The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-18
The Invitation of America
to Europe.
OUR HOME ATTRACTIONS.
THE MONEY MARKET.
Gold Steady-Government and
Railroad Bonds Firm.
THE BANK STATE M Il N T..
WALL STREET,

SATURDAY, Jan. IT. L. M.
The immediate outlook Of AFFAIRS from money
point OF view and Of the prospects which seem to
favor commerce are in every sense encouraging
First our banks plethoric with funds. The
statement in detail will be found below. 1t is
probable that the amount Of excess over the legal
reserve will increase for many weeks to come.
Second, money is to-day cheaper and more
abundant than 1t has ever been at this season OF
the year. Banks are begging that 1t shall be taken
on their hands. Third. money is easy in England,
France and Germany. In other words, species
of imitation exists in Europe, which has already
begun to communicate its buoyant influences to
American and other securities.
THE PEAsANTRY OF FRANCE
have poured out their boards. The bankers OF
Germany are loaded with the gold and silver ac-
cumulated as the result Of the payment Of the war
indemnity. England-the banker OF the world
IL overrun with applications for new loans, and
everywhere on the Continent among the great
money centres is to be seen o condition OF anairs
resultant from q complement to their Golfers OF
capital. This has been released and now seeks in
vestment. An important question to be considered
in this connection Is whether the United States
does not and will not offer such inducements
through her government bonds and railroad secu-
rites as are calculated than ever to attract
the attention Of European capitalists The ordinary
British investor has been often and egregi0usly
deceived by the loans placed upon his market,
while
GERMANY AND AUSTRIA
have been on the edge of panic within the last
year as the consequence of wildcat speculatiOns.
On the other hand, American credit has been ordi-
narily well maintained abroad. and fewer defaults
have occurred in our securities than among any
others which are the subject Of investment. 1t Is
but natural, therefore, that amid this wonderful
abundance Of money, this tremendous excess Of
capital, large amount should find its way from
England to this country to be placed among the
handsome paying dividends which we count by the
score. The infiux may not be felt here immedi-
ately although the general effect is even now per-
ceptble in the London MARKET but the condition
OF afralrsis favorable. the attractions great,
the results so profitable that 1t seems almost q
matter Of certainty that sooner or later and proba
bly, at an early day, the country will enjoy the ben
eft OF this incoming OF foreign capital
EXPORTS AND IMPORTS.
The foreign commerce OF the port for the week
was General merchandise imports, including
dry goods 81, 254 produce exports, $45o5, 7o5.
and specie exports, $4S2495. The total merchan-
disc imports since January are $l4, 1878, as
against $l8,830, 26s in 1873 and $12,3S3.939 in
1872 The total exports Of produce siuce January
i are $9,H43o0, against 329 In 1873 and
since January $l,O22 942, against 49, O2S 1888 in
asia and 80, 1878 in 1872
THE MONEY MARKET.
Money closed with free offerings at s. 4 and per
cent, the ruling rate OF the day being the latter
Squire. Foreign exchange closed at 4.S31S a asa
for prime bankers 60 days. sterling and 4.S6h q
A.s7 for demand. Paper at discount, or as hereto
fore quoted.
THE GOLD MARKET.
Gold ranged from 11114 to lily, closing at 111H.
There are no comments to be made with reference
to the market, and speculation seems to be de-
pendent on the operations OF q few parties and not
on general principles
OPERATIONS OF THE GOLD EXCHANGE BANK TODAY.
Gold balances. 81, ,3S1
Currency balances. ACKNOWLEDGEMENTS. 1,54S3 97
Gross cearances Observation-Disclosures. 81, 08l, 900
CLEARING HOUSE STATEMENT.
Currency exchanges. $40, 7l47 100
Currency balances. Observation-Disclosures. 3,344A8
Gold exchanges. OBSERVATION-DISCLOSURES. 6,4l3 70S
Gold balances. ........................ 1,442973
THE BANK STATEMENT.