The New York herald., 1873-12-01


Imperial Ottoman. lax l25< 2x
Anglo Egyptian ........ "a s3K II
We publish
In full because II enables one TO contrast the
strength and weakness OF various securities. For
instance, in English governments the total varia-
tion was X per cent. In English railway shares
the difference is generally between and per
cent. In foreign stocks-RussiaD Brazilian. &c
there is equally little change. In American gov
ernments there was also very little movement. 1t
Will also be noticed that the chief decline was in
two great classes OF stocks-the weaker sort OF
American railroad securities and certain classes OF
foreign stocks. The chief fall was In Erie shares
Atlantic and Great Western bonds, and In Turkish
Egyptian and Peruvian stocks. These were
largely held on borrowed money, and their
sale was, therefore, forced. 1t Is intimated
that the stringency is likely to last o
long period. and resume from time to time
It's recent acute form, the Stock Exchange having
been weakened by the generally increased amount
OF floating STOCK which is the result OF late sales
and by the losses sustained on the large mass of
speculative securities, that have been heavily de-
preciated.
The German government perseveres steadily with
its scheme OF gold coinage, and another step In
the prosecution Of the work will soon be taken.
According to article Of the law OF July 0, 1878,
the period for calling in and demonetizing the
coinage OF the various German States was to be de-
termned by the German Chancellor after three
months Official notice, and 1t Is now proposed to
publish q regulation, fixing the 1st OF April,
1874, as the date OF demonetzing the existing gold
coinages OF the Empire. According to the draft OF
the ordinance published no other gold coin is to
be '1egal tender" throughout the Empire after the
1st April next except those coined under the law
Of Attn December 1871.
THE EVENTS OF TIE WEEK
in our own market may be briefly reviewed.
There was no substantial check to the improve
ment noted In stocks, although prices fuctuated
considerably The chief buoyancy was observable
In Western Union, Lake Shore, Rock Island and
New York Central; but the lower priced stocks,
such as Northwest common, ST. Paul, Wabash,
Union Pacific, Hannibal and st. Joseph, par
tcipated in the general good feeling which for the
moment carried prices bounding. The belief Is
expressed however, that the advance-haying
performed Its good 0fices-is about to be followed
by reaction. Some symptoms OF this were mani
tested on Saturday.
THE MONEY MARKET.
Money on call loans was firm, brokers being COM
PEELED TO pay from per cent. currency ana gold, to
1872 and 1-16 per diem. The standing Of the bor-
rover, however, has been an important element
in the transaction. Exceptional rates were as low
as 8 per cent. The demand for first class COM
mercial paper was good, the rahge Of prices being
from 10 to Is per cent and from 15 to IS for inferior
grades. The reduction OF the Bank OF England rate
Of discount from to per cent added confidence
to the situation, while our own
BANK STATEMENT
still further encouraged the feeling that we may
possibly be getting out of the woods This, how
ever, is not certain gsuge, for while communities
kbo o,f c<ov
there are great mills resuming their work on re-
duced time and wages; while the poor are with
drawing their savings from banks in order to buy
bread while railroads show decline OF earnings,
and business everywhere is suffering from the ter
rbe incubus that still rests upon it in the shape OF
DEBT contracted on higher range OF prices than
those which now prevail 1t Is not wise to assume
that the situation is free from peril, or that sub.
stantial recovery Is near at hand.
The following table shows the changes In the
New York city banks as compared with the preced-
ing week. Nor 90 Non 90 n,os.enoo.
Loans. s24s, ,os7 800 sa4,, ,sa2, 300 Dec. sI45ooc
sssso m as bsc lnc goo
Deposits. le!,as72OO 1744e7,2oo me. 100000
Legal tends Ss9, TOO 35, 399, 800 Inc. 45O0O00
GOVERNMENT BONDS
advanced during the week both in London ana
New York. There has beer increased inquiry for
nearly all classes OF the bonds, and it is not un-
likely that they viii continue to maintain strength
as among the most trustworthy securities IN the
country.
RAILROAD BONDS
were likewise in good demand, and, notwithstand-
ing shard times" good many lots, large and
small, have been picked mp and lard away for In
vestment. The Western roads seem to ,have the
preference. especially such as are prudently and
honestly managed. 1t Is evident, however, that
all railway corporations are more less feeling
the effects Of the financial depression to greater
degree this month than the last The earnings OF
the Alton and Terre Haute road for the first nine
months of the year we're upward OF $4,000 in ex-
cess OF the period in 1872, fact gratifying to
stockholders IN that It promises divfdend on the
preferred shares. 1t is stated that dividend win
be declared before May l. 1874. 1t will be remem-
bered that this stock sold during the war at 103
THE GOLD MARKET
Gold has been a sort Of shuttlecock, flying hither
and thither at the bidding Of the war rumors that
have prevailed for the last 10 days. The posi-
bility Of further ndation may also have had some-
thing to do with its changing phases but the chief
cause OF veal or woe among the operators was
Spain The price ranged from ITO to 1887, closing
at 1oo1.
HIGHEST AND LOWEST PRICES SATURDAY.
The following table shows the opening, highest
and lowest prices Of Saturday.
opening Highest. Lo1est.
N. Y. Cent. and Hudson
River stock cOns'ted.. % 92x 91&
Harlem. ...............115 115h lis
Erie. ........... 40 AZ 40
Lake Shore. e............. 70 73H ~
wabash. .............. AK 4Sss 46S
Northwestern .......... ASK 40 47T
Northwestern preferred 69h 20 69H
Rock Island. ........... o. - 93h
Fort Wayne. .......... 80 50 50
Milwaukee and St. Paul. SO 36h 35h
Mil. and st. Paul pref. 59k 59h SO
ohio and Mississippi.... 26H 27 26ss
New Jersey Central. :. 95h 96 e5n
Union Pacific. ........... PAX 261 2t4
nd Int A.