The New York herald., 1873-09-08
Good Business Opportunities Ahead and Fresh
Capital Wanted in Wall Street.
THE RATES FOR MONEY
Highest, Lowest and Closing
Prices of the Week.
THE BANK STATEMENT.
WALL STREET,

Sunday, Sept. I, 1873.
The important problem which the men of Wall
street are just now endeavoring to solve is as to
the course Of the stock market during the coming
weeks. All along it has been predicted that de-
cline in gold and suspension of speculation in
that commodity would relieve stocks from the
dead weight which seemed to keep them down and
induce
LARGER AND HEALTHIER BUSINESS,
unhampered by the fear that mine would be sud-
denly sprung and ruin result 1t was charged
against the clique, called, that they respon-
sble for the artificial value of money and for lock-
ing up currency; and 1t was charged against the
banks that by making loans upon gold they
had become infamous cOpartners in scheme
60 inaugurate another Black Friday Gold has de-
cnned without sign Of present elasticity. The
power OF the "pool' is to all appearances broken,
and the tears OF any rise that result in "cor-
ner'' have been completely dispelled. In other
words, part OF the conditions favorable for an
Improvement in the stock market now exist, and
yet prices have steadily gone down and bid fair
TO yield still Iurther before they begin to mend.
MONEY HAS HARDENED
TO per cent IN currency and gold, and the lender
finds both abundant use and profit at these
rates. The financial wiseacres therefore, in cast.
ing about for reasons on which base their prog
nostications, fell somewhat short OF the true reck
oning in holding gold purely responsible for any
condition of AFFAIRS that has recently existed. and
the speculation turns out to have been
AN INNOCENT BUG BEAR
from the beginning Much as o bear campaign
may be deplored by those in the opposite interest
especially when directed against the dividend pay
tnR stocks, 1t Is, nevertheless fairly assumabe
that lower prices would be Of immense advantage
to all who do business on our great Exchange.
More active capital is needed there and high
figures are not calculated to invite it. But, on the
contrary, when the telegraph flashes the news tar
and wide to the moneyed men of the country that
the decline has about reached the end of it's tether
and that the market Is likely to improve speedily
and strongly, there is not broker in Wall street
whose office will not feel the impetus of
FRESH BUSINESS,
and whose heart will not be gaddened by outside
orders to speculate This time is surely coming
1t is not far distant. And when the tide turns,
shall have nveier and healthier market than has
existed for many months In other places than the
Stock Exchange business is also looking mp. There
Is activity In the dry goods trade. Jobbers have
their hands iull in supplying orders, even earlier
than usual, and our hotels are filed with mer.
chants from every section OF the Union gathered
here to make their fall purchases. Reports from
THE WEST
are to the effect that there has been so large
an amount OF currency distributed through that
section for the same period, for the purpose Of
moving crops as during the last two or three
weeks. Much of this money has been drawn from
New York banks. Hence the existing stringency
here. The movement OF the wheat crop has
never been more prompt and simultaneous from
all parts Of the country and it is pre- dicted that
the September receipts OF grain will be larger than
1or many past years. So far as the West is
cerned, therefore, much more favorable condi-
Of onul 1pOf Yicf md 10 oytn
self in the great activity that attends finance and
trade, in the clearing OFF OF Indebtedness and the
free circulation OF capital.
THE BANK STATEMENT.
This weekly exhibit has been looked for with
much eagerness, inasmuch as it was regarded as
rejecting condition Of the market which at this
season OF the year Is observed with peculiar in
terest. According to the figures the banks
hold only s414,S50 above their legal reserve. Last
week they held nearly six millions. In the total
there has been a loss of $6o49, 400 of legal
tenders and 81, $685. 200 of gold, making sum total
OF &7,3776O The liabilities. represented by circula
ton and deposits, show a reduction OF only
$72440oo. 1t is significant fact that the national
banks have $1,404 $50 OF lawful money above a IS
per cent reserve while the state banks $3.50
below such reserve. The principal loss being in
legal tenders, the question yet remains to be
swered, whittier have they gone They have not
all '.gone West" The following is comparison of
the bank figures OF the past two weeks
august 80. Sept. 9. Differences.
Loans $685. ss3 900 $2Ss, ,374 200 Dec. $5oS 500
ssss sSsisss sS Rss ns SS
Deposits. goo, 800 300 2l2 772 700 Dec 7,6l 1000
Legal tenders A, 10000 3s,67990o Dec. 6,049.4o0
The following shows the relation between the
total reserve and the total labilities:-
Au1,Lst 80. Sept. 0. Differences.
Spece... $23 095 200 $2l, 900 Dec 81, ,32s 200
q
Tot reserve so7S24 500 $6o,4469 200 Dec $T3T7, 600
CTculatlon.. 27,2Sl,900 27,355, 500 Inc $4,000
Deposits 22O,39O 300 212 772 700 Dec 1911 800
lot 200 $2io 200 Dec. ST. 244,0O0
- p. c. resve 6l,9ls,o5o 60,032,050