The New York herald., 1873-11-24

The outstanding short interest is understood not
to be large. The fluctuations for the week were:-
opening Highest. LOlrest. Closing.
Monday, Nov. H.. 1924 1927 1921 l09k
Wednesday, Nov 10 loeX lO9X 1901. 1921
Thursday Nov. 20. 100 1094 1855 1895
Friday. Nov. 2l... l09a 1lob 1o0S ITO
Saturday, Nov. %. 10 HOY 1o9a 110h
THE FOREIGN SITUATION.
Notwithstanding the reduction Of the rate OF
discount by the Bank OF England from to s per
cent the latest mall advices are not cheerful In
tone as regards the present or prospective situa-
tion. Extreme depression is reported on the Eng
lish Stock Exchange, and all classes OF securities
have suffered a decline. Sales have been forced,
and American, Turkish, Egyptian and Peruvian
shares, to say nothing OF the railways, have been
thrown upon the market at much lower quotations
than heretofore; and it is stated, apparently not
without good reason, that q healthier state Of
things cannot return until greater part OF the
pledged stock has been sold and the large amount
OF securities on the market Is reduced to and rep
resents a real value, correspondent with the
worlds purchasing power. Commercially, also,
England appears to be suffering either from dis
the existing rates for money larger supply OF
gold Is required to pay her debts than Is I'M
medately available and the demand ls augment
ing rather than decreasing. In speech recently
made by the President OF the Manchester Chamber
of Commerce, that gentleman takes very gloomy
view OF both the English and Continental situation
regarding the prospect for the cotton spinner and
the laboring classes generally anything but iat
tering. We note that there has been an advance
in oreadstuns in England during the past week
This will facilitate our own exports.
GOVERNMENT BONDS
have been stronger and more active during the
nxyin ha firm in rroli and fAair
demand for investment in preference to the fancy
and watered stocks just now presenting their gold
edged attractions to the public. They closed yester
day at the following quotations United States
skies, 1881, registered, 113z i14k do. do, do.
coupon, las us; do. fve.twenties 1862, coupon,
1885; do, 1854 do, 100; do 1865 do, ITO 110h
do, do, do new, 1131s 1l34s; do, 1857, coupon,
1l44; do, 1868, do, 114A; do. ten-forties, re-
gistered los 1osh; do, coupon, los 1Os4;
do. fves, 1881, coupon 1o91z 1o9A; six per cent
bonds, Pacific Railroad, 1l0 a 1lOl4.
THE BANK STATEMENT.
For the first time in a number of weeks we have
exhibit OF the condition OF the banks. There is
nothing but an unknown quantity with which to
compare the statement, and we therefore give the
figures as they are furnished. 1t must be borne in
mind that no account is taken OF the loan certif-
Gates, nor is the amount OF this class OF liabilities
described 1t is iair TO believe that they represent
some So, ,0oo, 900. We append table of the condi-
tion OF the banks this week and last:-
Loans s2ls, 72s 200 s24s os7. 800 Dec. $685., 300
cplrcaaton.. aS,sSS7oo a.,2ss 500 Dec. $500
Deposits. 6l,S44s00 167967, 200 Inc 6122, 400
Legal tenders 26,09560o so, 500 Inc so4, 200
According to the above figures the banks are de-
cient in their s34S, ,25O II the loan certn
Gates were counted there would be a deficiency in
fhp Of mr. nUa nj < in
be observed that according to the daily statement,
the banks hold $33, 600 600, and. according to the
weekly statement, the banks hold s3o,Ooo,o0o of
legal tenders-a fact which shows either that the
system OF averages Is wrong that the banks
have made mistake in their daily count. The fol-
lowing table shows the condition OF the banks this
week compared with September 2o:-
Sept. 20. Nor. -.
Loans s27s 421, ZOO 24S O6T 800 Dec. 80 354, 400
Specie ls,s44,eoo 1865, 700 Dec 1,275,9OO
Circulation -. 27,414,200 27,2e9, 500 Dec. 1l4,40O
Deposits. 19s, s,04o,lOo 167,967 200 Dec S0072,9o0
Legal tenders. "a, 100000 30,S99,So0 Dec 340S, loo
The bank statement shows heavy liquidation.
In the meantime the government has issued
1000 legal tenders from the reserve, and yet
the banks hold nearly So, less than they did
OH September 20.
THE STOCK MARKET
The stock market can scarcely be taken as
barometer OF the general situation, for when a
half dozen OF moneyed men, backed by pluck on
the one hand, and a susceptible and easily fright
ened short interest on the other, choose TO enter
the arena they may put prices where they choose.
and keep them there just so long they can carry
their load-nc longer. Strong as they may be,
however, contingencies are continually occurring
to which these gentlemen are compelled to yield
obedience. Hence during the past week, they
have peen forced by circumstances beyond control
to relax their hold, and to a certain degree allow
prices TO take care of themselves. Under such
conditions these prices have from time TO time
gravitaed in the direction OF real values, and thus
confessed thai 1t was only by an artificial influence
that they were sustained. This fact Is generally
recognized by old and experienced brokers. They
are, OF course, willing to fulfil the orders OF spec
ulative and hopeful customers, and. watching the
manipulations of
THE GRAND MoGULs
of the bull movement. they have generally made
money on the risks assumed; but you Will hear
everywhere expressed among conservative men
the thought that the present prices have gone up
like rockets, with not distant prospect OF coming
down-sticks. Were the advance natural IL would
have evoked confidence and something more than
a mere s'brokers' markeIn II 1t possessed o stay
ing power none wouldlhave been so prompt to dis
cover the fact as the capitalist, and money would
have poured into Wall street by hundreds of thou
sands of dollars TO avail itself Of legitimate invest
mcnt and its attendant profits. Now capital is
frightened stands aloo waits for the speculator tC
break and the market with it and reads nothing
in the situation that justides this watered stock OF
che other in commanding prices utterly out of pro
portion TO the declining trade, reduced earning
nd Uau fniln HI