New-York tribune., 1873-01-20

5l 5 last year this time falling off OF 7SOo bales
| The total stocks in the interior towns are S',52O
bales against 96 200 same time in 1872 decrease OF
9l86 bales. The amount of cotton in sight is 2l4i-
492 bales against 2139O40 same time in lS72 show
| ing an increase Of 5,452 bales.
| In Wall-st the past week has been as devoid and
destitute of any remarkable event a week III MD
summer and for the time being apparently all spec
ulative life has been crushed out Of the markets
The position of stock speculation remains tn stdtH
| quo, the wealthy operators being credited with
disposition to let prices touch lower level though
| it would seem that the minor houses are
| carrying large amounts Of "long" stock
bought last year in anticipation of an
upward movement to follow thedisbursements OF
! January dividends and interest Money has fallen
from its high estate and rates have once more re-
sumed their normal condition, after long siege OF
strngency and distress to merchants and other bor-
| rowers The more general rate OF the week among
| the broker houses was seven currency, though
| seven gold was not an uncommon excep-
| ton, particularly during the earlier part OF
| the week. We do not recall more than
half dozen isolated instances where bonus
| however light, was charged. The banks have been
! gaining in currency every day, with better pro-
portion of their cons gnments, especially toward the
! close of the week. in legal tenders, which will
materially strengthen their reserves at time when
they have been running pretty close to the wind.
| National bank notes have come forward in such
abundance that the banks overrun with
| them. and at the close, were allowing
| slight discount for their exchange into green
backs This periodical redundancy gives occa-
sion for the periodical discussion of some system
| by which these notes can be assorted aud re-
distributed Many plans of redemption have been
in former years suggested, favorable one being
system similar to the old Suffolk Bank of Boston,
which was at one time the redemption agency for the
New-England banks, when they were banking under
State charters. In this age of reform it is not too
much to hope that some arrangement Will be hit
upon speedily.
A feature of the week has been the report of the
Senate Finance Committee to the legality of the
issue of the retired portion of greenbacks concluding
with the following resolution:
Resolred That the opinion OF the Senate the secre
law to issue United states for portion OF the
OF United States retired and Cancelled
under the act approved April H. 1866.
1t is certainly to be hoped that both branches of
Congress will concur in this conclusion, 1t has been
shown how the vesting of discretionary power in one
man has operated on the business of the country,
and the lesson it has taught should be salutary
If further elasticity to our currency be deemed
requisite and beneficial, let it be obtained by the
redemption, which will tend to prevent future re-
turns of that irregularity in money which is the
bane of business. Senator Sherman's bill looking
to return of specie payments has been the subject
of considerable discussion for the last day or two
and though opinions vary to the nodus operandi
by which such result is to be attained yet 1t puts
the ball in motion, and affords opportunity for
thorough discussion of prominent subject III which
all business men are directly interested.
Gold has been strong during the week, and more
active business has been done than for many days.
On Monday the price was steady at about 1l2!, but
went oft to III. on Tuesday Since then the advance
has been gradual, until finally to-day above full
point has been gained and the price established at
49,! There is a speculation formed In this
market to advance the price, backed by permanent
operator in stocks and his following have taken
some large amounts of gold of late. The move
ment derives support from the high ruling
of sterling the late heavy specie ship
ments Though now on less important
scalel and the unusually heavy flor this
time of the year, mportauons, the aggregate com
PARSONS of which will be found in our usual tables
Of foreign commerce below The foreign markets
during the week have been in favorable condition,
with nothing transpiring in them to warrant
frmer premium on gold Money rules easy in Lon
don though not much under the minimum rate of
discount at the Bank of England, which continues
at A per cent the rate to which it reduced last
week The bullion gain for the week was
f2l4.OOO. The Bank of France gained during
the same time half a million francs. Foreign
Exchange has been generally strong all the way
through and at full rates. despite the better supply
of bills making from the South. Government bonds
have barely held the full prices attained last week,
though at the close under the rise in gold and the
brisk inquiry for stocks for home buyers as well as
expectation, quotations returned to and, on some
issues advanced beyond their former standard.
There has been very little going in State bonds,
though Tennessces have weakened materially. In
railroad bOn6s full prices have generally ruled,
though a severe of Credit Mobilier threw Union
Paeiics into serious decline, but they slowly
convaescing toward the close.
The stock market was irregular and unsettled in
tone during the week, and without any startling
movements or fluctuations in any Of the shares.
Erie showed the widest fluctuations. The price adj
vanced from jS! to G2s on the announcement of the
new mortgage Of Sl0CO0,000, but this gave
place to depression, and material yield in prices
ensued Pacific Mail rose from 7O5 to ~,
and then declined to 69.. Western Union,
after reaching sil declined p per cent on the re-
newed talk about the Postal Telegraph scheme, but
finally recovered. New-York Central receded from
1O2! to 1Os rallied to 1O3! reacted to lO1 and closed
at about the highest prices of the week. Union Pa
cific declined from 9G3 to "a, owing to the nvesti
gatioa into the affairs of the Credit Mobilier,
but the decline succeeded by rise
to 81. The foregoing formed the leading
features until to-day when new life was
infused into Harlem through favorable prospects of
the speedy construction of the Underground Railway
to Forty-seeond-st. This occasioned advance in
the price from 115 to 122 The coal roads also
hvelier under the reported combination of certain
companies to advance the price of coal. New-Jersey,
rootral and DalaxCare Iaokawanna and Western.