, 1873-01-14

These figures Indicate the comparative activity
or sh; acYcra! stocks. Tho largest transactions
Aa;a bsan in Pacific Mail, the sales of which
amounted to o,967, 900 ahares, or lfty-ve times
t3o a.nount Of the capital stock, showing that
IT,. stock Las basn 'tarned over" mora than
once week. In Eric common stock tho trana-
ae::ons amounted to 6,355,7o shares, or about
sA times tho amount Of stock outstanding.
Ae3t IN the extent OF operations comes Western
Urion Telegraph, tho sales Of which Tere :, ,903,-
$50 shares, OF 20}1 times the capital stock. Next
Northwest common, with sales Of 5,5s5, 100
Hant shaEes oF 81 times tha issues Of stosk
oct.tandnE. n q Ohio '9e and M sszisapai atoSd
common, tie transactions were 4,615, 700 shnres,
showing that stock to have been turned ovor
shows aggregate sales amounting. to Abs, 500
shares, or 81 times the nmount Of stock. New
York Central has declined in speculative prom
thence, the nales Of the year being 1887 900
sha1es, OF about 81 times the number of shares
issued; this old speculative favorite now occu-
pies seventh rank among the *sactive stocks !"
which implies that it is pasBing into the list Of
permanent Investments. Next in the order OF
sstlvlty come Columbus, Chicago. l. Indiana
Central, Rock Island, Boston, Hartford l. Erie,
Toledo J. Wabash, milwaukee, i st. Paul, Han
nbal St. Joseph, etc
ITS EsFLUEECE ON MONEY AND PRICES OF con-
AoDITIEs.
The recent annual report OF the Comptroller
eminent bonds bearing Ion rate of interest,
which bonds should be a5ailable Us reserves for
the National Banks tho object sought in tho
Issue of these bonds being to induce the interior
National Banks to keep their surplus money at
home instead OF sending it to Nsw York in the
dull season for the sako Of the per cent interest
paid by New York banks on deposits, md wlorc,
says the Comptroller, thess idle funds are
Thrown upon tho Stock Board" and loaned
upon q doubtful couaterals Ito unsettle values
throughout the country, ard alternately increase
and depress the price Of every commodity"
In some comments On these views made at the
time the report appeared, ws expressed Z doubt
as to whether the gpeculations Of Wall street in
stocks played as important part in New York
finances, or exercised anything like the influence
On prices Of commodities assumed By the Comp
trouer and popularly believed BY the public.
Some statistics OF the transactions Of the New
York Bulletin, and summarized above, prove our
views in this respect to have been correct. From
these statistics it appea1s that tho actual
registered sales Of The twenty y-seTen Lead
yea on tho New York Stock Exchange VAS fifty
i've million shares. Estimating the average
price Per ahare at about $40, the money value
represented by the sale Of the ffty-hve millions
OF shares would be about st, ,85o, ,o0o, 300. Those
WHO imagine that these stock transactions con-
stltute tie main element in the vast exchanges OF
the city banks viii perhaps be surprised to learn
that they amount to only one-iifth Of the entire
business OF the Clearing Houae, the total ex-
changes Of that institution, for tho year ending
May 1872, being 9l9, ,879, Al, 1868. The bearing
OF stock transactions upon banking operations
AID the money market would thus appear to be
less Important than many suppose.
SAVINGS ZANE INVESTMENTS.
The following summary of tho deposits, in
Scstnnents, expenses, etc, Of the l72 savings
banks OF the State Of Massachusetts, soou to bo
published in tho report Of the State Commits
sioncr, Mr. Stone; will be Of special interest in
Chicago at the present time, in view Of the rap