in our
foreign Indebtedness. AS long as country holds
out the present inveing prospects to emigrants we
shall always have this kind of assets to meet our
liabilities. While, should our statesmen be wise
enough to give us good laws and our people prove


ECONOMICAL AND INDUSTRIOUS,
We shall at no very distant day find the key to com.
mercial supremacy-vz., the cheap manufacture
Of excellent goods. In that time we shall be able
IKE the French nation, to subscribe enough in
day to wipe out at stroke our entire national
debt, as was proposed few years ago.


The week in Wall street has not been marked by
any important change in the monetary situation
and the same may be said OF matters In England
and on the Continent, If we may Judge by the un
altered discount rate Of the Bank of England and
the steadlness Of quotations in London. Here the


DRIFT OF THE MONEY MARKET,


taking Saturday, as compared with Monday
showed decided relaxation, the quotation falling
from per cent to 3 4 per cent-a variation all

this season the tendency has been the other way,
the contrast being furthermore heightened by the
condition OF the banks and their low line of re-
serve The causes OF this state OF affairs have
been already fully discussed by the HERALD. The
great distribution OF banking facilities in the West,
and Southwest, under the law OF July, 1870
accounts for 1t in great part. At the same time it
would be folly to think that, because money loaned
at per cent on Monday and at per cent on Satur-
day, the Fall will go by without


MORE OR LESS AcTIRITY,


II not an occasional spasm Of stringency. The
machinery OF the distribution OF currency and
banks under this law is too new to work without
some bitches. The point Is made, however, that
the great Bay of Fundy rise and fall in the tide of
money at this centre annually will In few years
at the farthest cease to be more than an ordinary
and very healthy movement Mercantile paper
renects the general distrust OF continuance of
easy money the rest OF the year, and prime names
are quoted 10 per cent discount. Foreign ex
change closed on the basis OF 1OS 100 for prime
sterling, the one per cent difference being due to a
temporary active demand for sight bills.


STOCKS


nave peen In the main strong, with grad.
ual advance In prices. The so-called Wander
oiit operators are the 'bull' side still ana the
protracted ease Of the money market las
brought a good many OF the outsiders tn
their wake The speciates of this party are Union
racine, Z. {. and j. c., Ohios and some Of the
other iow-priced non-dividend paying fancies.
Their former great favorite Lake Shore. has been
turned adrift, and at ss a SO went begging about
the market, and yet Ohios, which paw nothing
against the annual per cent OF Lake Shore. are
seinng at a, or ior half as Euch VIII some phi. !
loSopher IN finance


READ US THIS RIBDLEp
The erst and constitutional "bearsr made a raid
once or twice, and by concurrently bidding money
10 per cent sought to change the current but in.
enectually. AT the close OF the week "corncr' in
Erie was the feature the scarcity Of the stock being
such that the certificates were worth all the way
from * to per cent day for use IN deliveries.
me stock rose from 47Is to 5Is In the regular way,
Ano soid or cash on Saturday at as high as 81 The
corner" was maintained up to the end OF business |
oaturoay, and unless the short interest decreases |
may be prolonged until relief Is Afforded nv the ar.
rival OF stock from London. In


THE GOLD MARKET


hardly anything or Importance trapsnired untu
near Tue close, when the 'bullp cliuue advanced
the price quite suddenly to ll3H with n view to
''cornering'' some OF their members who are AL
legged to have played the pool false Meantime the
price had nuctuatcd between ll3N and 112z.. ON
lho expectation OF change in the Bank OF Eng.
and discount rate and the announcement of the
seneva award. Cash gold becoming easier was
A'so reason for the decline. The sudden advance
y saturday means a lively Market the ensuing
week. especially II the suspicious OF trcachery in