The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-07-07


1t is not probable that any movement will take
place in this department until the disbursements
OF gold and currency by the government, the
banks ana the railroads have ceased and rein
vest0rs have made their permanent arrangements
for the future Even then new combinations may
enter into consideration and prevent o material
advance The foreign market, however, is watched
with great care by those who familiar with
the influences that are exercised by 1t upon
finance, since foreign demand for shipment will
necessarily play into the hands Of the parties now
seeking the control Of the market.
The chief financial feature Of the week was the
usual Saturday
BANK STATEMENT.
This continues to show, as 1t has done for several
weeks, most satisfactory degree OF strength on
the part Of our banking Institutions, inasmuch as
1t exhibits an increase OF specie TO the amount Of
nearly $5,ss0,OOO, thus considerably charging the
heretofore reported. or loans the increase
was $5.39o.oOO and Of deposits SO, 32s GOO, while
legal tenders decreased $o51, 900 and circulation
fell on about $35, 00o The total liabilities Of the
banks are $3.50 cas- 600 calling for legal reserve Of
AGO. while the actual reserve Is $751; 400,
$16 900 in excess OF the rs per cent required
by law. This is q gain over the statement Of last
week Of 81, $685. The gain has been chiefly In
specie and the natural result OF the large Treas
ury disbursements on account Of the July interest,"
The following is the statement as compared with
that Of last week.
Loans s2sl 500 600 $3.50, 800 Inc So s99200
Specie. ...." 21es1soo 1861, 400 Inc. o,sso.9Oo
Deposits as.S4osSS $3.50, 100 Inc. sass, 500
Legal tenders 49,1ls000 AZ, 900 Dec. 95l, 900
THE FOREIGN MARKET
IS encouraging, inasmuch a. 1t shows continued
confidence in United States bonds. The remark
however. does not apply 90 generally to railroad
vvlic Avwiv In <ko
eminent with reference to the payment Of the July
interest on the UnfNn Pacific bonds and other
drawbacks connected with some of the leading
roads whose loans have been placed abroad are re-
ported to be under cloud Consols were steady,
and there has been no increase In the rate Of dis
count OF the Bank OF England Foreign advices
indicate o disappointment In the recent expec.
tatiOns OF
THE FRENCH GOVERNMENT
as to the condition of its national finances. II ap.
pears that one OF the greatest OF xety on
the part OF NJ. Theirs was the manner In which he
was to provide means for the annual repayment OF
$4,000. 900 borrowed for the government from the
Bank OF France. The total amount OF the advance
was ESQ, 00o0 900. 1t seems, however, that instead
OF repaying fS, 000, 600 year the government has
been, or will be- forced to borrow e. 600 more
making difference of f16 000 900 In Its calculation
OF ways and means for the current financial year,
This will not only involve additional taxation, but
indicates that France IL not 30 lightly throw.
ing of It's fiscal burden as we have been led
to believe. 1t Is found also that, while
saxes can be easily voted, the subjects OF
the same cannot be easily found; nor are the
new taxes coming up to the estimate. The French
Minister Of Finance has not yet announced his
plans, but the prevalent that he intends
70 mako loan OF q milliard or more to reimburse
the entire Treasury debt to the Bank OF France,
and thus restore specie payments. The London
Economies OF the 21st OF June devotes considerable
space to a review OF the changes that have oc-
CURED In
THE BANK OF ENGLAND
during the last three years. Referring to the
growth that has occurred that paper says:-
The causes undoubtedly are--First, the singular
prosperity of the country during the three year
question and second, the increase OF the exchange
business OF the country, In consequence OF the sus
pension OF specie payments by the Bank OF France.
The first OF these causes would have been quite
sufficient TO cause great increase OF deposits and
business, out the simultaneous concentration OF
great amount OF new exchange business IN London
must have largely contributed TO the result. The
Increase itself is most unprecedented, and remark
able the growth OF the country has been, the