The New York herald., 1873-12-28
Movements Among the StOcks--HOpeS
of January Rise.
A GOOD BANK STATEMENT.
The, MODty Market StCady---Gold Firm, but
kOt Requiring Comment.
GOVERNMENT BALANCES.
United States Bonds and Railroad
Securities Firm.
WALL STREET,
SATURDAY, Dec. 27-6 p. ".

SATURDAY, Dec. TT L. N.
The stock market to-day was the principal field
Of interest in and around wall street. the movement
initiated yesterday being continued and the
prices of certain stocks showing considerable
advance This was notably the case with Panama,
which opened AZ l05 and went TO los, but closed at
Jog. Delaware LacKawanna and Western re-
NAMED comparatively quiet. Pacific Mail showed
a slight advance opening at 391a, but 1T subse-
guently receded and closed at 3s9s. Northwest COM
mon moved IRON 55 to 55ss before noon, and after
wards sold at 551s. Union Pacific was steady and
hrm at 3ola 3oh 3o3s. ST. Paul closed at Al; the
preferred stock at 65. Hannibal and st. Joseph in
its late prices called for 27 c., c. and c., 81; Wa
bash 4996 /; New York Central and Hudson e74 an
advance from 96ls. Lake Shore sold from 751s TO
76. Ohio and Mississippi commenced at 3o1S ana
closed at 800.
THE VOLUME OF BUSINESS
to-day was comparatively small, the sales amount
ing 10 only about 100000 shares. The feeling un-
questionably obtains, and has secured firm foot
hold, that soon after the reopenng Of Congress
there VIII be a general improvement in prices
along the entire list OF securities The advance in
the cheaper lines OF shares is even now suggest
i've OF the coming strength. Yet is difficult to
on what these hopes are based. As regards cur
rency there will undoubtedly be in circulation by
the middle OF March fully s4oo, 1000 OF legal ten
given much OF present impetus to speculation.
But will Congress dare to do more2 1t is not so
much additional currency that is required as addi-
tonal banking facilities modified by regulations
which will allow the natural laws that wait upon
the wants OF trade to fulfil their mission without
being hampered by existing limitations. To in
crease irredeemable paper Is to make the people
poorer to invite expansion OF credits and a fnaI
crash. We may bridge
THE CHAsM
and 60 on swlmmingly for another season, but at
the last prosperity itself Will exhibit topheaviness
and the edifcewil tumbllng in ruins about our
ears. These measures OF eXpediency will undoubt-
edly have their temporary weight but 1t will always
stand as great and indisputable truth that the
creation OF money out OF cheap aterials nvari-
ably produces career oil debasement to which
there Is no pause while there Is value left to be
destroyed. As intimated above, much OF the re-
cent rise in stocks is due to the expectation that
Congress VIII yield to the demands OF the South
and West and so legislate as to bring about inna-
tion. Yet IL must be conceded that the question
OF real values has more less been considered by
investors and they have offered their money in
the firm belief that the prices OF many OF the
cheaper stocks were at point which promised an
advance. Nor were they disappointed. The
recovery has been more rapid tnan could
have been expected, and, thanks TO the
speculation in Western Union, Lake Shore and
New York Central, prices have been sympathetic
cafy maintained. That this movement Will
eventuate IN a January rser is the confident be-
lief OF every other man on the street. and though
he may be able to give no good for the same
he is backing his opinion with his money. This, in
brief, is the explanation Of the firm stock market or
the hour.
THE BAHK STATEMENT.
The weekly statement OF the banks Is again en-
c0uraging in the evidence which ii affords OF re-
turning strength 1t will be observed that these in
stituuons now hold the large sum OF s23, 800 in
god-an increase since last week OF 81 $50 400: and
OF deposits S19j, 1872 000-an increase OF 81 OBS GOO
The outstanding loans s25s 500 and the legal
tenders III hand amount to s4l, GO, GOO. The total
reserve is s6s,l7s3o0 and the total liabilities
$222, 30s 200. The % per cent reserve being
$55,577 05o the excess the is So, col $50
showing gain since last week or sl,35e l25. The
following Is the statement in detaii:-
Dec 20. Dec. 27. Differences.
Loans. $257 lel 200 S25s 0s4, 500 Inc 1902 coo
Spece....... 21,gs7. 900 23,5l4. 300 Inc l526 400
Legal tends a., 567, 700 A. 664.o00 Inc GO 800
Deposits. 194,ll6,500 195 1852 100 Inc. l,035, 800
Circulation. 2T,l25,400 27156. 100 Inc. 30 700
The following shows the relation between the
total reserve and the total liabities:-
Dec. 20. Dec 81. Differences
Spece..... S2l,9 900 S235A30 Inc 81, 52G, 400
Legal tends 44,567,10o 44,e64,o0 Inc 96, 800
Tot reserve seee55,eoO Sesl7s.3oo Inc 81, ,e22 700
ltFGn 20