The New York herald., 1873-12-12
THE MONETARY SITUATION.

An Encouraging Outlo0k-Resumptfoa
or Industrial Activity in the Manufao-
turing Centrcs-AnOther Lien ON Lake
Shore-Foreiga Loans and the Money
Market.
Notwithstanding a temporary reaction on the
Stock Exchange the result OF realizations tempted
by desire to the profits or the rise of from
10 to Is per cent In leading shares during the past
four weeks, for holiday disbursements, the outlook
in the monetary situation gives promise alike OF
Merry Christmas and Happy New Year. From
all sides comes the gratifying report OF revival OF
industrial activity throughout the Union, which IL
thus pointedy summarized in journal devoted CO
one most important branch OF this activity -
"From the very full and accurate Information now
at our command says the Dry Goods Reporter. We
feel fully warranted in anticipating, under ordi-
nary circumstances, q complete and entire re
SUMPTION Of the textile industry OF the country az
the commencement OF the new year, In New
England
THE Cotton AND wooLLES Mills ARE GENERALLY
REsuMiNG
operations. The great Lowell factories are now
nearly all working full time The FAN River mills
whose entire stoppage seemed lately so imminent
have increased their operations. Some are now
working tul time, and there is scarcely doubt
that all or them will do so on the lat OF January.
From the manufacturing centres in Maine and
New Hampshire the accounts are favorable. In
Pennsylvania the textile factories again start
ing up, and from Paterson. N j.. we have the good
news OF the resumption OF some Of the silk fac
tories at that place. This revival OF Industrial ac-
tivity Is attended for the most part by reduction
OF wages OF from 10 TO 20 per cent. The Wamsutta
and New York Mills, however, and some others
have increased their operations at former wages
From Plttsburg comes the encouraging intelligence
that
THE IRON WORKS IN VARIOUS DIRECTIONS
are giving notice OF resumption OF business on
there is reasonable assurance that in that our sta
pie manufacture. the worst is over. Everywhere
the business outlook is OF more cheering charac-
ter than II has been for two months past.
The money market proper, one would have
thought. would have been subjected to peculiar
strain yesterday, In view OF the announced loans
which are being or shortly to be offered. First
in amount came the information from London that
the Rotnschiids were seeking contributions to
A HUNGARIAN LOAN OF THIRTY SEVEN MILLION DOL
LARS
Side by side with that was the statement from
Vienna that the Reichsrath had authorized new
Austrian loan, the amount not being stated, which
Is, however evidently distinct from the Hungarian
loan above mentioned as Hungary now has It's own
legislative body and is only subject to the Crown OF
Austria, not Its Parliament. Later came the pub
the necessary inference, that action in the matter
was to be taken Immediately, that
THE LAKE SHORE AND MICHIGAN SOUTHERN RAIL-
directors at their last meeting authorized the issue
OF second mortgage bonds to the amount of
debt-abont 81, ,0O0 O00-and retiring, when holders
DESIRE the $6,000,000 debenture bonds. The re-
naming $15 900 to be held for such purposes an
are needed, notably Tor finishing the double track
TO Chicago. The securities OF the company would
then seem to stand as f0llOwS-Share capital.
$4,000, 600; consolidated first mortgage bonds.
$25, ,OO0 600; second mortgage bonds, $25,000000.
Taking the Official figures OF the company In Its
last formal report we ind the fOiiOwlng:-
Share capital .$5VuWyu1
Cost OF road, equipment, &c. So, oA2
Funded and floating debit. z5,SU.2l3
Actual stock interest. ACKNOWLEDGEMENTS 5000 II
New loan second mortgage bonds .S2oU0,O0O
Less amount to he applied to redemD-
ton OF debentures and floating debt. l0,OO0,OOO
l5.00NNm
Actual stock interest. .$A 0OO,lxS
against nominal share capital OF $50 000 00O IL
ia stated, in connection with this new loan, that
with its successful placing may be expected con-
tinued dividend payments. Query on $50000.0Oo
suppositous stock $34, ,OO0, 900 bona tde stOckt
Notwithstanding, however, this pressure upon
the money market, as above noted
THE BANK OF ENGLAND
still further reduced its rate OF discount making
the minimum Al per cent Outside the Bank OF
England three months discounts were Obtainable
at per cent. American securities were strong
and higher. In this market money was easy on
call at 5 to per cent as the extreme rates,
and prime discounts to IL per cent. The
outstanding bank certificates are now stated at
$6,O00,OO0 and outstanding legal tenders at
1872 o56 900, being an increase OF $55d,oOo since
yesterday.