New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-12-30

taken alike bv the friends and opponents
of the powers that be- who speak but in the voice OF
experience and common sense. The Adjustment OF
the usury laws would. doubtless, create competi-
ton among lenders provided did not give rise 10
combination of banks by which TO insure uniformly
higher rates than the law, IA II stahds'
permits them to receive In the latter ease
money would naturally grayitate toward the
monetary and speculative center; but TINS
woud raise the rate everywhere else ana inc
entire country would probably be the loser
Nor do we see how the organization OF a glganuc
banking institution has been proposed, could nc
complish the desired end. Make the capital never
SO large and we have several noted spectators here
in New-YOrk any two of whom have sufficient means
TO eobble up the whole concern or a controlling in
terest in it, and their ability to interfere with the
regular course of business would become augmented
and legitimatized by act of Congress. 1t is true
their power to do mischief would DO attempted to be
regulated by numerous provisos and restrictions but
as love laughs at locksmiths" so does human ma
ture. as exemplfed in Wall-st., have its quiet smile
at acts of Parliament. The subject is one our space
will not permit us to discuss or even more than
allude TO but as to all the remedies heretofore pro-
posed the voice of most of the people as wei as OF
sincere men of large business experience seems To
be that we had better bear. with what philosophy
we cam the evils we at present labor under rather
than ly to others of which knowledge Is at best
uncertain.
The Treasury operations for the week have been
slightly in favor of the Street so far as currency Is
concerned, but more prominently in the gold item.
This however, has been partly offset by the unex-
pectedly lare, specie exports to Europe Ii Is not
easy TO determine the precise extent 10 which this
market may be affected by the recoinage operations
now going on in Germany; but it is feared
they may cause further Withdrawals OF gold
from the Bank Of England to the Continent and a
similar movement from this point to Lopdon Inc
immense disbursements during the month of JAN
uary however ought to compensate for all other IN
fuences and no doubt will restore strong resources
to the banks, and comparative ease to the money
market. Merchants paper moves slowly ana Is
onoted AT 1O12 per cent discount for the best grades
The gold market was weak at the opening, but I'M
proved in strength later on in the week, owing to
the resumption Of specie exports 10 Europe.
Holders of coin have paid as high as
per cent to have the carried, the difficulty OF
obtaining currency accounting of course, for the
high rates paid. The foreign exchanges have been
firm and higher, though at one time borrowed bills
were offered pretty freely and rates were made below
the nominal quotations. State bonds were dull
during the week, but Government bonds advanced,
and rst-class railroad mortgages were In demand at
improved quotations. These securities are beginning
TO feel the influence Of the large disbursements now
in progress by the Treasury. and soon to be aug
mented by other interest and dividend payments,
and are held firmly.
The railway and miscellaneous share speculation
has not been particularly active during the week.
On Monday and Tuesday morning the leading favor
ites-Now- York Central Wabash, Rock Island, West
ern Union. and Harlem-made an advance OF ! to q
per cent On Tuesday afternoon there was consider
able realizing, and the selling since has continued
with more OF less vigor New-York Central, how
ever, continued its upward course, and reached
99l Erie also took strength to the extent OIL
per cent and the North West shares followed show
ing an improvement of lG3 per cent. Pacific Mail
declined per cent during the week-the extremes
being IS and 73-but no new features were elected,
and speculation has carried the price many times up
and down during the week. The attendance of
operators has been very small during the week, and
the Stock Exchange has decided 10 close daily at
D. IN until Jan. The universal feeling 4" lao
that this rule should stand for all time and that
action to that end shOuldbe taken soon as possible.
To-day speculation has been lively and despite the
stringency in money an advance in prices was made
throughout the list. The greatest Improvement was
in Pacific Mail and Erie, the former having advanced
from l3t TO 1Js, ad the latter from Ols 10 O-5' W. l.
Central rose from SSb to 1884, but later lost tho i'm
provement. There was an advance in Western
Union. Rock Island Lake Shore, Ohio and Mississippi,
Northwest Preferred, Wabash, c., c. and l. c., and
Union Pacific Of to per cent but the volume OF
business was generally limited The Stock Ex-
change was notified by the officers of the ST. Paul
Railroad Company that new issue of 10000 shares
of the common stock would be made in thirty days,
and this afternoon the Stock Exchange received
another notification from the same Company stating
that new issue of scrip Preferred stock would be
made as will be seen from the following:
MILWAUKEE AND ST. PAUL RAILWAY Co,
q WILLIAM-sT, NLW-NOKK, Dec. Is, 1872.
tn The President 0f me Nclr- HOrt Stock ErcbaHge
SIR: The scrp Preferred stock of tho Milwaukee and ST.
Pau Railway Company viii, after 20 DAYS, Dc Increased
25OJD shares sl5OOO0 10 accompany the Ike amount
bonds issued by the Company ~ part payments OF the
new line uf railway between Milwaukee and chicago,
and for the purchase depot grounds and depot build
rails and equipment for the general uses OF the company
am yours, very respectfully, JAMES NJ. MchNLAf,
Assistant Secretary and Transfer Agent Milwaukee ana
st. Paul Railroad Co.
These notices had effect upon the price of the
stock The general market closed at a decline of
10 per cent from the highest quotations of the day.
The following were the opening, highest, lowest and
closing prices of stocks:
Is ]: s.:::,: .:5::: ::' 4: 4. 4 A
90 al