The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-01-13

There an active investment and speculative de-
nand Tor government securities during the week and
prices advanced throughout the list although the I'm
provonent was most marked in fvc.twenties Of 1852
and those OF tho old Of 1885, The growing abundance
and cheapness Of money and the high prices at which
railway and other shares selling favor further
considerable advance In governments which for In
forest they bear the cheapest stocks In Wall street
Moreover all the Issues OF 1ve.twentes still
three per cent lower than they six months ago,
while all the speculative shares the Stock Exchange
considerably higher. When New York Central.
which pays only six per cent dividends s quoted a, l24
124A and Hudson River. which pays eight par cent
l43 although wa,sred TO the extent Of
hundred per cent during the past year. United States
boads bearing six per cent In gold should command
than five per cent above par yet after de-
Quoting the accrued interest this is all they selling
for while British consols which bear only three per
cent interes. are quoted at 90 q s24 in gold
or than twenty per cent above the price
IN gold Of hve-twcnes Of the original issue The rising
tendency Of gold Is likely 10 result In shipments Of the
bonds dealt in the Frankfort Bourss and the London
Stock Exchange and purchases in anticipation Of these
ere already being made bv the foreign bankers here
The disbursements Of the In payment Of tho
January interest In redemption Of the principal Of
she bonds Of ls47 are still going forward actively and
barge portion Of the aggregate amount thus paid out will
che January interest and dividend payments will
1hrow large Of money into circulation, much
OF which viii have to find employment in the Same
manner Al the close the market nrm with
upward tendency, especially for the bonds quoted In
Europe. The semi-annuA interest a portion Of the
seven thirty notes outstanding falls due the 18th
inst, and schedules OF thirty coupons now
being received for examination at the Sub-Treasury.
The stock market excited during tho week by
active movement the part OF the bull cliquos rail-
way shares and prices advanced materially New York
Central Erie. Hudson River. Cleveland and Pittsburg,
Rock Island and For. Wayne being the most buoyaut
An upward movement Eric had been expected for
some months past but the audiences with which this
occurred took the street by SURPRISE and rush to buy
was the consequence, which demand the cliques sup
piled on Friday and Saturday by selling largo amounts
OF their Stocks and after the first regular board
yesterday reaction OF about per cent took place
further decline Of from to three per cent should
be experienced It would not be surprising, In view Of
tho rapid advance Of the last few days. supposng
shat the expectations OF tho sanguine Of the bulls
are realized before the present speculation for
rise culminates Al the close OF business Saturday
the tendency OF the market dropping. the clques
being apparently DESTROYS Of assisting the reao.
sion; but the stubbornnsss with which Il yielded
indicated me strength OF the speculative feeling and the
latest quotations the street subolned New
York Central, 124 124k Erie, 70 761; Reading,
PAX ae4x; Michigan Southern SIX SIX; Cleveland
and Pittsburg o3A 93x Rock Island, ok 9s Fort
Wayne 101x . 1o1K; Northwestern, elk q o.; do
preferred, TAX q TAX; Pacific MAIL lla lla1; West
ern Union Telegraph, % ASK; Adams Express, 7sk
7sx; American Express, 7sk; Merchants Union, 3s q
$50; Wells, Fargo and Co., 45h a46z.
Money In abundant supply during the later part
OF the week at six per cent the transactions ct
being quite exceptional, while tho leading tsaers IN
government securities we're enabled to supply them
selves mainly as I'VE. The demand for discounts was
very moderate owing 10 the dulne in trade and the
best grade Of commercial paper passed In the open
market at seven por cent The Western sx.
changes are largely In favor Of this city, and
she drain southwark inconsdsrabie, while the low
currency balance In the ubrreasury contributes to
swell the volume Of loanabls funds In Wall street. The
statement Of the associated banks for the week ending
on Saturday indicates this growing monetary ease The
average reserve Of legal tender notes has increased
Sle49l5 and the specie So 4ss 242 about equal to
the gain in deposits which Is s7,16A, 1872 The loans
show an increase Of So 42o 42s and the circulation
decrease OF $40 2S1 The banks therefore In suf.
Acenty strong position any drain into the Sub
Treasury WHICH might arise without disturbing the loan
market The totals Of The present and last previous
statements are understatsd:-