The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-02-03
Saturdays Bank Statement as a
Piece of Ancient History.
SPECULATION AND THE SYNDICATE.
The Anticipated Success of the New Five
Per Cent Loan as an Influence
Upon Gold and Stocks.
CHEAP MONEY IN EUROPE.
Prospects Of Our Local Money Market
the Coming Season.
WALL STREET,

WALL STREET, I
SUNDAY, Fen. 2, 1873.
The tenor of the Wall street markets the past
week has been affected in quite sensible manner
by the Official announcement of the Syndicate in
PRODUCING anew the
REFUNDING OF TIE PUBLIC DEBT
The advertisement OF the Syndicate, setting
forth the conditions under which subscriptions
will be received for the $780, 900 900 Of new i've per
cents is given in an adjoining column and will be
found interesting reading, in view OF the great OBJ
ject contemplated. The effect tn Wall street was
to stimulate higher prices at the Stock Exchange
IN railway shares and bonds, miscellaneous stocks
and government bonds, and to cause gradual
DECLINE IN GOLD,
the price OF which fell OF just one per cent-viz.,
from l14h to 1875. The upward movement In
stocks and the lower tendency Of gold have been
furthermore assisted by the encouraging and hope
full prospects of easy money the world over. Only
last Thursday the Bank OF England reduced the
rate OF discount TO 81 per cent verifying the pre-
dictions made in the closing months of 1872 that
the new year would witness sudden
MONETARY RELAXATION
and abundance as o consequence of the redemp-
tOn by Germany Of eighty millions OF her war debt
Indeed, the Syndicate, whose rani1catiOns are
almost worldwide, could hardly have selected
more fortuitous period for the bringing out OF the
new loan, the success OF which is confidently pre-
dicted by the authorities Of Washington especially
cas- national banks have been at length aroused
60 the implication Of their interests in the advan
tages OF securing their share OF the last issues OF
government bond bearing interest at five per cent.
But with money so easy in The great European
centres
OUR OWN EXPERIENCE
has been less satisfactory. The recent shipments
OF specie forced exports, as they were believed to
have been in connection with the clique specua-
ton In the gold MARKET and the temporary move
mept Of greenbacks to Chicago as a result or the
activity OF money in that city, have combined to
keep the rate call in this market at full per
cent pretty nearly the whole week. the exceptions
in the direction OF relaxation being more than
Onset by the transactions at gold at superle-
gal commissions" The explanation OF so pro-
Ionged
SCARCITY OF MONEY
in the month of January is referable to the rctard
alton of trade in the interior by the horse dlstem
per and the snow blockades The first Of these in
fuences went like o vast wave RON east to west
and from northeast to southwest across the cOun-
try. 1t embargoed the cotton movement to such
an extent that gold and exchange both reached an
unusual anu abnormal altitude for the Winter sea-
son, and, passing westerly and northwesterly, did
the same i'll Office for the crop and grain trade
California papers report that it is only within the
past few weeks that the wave rolled down
THE PACIFIC SLOPE
and out into extinction IN the ocean. But as 1t
was nearing the end OF its Western career 1t en-
Countered and was overrun by the great snow
wave which poured forth from the sub-Zero basin
of the great Northwest and deuged the whole
country South and East, effectualy blockading the
trade and intercourse OF the great commercial
portion OF the country. But all these several In
huences have doubtless done their worst. as at
tested 10y the easier tendency OF the money mar.
ket towards the close of the week.
THE EP1z0oTy
is hardly likely to return for score or two Of
years fts last previous visit was back in the time
of President Tyler) Snow storms only "prob.
Abilities" which grow remote as the Spring ap-
proacnes, ana but temporary in their Interrupt
ton to trade as compared with such contingency
as the epzooty. specie shipments are, further
more. less likely to continue with the low rates for
money in London and are, in TACT, not justified by
the current rates of
FOREIGN EXCHANGE,
which on Saturday lett or at 1925 for prime sixty
day sterling and 1lO,4 for sight bills
THE OUTLOOK
for the immediate future OF local money market
is therefore quite encouraging despite the uniaver
stringency in money during the week. At the
Stock Exchange the speculation has been well dis
tributed over the list Of leading railway and mis-
cellaneous shares but the activity has not been of
NOTEWORTHY DEGREE.
ON Friday and Saturday the slowly changing
feeling OF the market had become decidedly buoy
ant on q continued light amount OF business and
prices, with few exceptions had recovered most,
If not all, Of the ground lost in the beginning Of
the week, when they had been depressed by the
scarcity OF money. The Syndicate movement has
been reflected in q considerable advance in gov
eminent bonds particularly in the new fves,
which have risen to a small premium in gold The
prospective success OF the new loan also started
wide demand Tor railroad bonds, which were I'M
usually strong at advancing quotations.
LATEST PRICES OF GOVERNMENTS.
The following were the closing prices Saturday
evening for government bonds: United States cur
rency skies, lis 1l54; do do, 1881, registered,
116h NJ; do do, coupon, 1857 11sX do. fve-
twenties, registered, May and November, 1143s q
HAY; do. do, 1852, coupon, do la 114 do. do,
1884, do DO. nay ll4 do. do, 1865, do do. I15ss
a ll5X; do. do, 1867, registered January and July
HAY il5; do. do, 1865 coupon, do, hay 1l4n
do. d. 1867, do. do, 1864 al16k; do. do. 1865 do
do, 11eX 1l6A; do. ten-forties registered ll2k
Hay; do. do, coupon, 115k l15,.; do. fves or
1881, registered, 1l3k 113x; do do, coupon tex
int.), 1l3K 113z.
SOUTHERN SECURITIES.
The only noteworthy feature in the Southern list
mas been the further Improvement in Tennessee
bonds which closed Saturday in the vicinity OF 49,
otherwise the list was dali and steady Holders Of
Tennessee bonds will be interested by an article In
another column on the subject Of the finances Of
that State. The following were the closing
prices, including latest quotations for the
leading Southern railway and municipal
bonds:-Tennessee, ex coupon, s2h %; do.'
new, SO a ssh; Virginia, ex coupon, AZ %;
do. registered stock, old, 81 40; do. SKIES con-
solidated tonds. 55. 5ex; do. slxes deferred