The New York herald., 1872-12-02
SATURDAYS BANK STATEMENT
The Surplus Reserve Increased to
Nearly Three Millions.
MERCANTILE CREDIT AND DISCOUNTS.
One Sanitary Result Of the Recent Stringeney
in the Money Market.
The Sequel to the "Corner" in
Northwestern.
WALL STREET,
IIIAIn nnA 1910

NORTHWESTERN.
WALL STREET. !
SUNDAY, Dec. !, 1872
The subsistence OF the "c0rnern in Chicago and
Northwestern shares and the intervention Of the
Thanksgiving holiday, together with the approach
OF the time for the annual
MEETING OF CONGRESS,
C0nspired to deprive Wall street Of much of its
usual animation the past week, the stock market
being visited on some Jays with spells of intense
duness. AS Congress assemblies tomorrow, and
as the ensuing week is likely to be taken up with
the transmission and reading Of the Presidential
Message and depar tmental reports, the attention
OF Wall street will doubtless be largely absorbed in
the various documents which will thus be pre-
sented, 10r we have little indication OF any i'm
portant a
FINANCIAL MEASURES
80 be introduced this session. and, as before inti-
mated. by us, any positive action in the way of
modification of the Banking and Currency and
like laws will doubtless be left for the Congress-
which will come into power with the second ad-
ministration Of General Grant, especially as the
new delegation will more properly represent the
latest sentiment OF the community on these and
kindred subjects The past week brought with it
more encouraging outlook for the future Of
THE MONEY MARKET
relieved by the gold which came from this country
30 promptly when necessity for it arose, has been
able to lower the rate of discount to per cent,
and money on the street in London is not worth
any more than at bank Here in New York there
was, early in the week. something of the strin-
gency attending the closing up Of shipments for
the movement Of the crops from the West and
South to the East; but with the cessation OF the
demand on this account the rate call driftcd to
EASIER FIGURES,
although at the close on Saturday there was
more active inquiry owing on the one part to
clique operations at the Stock Exchange and to
rumor that the Treasury Department had called in
the remainder OF the government money on special
deposit with two OF the leading downtown banks.
The most encouraging sign, however, was the
larger inquiry for mercantile paper and conse.
quent relaxation in the rates Of discount. The
competition for money on CALL during the past two
months, was great inconvenience to the mer-
chants, but by diminishing the sources for obtain
Ing credit forced them to a more
ECONOMICAL MANAGEMENT
Of their AFFAIRS and has really greatly served their
interests. The mercantile credit Of the city is
better basis now than 1t stood upon three months
ago, all owing to the less facility with which tex
tensions" and renewals were obtained. Ex-
change on Europe has been frmer for sixty days
bills as consequence of the reduction Of the
Bank OF England discount rate, but the sight rate
has been weak and fraction lower. The inquiry
has also been stimulated by the closing up OF ac-
counts for the year 1872 and the lower ruling OF
gold, the market leaving Off Saturday on the basis
OF 1887 1881 for prime bankers sixty.day ster-
ling and 1092s ITO for sight bills
THE STOCK SPECULATION
has taken up some new favorites, and we find a
complement Of the movement In Northwestern in
rapid rise In Lake Shore, to which its patroniz-
Ing clique have been able to devote their attention
more undoubtedly now that they have been re-
leased from their alliance with Jay Gould in the
former. The popular interest has also taken hold
Of good many of the dividend-paying stocks, and
New York Central has been as high as 9635, out
stripping Lake Shore nearly one per cent although
the latter has the advantage OF an accrued divi-
dend OF over per cent. The signs also indicate
A LIVELY SPECULATION
In Pacific Mail, which the pool unloaded at 100 or
thereabouts and are now depressing, with view
TO buying back for fresh rsc to follow their dec
laratiOn OF q dividend within the next three
months. This is the suspected programme but OF
course the game is capable OF great many varia-
tions, such, for instance as consolidation with
Panama, each OF which will be sufficient pretext
70 "get the boys to speckilate," as Uncle Daniel
says. In
THE GOLD MARKET
the results OF the reduction OF the Bank OF England
rate OF discount have not been as important as
expected-the lowest price subsequent to that
event having been 1921, against 1134 on the pre-
vi0us Monday. The demand for gold In the pur-
chase OF exchange in settling up foreign accounts
for the year has had much to do with checking the
decline so that the influence OF the lower turn OF
the London money market has not been fully ex-
perienced. It is good sign that so many Of our
merchants are making their remttances to Europe
now. They will profit by their wisdom at no dis
tant day. and help their future business by doing
what is best calculated to reduce the gold pre-
mium. The deferment OF the closing OF foreign ac-
counts by the borrowing of exchange and gold has
been the chief cause Of the maintenance Of pre-.
MUM on gold.
GOVERNMENT BONDS.
There whs steady Improvement from day to
day throughout the government list, the chief
features being the 67's and currency slxes which
advanced about one per cent during the week.
One OF the rise is the strength and activity
OF United States securities in the foreign markets,
particularly in London, where, with the return of
easier money, the inquiry for them has revived
quite suddenly, not to speak OF the domestic de-
mand, which is always large at this season, owing
to the release OF money from business and the
necessity for its employment In
RELIABLE INVESTMENT
having ready market. The following were the
closing quotations limited States currency skies,
ll4l us; do. do 1881, registered, 11e 116s do.
do, coupon, ll62s 1171s; do. nve.twenties, regis
tered, May and November, 1928 a 1i2ys; do. do,
1892 coupon, do, 1l2s 1l27s; do do 1884, do do,
i12H 112T; do do. 1866, do. do. 1l2zS 1l3,s do.
DO, 1867, registered January and July, 1862
1853; do. do 1866, coupon, DO, 1861 1859; do.
do 1867, do. do. 1157s 116; do. do, 1868, do do,
1863 1157s; do, ten-forties, registered 1Osn
I0sN; do do, coupon, 1osss 1857 do. fves Of
1884, registered, 1oeh 1iOs; do. do. coupon, 1924