The New York herald., 1874-01-15
THE CONrRAs

The foregoing figures are suggestive because in
6icative Of the rapid and healthful manner in
pFhich recovery is being erected after the recent
criss. Whether the gain is due to natural or
artincal conditions, to imitation or to the legiti
mate strength OF the market, the figures
we have above quoted are full OF les
eonsi They tell OF blanks yet to be
plled, Of prices yet to be advanced,
pf q speculation yet undecided and future which
30 somebody will bring tribute Of profit. What
ever may be the character Of the local pulse Of
Wall street. there is much OF temporary buoyancy
In the existing
OUTSIDE CONDITIONS.
All the markets seem to be held well in hand.
There Is more activity than usual in dry goods in
Bottom in manufactures in money, more deposit
Ing Of earnings, more ease in the transmission of
paper dollars from hand to hand, more payment OF
hebts, more commercial movements, more dis.
position to enlarge upon old and engage in new
business more strength to deal with the present
and cure the evils Of the past more Of everything
that sav0rs OF financial health 1t may all be based
pn the idea OF imitation, but for the moment the
prospect is certainly encouraging. The fact should
nor be lost sight Of, as part of
THE ELEMENTAL STRENGTH
which is being contributed to the situation, that
Rairs In Europe entering largely into the solu
zion Of our financial work. When the peasantry
Of France poured out their boards the savings OF
years found their way into the French banks;
thence were transferred to Germany. Germany is
at the present moment suffering from undue inns-
ton more than America; the overpus is making
Its way to the mother Of markets-Engiand; Eng
land Is loaded with securities; they are not, how
ever, OF character that commands the utmost con-
adence; too many defaults have occurred in the
payment OF the interest on the great loans there
negotiated TO MAINTAIN for them first class char
acter; diversion in favor Of American securities
will therefore be natural. When this occurs, as it
viii undoubtedly do within
THE NEXT THIRTY Oh SIXTY DAYS,
we shall see q turn in the tide OF investment. The
strength and value OF American securities cannot
be lost sight of in the financial world, and espe-
ciaily In that world Of England IN which money is
plethoric, rules cheapy and where the bank rate
of the nation confesses abundance Of capital.
Following out the thought it is not difficult to
shat the present condition OF the American market
- illustrated even by Wall street, offers an invita-
zion to foreign investors, and VIII eventually
httract from Europe an unusual amount OF capital.
Dur government bonds, our old railroad
eecurtties, our ever varying local specu-
bati0n In shares, all are enhcements to
which money will sooner or later gravitate
hrom every portion of the world and preserve for
ms, in spite Of local agitations, firm market or
two three or half dozen capitalists. plucky, reck-
hess speculative and ambitious, control values and
hold the power to make or break the market.
sharp fluctuations will result, but the law which
applies to the market and VIII eventually regulate
Its course is as rigid and ineXorable that which
fixes the rise and fall Of the barometer.
MONEY
was easy to-day and freely offered at per cent on
call, with exceptional rates even lower. Paper Is
discounted at the same figures as heretofore
quoted-7 and Q per cent Foreign exchange
closed quiet at As2h 4.S3 for prime bankers
sixty days. sterling and 4.s6 for demand.
,sr THE GOLD MARKET
was without special feature. After selling at Ills.
q NIX, gold closed at 11lk. The disposition o,
operators is evidently to await the action of Con-
Rress and take advantage OF any legislation that
warrants an advance in the price. The rates paid
for carrying to-day were 7, 8, A. 6. 8, 2 and per
cent gold.
OPERATIONS OF THE GOLD EXCHANGE BANK TO-DAY.