New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-01-13

business among the broker fraternity at 7, or god
has been indeed small and exceptional though the
turn of the market at the close favored the Dor
rover at fair terms. The more usual rate of the
week. where the collateral offered was Mixed or
what is in general use in the street, was a sixty
fourth and interest to thrty-second and interest
and from that to sixteenth in frequent cases. The
fact that the strngency is proracted long after
the first of the New-Year occasions considerable
prise in quarters when it had been anticipated
that the distribution of the January interest would
he Immediately followed by at least ordinary
BY some this prolonged tightness is attributed TO
artificial influences atwOrk, but the fact seems
to be overlooked that during the interim between
October 8, 1872 when the Treasury came to the
lief of the money market by marketing much
gold and buying so many bonds, and the present
time the Treasury policy has been one of decided
contraction OF the S6,20O,OO0 legal tenders
allowed to remain in the banks as special
deposits, all has been called in, the last
batch on the 4th inst. Besides, the Treasury has
sold lS,000000 gold within the period embraced. an
excess of $700000 over the amount of bonds bought
in the same time This has taken nearly S13OOOOOO In
legal tenders from the street. million week In
the last three months and yet among certain class
there is much apparent surprise elected at the
course of money. Let the Treasury cease its peri
odcal doctorng of our local market and leave it to
its natural resources without let hinderance, and
the patient may be regarded as in fair way of re-
covery, despite the nostrums heretofore admins
tered by Doctor Boutwell,, r.
Throughout the principal European cities money
is reported easy, and the outlook is certainly cheer
full The death of Louis Napoleon has had no effect
on financial matters in Europe generally, though 1t
is quite likely may simplify the position IN France
In London, the Bank of England rate of discount
was reduced from to Al per cent though outside
the rate of discount is reported at 2aG3k-consider
ably below the back minimum. Perhaps the natural
sequence would be a decline in gold here inasmuch
as United States bonds have been in such demand
from European investors. Instead, however, we
have to report an advance in gold from liz
to 1924, in direct consequence of the improved
demand for gold for shipment. The strength
of the foreign exchanges has contributed
very greatly to the advance, the produce exports
running so light having also more less influence
batch of borrowed sterling appeared on the mar
ket on Thursday which served to depress exchange
somewhat but Their ready absorption removed the
pressure and rates again reacted. The business IN
Government bonds has been very large and active,
large part Of the coupons being reinvested IN this
channel. State bonds were strong and higher IN
TenneSsees, and firm on Missomis, but speculation
was nerfercd with greatly by the action OF Loulsl-
anain defaultng her interest. Her subsequent pay
ment Of the same has not influenced speculation IN
the slightest degree.
The course of stock speculation was somewhat
erratic during the week and the tone of the market
mas changed with wonderful rapidity. There has
been more or less indie, endence displayed by the
various stocks. while in some instances a buoyant
feeling has prevailed; there was simultaneous
decline in other equally prominent shares There has
been shaking out of some of the small SPECTATORS
and the Moguls are again endeavorng to secure con-
troll of the market Until this control is accomplished
no material difference in the of prices IN the
immediate future shotb be anticipated. The most
prominent feature this week was New-York Central
which advanced 99s to lO4. for reasons announced
heretofore in these columns Union Pacific declined
81 per cent Erie 81. Pacific Mail 81, Ohio and
Mississippi 81 Lake Shore II, Wabash p,
North West Common q, Rock Island H. and
United States Express, 4. Western Union declined
to ISL and then advanced to SAT BOSTON, Hartford
and Erie advanced p per cent; C., c. and l. G.. per
cent Delaware, Lackawanna and WESTERN IL, ana
Harlem per cent. These stocks, however lost a
portion of the advance in the late dealings. The re-
mander of the list was quiet on fluctuations OF
to l per cent. To-day the same irregularity
in prices has characterized dealings and at the
close there was apparently no settled tone to the
market. The course of the general market to-day.
however, may be summed up as follows Firm at
the opening weak until about midday, strong and
higher from this time until nearly the close, when
prices were off again. The special features of the
market were n. Y. Central and Western Union.
The first named opened strong at l043, declined
to 1921 rallied to 1OS, reacted again to 1O3 rallied
once more to 1885, and finally receded to lO3 West
ern Union declined from s2s to 3D. advanced to a!,
and closed at decline of per cent from the latter
figure Erie declined from 81 to j9l and closed weak
There was considerable pressure TO sell st.
Paul Common stock, which fell under this
influence from SGT to 51b, but closed dull
at an advance of about per cent. Pacific declined
from III TO TO- but afterward rallied to the former
figure Hannibal aud st. Joseph rose from a. to 49,:
Ohio and Mississippi declined from 46 to 45 but re-
coyeredto 46s in the afternoon Among
shares there was decline in Michigan Central from
1867 to 14 Other miscellaneous shares, not already
mentioned and expressstocks were dull and steady.
The following the opening, highest, lowest and
closing prices of stocks: a.
open'g Highest Lowest. Closing
n Y Central Hu5soB......... tOit VA IVA ~