Year: 1871

trade. Elsewhere dulness prevailed, the week De-
ing broken by general disposition TO make double
holiday Of the Fourth and the preceding day. The
cotton trade, always interesting Just owing to
the different views Of the character ana extent Of
the new crop has absorbed much of the speculative
activity in commercial circles, and with an advance
say OF &c. per pound during the week the market
rested on Saturday quiet and firm.


THE NEW LOAN.


In the financial line the chief feature has been the
failure OF the new loan, virtually acknowledged
by the Secretary OF the Treasury In ordering the
engravers to suspend the printing Of the bonds
With the ive-twenties almost always y a per cent
below the par OF gold 1t was foregone conclusion
that the new five per cents could not be marketed
at their par in gold, especially as they offered no
attractions in the way Of a "lOng" bond. The
Treasury Department completely misunderstands
the sentiment and feeling of those who are the
owners OF the obligations Of the United States. Mr..
Boutwell, seems to think that the bondhold-
ers are constantly afraid they Will not
be paid On the contrary, they are
apprenensive they Will be paid too soon. Were the
six per bonds an interminable obligation, like
the English consols they would be selling at pre-
MUM Of thirty or forty per cent in gold. II any
man should consent to give an interminabe mort
gage first class real estate in this city, bearing
interest ut six per cent only, there would be q



vestment and the mortgage would command a
high premium. When Congress sets to work next
winter TO undo the prohtless and expensive pet
scheme Of Mr.. Boutwell,. let some regard be had
for the light OF history and the experience Of other
countries in the management Of just such matters
| as our national debt.


| THE MONEY MARKET.


The lull all over the country natural at this
| season has flooded New York with oil the loose
| "a nlta Of fha rural
| Stock Exchange and with the vast artificial en-
ployment given TO money by speculators, who, with
| hundred dollars make need for a thousand, there
is usually an opportunity TO earn interest. DID New
| York have Stock Exchange and were there no
| facility afforded for speculation on margins
the country banks would keep their money
| to themselves and the currency would
undergo the natural movement OF now-
| Ing into the banks during dul seasons
| and flowing out again as fast as the legitimate
| necessities of the busy season required. But man
| with thousand dollars may go down any day to
! Wall street ana induce the brokers 10 advance him
ten thousand dollars to buy eleven thousand dollars
worth OF STOCK. The ten thousand dollars comes In
large part from the country banks who, in the in
activity OF their particular neighDorhood are only
too glad to send their capital and deposits to New
York and lend them the brokers to carry out the
! speculators' wishes. Z.


The rate on call loans was a per cent with
| exceptions at per cent.


Prime commercial paper was quoted a 6 per cent
| discount.


THE GOLD MARKET.


| The gold market was unsettled, irregular and In
| the main weak. The alteration OF the programme OF
Treasury sales so as to offer only four millions Of
gold for disposal during the current month occa-
stoned temporary rise to 1884, but the steady adj
vance Of the flvewenties and tenforties in London
t,ata M tr-ani had n
effort to force market for the new loan furnished
so much exchange IN this market from shipments Of
bonds that the price eventually declined to 11a
GOVERNMENT BONDS


reflected Just the same influences as were observ-
able in the gold MARKET, only that for day or two
holders this side got their figures above London
and were compelled to submit to temporary reac-
ton, which was lost again, when London, still
going forward overlook New York once more. In the
| STATE BONDS


dull but generally steady market prevailed
until toward the close OF the week, when
considerable surprise was created by sudden
rise OF one per cent IN Missouri skies, which
advanced to 96% purchases supposed to
have been made by the agents of the State for the
| sinking fund. The new South CarOlinas advanced
to 69T, but fell OF fraction with the subsequent
depression on the Stock Exchange. The rapid i'm =
provement in the latter bonds Is due to the prompt
.I |
and to the recent redemption OF s250,0o0 OF the
| principal which matured July /.


THE STOCK MARKET.


The clques IN the stock market had anticipated
that the street would settle back to more active
business after the Fourth, but doomed to dis
appointment, the only business transacted up to
Saturday being due to purchases by the "sh Orts" !"
| who believed that with the market SO strongly held
the chances Of q rise much against their side
Of the account. This interest greatly eliminated the
cliques themselves being the sellers TO the 'shorts
! who covered, the market became stagnant on Fri
day. Eventually the cliques ventured TO test
the capacity OF the market to receive
sales, and gave some large orders On
Saturday. but the ground slipped so rapidly from
under them that they were compelled to order q
change OF orders alter prices had fallen "a per
| cent the latter extreme being reached in the case
| Of Ohio and Mississippi, which broke 10 Asa. The
HERALD winter zealously endeavorcd to post the
public to the situation OF AFFAIRS in the stock
market 1t advised the public to buy when the
cliques by false ana arthces were endeavor-
! ing to get stocks away from investors, and to In.
duce "short" interest the part OF outside specu.
! lators. Lately, when the cliQues loaded up with
| stocks, were counting the ease Of the
money market and the general rosecolored aspect
OF affairs, occasioned by the peaceful adjustment OF
| the Alabama claims and the general prosperity Of
| the country were quietly man0uvrng to sell out 10
the public, we took occasion 10 commend the good
sense and sagacity with which the latter had
already viewed the situation and quietly sold their
stocks TO the cliques. Should crash come now in
stocks, as happened in Rock Island and Consolida.
ton Coal, the professional stock gamblers and pools
would the sufferers, and not the public who here
| tofore have been too often the victims.


THE BANK STATEMENT.


! The weekly statement OF the associated banks is
favorable owing to the continued disbursements OF
coin interest on the public debt, winch again served
to coun;erbalance large decrease in legal tenders.
The outward movement Of the latter cary IN the
season Is attributed to the withdrawal OF balances