The New York herald., 1869-01-03

This very favorable statement Is doubtless due TO
the double necessity which the banks were under Of
also presenting quarterly statement for the nspec
tion Of tho Comptroller OF the Currency. The in
crease in the item of specie Is attributed to the re-
ceipt of gold interest on government bonds; but as
the amount disbursed for this purpose was about
SO 100000, it is evident large share OF 1t yet re-
mains 10 the hands OF private holders.
The .slet up'' in the money market which was so
confidently expected by operators in stocks did not
come At the outset OF business, under limited
demand the rate on call loans ranged from seven
per cent currency on government c0llaterals In ex
cepLional instances to seven per cent coin and to
the same rate with commission of one-eighth OF
one per cent per day. great deal of business was
transacted at the legal rate. with the commission
added. The market was without excitement,
doubtless owing to the arrangement, which
everybody seems to have acceded to, of
bidding for and Offering money In one corner Of
the Long Room. The selection OF central
place where borrowers and lenders may meet seems
a curious return to the primitive customs OF Wall
street; but history Is said to repeat ITSELF and it
appears to have done 80 In this instance. Both
parties say 1t Is great convenience, as 1t nearly
does away with the disagreeable "shinningn which
used to prevail AS the Long Room Is close cor
poration Of the members OF the two boards 1t re-
mains to be whether the practice will continue.
O'Clock those who had postponed making their pre-
parations came into the market and were anxious
1nquirers for funds with which to make their
accounts good. The rate under this de-
mand, went up to 4 commission.
The relaxation did not come because OF
the large sums which the various trust and saw
ings institutions are withdrawing In order to meet
the January interest. Again, In addition to this
terest. many doubtless taxing up the principal
for other Investments Money is therefore, In
shifting condition. 1t is passing into many private
hands in small amounts, but will find its way back
again into bank within the week, after which inter-
val its course will be in larger, more general and
more visible currents. The flow OF currency to the
West Ia OF little or no account. The
exchanges win turn this way with the
cessation OF packing operations and the making OF
payments for goods original In the New York market.
The s>"ittances to the South cannot well be ex-
pected 70 fa the statement Of cotton receipts
Tor the expired portion nf the cotton year shows
increase OF 10000 bales compared with the same
period in 1873. The increase be paid for.
present, by New York. II the fact produce con-
tinued activity in money 1t win be regretted only by
the stock gamblers. The demand for currency in
the South is one OF the healthest signs OF the hour
Its satisfaction win do more for reconstruction than
all the bills on the subject now before Congress-
: The FIRST business day in the new year marked
by rather sharp advance IN the premium on gold,
the price rising from 1347s to 1S556 during the
sion Of the board Is only proper to that this
appreciation not the result OF any new distrust
IN greenbecks but was purely the sequence Of gold
cooperating" When gold was going down last week
1t was freely sold by the ''bears" while number OF
stock houses borrowed the metal on collateral and
cashed IL for greenbacks the object being to get cur
rcncy in the tightness OF money. The "shorsn had
to and the borrowers had TO buy back In order
to return the loans of metal made them. The
needs OF both were taken advantage OF by
the holders OF gold and the premium took
an upward turn, advancing TO 1855 at few minutes
after two O'clock but receding TO 1885, before the
CLOSE OF street dealings. The range In price Is
znnun aa fnIlnMs.-