The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-13
A RoSE-COL0RED SITUATION.
-Sceptleism Of the Speculative Sentiment
at the Stock Exchange.
EASY MONEY AND LOWER PRICES,
Our Foreign Trade and the
Gold Market.
SATURDAYS BANK STATEMENT.


A Gain of Nearly Two Millions in tho
Surplus Reserve.
= wlitrt r.ast WALL STREET.
SUNDAY. Jan. IL, 1873.
The nrst business week Of the new year-which
the past week has virtually been-proved
, A GREAT DISAPPOINTMENT
TO the numerous operators at the Stock Exchange
who were looking for higher prices with It's advent
1t is dificult to theOrize why the market has not
done as 1t has usually done at this season Of the
year, unless ascrbe it to the lateness which has
seemingly been . feature OF trade and business
generally. The Fall trade late last season. the
cotton movement has been slow one this year, as
attested BY the prolonged frmness Of the foreign
exchanges and the maintenance Of specie ship
ments in the middle Of Winter and, more than oil
An this connection,
THE RETURN OF MONEY
from the interior has been deferred fully month
beyond the usual time for its refux. 1t has been
only within the past ten days, or the past week,
rather, that we have felt anything like the begin
ming Of this great annual now of money to this
centre. During December 1t came in small and
spasmodic currents and fed the hope Of Wall
money would speedily end, with what disappoint-
ment we have already narrated In an earlier re-
view of the monetary situation. But the relaxa-
ltion seems at hand at last and while the money
market continued to keep alive an unpleasant
memory Of
~ THE DECEMBER srRINGENoY
by the occurrence Of occasional transactions at
commission Of 1-32 lie per cent, the tendency
during tho past week has been to lower rates, al
though 1t is too soon to expect an easier than 7
per cent market for another week or two. The
banks now hold not far from five millions of sur
plus above the legal reserve-an amount quite re-
spectacle at any time. in view OF the fact that the
average Of the past few years has been only about
six millions-and the chances are, nay, the GER
tainty Is, that in the immediate future they will
Largely gain upon this figure. 1t is true that the
banks lost during the latter half Of the week about
two and half millions Of specie, which counted
but to small extent In disparagement of the bank
statement. owing to the
SYSTEM OF WEEKLY AVERAGES
and that they are really not so strong as they ap-
pear, but it is hardly probable that there will be
any further specie shipment until next Summer,
both because OF the extraordinary cheapness OF
money in London, to which point the foreign
bankers will not.be likely to withdraw any more
money just ct present, and because Of the opening
were enlarged by the snow and frost Of the clos
ing week Of 1872 not to speak OF the revival Of the
cotton and domestic export movement In general.
These influences were beginning to be felt on Sat-
urday afternoon when the foreign bankers lowered
the rates OF
FOREIGN EXCHANGE
to the basis of 109H l09K for prime sixty day
sterling and 11oK 11O's for sight bills. At the
same time gold, which, on the scarcity Of CONNER
al had Unn iUh 1ad IN
112X 1l2T. its decline being the result in part,
furthermore. Of the action OF the Senate Finance
Committee in declaring that the Secretary Of the
Treasury had no power to issue any greenbacks In
excess Of the conventional $685. 900, 000 which has
formed so long an item and q unit OF our national
arithmetic. Although exchange has been high and
gold has gone abroad, both facts leave 1t all the
more certain that, like an honest tradesman, we
have paid foreign debts fast as the bills fell
due and that
THE NATIONAL LEDGER
for the year 1873 has been opened with but q
trining balance brought down from 1872. England
is revelling in easy money; Germany is disbursing
the cash for eighty millions Of her war loan, and
France Is serene as Summer sky with the extinc-
ton Of the man who said "LEmpire cest moii'
With all this, however, the stock market has de-
clned, and, probably, the cynical operator who
sells on good news and buys on bad will sell An.
other hundred "short" as soen as he has learned
from the above enumeration OF circumstances that
the situation Is really 30 rose-colored. Cnacun
son govt. 1t is time when correct opinions will
prove golden to their owners. The market must
RISE RAPIDLY OR FALL SERIOUSLY
within the next month or two. Spectators are
taking their positions they think they perceive
its DRIFT and more diverse and divided in their
Views than they have been since the active week
following the Boston fire. The "bears, point to
the fact that stocks went up In the stringeDcy Of
November and December as most cogent reason
for their decline In the easy money Of January and
February. The bulls" assert that the market In
its average features II never lower in May than 1t
is in December. Both have their hosts Of followers
In these conflicting speculative theories.
LATEST PRICES OF GOVERNMENTS.
The following were the closing prices on Satur
day afternoon for government bonds limited
states currency SKIES, 1ls a 11SH; do. SKIES
1881, registered, 1854 ilss; do. do, coupon.
Il5N q 1l6; DO. nve-twenties, registered,
May and November, 113h o 1l3,s; do. d.,
as62, coupon, do., 113k 49,; do. do, 1864,
do. do, 113x 1877; do. do, 1855, do. Co., 114H
lax; DO. do, 1857, registered, January and July,
.ii4x o I14x; do. do, 1865, coupon do, 1l3,t q
113K; do. do., 1867 do do, 1l4x lax; dc. do,
1868, do. do, 114X 114s4; do. ten-fortes regis
tered, 11ox 11oX do. do, coupon, 1loI 10Y
do. nves OF 1881, registered liz 1l2x; do. do,
coupon, 112a 1l2k.
THE SOUTHERN LIST.
The speculation in the southern State bonds has
been on moderate scale and the tone Of the mar
ket generally steady. Toward the close the vir-
ginia consols and the Tennessees were In
good request, and stronger feeling pre-
vailed in the South Carolinas. The follow.
ing were the closing tions:-Tennessee,
ex coupon, 500 soiS do, new, so'l soh;
Virginia. ex coupon, As a SO; do, registered stock,
old, 81 AZ; do. skies, consolidated bonds, 5S1s
b5x do. do, deferred scrip, Is 16; Georgia slxes
10 so; do sevens 81 90; North Carolina, ex
coupon, SO "a; do. to North Carolina Railroad 81
60 do, funding 1866, rs 2s; do. do, 1865, "a
81: do, new, IL a 81: do. special tax, 10 q IA