The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-05-11
SOUTHERN SECURITIES.


The only change worthy OF comment In this de-
partment was IN the bonds Of Tennessee, old and
new, which advanced in consequence Of informa-
ton hat arrangements have been perfected for
the payment of the ensuing July interest and that
OF January and July, 1875. The Treasurer aud
Comptroller OF South Carolina are now in the city,
a they announce, to confer with bondno!ders In
regard 10 funding their bonds at so per cent or
fheir face value.
THE MONEY MARKET.
The ease in the money market which we have
-occasa0n TO report from day to day. is unnatural,
bot perhaps it is an evil mixed with good. 1t is
the result OF reaction from overtrading, from the
excessive building railroads unpron table
portions OF the country and needless speculation
IN heavily watered securities; in snort, it Is con-
sequence or practical innatlon. In the great
fright that grew out OF the panic money sought
refuge first in private safes and subsequently in
the banks, and there 1t has since remained. re-
fuEng TO come forth until business men know
'''what Congress is going to do about it, When
trade Is resumed, therefore, 1t will be upon safer
and doubtless more durable basis. That 1t must
be resAned soon is not matter OF question The
opportunities OF the .spring trade" have been
passed because they were not profitable; but
when the fall comes upon us, with
STOCKS EVERYWHERE REDUCED
fhe same, we shall find new life given to the
movement OF money, to the machinery OF the
manufacturer and to the rolling stock of our rail-
ways. The events Of August and September, when
. portion OF our great crops commence TO find
market, may also stinen the rates OF money, ana
for the time being produce greater activity, but
1s will be Jet too early even then to foretel the
winters prospects. and until these are determined
the business community will naturally be loath to
depart from their present policy OF caution. In
rates during the past week there have been
NO IMPORTANT CHANGES
70 announce. Borrowers on cali were freely ac-
o0mmodated at and per cent, while loans on
time we're negotiated a. 5 per cent for sixty days,
~ per cent for ninety days. and per cent for the
balance OF the year. The best paper was dis
counted at 51z a per cent. 1t is thought by some
that If funds continue to accumulate short time
loans will be made at lower than present figures.
Foreign exchange was firm and at point which
permitted the expectation ofgold with profit, and
the opportunity mas been made use OF to ship dur
ing the week s2,528,o62, OF which SI519000 was
taken away Yesterday.
GOVERNMENT BONDS.
Early In the week these were lower, but prices
subsequently srirened with the advance in gold,
and they lett or with considerable hrmness. The
inquiry from foreign bankers is light, but the de-
nduu lOf uoiue luVtSblutuB continues good. IL Is
stated that since the veto comparatively lew
bonds have been sent abroad. owing to the gen.
orally lower range oil gold.
EXPORTS AND IMPORTS.
The foreign commerce OF the port for the week
was :-General merchandise imports, including dry
goods, Se,5l5,o37; produce exports, s573e $751; and
specie exports s2.52s oo2. The total merchandise
imports since January l. this year, slsl, 2Is
against s1e3, 177 last year and s1s3, 3le922 In
1s72- The total exports Of produce since January
are $so,245s37 against s94 cal s25 last year and
S51s3s.423 In 1872. me total exports OF specie
snce January are lS22e, COS, against SIS o97
LAST pear ard $l4,ss4,3e7 in 1872
TIE STOCK MARKET
Theenormous decrease in the value OF securities
On the stock Exchange during the past year win
appear from the following tablet