The New York herald., 1873-09-01
TEE POWER OF ONE MAN.
Condition of the Stock Market
Vacillating Prices.
THE BANK STATEMENT.
Increased Activity in
Trade.
WALL STREET, |
SUNDAY. August 81, 1873. !
THE MONEY MARKET.

THE MONEY MARKET.
But for the fact that mercantile borrowers have
60 considerable extent anticipated and prepared
for the autumn condition. the stringency already
f0reshadOwed would doubtless prove more difficult
to contend with than it Is in fact likely to be.
True, some great event may prick the commercial
bubble Of the hour suddenly, and create convu-
sion; but while the Secretary of the Treasury
plays the role Of banker for the entire United
States 1t Is difficult to conceive OF any condition OF
circumstance which he cannot control. Power has
been centralized In him to an extent not enjoyed
by the Governor Of the Bank OF England. He can
issue the paper representatives OF, gold to the
amount OF score or Of millions and count 1t
so much OF the yellow metal itself. He can put forth
1000, 900 OF greenbacks and win distinction in
the West at the same time that he seemingly averts
one phase OF impending trouble, and altogether
exercise for good or evil greater influence than
ds possessed by all the banking institutions OF New
York. With such safeguard not much OF financial
disturbance need be apprehended for the moment,
although it does not require the ken OF q seer to
foretell the ultimate result of such official inter-
ference with the laws OF trade upon the
future OF the country and its relationships
abroad. 1t Is one thing to possess giants
strength; 1t is another thing TO exercise
1t with discretion. healthy sign for
the present is the absence of the large drain which
usually lakes place at tnlS season OI Lne year, u
aid in the removal of the crops. Our banks now
mold less Of country balances than they did at the
same time last year, by something over $16 900;
hence diminution in orders for the currency con-
centrated at this point. Borrowers have largely
avaied themselves OF the opportunity to secure
time loans which have been freely negotiated at
per cent for 80 days. per cent gold for 20 days.
and 10 per cent for the balance Of the year. In dis
counts prime notes are quoted at per cent,
according to date of maturity. Loans on call have
ranged from to per cent, with the average OF
business at and per cent. Foreign exchanges
have been generally dull and weak, reacting a
tribe, however towards the close.
THE FOREIGN SITUATION
gives no token of immediate change. The rate OF
discount of the Bank OF England having been
duced to three per cent monetary ease prevails on
tho other side and American securities OF all kinds
were In good demand The proposition is being
warmly discussed as to the ability OF France to
resume specie payments. Alter the wonderful
financial strength that has been exhibited by that
government nothing would seem impossible to it,
and the only question remaining concerns the In
nuence likely to be exerted upon other markets
than those OF France.
INCREASED ACTIVITY IN TRADE
Is shown by the imports Of the week, which
amounted to $s, 465, 1884. The amount of dry goods
marketed was in OF the entries at this port.
The present mode Of reporting the exports and
imports OF the country is entirely unsatisfactory,
however, because the figures AFFORD no clew to the
actual condition OF the commerce Of the whole
country. As intfmated in q former paper CON-
pete reports from all the custom houses on the
board can be had at least as often as once week,
and II given to the public in the same manner as
our Treasury balances would afford immense facil
ties to the entire business community in making
fhar ms afes aa IN no st Of RAJ
THE BANK STATEMENT
indicates considerable depletion OF the reserve,
the excess over the legal minimum having been
reduced during the hast week by upwards of
Sl0OO,0Oo. There has been a decrease IN specie
OF 900 and in legal tenders OF $685. OO making
q total OF $2,S5210O. Last week the amount hell
above the legal reserve was s6,95O,175 The fol-
lowing Is q comparison Of the averages OF the past
August %. august 80. Differences.
Loans $3.50 931 800 $2ss 600 Dec O4s 800
Specie ....... rs 144200 23,095200 Dec. 2,049,0C0
Circulation =. 27,2l4,400 27,2Sl,9O0 Inc. $500
Deposits 227 SOL 300 220, $780, 300 Dec. 900
Legal tenders 45,532,400 A. 729, 300 Dec. S03 100
The following shows the relation between the
total reserve and the total liabties:-
august %. August 80. Differences.
Specie. $a5, ,144, 200 1928 095, 200 Dec. 81 049 900
Legal tenders 1852, 400 447o9, 300 Dec. $685. 100
Tot reserve $7O,6766O0 $67S24, 500 Dec. s52 100
Circulation. 27,.14,400 272Sl,900 Inc. $500
Deposits 227 691, 800 300 $3.50, 800 Dec. 73000
Tot liabilities 4 905 700 S247 200 Dec. 500