The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-20
INCREASE m TIL; SURPLUS RESERVE.
Excessive Foreign lmpOrtations and the
Rise in Gold.
The Weeks Fluctuations i'm the
Stock Market.
WALL STREEE

as the EXPLANATION or so many phenomena in COM
MERGE and finance, as well as in the physical
world. As Professor Tyndall would say, the wave
OF indifference has coilided or conceded with the
wave OF caution among the operators at the
Stock Exchange, and the result has been dulness,
stagnation, nullncat.On. The tendency OF mer.
camille transactions to climax twice year-in
the Spring and In the Fal-has developed almost
into law. The experience OF the past two weeks
in Wall street suggests the probability OF similar
tendency on the part OF business In the stock mar
ket, for with
RETURN TO EASY MONEY;
and with the disbursement of over fifty millions OF
dollars In payment OF January dividends, coupons
and interest, speculation has been at as dead o
standstill as on the sutries afternoon OF the dog
days. The January rise," which was to come like
the advancing tiae and lift the market to high
prices, proved mockery, q delusion and snare.
Speculation settled down into the trough OF the
sea and was rocked IN lazy, sleepy way, biding
the coming of the great wave which, in pursuance
of our theory, is not due until later the season.
AS we recur to the subject OF foreign trade in
connection with its bearing upon
THE GOLD MARKET
we again find the wave theory illustrating the
progress OF business. During the week just closed
grand billOw regular Rockaway swell,
launched upon our coast over eleven millions of
foreign goods, an amount exceeded only twice in
the history OF the port. The advent OF this enor-
nous invoice Is more remarkable for Its time than
for its amount, because for several weeks in the
early Spring OF each year we have been accus-
toned to imports Of foreign goods pretty near the
entries Of the past week. But in this instance we
are about two months ahead of time-a spasmodic
wave in the grand tide which cannot be readily
accounted for. We dare not believe 1t to be
PROPoRTIONATE PART
Of the regular import movement Such hypoth-
esis would be too startling for our commercial
equanimity. At the same rate the imports in
March would be twenty-five millions weekly, and
for the year would drain us Of every dollar of gold
in the country. The explanation seems rather to
be that our merchants have purchased their
foreign goods for the Spring trade at very early
date. and learning by grapevine telegraph" OF
each others intentions-for drummers will con-
verse and buyers will tak-have ordered the con-
signments over the water by the first available
vessel The statistics OF the Treasury Departm
show that the year 1872 closed upon an exceed
ingy large supply Of foreign goods still In bonded
warehouse. The current large importations are
therefore all the more remarkable. The
EFFECT OF THESE INFLUENCES
upon gold was seen In the advance OF the price
from 11l7s to 1134-a rise really disproportioned,
doubt of the capacity OF the market to absorb so
many goods. Should the market for foreign goods
be glutted this Spring it would be no illogical con-
sequence OF the circumstances just adverted to. In
this same connection the foreign exchanges have
suddenly hardened to q standard OF rates close
upon the spece-shpping point, although no gold
has yet been sent abroad as a consequence of the
advance. Some engagements were made for Sat-
urday's steamers, but the coin was subsequently
Withdrawn. Money relaxed to 6 a per cent as the
regular quotation
AMONG THE STOCKHOLDERS,
and prime mercantile paper was quoted 10 per
cent discount. The advance in gold and legiti-
mate investment demand combined to cause a
sharp rise in govern ment bonds the chief activity
being in the '67s, which left or at 115H. 1t was
also week OF activity IN the railroad bonds the
business on which made, on some days, an impor-
tant proportion OF the transactions at the Stock
Exchange. The dealings in stocks were well dis
tributed considering the duness Of the market,
and fluctuations ranged from " to TX per cent,
the smallest being in Northwestern, at SOH a 81,
and the greatest in Harlem, at lis 1924 The
advance In Harlem was occasioned by the re-
sumption of operations for the construction Of the
underground railroad. Erie luctuated AZ per
cent, In sympathy with the course Of
THE LONDON MARKET,
and Union Pacific three per cent In response to a
movement In Congress to cause the Treasury to
withhold the money earned by the company for
government transportation service. A fresh quar-
rel among the Pacific Mail operators was alleged to
be the cause Of decline in the stock to 691; but
reaction to 705s was interpreted to mean that the
"break" had only been device to shake out small
holders and entice "shortn interest. 1t should
not be'forgotten pending the indifference among
ta.xI1
ridicule the January rse that the banks are In an
unusually strong condition and show signs of fur
Their enlargement Of their resources now that
money is coming to the city 80 rapidly. While the
market seems to sleep, 1t could at any moment be
reused to vigorous activity.
LATEST PRICES OF GOVERNMENTS
The following were the closing quotations on
Saturday for government bonds :-United States
currency SKIES ia 1141S; do. d. 1884, register red
1853 l157s; do. do, coupon, 116'z a 117 do five.
twenties, registered, May and November, l13s< a
ia; do do. 1862 coupon, do, 114,S Hay; do. do
1884 do. d. 1l41s 114%; do. d. 1865, do d. 1855.
a115X; do. do, 1857, registered, January and July
1147S IFS; do. do, 1855, conpon, do 1141s I14%
do do, 1867, do do, 115 l15k; do do, 1868, do
d. I15h 1853; do. ten-forties registered Ill a
111k; do. do, coupon, 11l1S 1l1A; do. fves Of
1881, registered, 1l02s lllA; do. do, coupon,
112k 1924
THE SOUTHERN STATE BONDS.
In the Southern list the chief feature was de-
cline In the Tennessecs, which went or to 70 q so,
with part OF the time no better bid than 49, At
the close they nrmer, with so bid for the new
ponds. The general market was dull and fairly
steady. The following were the quotations at the
close OF the week:-Tennessee, ex coupon 7sE
30; do. new, so soA; Virginia, ex coupon
As 20; do, registered stock, old, 80 a AZ: do.
sixes consolidated bonds, 55,< a 60; do. SKIES.
deferred scrip, is 10; Georgia skies. II So do.
sevens, So 80; North Carolina, ex coupon, 90 "a:
do, to North Carolina Railroad, 81 60: do. fund.
ing, 1885, rs 49, do do, 1865, "a a 81; do. new.
10 20; do, special tax, q IL; Missouri SKIES
OK q sSK; do, Hannibal and st. Joseph. 90 n
OIL Louisiana SKIES, so a 81; do, new. Is n 10.
do, levee skies, 90 S.; do. do. Fights, 60 70
do. do eights 1875. so 70; Alabama eights. SO.