The New York herald., 1872-10-22

ana frm. Flour and wheat were quiet and steady
while corn was quiet and considerably easier.
ls Me COMPARISON OF THE IMPORTS.
The following shows the imports, exclusive of
specie, at the port of New York for the week end
ing October 10 and since the beginning OF the
year.
:., D:s s;: sssssS s;ssSss sSss,
Prev reDorsed. assssi,ss7 sss,sssiss sssssosss
since JAM L. All ss1s 7o5 1893 $s55. ,5es
MONEY A PER CENT.
The features OF the money market displayed no
important variation from last week; that Is, the
early dealings were at per cent on stocks, with
an occasional and exceptional loan at per cent
But as the day advanced the supply became better,
and by three O'Clock balances had loaned down to
~ low as per cent with more offered to the close
ON the same terms The strong position Of the
banks, showing as they did In last Saturdays
statement q surplus reserve mot revenue, as the
types made IT. OF over $soo0 900, has almost dissi
pated every fear Of stringent money, at least until
AFTER ELECTION
or until near the close Of December when in wind.
Ing up accounts for the year there may be tenn
porary spasm Of activity, only to be succeeded by
greater ease and relaxation when the January dis
bursements Of interest and dividends shall
come upon the market to the extent
Of sixty to seventy millions Of dollars. In this
connection the question is being discussed whether
next Saturdays bank statement viii not show
loss in reserve again. But such result Is hardly
probable In view OF the prepayment commenced
to-day Of the November coin interest on the public
debt, nearly every dollar of which goes into the
banks to -
2 SWELL THEIR RESERVES,
million and quarter of dollars. 1t is true the
November coupons belong largely on the other side
OF the Atlantic but they must be sent here for COL
lection, and every steamer for the ensuing month
viii bring them. The gold, however will stay here
as long as exchange is in Its present position,
below the specie-shipping point. Besides, the
demand for currency from the interior has greatly
slackened We already pointed out, several weeks
ago, that the establishment of 60 many
NEW BANKS
In the West and Southwest had greatly modified
and moderated the demand for currency from
those regions, and would continue to do 30 each
recurring year in the future. Indeed, had not q
special "locking-up" conspiracy been organized by
the 'bear' cliques operating for decline in prices
at the Stock Exchange, it il possible we should
have had nothing more than q fairly active seven
per cent money market this FALL AS it is the
season OF the year. The confidence in the future
would be perfect did not the daily cable dispatches
nom
THE OTHER SIDE OF THE ATLANTIC
keep up the apprehension OF some underlined
trouble In the future. Thus the London kilograms
this morning predicted raising Of the bank rate,
but had subsequently to acknowledge that nothing
was done with it. Our bonds were weak for some
reason early In the day, probably on account OF the
agitation by the boards of trade and mercantile
meetings in several Of our cities OF the movement
for the reissue by the Treasury Department Of the
81, 900 OF LEGAL TENDERS
contracted in the time Of Secretary McCulloch.
While such a procedure would be illegal, both
under the law regulating the amount OF currency
and under the rulings OF the legal tender decis.
ION Of the Supreme Court, it would hardly be de.
rogatory to the government credit for the reason
shat 1t s intended the issue should be applied
to buying in the bonded debt OF the United States,
enabling saving to the government of six per cent
per annum on the amount so to be bought. Possi.
bly, IL was this explanation that caused later
rally and recovery in
OUR BONDS IN LONDON
to their opening figures This improvement was
accompanied by better quotations, also, for con-
sus, showing that whatever influence is at
work the London market was steadier
was silent to-day about the reported
transfer OF money from the Bank of France to the
Bank Of England, and the entire statement is now
doubted, although 1t came to O Wall street news
agency from reliable correspondent on the other
side. Foreign exchange was nominaly the same
but actual business was at q quarter per cent pe-
low asking quotations. Prime paper was quoted
IL per cent discount
THE RAILROAD BONDS ACTIVE.
The active inquiry and growing business
daily in the railroad bonds reflect the transferring
into these securities for temporary investment OF
mercantile and other capital which, by the approach
Of the Winter season, is undergoing gradual re-
lease from employment In its usual channels.
There are many merchants In this city who make
practice OF buying railroad bonds at this or later
season OF the year and holding them over until
Spring. when they sell out and put the money into
their business again. When It IL remembered that
In the distant future government bonds win be
TOO scarce and too high to supply popular vehicle
for the investment of trust and other moneys, a.
that nrst mortgage bonds on nrst class railroads
must become the great investment Of the country,
the safety OF this semi-speculation OF our mer-
chants win be readily perceived. Indeed, with the
yearly growth in the wealth OF the country and
with the prospect Of the cancellation OF the entire
national debt within the next twenty years ITO put
t long way on,
THE AMERICAN RAILROAD BOND
must become o favorite and prime investment
with us and with our hosts OF admirers oil over
Europe, especially as they have q ready market at
MI times at the stock Exchange and can be con-
serted into cash without the delay attending the