New-York tribune., 1873-12-15
fluotuated fractionally and close firm on moderate
business. largely for future delivery The total

fiuctuated fracti0nay and close firm on moderate
business largely for future delivery. The total
receipts Tor the week were 2910 bales, against
17oOSi last week, 123,S79 the previous week. and
l333S0 bales three weeks since, the total receipts
since Sept. being 1,323. .lS9 bales against 14Ol,2 ,22
bales for the corresponding period of last year. The
exports for the week were n, ,l55 bales, against
62,7S bales in 1872. The stock on hand
consists of 525,46l bales against 474,625 same time
in 1872. U. s. bonds have been in active demand,
and show flatterlng advance prices, while State
bonds have been without movement Railway
mortgages are growing in favor as investments.
especially those securities which are of unquestion
able soundness, and there appears to be some dispo
stion TO speculate in some of the bonds now under
q cloud" The general share speculation continues
to tend upward, and while the market, naturally
enough, occasionally meets with a setback
resulting from sales to realize profits the quite gen.
era belief of the street is that the constitutional
bears as vet lack the courage to sell short and that
prices are destined to go considerably higher. The
bulls base their confidence in the future of prices
upon the now admitted fact that the currency is to
be inflated at least to the extent of the forty-fonr
million reserve; that with only Sl7U0,WO
or S1sOOO.OOO of that reserve already
set loose, money is comparatively easy, call
loans on good collateras ranging from to per
cent while frst-class mercantile paper Is In good
request at more reasonable rates of discount, the
very choicest bills having sold to-day as low as per
cent that the banks are now strong and are grow
ing stronger every day. which enables them not only
to accommodate their mercantile customers but to
afford facilities to the stock brokers' and that con-
siderable portion Of the enormous sums to be pald
out in the form of interest and dividends
by the Government and corporate Institutions
during tho month of January Will seek
investments in Wal-st. securities at their present
comparatively low prices. The advance IN Govern
ment bonds for the week has been from to p per
cent. With the exception of Pacific Mail. which de-
clined per cent during the week. aud Ere, which
went OIL g. there has been an advance in stocks,
ranging from to 81 per cent, viz: Panama Rail
road. 81; Northwest and st. Paul Common, each 3.
per cent; Rock Island. 81 Union Pacific. 81; n. }.
Central, 81; St. Paul Preferred, q; Lake Shore p;
n. Y. Central and Hudson, %; Toledo and Wabash,
q; Harlem II; Ohio and Mississippi, IL; Delaware,
Lackawanna and Western, Il, and Hannibal and St.
Joseph. per cent.
To-day there was everything in the state of the
natural atmosphere to prevent active business at
the Exchange and yet the market was an active
and remarkably strong yielding occasionally to
the desire to realize profits, strengthening again
when it was found that the offerings, though many,
were not excessively large in their aggregate
amount, recovering to the highest point as the
improved condition of the banks became known,
and finally at the close showing decided gain on
almost the entire list as compared with the first
prices of the morning. An examination of the table
of opening and closing prices shows gain OF Il in
Western Union, /! in Northwestern. l IN
Harlem each in Central and st. Paul,
each in Lake Shore and Pacific Nall.
in Union Pacific and c.. G. and |. c. Erie alone
of all the usual speculative fayorites was down,
having dropped fully half per cent. while secur-
ity known AS Atlantic and Pacific Preferred was so
far deferred as to fall off ono point in spite of the
most praiseworthy efforts to gayaniZe it into life.
Additional strength was given to the market In the
afternoon by the announcement that the Treasury
had issued S22l,000 of tho letIred
greenbacks, putting up the total to S3'3,22l,OoO'
an encroachment of Sl7,OOO,OOO and upward on the
so-called reserve. Following this comes dispatch
which stated that Secretary Richardson had de-
clared it to be necessary to put afioat the entire
900 legal tenders even should Congress adopt
his recommendations IN regard TO taxation. This,
however, did not for the time, stimulate any i'm
proved buying movement, although, with the span
ish question well ont of the way pronounced
policy in favor OF at least n mild imitation, ana
bullish sentiment already well developed, 1t ~ idle
to foreshadOw what the coming week viii bring
with it, The general market left Oft strong, and at
the best figures of the day. The opening highest,
olosiu nrcps of stocks follows :