The New York herald., 1873-12-14
Large AcceSSions- --$lO,OOO,OOO in
Excess Of the Legal Reserve.
THE PROCESS OF INITIATION.
Gold ITO Ia The Highest Point
of the Week.
MONEY EASY AND ABUNDANT
GOvernment Bonds Strong and Higher
Railroad Securities Firm.
WALL STREET,

WALL STREET,
SATURDAY Dec, 1875 Y. M.
The market to-day was in the main strong;
prices were generally firm and the prospect en-
couragng to all who are disposed to measure the
recovery or the country large by the iuctuating
symptoms OF this locality. Nevertheless the pro-
cess OF realization more less carried on, and
the parties who have been interested in the largest
holdings have avaied themselves OF the advan-
tageous opportunities for profit on the sharp ad
vance that has taken place. Much OF the strength
alluded to may be ascribed to the doubt which
attaches to the action OF Congress- with reference
to she imitation OF currency and to the deple-
tion OF the $44,0OO,0 900 reserve and it will not
be strange II additional buoyancy and even
q stronger undertone should be communicated
to the stock market for several days to come The
business was less active than during the rest OF
the week, but not inconsistent with the usual eau
tiOn which belongs to Saturday. At the opening
prices somewhat heavy the recommends
tons Of Secretary Richardson with reference to
taxation acting like
DEAD WEIGHT
Later however, they recovered, and the close
was at the best figures OF the day. Union Pacific,
Wabash, Lake Shore Northwest common, Western
Union and Pacific Mail were the leading lines in the
speculation. Western Union opened at ~ a 72A
727s, fell Off TO 71a and rallied and retired in an
uncertain manner until afternoon when the price
advanced to 72ts 7254 a 73 and closed at 1874.
Pacific Mail opened at 39l went Off to 3s3S, but
wound up at 40. Erie was duh and evidently in
sympathy with the foreign market, which OF late
has not been encouraging 1t opened at
43A and sold down to 42sS New York Central
sold at 045& a 95 a 951s a 947s 951S e47S 952S.
Ohio and Mississippi ranged between 293S a 80.
Union Pacific extremely active and showed
perhaps, the best advance OF the day. 1t opened
at 30A, receded to 29s4, but recovered to 81 " the
last price, Northwestern common was firm at
SAX 81 a 551a The preferred sold at 69a TO-
Panama sold at OK. Lake shore vibrated between
IS and 757s 1874 the closing figures Harlem
was steady at 100 121; Wabash at So a 512s 52a.
st. Paul common advanced from 395S to 407s; the
preferred from 622t to 6314. c., G. and !. 9. from
25H to 26x. Delaware, Lackawanna and Western
sold at 99s4 a 100. Hannibal and st. Joseph COM
mon retains its hrmness at 257l. Alton and Terre
Haute common sold at the preferred stock is, 1t
is said being quietly picked up by Western men
who live in the neighborhood OF the line and know
something Of Its Value. Rock Island sold at 9S
9Sh.
THE MONEY MARKET
was comparatively easy and prime names secured
what funds were desired call at IRON to per
cent, the late prices being and b. Discounts
ruled as heretofore, from to Il per cent on first
class paper. The report was generally circulated
to-day that Secretary Richardson Will issue the
entire amount Of the $44,00000o, the necessities
OF the government being such tnat he cannot re-
sist the pressure. 1t Is understood however, that
as soon as practicable, he will restore the amount
to the Treasury, and thus reestabish the legal
tender issue on its basis. Foreign exchange
closed firm at l0S24 Tor prime bankers 70 days ser
ling and 1895 for signt.
THE BANK STATEMENT.
The usual bank statement for the week shows a
gratifying gain the part OF the city institu-
tions and an excess OF about sloOo0,0oo over and
above the legal reserve. The following is a COM
parlson OF the averages of the past two weeks
sas gee 100 sa1 zee 49, 300 Inc Dgeece sa s4 ss
Spece..... 2l,s2o,3oO 22,4s!2oO Inc. 1,ltO,9OO
Legal tends 37,7S25oo 4l,57s,lco Inc a,846eOO
Circulation. 27,Ise,4oo 81 167,5oo Dec. 1s9oO
The following shows the relation between the
total reserve and the total liabilities:-
snoo Pee sas Ssa - 800 efe"ass ssc
Legal tends 81, 7S2,50o 3l,579,l00 Inc. 5000
Tot reserve s5eoo2, 500 so4,oiosyo Inc. s5,oo75oo
Circulation. 81, 6,400 ~ 500 Dec. 1890
Deposits. 1872 I4slOo 19o Is, 900 Inc. s,o3s9oo
Tot 500 329 500 s.7 3e 500 Inc. 600
25 pc. res've 52,332,375 54,337,3i5
ESP. c. res. e,72o,425 9.722,o25 Inc. s,oo25oo
to about $4,60000o.
THE GOLD MARKET.
While the volume OF business not great the
prices recorded indicate q firm faith in the future
OF gold as article OF merchandise. and the be-
ginning OF what may prove an active speculation.
The government is not ina condition to come to
the relief OF the market should it be again dis
turbed as it was Tor time during the last summer,
and it is not improbable that another pool will be
formed--lf, indeed. 1t has not been done already
which viii advance the price. At the beginning
tha vpr hey
acquired nrmness ana closed at 11oA. The carry
ing rates were I, g. and per cent and nat for
borrowing.
OPERATIONS OF THE GOLD EXCHANGE BANK.
Gold balances. s29, s25
Currency balances. 2 20! 63s
CLEARING HOUSE STATEMENT.
Currency exchanges *os'so 200
currency palaneeS. .so .lo
Cod exchanges. s.......................... 3,4662bS
Nou Dai1nScS.. eo',oso
BANK SHARES
Bank shares were in fair demand and the follow
ing sales were reported America, 15o; Irving,
1876; Park, 124; Central National, 62, and Fourth
National, 100. The latest bids are annexed:-New
York, 125; Manhattan, lao; Merchants, 116hs; Me-
chapics' 1922 Union, l25; Fulton, 14o; Greenwich,
20S; Mecnanics and Traders, 100; Gallatjn Ma
tiona, 1872; Leather Manufacturers, l5o; state OF
New York, 106h; Commerce, 112t6; Mercantile, e5 ;
American Exchange, 1o5; Chatham, 100; Bank of
tne hepuDHc, l0o; Irving, lZ4' metropolitan, l25A
Market, 10; Shoe and Leather, 1871; Corn EN-
change, 1876; Importers and Traders, 10; Park,
124; Fourth National. 90; Ninth National, 9s;
Bankers and Brokers' Association, 75.
GOVERNMENT BONDS
were strong and active, reaching during the day
tne best prices OF the week. The following are the
latest quotations -Unted states skies, 1881, regis
tered, 1l5sl 49, do, do, coupon, 1i9 ll9A; do.
do. 1862, registered, ILL., do flve-twentics, 1862,
coupon 1924; do. do, 1864, registered ia; do,
do, coupon, 1l5; do. do, 1865, 1l69s; do do,
coupon, 1855 11sS; do. do, 1867, registered,
lax li5 do, do, coupon, 1ls%; do. do,
coupon 1s0s 1ls.; do. ten-forties registered.
i'll l12 do. do, coupon, 1lla4; sixy-hves, 1881,