The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-20


Liabilities In deposits and circulation $2l7, 430 9S6
Reserve in specie and legal tenders. 69,439, III
Required reserve OF rs per cent. 54357,746
Excess in bank over legal reserve. 15,os1,9H
Decrease In reserve as compared with last
WeeK......... ZloS,o4Z
The decrease In legal tenders and specie in the
bank statement just out is about the amount
that has been drawn to the South and West
with, In the case Of the coin decrease, the
shipments to Europe, amounting this week to
$272,545, the difference between the amount
thus accounted for, and the six millions and quar-
ter decrease in the amount of deposits, being
national bank notes. either RENTED to other parts
OF the country or withdrawn from circulation, the
balance IN the SubTreasury at the present date being
less by million than 1t was at the close last week.
1t is quite probable however, in view OF the excep-
tional activity which prevails at this season OF the
year most branches Of manufacturing industry that
this money has been drawn hence to supply the wants
OF country banks in the manufacturing districts,
in which view OF its employment there is matter for
congratulations The decrease of one million in loans,
apparent in the bank statement, shows that the
limit OF expansion has been reached. and that the
banks have commenced preparations for rendering
their quarterly statement.
Money worked even more closely early to-day than
at any previous period this week, loans being with
difficulty obtained at seven per cent, and six and
seven gold being frequently and freely paid,
while commissions OF 1-16 and 1872 per cent were In
many cases paid for obtaining funds. This ex-
treme tghtness continued up to about two O'Clock,
when the market experienced sudden relief and
money became abundant and was loaned freely at
seven per cent, legal rate. Whence came this late
help does not seem to be clearly known, and 1T is
supposed by some to be money that had been with
drawn earlier the week. in the inceptive stage
another locking up scheme, set free upon the aban
donment Of the plan. 1t Is possible this may have
been the case, which would account for portion Of
the decrease In the bank currency deposits The
market closed active but well supplied at seven per
cent. The stringency in money very much limited
transactions in commercial paper, and only excep-
tional discounts were made Rates are nominai-S
to IL per cent
Foreign Exchange was more active to-day, but
rates are unchanged. We understanding, sixty
days, commercial, 1888 lo91l; bankers, 10914
1oek; short sight. 110s 1lol4; Paris, sixty days.
$40 a5164; short sight, 5.1s9l a 5121G; Antwerp
$40 6.l614; Switzerland, $40 616M; Hamburg
35% 361S; Amsterdam, z0I a 4llS; Frankfort; 404
AZ; Bremen, 7sa 70: Prussian thalers, Tx IT,
Gold opened this morning at 1855, and in q dull
market, with very little inquiry, sold down to 1885,
In the afternoon, upon the circulation Of story to
the effect that private advices had been received
here that American bonds had declined to 731s In
Europe, In consequence of serious difficulties pre-.
and the fears entertained of serious consequences
large purchases were made on foreign account, and
the price hardened and advanced by successive
stages with intervals of reaction, to 1851 in the
Gold ROOM and after Clearing House hours 1856 on
the street. The author Of the statement resp Getting
the decline in bonds, said 10 be the principal OF
prominent German house. frequently the recipients OF
private advices OF important nature affecting the
market who stated that he had received such INTEL
llgence, himself large purchaser, many others
catching the contagion without stopping 70 question
its suggestion likewise buying freely There was no
scarcity OF gold, Q, Z, ~, and 1872 Of one per
cent being successfully paid for carrying during the
earlier part OF the day, but at the close loans
made at fat. The price remained firm al 136 I'D to
the close OF business. The following were the trans
actions at the Gold Exchange Eank to-day:-God
balances s2,244575; currency balances. s3,667,sl9;
gross c.carances, ss7,30s,oo0.
The stringency in the money market this morning
induced a weak feeling in governments bonds, hold
ers evincing disposition TO sell in order 10 obtain
mAney. Where they were offered at any concession
they were quickly taken UP, and, as a consequence,
no material decline in prices occurred. In the AZ
ternoon, under the pressure Of the rumored decline
In Europe, which advanced the gold premium, the
recovery that might have been expected,
with ease In money, was prevented, and the
lowing were the closing quotations at half
past i've o'clock:-United States Gig, Pacific
Railroad, 9oA 9sis; do. do, 1881, registered
100 1o9k; do. do, coupon, l1:h 1873; do
s2os registered, 1861 io5; do. coupon 1862 llo4
a 1l0H; do. do, 1864, 1D0A a 10eI; do. do, 1865,
1914 107}s; do. do, new, 1866, 100 x 1oo7S; do.
do, 1867, 1901 1oo5s; do. do. 1868, ITO 1l0b;
TO-, 1O4os, registered, 1902 1928; do. do, coupon
los a 1861.
state bonds were without any special interest to-
day, opening quiet and dun, without any material
change from prices last night, weakening slightly
during the day, but closing steady, with an improve
ment In North Caroinas. the latest quotations
were:-Tennessee skies, new eSis q GsA; Virginia
skies. ex coupon, new, SO bid; North Carolina SKIES
OK coupon, 641S bid; North Carolina skies, new,
62h 90.
New York Central continued the feature OF the
stock market to-day, the price being forced up TO
ia with such strong indications OF q still further
advance that many OF the shorts" were frightened
into covering at that figure when the price declined,
but subsequently rallied after the publication Of the
bank statement. and agsln reached 134, closing
= Oh. Another dividend story was set aloat
20 help the bull movement In this stock.
Next to Central, Rock Island and the North
westerns were the most active OF the rail-
way shares, the former reaching 100 1o94, and
tnc atter seliHR ~ ac3s ior VIC coMuon unu 81 LOT
Che preferred. In the miscellaneous list Pacific Mail
sustained sudden rise and advanced to 1l44 lis.
The greatest activity in the market shown after
he publication or the bank-statement the unfavor-
able character OF which had been too literally dis
counted by the bear interest IN the market; hence
the strengthening Of the bull feeling upon its
nouncemcnt. Erie was weak and neglected all day
the rest OF the market steady but quiet. The
OF the market Is shown " the following quota
tionst--
The prices on the street before ten O'Clock were-
Pacific sfai 11lh; New York Cenrals1S1h 1915;
Michigan southern, So bid; Pittsburg, s2i4 s2ts;
Rock Island, 1851; Northwestern, 76,4 76ys; do.
preferred, IS 1871.
AT the first open board New York Central was
quote at 1917; Rock Island 1854; Northwestern,
a. 40 -Qa ~ md