The New York herald., 1874-08-24
FINANCIAL and COMMERCIAL
Approaching the Fall
Revival.
Review Of the Events Of the Past Week and
of the General Situation.
FURTHER HOPEFUL SIGNS.
WALL STREET

SUNDAY august 20, 1874.
The week which closed ON saturday night NAV
be regarded as sort OF prologue to a new rendi-
tion OF the ever-shifting drama of events whose
story centres around tus locality. For weeks in
deed II might be said Tor months past, the recu-
perative forces OF the country have been silently
at work repairing the damage done our several
industries by the panic, and, although making but
little outward exhibition OF the results attained,
those who had latin in the energy and activity OF
the restless strivlngpeOple to guide them in their
observations, found
AMPLE ENCOURAGEMENT ON ALL SIDES.
We are just about reaching the outgrowth OF
that patient endeavor that quiet purpose, and the
last week has been noticeable for outcroppings OF
restored confidence and revived business. 1t is
noticeable feature OF this revival that it is
panied with conservatism rare since the Begin
ming OF the late rebellion, but exhibiting
sound caution and reserve to be welcomed
as governing principle in transactions
which extend over such vast extent OF territory
as ours, and In which the relation of debtor anu
creditor has peculiar character of Its own Incl
dental to ease or dificuty as the case may be. OF
collections. Thus we find in the dry goods trade
that while, during the past week, there has been
fair attendance oi western and Southern buyers,
their purchases have been mostly on restricted
scale, and not up to the expectations Of jobbers.
Some OF this IS due, perhaps to
EXISTING UNCERTAINTIES
respecting railway freights, which have not yet
reached permanent or to be presumed enduring
tat least Tor the season basis; but more of 1t is
accounted for by the expectation OF lower prices,
in which. 1t Is said, holders or goods share. The
main reason, however, can be readily found In the
lesson tangat bv last years panic. Western
dealers are disposed to feel their market
before accepting heavy burdens, and will
fan calls
sumption. This is likely to give the first
weeks Of the season less hopeful appearance
than has been looked for, but II the expectations
formed were wen grounded the demand will not
be less because of the present reserve OF buyers
This reserve Will also serve to prevent all danger
or fresh disaster IN the future. The trouble grow
ing out OF the panic would seem to be almost en-
tirely closed out, as there new reports OF
cmbarrassments, and the feeling throughout the
trade, Notwithstanding the existing quiet, Is ono
OF confidence in an active business ere the season
closes.
TIE MONEY MARKET
ofrers every encouragement to anticipate consider
able activity in general trade circles Already the
banks are beginning TO ship currency, mostly
national bank notes, 1t is said, although the bank
statement shows q loss OF nearly 100000 lega,
tenders each week to the West, to aid the crop
movement. This is healthiul. The banks here
hold $28 $50, 600 in excess OF their required legal
reserve, and can we'll afford TO stand
heavy drain, so long as the money drawn out en-
ters into legitimate use. An advance in the rate
OF interest here even to seven per cent, would If
thus produced, stimulate dealings here much more
than the present low rates, while it's effect on the
stock Exchange would be to restore to it some-
thing OF Its old tone. Commercial paper passes
easily now at to per cent. The
decline in the Bank OF England rate OF
discount during the week from to 81
per cent shows a return in London to a normal
condition Of money temporarily disturbed by
heavy sales OF French securities. the proceeds OF
which were shipped to France. That this decline
was the result of relief obtained by the bank from
large shipments hence is significant, as Is also the
fact that these shipments were made without very
materially Affecting the gold premium here, the
highest figure of which Tor the week was ITO. Sub
Joined Is detailed comparative statement OF the
banks for last week and the week previous:-
THE BANK STATEMENT.
AuQslst IS. August %. Differences.
Loans. $50 200 $27s oOO Dec. S694 200 zoo
Legal tends 6G,57s,loO 65,s9l,4o0 Dec. 6s6, 200
Deposits 7,9l55O0 234. 1854, 100 Dec. 305l, 400
Circulation. 25,SO9,1OO 25S20,U0o Inc... 10000
The following shows the relations between the
total reserve and the total liabilities
august Is. August %. Differences.
Spcce s22 352, 600 SIS, 554, 300 Dec 81, 797, 100
Legal tends 66,57S,10o 65,S9l, 400 Dec. 6s6,'oo
Tot reserve $685. 100 ss544esOo Dec. ss 49,, 500
Reserve re-
avff