The New York herald., 1873-11-09
FINANCIAL And COMMERCIAL
Affairs at Home and
Abroad.
The Condition Of Markets,
Banks and People.
HOW TO RESTORE CONFIDENCE
Money, Gold and Stocks---No Additional
Bad News from London.
HOW TO RESTORE CONFIDENCE
MORE COIN COMlN NG.
Treasury Reports, Government Securities
and Foreign Commerce.
WALL STREET,


SATURDAY, Nov. Sc r. NJ.
As is usually the on Saturdays the
market has presented distinctive feature
worthy OF comment, and was exceptionally free
from the rumors which during the week have 80
much disturbed the situation. For long time, in
fact, the day seems TO have been set aside and de-
voted to the closing up OF short contracts, the
sut OF which IS usually an advance OF prices This
has been tie case in this present instance. II
prices would hold for forty-eight business hours
they might possibly communicate hope and
strength to the situation; but unfortunately the
changes are too speculative and the causes too
ulmsy to bear the test OF even SO brief period.
Viewed BY this rule, therefore,
THE PRESENT CONDITION
Jnay be regarded as only temporary. We wish 1t
were otherwise. 1t would be an encouraging sign
pf the times to see great capitalists enter the
market and purchase and take away it's stocks;
but, unfortunately, money is too sensitive TO risk
Ene chances OF panic in England or the rest OF
Europe, or 10 go into sold investment In the face
VI the commercial changes that may occur between
this time and the assembling OF Congress. How,
1nder these circumstances, can settled marKet
be expecteds There may be a lew who are willing
IN their great confidence to buy stocks and submit
10 shrinkage which means lor the moment loss of
10, Is or 20 per cent; but how small is this minor
ity compared with the mass who are content
with the recurring specuatons OF each day and
who profit by the varying shades OF the marketI
it Would be untruthu ana calculated to deceive
che public If the temporary improvement of
to-day Wall street were described as real
symptom OF recovery.
THE ACTUAL SITUATION
b this, and 1t may be told in half dozen para
yraphs which convey their own lesson. Matters
IN London are unchanged. There have been no
n hQ al
everisn. Dispatches to correspondents in
mis- country advise caution and that no
additional contracts shall be made. The Bank
VI England Is expected to advance its rate
% 10 per cent. and then, If necessary encroach
xpon its reserve. The movement OF coin to
Amertca has not been checked; the produce i'm
)orters OF the realm must fulfil their engage
hents; cotton and grain must 60 forward from
this side and, meanwhile the laws OF trade are at
work to compel restoration OF the financial
equilibrium between England and America. That
here are stringency, danger ana CONFUSION
threatened in London is testified by the action
.uready known. Such precautionary measures
snly wait upon periods Of tear. They the
Jesuit OF combination Of influences which, some-
low or other, are affecting the financial world,
and II Is all-imnortant to us OF America that the
principles involved shall be applied to our own
condition.
OUR NATIONAL HEALTH
consists chiefly IN the nrmness or the institutions
which represent our financial abihty--tne banks.
Practically these photograph, in their weekly
exhibits, the welfare of the country; they show
what our producers, great and small, are de-
posting; they Indicate the progress OF the mer-
tantile and manufacturing world; they tell Of
strength or weakness mark the extent Of prevail
ing distrust and silently work out problems in
which every man, rich poor, whose hope
depends on greenback. Is intimately con-
cerned. II there be hiatus in the pubca-
tion OF these reports certain degree of
public nervousness follows, and faith is weakened.
AS has proved TO be the case during the past two
months, public interest concentrates more about
these institutions than around any events of the
hour, for we know that their failure means public
yuin They the voice or our financial system.
The recent reports OF the accumulation OF legal
senders, and the eagerness with which every item
significant Of improvement Is sought, proof
enough that our banks still hold the key OF the sit.
uation, and may by their irankness give to it more
OF tone and encouragement than all other powers
that exist. Let US therefore have more OF such in
formation.
THE MONEY MARKET
eo-day was irregular, the rates ranging from l-32
TO per cent. Foreign exchange was quiet and
drm, closing at 1864 to 1853 Tor prime bankers
sixty days sterling, 1854 for sight and l09 to l09.
for cable transfers. commercial bills are duh, as
the advance in bankers sterling is the result of
distrust and not an active demand
THE ASSOCIATED BANKS
now hold $23, 900 legal tenders and sI6 76s 600
specie, total reserve OF $9977 900. The deposits
are $151, 900 and the circulation $2s 600 600:
accordingly their total liabilities are S17o, 600 0OO
ut least on the old system, which would require
SA, 100000 reserve under the law; the banks have
only 39,s77ooo, a deficiency OF s4,7730O0. Now, If
add to the liabilities the 500, 0oo 600 loan certi.
rates the total would reach S2ol 600 000 requiring
OF $780, 900. on this basis the banks are
deficient $10,273,000. The loan certificates, how
ever, are supposed to represent trustworthy secu.
rities.
THE GOLD MARKET
Gold opened at 1914 and on the information
from London declined to l07. Subsequently the
price went to 1914 but when it was announced
that q considerable amount of specie had been
shipped from Liverpool TO New York the figures
dropped TO 107H, with close ut 1o7'i. The carry
ting rates at 1-l6 3-64 1-32, g. 3, and per
cent, gold, and nat for borrowing. The fnal rate
was per cent for carrying. Thc operations Of the
Gold Exchange Bank to-day we're as folows:-
God balances ....................... Sl,24l, sS6
currency balances ces..................... i,6g0,4s6
uAVSS cieaTanceS. DU, IOVOuu
CLEARING HOUSE STATEMENT.
currency exchanges. s...................S52, 6i106g
1ad 1idenoy balances. 2,sl556l
aoiu exchanges Observation-Disclosures. 3,O23, 22g
Nou uaiahces. Observation-Disclosures. l,05l,556
THE UNITED STATES TREASURY
Ihe receipts from customs to-day were $4,000
Ahe reccipts from internal revenue to-day were
S457,233 ior the month $2,oG5,6i5; for The year,
$50, 144654. The Assistant Treasurer paid out TO.