Year: 1873

There was an excellent feeling on 'Change yes
terday, and the gloomy apprehensions born OF the
late Wall street panic seemed to have vanished
into thin air. A fair export demand continues for
hour, and the market closed with q hrmer feeling
than prevailed at the opening. Wheat advanced
upon better demand for commercial bills and
more favorable European advices. Cotton ruled
dull throughout the day and weak.


FOREIGN EXCHANGE


advanced upon rumor that the government
would shortly purchase $1,000, 900. which rumor
gained general credence for a time, notwithstand-
ing it's manifest absurdty, when the President had
refused TO thus interfere with government aid at
a time when this market was In real
distress, from which it is now actively
recovering. 1t appears, however, that there
was this much truth In the rumor, that application
was made to the President TO induce him to make
this purchase, but he declined to operate in this
way other than as the requirements OF the govern
menr business call for the use OF foreign excnange


MONEY SHOWS GREATER EASE,
the fact that many OF the banks have virtually
resumed currency payments, and the expectation
that the rest will shortly follow, inducing freer
outflow OF legal tenders from private sources. AS
o result OF this the bulk OF the days business in
loans was done on the basis OF Z per cent.
Another Washington report was started to
the effect that the President will shortly
make heavy drafts upon the s44,ooo0oo re-
serve. The explanation OF this ID, probably,
that this reserve having been already drawn upon,
the President wtlt II the currency demands upon
the government exceed current receipts, draw
upon 1t for necessary payments until such time as
full return Of confidence among the people re-
stores the ordinary volume Of $31l, 100000 to
healthy circulation.


GOLD ADVANCED


m nd or
fresh apprehension expressed OF further advance
OF the bank rate by the Bank OF England at the
next meeting OF the directors The rate in the
open market was quoted at only u below the Bank
rate yesterday.


THE STOCK MARKET


showed decided signs OF Improvement as . conse-
quence OF the runors referred to above and q
more bullish tone prevailed in Wall street circles
either as further result Of these rumors or as In
dicative OF o possible movement for an advance.
1t will be noticed as one OF the curious phases or
the present situation that, while bulls' are scarce
on the street, '.bearsr are equally so, and timid
withal. The latter were losers as wen as the
"buls" in their last campaign, ana the
only chance for them to recover these
losses is with the return to normal
condition or the money market, to turn
s'buls," and by sharp purchases advance prices
as to draw in again the outside public, now badly
frightened OF, to relieve them Of their stocks at
higher figures than now rule. The ''outsrde
pblicn VIII OF course take its own course in this
natter no matter what is said; but as money is yet
wanted for commercial and other legitimate uses,
that it may not be heedlessy diverted to fresh
speculation on the Stock Exchange, to be followed
by more dangerous reaction In the spring, the
following table is submitted Let the "outside
publc'' examine 1t carefully, and 60 in, II they
must. with their eyes open:-


Table showing railroads upon the stock of which
dividends paid last year. Of stock upon
which dividend paid and the percentage Of div
idend the amount Of real stock upon which only
such dividends should have been paid =