The New York herald., 1872-11-04
Movement Toward Interest Payments
in the Southern States.
THE HONESTY OF TENNESSEE.
North Carolina Anxious to Effect
a Compromise and Resume.
SATURDAYS BANK STATEMENT.
WALL STREET,

I
SUNDAY, Nov. 3, 1872.
The current of trade has been greatly obstructed
by the prevalence OF the horse distemper and the
consequent serious withdrawal OF locomotive acil-
ties; but toward the close OF the week the latter
had diminished and the other had begun to resume
Its natural movement. The horse complaint was
felt in Wall street In this way-it checked num-
Der Of money-bearing enterprises, not TO speak OF
the deferment Of cash transactions in merchandise
and forced good deal of fresh notes on the mar
ket, with the efYect Of stiffening the rates for
COMMERCIAL PAPER,
Che prime grades OF which, while quoted Q L. per
cent discount were readily accessible at II II per
cent In the rate on call there was a gradual re-
Taxation as the week progressed, and from 1-16
per day on Monday there was a decline to 3a4
per cent per annum on Saturday Both Of these were
extreme and exceptional rates. Money on call with
the pledge Of the usual Stock Exchange colaterals
Is fully worth per cent. The banks are in an
easier position. shown both in the augmentation
or their reserve and in more liberal accommoda-
ton OF borrowers. Indeed, with surplus Of
nearly So, O00, 900 they we'll fortified for the
mainder OF the year, and are likely to gain rather
than lose strength In the immediate future. what
with the weakness Of the foreign exchanges, the
steadiness Of the domestic exchanges and the ont
dow of November gold interest from the Treasury.
there is reason for believing that we shall witness
q considerable decline in them this Winter, despite
the obstinate retention OF the Bank of England
at the minimum OF per cent. IL
THE LONDON MONEY MARKET
is actually easier than the bank figure and Satur-
days quotations for our fve-twentes show buoy
ancy in American securities which is only the
forerunner Of an active demand ior them when the
cable announces to Europe on Wednesday morn
ing the reelection Of General Grant. gain in
specie by the banks of England and France the
past week shows turning point in the foreign
monetary situation, and indicates that England
France andGermany are entering on period OF
great financial ease which win be only paraleled
by the United States with the advent OF the year
1874. The approaching Spring is likely to see a
worldwide financial bu0yancy, and doubtless a
co-equa speculative acSivity. In this country the
election OF General Grant buries for four years
any arrangement Of the currency or national
finances In Germany the imperial Treasury has
commenced prepayment Of the war loan, and will
let loose about $50, 100000 OF gold thalers by the
first week in January. The Bank Of France is phle
thortc with money, and forcing II upon the
~ BANK OE ENGLAND,
while the latter having girded up its lons to meet
danger which has now passed, is likely TO be com.
PEELED to open its purse strings literally or be out
now. have snubbed the Old Lady of Threadneddle
street, and loaned money and made the rate for 1t
regardless Of 1.-THE bank rate, mon." Naturally all
this dverts next to the stock speculation which,
for the week, has been unsettled, with q general
fall In prices up to Thursday, sudden rise Friday
and closing reaction Saturday. There is an ILL
denned fear OF tight money between this and New
Years, which has dampened the speculative ardor
the past week, and the feeling is doubtless en-
couraged by the clique, who are slowly loading up
for &el4
THE GREAT SPECULATIVE cAMPAIGN
Soreshadowed in the general drift OF Europe and
America to great monetary easy and abundance
the ensuing six months As we have often re-
counted this FAN the signs are against any opera
tion for q decline. The professional spectators
study the situation, make up their mind as to the
future Of the market and act accordingly but
shrewdly and quietly. The oftener the outsiders
are disconnected and deceived the larger the sue
cess OF the cliques Hence the situation is often
painted and yelled as to induce opinions and con-
victions the Of truth So far as stocks are
concerned the approaching election has had less
influence upon them than upon gold, which de-
clined 1K per cent taking the extremes Of the
week, the highest on Monday having been 1ls1s,
and the lowest, on Saturday, 111H. The sales
toward the close were inspired by rumors that the
current month. The programme is expected from
Washington this evening, and II received during
the night will be found in another part Of the
paper.
The government bond market was lower with
the decline In gold and the business Of the week
on diminished scale. The following were the
closing quotations limited States currency skies,
l13x q 1lsX; do. do, 1881, registered, 1l4,s a
115 do. do, coupon, 1864 1l6; do. do, FIVE
twentes registered May and November,
il1k a 111X; do. do, 1862, coupon, do. do.
l1l1s . 111K; do. do, 1884, do. do Ill. 111a;
do. do, 1885, do. do, INK a 1i11s; do 1867, re-
gistered. January and July, 113sx 1is7s do do,
1885, coupon, do, 113s 1877; do. do, 1857. do.
Co., 114H 114,z; do. do, 1868, do. do, ia
l14x; do. ten-f0rties, registered, los 1881 do.
do, coupon, los 10s,<; do. fves OF 1881, regis
tered, 100 10o1s; do. do do, coupon, do. do,
100 1091s.
THE SOUTHERN STATE BONDS.
The Southern list was quiet, but nrm in most OF
its features From Virginia II is reported that the
Courts will probably rule that the state is liable
or the full SIX per cent tnstead OF four per cent?
apon the consolidated bonds. From North Caro-
Ina it is intimated that the Legislature viii
send commission 10 New York this Winter
70 confer with the bondholders upon the PROPOSE
zion to 'scale' the debt down to $15,oooooo ION
which she could resume intercsu by the issue OF
aconsol." bond, exchangcable at the rate OF two
tor three Of the old bonds one for two Of the new,
and one for four of the special TAX issues. From
tennessee come encouraging statements that the
authorities win urge upon the Legislature this
winter the adoption Of measures for
AN BARLY RESUMPTION
Of interest on the State debt. The following were
the closing quotations Saturday for the Southern
itst. inclusive of latest prices for the leading