The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-06
Saturdays Bank Statement and
It's Suggestions,
WALL STREET,

AnVuAHCcS iVi, WhAAo vu0 0oAv ouAu8CuVy
in money was fatal to activity in bus-
ness the later relaxation was too sudden
to invite general faith In its permanency. UP to
Thursday the rate on call among the stockholders
was the extravagant so-called commission" OF u
u per cent the first business day Of the new
year being as bad in this respect most OF Its i'm
mediate predecessors OF the old. But by Friday
noon
THE JANUARY DISBURSEMENTS
began to make themselves felt, for the reason,
doubtless, that the very strngency in money had
caused people to hasten to draw their dividends
and interest and redeposlt or reinvest them. The
rate on call declined to plain per cent by three
O'Clock the same afternoon. On the next day
there was spasmodc but brieflived recurrence
of stringency. and as nigh as l-16 was paid for
the use OF money until Monday, but the rate again
gave way 81 the day advanced and had fallen to
FOUR PER CENT PER ANNUM
before the close OF banking hours Had not the
bank statement been as favorable as 1t proved and
had not the loans of the banks been literally in
creased as reported in their statement, the relaxa
ton In money would have been regarded, and
might be reasonably looked upon, as spasmodc and
evanescent. Last year the money market was fully
two weeks In getting as easy as 1t did In the
past two days. 1t Is highly improbable, Of course,
that we shall experience four per cent money
market in the immediate future. such contin-
gency is too much to expect before the midsum-
mer stagnation of business and trade. But with
the Willingness Of the banks to enlarge their loans
there Is evidently belief among their officials that
we have passed the
CLIMAX OF THE sTRINGENCY
in money until the Spring needs OF trade indus
try and agriculture shall make q new demand upon
our local supply. Abroad we lind coincdent re-
Taxation. In London money Is down to 3H IA
per cent on the street, against per cent at bank,
q discrepancy which will probably be adjusted by
the Bank of England directors at their next meet
ing. Our latest mail advces quote money per cent
in Hamburg, ~ per cent in Amsterdam, Az per
cent in Berlin and Frankfort, and per cent In
Brussels and Paris-all OF which rates were ante
cedent to the decline In London from to ga per
cent. The German imperial treasury was to re-
lease about $sOOOO,OOo of gold coin on the LIST OF
January in
REDEMPTION OF THE LOAN
contracted In prosecution OF the war against
France, and, while it was feared at one time that
this money would remain in Germany as substi-
tute for the demonetized silver currency OF that
country, 1t is quite evident from the sudden reaxa-
ton in London within few days past, that good
portion OF the money has already started for Eng
land, If it has not arrived there. In the discount
market we find as yet no reflection OF the easier
terms for money call, but the delay is only
matter OF few weeks, If not of few days. The
foreign exchanges have been easier under the
greater willingness OF the bankers to draw on
Europe, and sterling left of at decline to 1lo14
11O3s for prime sight bills. In
THE STOCK MARKET
armer tone has prevailed, and prices made
steady neadway against the tightness OF the money
market the rise ranging from to 8 per cent with,
NJ thn n reaction Y a
/ per cent In the shares more conspicuous in the
advance. New York Central has been as high as
1909 on quiet demand from parties
who profess to be in the secret that the
veteran Commodore, having been defeated in his
plan of raising money in Europe Tor the quad
rupling OF the track, has decided to issue aboSt
sixty millions OF new stock TO present stockholders
for an equivalent of only fifty per cent of It's par
value. Erie has followed the course OF the London
quotation more or less closely in
PUNCTUATION FOR THE WEEK
OF 81 per cent In the buoyancy attending the
early stages Of the relaxation in money and before
the arrival OF Saturday afternoon induced the usual
sales to realize, Union Pacific and c., @. and l. c..
were prominent for their activity, the latter being
q recent 1avorite with the Stockwell party
whose leader, like Vanderbilt, 1t is 80
said, abandoned steamship enterprises for
in Boston, Hartford AMI Erie, which went of to
~ on rumor that the bondholders intend fore
closing their mortgages--a story Offset by another
that the "break" is part OF programme Tor q
"bull' movement In the stock. At the government
board there was lower range Of quotations at the
close, sympathetically with the downward turn In
gold, which went Off from 1924 to 1l1ss.
DIVIDENDS COUPONS, &C.
The following additional announcements are
made In our advertising columns
The Mutual Benefit Savings Bank, Of 166 Nassau
street. has declared dividend at the rate OF per
cent per annum, payable January II.
The Union Dime Savings Bank, Of 300 Canal
street. has declared dividend at the rate OF per
cent per annum, payable January 20. According
to the semi. annual report just published the bank
has assets amounting to S10,977,oft OF which
| $72O, 1869 is surplus.
| According to the twenty-tbird annual report oil
the United states Life Insurance Company the
| assets OF the company are s39io,9s9. The number
| of policies issued In 1872 3,S04 an increase oil
sixty-eight per cent over 1871.
LATEST PRICES OF GOVERNMENTS.
The following were the closing quotations
for the government list United States cur
rency skies, 1923 Hay; do. do, 1881
registered, 114S 1137S; do. do. do, cou
non. ll476 a 115E; do. 1ve.twenties, registered
May and November, 1124 bid; do. do, 1862, coupon
do, 112N bid do do, 1864, do do, 1857 bid; do
do 1885, do. do, 1884 bid; do. do, 1867, registered
January and July, 1917 1884; do do, 1865
coupon, do ll2H 113; do. do, 1867 do. do
1882 a ia; do. do, 1868, do. do, 1884 lls7s
do ten-fortics, registered 10 lio%; do. do
coupon, ITO l1O6; do. hves OF 1881, registered
ulh a 1l2; do. DO do, coupon, ll116 a liz.
SOUTHERN SECURITIES.
The weeks dealings in the southern State bono