New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-02-10

bindrances TO street transportation checking Dusi-
ness Breadstnffs have shown downward tendency
ON An inactive and unsettled market, while inc re-
verse NAV be said Of groceries, the market showing
a better feeling in the jobbing direction. ocean
freights have ruled dull but OWING TO the scarcity oi
room rates were high. Cotton has been very duli
and lower though at the close more steaolheSe
war developed tho market winding up onthe oaS's VI
% cents for Low Middlng The receipts for the week
amounted to 1876 521 bales against 1885 last week
12, loa the nreyious week. and 1925 for the week
endino January H. The total receipts since Sep
te,uber + 1872 amount TO 2379S26 bales, against
oOo3Q same time the previous year, an increase OF
876 7S bales in favor Of the present cotton year.
The exports for the week SO,565 bales and since
September /. 1874 264 against 1O75O2 last year, an
increase of 259237 bales The exports for the week
are 26S75 bales higher than the corresponding tne
last year The total stocks on hand amount 10
546995 bales against 57j,407 same time last year.
decrease of 2S4l2 bales The total stocks In the
terror towns are s. 036 bales against $500 same no
last year falling off of 3,0l5 bales The total guam
tty of cotton in sight foots mp 2S3S46 bales against
229932s same time in 1872 an increase this year over
last Of 4jlS bales.
The leading event in financial circles during the
week and affordng a theme of conversation among
bankers and the street generally, has been the at
amounting to SSOOOOOOOO. by the Syndicate to whom
the Treasury intrusted the undertaking. Tho sub
scrption books to the loan opened on Tuesday and
closed last night. We are consequently without the
full details of the affair." which must be awaited
with patience. Enough is known, however, to de-
mOnstrate the fact that at least hundred millions
have been disposed Of 80 far the con-
cerned and that is the part in which the public are
chiefly interested The Secretary will call IN ON the
1st proxmo the above amount OF 5-2Os OF 1867 the
interest to the LIST of June in order to con-
form TO the date of the payment of subscriptions IN
Europe. OF this amount of bonds to be called
S10OOOOOO are registered issues held here. The rest
are coupons the greater portion of which are held IN
Germany. 1t is quite likely these will be
paid for in gold, and the general sentl-
ment favors the expectation that II VIII
find its way back again TO this country IN the shape
of railway securities which are in good favor abroad
as bearing higher rate of interest. The effect of
this OH the future course of gold and the foreign ex
changes we need not now discuss. We judge that
the subscriptions TO the loan did not amount to
sSOO.OOO,OO0, though we get nothing positive about
IT, The representatives of the Syndicate do not feel
at liberty to make public the amouutO the subscTip
tions II is cause for cOngatulatiOn that there is
a certainty that over q hundred millions were sub
scribed for which is long stride gained IN funding
operations At all events, the Syndicate have until
December to market the remaining part unsod, ana
from the we-known prominence OF the houses COM
posngit there can be little doubt of their ability to do
So 1t is to be regretted that the movement to fund
norton of the United States debt into lower rate
of interest should have met from the very outset OF
the new arrangements with such decided opposition
from bankers heretofore found on the other side
and whatever cause may exist for Their disa1ection
it would apparently seem that the object to be
attained should have been sufficient reason for
restraining their opposition. In whatever light the
Syndicate may be viewed its essential object was to
reduce the yearly interest the national debt aud
the policy that should throw hindrances in the way
of attaining it, cannot be defended. These elements
of discord entered into the gold speculation, and by
various devices such as manipulating the London
market for securities and depressing the prices OF
United States bonds the marx ct for gold has been
kept strong and advancing. the range Of the price
being 1921 and ll4. the higher extreme
being made to-day. The short interest has been
largely increased since the Syndicate was formed,
and this has given the market national support
while at the same time much assistance has been de-
rived from the expectation that Congress leg
isaton, whatever there may be OF It, VIII favor ex-
pansiOn rather than a return to a specie-paylng
basis EXCEPT so far as the maneuvering of the Lon
foreign affairs has not been favorable to higher
rnlpe of 1.-The condition on the Continent being
quiet The Bank of England rate of dis
count continues at 81 por cent, the bull
lion in the bank gaining GS190OO The
Bank of France lost 2jO,O0G francs Foreign Tx
change has been unusually quiet all the way
through. The course of money has been marked by
rather unusual activity all the week, and was con-
siderably more clsse than last week. The stock
houses for the most part have paid per cent IN com
to get their stocks turned and except IN rare III
stances when balances that remained over after the
DAVIS demand had been satisfied, but at low and
nominal rates, nothing done below the legal
rate in carrying or pledge of ordinary collateral As
much as q sixteenth and interest was paid IN eXcep-
tionaI cases, while a commission Of n thirty
second added to per cent interest was
frequent The leading bond dealers were accommo-
dated at Ga7. In view of the very large volume of
business done in stocks during the last six days,
amounting TO fully 100000 shares of which 1880
were in Western Union, and 215.4j5 in Erie, the
violence of the changes and the wider distribution
of holdings this stringency Is not perhaps remark
able Government bonds have been moderately
active and, ON the whole prices have been well sus-
tanned. The expected call of the Treasury is likely
TO give prices stronger tone soon, and viii be apt
TO stimulate All advance in those bonds whose option
is most remote. In Southern State bonds Tennes-
sees have been active and advanced TO a. but later
lost about n points. Missours in demand at
94.. City bank stocks have been firm on small Of
ferings, large business being done in railroad
bonds The probability that a satisfactory settle
ment of the issues in controversy with the Govern
ment viii be arrived at, has given to the Pacific
Railroad bonds, and notably the Central and West
ern strong upward tendency, and during the week
the irst-named reached l04t and Westerns 93l. The
inquiry from European capitalists during the
week has also been spirited. The Union
Pacifcs have been heavily dealt in here both at