The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-01-01
FINANCIAL And COMMERCIAL
WALL s~RsEr,

ana the wholesale markets onerca few features In
the way OF novelty or importance.
IN WALL STREET
tie last week OF the year has been sEgnalized by
quite active movement on che Stock Exchange and
fair animation In the Gold Room. Indeed, for any
season the business in stocks would have been
large and was we'll distributed over the lead
ing specialties. The usual experience and
precederts OF the street as TO the course OF
prices during this period, when there Is general
settling up and contractiou have been ret at naught
on this occasion, the pull" speculation having
been rampant. and winding up the year with not
only the best prices since the Chicago nre but the
highest in o few instances for the twelve months
Just ended. The leading feasure has been
WABASH,
which, under q further return OF increased earn
ings the third week OF December showing a gain
OF $500 the corresponding pei Tod OF last year.
advanced to 721z-a figure above even those at
winch some OF vhe most sanguine friends Of the
road marketed their STOCK 1t being no secret that
many large holders among the directors sold cut at
"a 60. The advance Of the stock to higher figures
"a credited to general outside buying movement,
based ON the puts" OF Mr.. Dan ell Drew, who thus
furnished the capital for widespread speculation
The upward movement was partially checked on
Friday by sale Of about $1,000 shares OF the
stock BY o broker, who IL was sup
posed, was selling f0r clique. but
who, as 1t turned out had made
desperate shear" venture. which, be-
before its elimination greatly unsettled the mar.
ket, and conjured up visions OF . "Rock Island
break Tho bold game lost however. The broker
failed to make his deliveries next day, and his CON-
tracts were covered at loss to him OF several
thousand dollars. The market. relieved OF this In
cubus, moved rapidly upward again ana closed
strong and buoyant
In almost every active specially reasons more or
less worthy are assigned for the Improvement.
New York Central Is on the slate for an
increase or fare this winter at Albany. Erie
is TO be thoroughly reformed by legislative action;
Plttsburg Is to be q Fort Wayne; Rock Island Is to
utilize us immense land grants; Union Pacific also;
Northwest Is earning dividends again. Wabash Is to
be leased to Lake Shore Pacific Mail Is doing
heavy business ON the Pacific Ocean section and
western Union is to be leased TO the government
for postal telegraph system. Furthermore the
enormous disbursements Of interest and dividend
moneys In January win Hood
THE MONEY MARKET
and dlssipate the stringency Of the past month.
For the week just closed there was no dtminution
In the activity OF this last mentioned market The
stock brokers had to pay extravaganza terms for the
means OF carrying their customers stocks. ana the
rate on call nuctuated between the extremes OF z
per cent per annum and per cent per diem-the
srlngency being best Indicated by the fact that
although lem ers on Saturday had freely supplied
the market early In the day from lie down tot
per cent, In order to make sure Of interest during
the three days to Tuesday next. borrowers were
out as late as nalf-past three O'Clock pa ing 110
per cent again for balances make good their bank
accounts.
Prime paper was quoted a IL per cent discount.
Foreign exchange was frmer at the close, and the
leading drawers advanced their rates Saturday
evening to losE for sixty day sterling and 11o for
sight hills.
THE GOLD MARKET.
Gold early In the week fell to 1885, but with
port from washington that Mr.. Boutwell, was Op.
posed TO any Congressional legislation contem-
plating specie payments, reaction to 1904 ensued
the upward turn being helped by purchases on The
part Of numerous corporations having gold interest
to pay after New Years. The Washington report
also intlmated that Mr.. Boutwell, wished gold to ad.
vance, in order that he might be able
TO continue his purchases OF ponds but It
Is quite improbable that tho Secretary Of
the Treasury, after laboring nard to advance the
nve-twenties to par and over In gold, should now
wish to see them fall back again. Doubtless Mr..
Boutwell, Is satisfied with the regular annual de-
cline In gold, and believes that resumption once
reached, by the process OF growing up to specie
payments the transition VIII be attended with no
shock to the commercial interests Of the country.
We beg leave to have It borne In mind that this the
HERALD platform Of specie payments, was put forth
by US years ago. when Mr. McCulloch was founder.
ing about In the Of contraction and Threatening
us with q greater crisis than even that of 1857.
GOVERNMENT BONDS.
The reaction In the gold market led to a stronger
market for government bonds, and coupled with
the demand for the reinvestment OF the January
interest, OccasiOned sudden and considerable rise
in prices ON the last two days Of the week. At the
same time the advance IN gold failed to AFFECT
| favorably the London quotations OF our bonds
doubtless for the reason that foreign buyers begin
to believe that the fluctuations In gold in America
have no reason to depress the foreign value OF
| our bonds than the fluctuations OF the market
for cotton, with which 1t is equally an
article Of merchandise, and Will be until the re-.
| sumption Of specie payments. The following were
the closing and highest quotations Of the week -
United States currency skies, 115H a 116Z; do.
skies, 1884, registered, 1141s lis; do. DO, coupon,
11sh l1s,<; do. 1866, fve-twentles, registered,
May and November, l1o% a ILL., do. do, 1852, cou-
pom do, 110H 1102s; do. do, 1864, do. d. 11Os
Ill; do. do, 1866, do do, 1121s 1928; do. do,
1867, registered January and July 11211 112ll; do
dO 1865, coupon do, lis 1l5s do. do, 1867 do,
do, 11e q l1e1s; do. do, 1885, do do, lle a
1lo1I; do. fves Of 1884, funded, registered. 1907
ITO; do. do. do, coupon, 1917 o ITO; do. ten.
forties, registered, losx 1Oex; do. do coupon,
ITO 110L.
THE BANK STATEMENT.
The weekly statement Of the associated banks
proved favorable owing 10 the large gain OF specie
during the week by the prepayment OF the January
interest. The legal tenders show decrease OF
nearly million, which would have been a consider
able detriment mad not the banks gained In specie.
As ia the legal reserve Is fortified enough to show
gain Of over million IN the surplus reserve. The
statement compares with its predecessor as fol-
lows
December %. December go
Loans. ......".......$2 1i, $4,000 $27o534, 600