The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-27
SOUTHERN SECURITIES.

SOUTHERN SECURITIES.
Owing to the larger attention given to the stock
and gold markets Southern securities aud State
bonds were generally neglected during the week.
No DEFINITE news has been received from Alabama
concerning the proposed nnancial measures, but
from Virginia we learn that the new
Tax bill has passed both houses, and
Is probably now o law. 1t directs the
Board, consisting Of the Governor, the two
auditors, and the treasurer. pay the interest in
certain proportions at such times as they may
deem proper, not excee ling tour per cent, and
having regard to the condition OF the treasury
1t is very cautious In It's provisions, and keeps en-
tirely out OF the question all danger OF draining
the treasury. The aggregate OF the debt OF vir-
ginia on the 10th OF April was SS0,47s741 40, and
the amount recognized as the portion to be settled
by West Virginia is Sl5,3s9, $40 "A.
THE FOREIGN MARKET
in American securities early in the week was dull
and unsettled but after the receipt OF the news Of
the veto became tribe steadler. The rate or In
terest Of the Bank OF England remains unchanged,
and, In the opinion OF some OF the best informed
foreign financial writer's is not likely to be dis
turbed In The near future. There Is no reason to
apprehend Q revival Of the German demand for
gold which took place about this time last year.
inasmuch rs the Germans have coined as much as
they require. The times are quiet, and there are
no present threatening influences at work.
France is steadily but Quietly
ACCUMULATING BULLION
with view to as safe and early resumption as
possible and the high rates prevailing in the East
will doubtless keep money aoout where 1t Is for
some time to come. The English bullion exports
and imports last quarter were considerably affected
by the famine in Bengal. The trade and naviga-
tion return, just published, gives an increase Of
G n nj w ri
came from Germany, as against only f640 In the
same quarter OF 1873. On the other hand, silver
exports increased by considerably more than q
million, owing to India absorbing f2 9o5, O0O against
f590000 In the corresponding quarter OF last year.
The return OF gold exports shows the sources from
which England procured sumo ent silver to meet
these demands. France took f44i, 900 more gold,
Holland f426,0O and Mexico, South America and
the West Indies fl,oa0.0 0o On the other hand the
German demand Tell on by close on two mihions
sterling. This sudden cessation Is probably ex-
planned by the transfer OF demonetized silver coin
age from Germany to France, whence 1t went TO
England in exchange for gold.
THE BANK STATEMENT.
The chief feature Of the bank report last week Is
the large decrease in loans, amounting to
$5,OCOOO0. There has also been a large decrease
OF deposits, amounting to $4.3OO,0OO. The banks
now hold in what is reckoned as lawful money
s12. 72s s25-above twenty-five per cent Of their
total liabilities-against $11957,7Oo SO held last
week. The following are the figures Of the past
two weeks
AprI Is. april Is. Differences.
Loans $2s3 AGA 700 $685. ABB 500 Dec. O41, 200
specie. 23,2i3600 $685. 400 Inc. 122, 500
Legal tenders &c, 1872 80 54.739 800 Dec. 424,300
Deposits 80. 3Ss3S, 900 23i 488 700 Dec. 4352, go
Circuat0n.... 26,S40,300 26,901. 600 Inc. 1900
The following shows the relation between the
total reserve and the total iiabilties:-
April 10. Aprtl Is. Dt6erences
Specie $23,23,6 600 $2S 336, 400 Inc. $l22 500
Legal tenders 900 o. 49,, 6OO Dec 424, 300
Total reserve. SIS 600 600 Dec. 1901 500
Circulation. &c, 8403O0 1901, 600 Inc. 61.300
Deposits. 238, $500 2S4 486, 700 Dec. 352 200
Tot liabilities $685. 670 1885, 800 Dec. 900
rs c. reserve 68,419,80O 65,347,075 =
Excess Oyer25
p. reserve IL, 700 12,728,925 Inc. III, 225