The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-02-22
FINANCIAL md COMMERCIAL.
Remarkable Relaxation in the
Money Market.
The Rate on Call Declines to
Three Per Gent.
ANOTHER bad" BANK STATEMENT.
The Reserve Nearly Two Millions Below the
~ Required Legal Limit.
~ g-orsM ,------ s4 ,<O
The Deficiency Confined to
the State Banks.
CONTINUED HEAVY IMPORTS
Gold Steady and the Specu-
1ation Quiet.
Advance In Wabash, Erie and Union Pa
ciilc, and Decline in Lake Shore
$3.50 and Pacific Mail.
Completion of the Canada Southern Railroad
Earnings Of the Erie Railway-A Further
Advance in Tennsssees and Re-
~ sovery in South carolinas
Gold Steady and the Specu-
1ation Quiet.
Advance In Wabash, Erie and Union Pa
ciflc, and Decline in Lake Shore
,Gia and Pacific Mail.
Completion Of the Canada Southern Railroad
Earnings Of the Erie Railway-A Further
Advance in Tennessees and Re-
eovery in South Carolinas.
WALL STREET,


e4bgq n FRIDAY, Feb 21-oP. MI
On 'Change to-day cotton was dull for lots on the
spot, but in moderate demand for future at slightly
better prices. Flour and wheat remained dull and
nearly nominal while corn was quiet and easy.
v3vga THE DRY GOODS IMPORTS
The total imports Of foreign dry goods at the port
of New York for the week ending February 20, 1879.
were Of the specie value Of S. 2s1 1885, The amount
marketed during the same period was s. 7Ss. e2e.
THE FOREIGN MARKET. f
The London money market continues extremely
easy, and further advices to-day state that the
open street rate is about u per cent In loans upon
pledge of government securities. Our bonds re-
fleet the fact in an advance Of Il o per cent, the
'67's and the ten-fortfes having each improved 4
per cent, while consols were reported firm and
steady. Erie shares were strong at an advance Of
about one per cent to 52K 52K. The new French
loan was quoted at . premium OF a o. per cent,
and rentes In Paris were buoyant at $685.. The
Bank OF France shows nominal decrease of So ooof.
IN the bullion account Tor the past week.
MONEY BAsIER
The money market was easier, as usual on the
eve Of q holiday, particularly as IN this case bor-
rowers were sorctous to place their funds for the
three days to Monday next The first loans were
Ut per cent per annum and q commission OF LILO
until Msnday--the rate being equivalent to about
offerings became more abundant, and by three
pollock loans had been maze at as low as sper cent,
the rate at quarter to three O'Clock having be-
come purely nominal Commercial paper was neg
iected. and rates were nominal, the quotations
ranging from to IL per cent discount for prime
names. Foreign exchange was steadier under the
usual current demand for Saturdays mail, on the
basis OF 1881 for prime bankers slxtyday sterling
and 1929 for sight bills although the nominal rates
were 100 and 1926 respectively.
THE BANK STATEMENT. fqu
The bank statement Is again very unfavorable,
and the line Of reserve has fallen about half mil
lion dollars more below the legal limit; but as the
deficit is largely confined to the State banks which
are not required to comply with the national bank
regulations, the matter seems incapable OF remedy
by the Comptroller OF the Currency, however much
1t may reflect upon the management and standing
or the banks In the estimation Of the public An
EFFORT has been made to bring the statement back
t0-a nominal aspect by sharp Contrac-
ton in loans, which have been reduced nearly
i've millions, but Intellectually, doubtless because Of
THE LOCKING UP
OF greenbacks by the ciques Of the Stock Ex-
change. The falling of in deposits Is nearly nine
millions. A decrease of nearly million and half
In specie was anticipated from the nature Of the
Treasury receipts and disbursements Of coin
during the week. II is fair to infer, however that
the statement is made rising averages, particu-
larly as the now OF money to the West has greatly
moderated, and that the banks are really stronger
than they appear in the statement which contrasts
with its predecessors Of last week as follows:-