The New York herald., 1873-12-09
Mere Runners Of Initiation and the
Market Playing Accordingly.
sTocKs BUoYANT.
A Remarkable Speculation on the
Heels Of a Panic.
GOLD STE ADY.
Government and Railroad
Bonds Firm.
WALL STREET,

WALL STREET, I
MONDAY Dec. So +. NJ.
Wall street to-day endured very considerable ex-
Notwithstanding ike spasm-prices jump
Ing upward and marking point which has not
been attained since the panic. And IL IS evident
that the top has not been reached; that certain
cuues are bent on driving their team until il loses
breath and ..preaks.. Even waste paper sells.
One hundred per cent advance has taken place in
q stock that heretofore has scarcely commanded
thought We need look no further for an illustra-
tion OF the existing mania. The present move
ment indeed, shows nothing buta species of flnan-
cial insanity which antagonzes argument, fact,
experience-everything, and will doubtless
work ont its own results. Fortunately
the area OF speculation is circumscribed-
bounded by the precincts OF 'Change. We
note among the reports OF the day that large
Chicago firm has failed involving loss OF 81, ,25o0oo
Of which $780, 900 is said TO be due to one OF the
principal dry goods houses OF New York. We have
suffered so many misfortunes, however, that so
small sum is lost sight OF in the general melee.
''lnnation' seems 10 be the wachword OF the hour,
and although an act OF Congress may never pass
which authorizes this condition the ..street, is
Just as much exercised by report as by a fact. A
Ne answers quite well as the truth, and fortunes
Will be made and lost accordingly.
AN AGREEABLE EPISODE
warm and hearty outpouring OF congratulation
with which one OF the old magnates was welcomed
70 his office after the announcement that Judge
Biatchford had signed an order terminating all pro-
ceedings in bankruptcy that had been commenced
against his firm. There has been much Of buchu-
Ism and charatanism exhibited by more preten-
nous houses that the prompt settlement of ac-
counts amounting TO more than thirteen millions
Of dollars, without recourse TO law and ON the
basis OF those equitable principles which rule
among honest business men, naturally called for an
exhibition OF respect which was at once honorable
10 those who rendered and to him who received 1t.
THE MONEY MARKET
No changes have occurred in the rates Of the
money market that call Tor special mention. They
remain steady at 7 per cent currency and gold,
with exceptional transactions at a commission and
more than usual discrimination as to the charac-
ter OF the borrower and his securities. The en-
hanced activity OF the stock market has created
more urgent demand than heretofore. and some of
the banks are said 10 be reentering the labyrinth
from which they were released by the issue OF loan
certificates, hoping TO recover their former
strength. Foreign exchange closed steady at 10sA
1857 for prime bankers GO days. sterling and
1921 Io97s for demand.
GOVERNMENT BONDS
we're firm and in demand. The closing quota
tered. ia 1141s; do. do, coupon, l1794 1lsl.
do. fve-twenties, 1862, coupon. ILL., do. do,
1864, coupon, lls a llS95; DO do, 1865, coupon,
i131z l1sA; do do, 1856, coupon, new, l1sx
ll61 do. do, coupon. 1867 1l7,s ll7l.; do. do,
r0up0n 1865, ll67s III do ten-forties, registered
i09h; do do, coupon, ITO; do. do, 1881, coupon,
u0~; do. SIX per cent bonds, Pacific Railroad,
Hos l10l4,
81 THE GOLD MARKET
was uninteresting, although strong especially
towards the close, when sales advanced from 1o9l<
to 1os1s, with wind up at los'l. The rates paid
for carrying to-day were :, 6, and 1-32 per cent.
GOLD EXCHANGE BANK TO-DAY.
Gold balances. OBSERVATION-DISCLOSURES. $l,213,l20
Currency balances .................... l,332, il5
Gross cearances. 30, Ilo,OO0
CLEARING HOUSE STATEMENT
Currency exchanges. SIC, 339. 622
Currency balances. 3Z23,s26
Gold exchanges. s....................-.. l0OZs 463
GOid Daiances ......................... l,llI,lo3
the steamship Pomerania took $4,000 specie
from Southampton Saturday for New York.
THE FOREIGN MARKET
Foreign advices present no points Of interest.
The rate OF discount in open market ior three
months bills was AZ, or Y per cent below the Bank
rate. Rentes at Paris were steady at $751; 75c Late
London prices are as ws:-consols Tor money,
%; consols for account, 92 3-l6 924 fve-twenty
bonds OF 1865 (od), 931a 93ss hve-twenty bonds
Of 1867, 9S a ess ten-forty bonds, elx 9lI new
ives, 90; Erie Railway shares, 3sss 3ss4; New
York Central shares, Tx 77h. In Amsterdam
the following are the days quotations Central
Pacific first mortgage bonds, S1k Union Pacific
nrst mortgage bonds, IL; Union Pacific stock, 25a<;
northwestern preferred, 81; ST. Pau preferred So
Erie, AK.
THE UNITED STATES TREASURY.
The following were the balances in the United
States Treasury at Washington -
Currency. ACKNOWLEDGEMENTS. $3.50, 600
ssooo @ ooo
Legal tenders outstanding. ............ 369 100000
Decrease since Saturday.. 1900
Internal revenue receipts. ............... 10000
The receipts from customs were ssos, 900. 1t will
be observed from the above Official report that the
decrease since Saturday in legal tenders is $17 0Oo
Yet 1t was reported on the street that the entire
$A,ooO,ooo Of reserve had been exhausted, that
there was an increase OF issue amounting to
s2,000,oo0, that Secretary Robcson wanted
g. 600 000-in Short that innaton must necessarily
take place in order to preserve the credit OF the
government. Wall street speculated accordingly
The Assistant Treasurer paid out to-day $4,000 on
account OF interest and $4,000 in redemption OF
$40 bonds.
RAILROAD BONDS.
Railroad bonds were firm. Central Paciacs sold
n e3; Union Pacific nrsts at 81; Union Pacific in.
comes at So 66x, and Canada Southern first at
e4s e5 The late bids were:-
New York Cen 6's r. e. So Chic 6NW lstm...... @
New York EN- b's. sub SO Han dSt 10 Ss COW !. III.
New York Cen rs 10. 02 Del, Lack w LIST IN !. lOi
n Cen rs con- 76. ...l02 Del, 4 WIS con..... IS
Erie Isl M ex ..........00 Tol AWsb lst ex... VI
Erie "a rs - g6L To Wab lst IN. ST Id s2x
Erie Sd m rs. 'Es..... y5 1ol Wab I'd So
Erie 9Th IN rs, cl.... 95 Tol Wab equip bds.. ~
Erie 9TH IN 7's 3d.. 20 To Wab cons CON-. ~
Long Dock bonds..... " CT West lst m 49,. W1
hud X rs I'd IN, 'SS. I03 CT West ID IN 93...... rs
Harlem con s fGs. g3 Quincy Tol lst, y0.... 81
Alb susa LIST bds..... s9lz Galcna Chic I'd 95
AID Susq I'd bds. 91S Morris Essex LIST .102
Shi Bur Qep c, lsti09,z Morris Essex ID y6z
1ich 90 9, "a - N Cen st m new lU2h
nlcn 30 fTs... y9L Pitts, 1T w Chic LIST. IO3
oiev noi si... ;......lW Pitts WA Cnic "a m 81