Year: 1873

warrant call for that amount on the 1st pr0x. 1he
general speculation of the street. however, cut
aloof from this outside aid, and matters
have been governed by other influences. Cold
has been all the way through within the ex-
tremes of 113s and 114I. the higher range
ruling to-day. The Bank of England made no
change in its rate Of discounting on Thursday ana
1t still continues at 81 per cent, notwithstanding the
loss in bullion during the week amounted to fo55co
1t is not likely that any disturbance to the money
market will be occasioned by tho Spanish troubles
and hence there are reasonable grounds for expect
inc that good deal of foreign capital credit will
he EMPLOYED here during the Spring and Summer
The gold pool rely for a supporting influence upon
the scarcity of gold available compared with last
wear and the continuous heavy demand from the
;mnorters rs reflected in the Customs receipts OF the
week. 1t is given out that large amount OF
GOLD is to be withdrawn from use, ana
that the gold bulls. by deranglng deiV-
cries. expect to compel q cOrnering OF the snort
interest at higher prices 1t is also laid down III
the programme that the money market Is TO DE ooc-
tored and manipulated at the same time ana tneie
certainly have been evidences during the week that
this market has been under speculative influence
As much as per cent and interest has been at tunes
paid on call by needy stockholders and money has
been in sharp demand all the way through at per
cent in currency and gold to the dealers IN Ihted
States bonds and at T. gold, to per day on ordinary
Stock Exchange collateral, the preponderance OF
business being at about S2d. Such strlngency
in call loans naturally influenced discounts
unfavorably, and interrupted business ma
terially. We quote the range OF prime com
mercial paper at s to 10 per cent, with
very little doing under TO- 1t is to be regretted that
the natural condition of the market should place it


nf
several weeks the banks have been expanding
heavily, while at the same time steadily running
down in their reserves their absolute condition
being shown in the bank return below. Money IS IN
reouest from all parts of the West and Southwest,
and the movement is against this center. When the
policy of the Treasury in canceing the per cent
certificates TO such great extent Is taken INTO the
consideration the present unusual strIngeney does
not seem so unaccountable. These certificates were
taken in as new National Bank notes were issued, the
result attained being steady contraction Of reserve,
accompanied by an extension or enlarging OF the
bank liabilities. The specie reserves are also de-
creasing through the payment to Europe OF foreign
luxuries, as witness our foreign commerce tables
for the last few weeks. But with no troubles
occurring in the European market, remedy is
likely to be found in the willingness Of foreign
bankers TO lend their credits here. Indeed, the





now very formidable, and formed one of the, chief
sources of weak sterling during the week, and we
have heard of sales of prime 60 days starting as low
ss 1Os 0lO9, OF fully lGs below the counter rate.
There has also been freer supply of bills drawn
against shipments of cotton. The purchase OF
bonds for expectation ceased some time ago. but has
been renewed again within day or two but the
market for United States securities during the
week has been much less active than the preceding
ones But large business was reported in railroad
securities and prices of the leading roads have been
higher as investors come in to the market more
freely. Southern State bonds have been restricted
as to volume of business except Tennessees which
were active and lower. The city bank stocks were
in good request but offerings are limited.


The stock market displayed weakness during the
greater portion of the week, and prices declined
from TO q per cent. The transactions were very
large in some cases and the fluctuations wide and
frequent Atlantic and Pacific was hammered the
most, and the stock fell rapidly from SO! to Sos
though later on there was a recovery of about per
cent. Missouri Pacific declined from SO 10 So. but
afterward recovered portion of the decline Erie
c. c. and c. and Hannibal and ST. Jo. fell of from
TO 81 per cent, but, in sympathy with the rest OF
the market, rallied in the late dealings. Western
Union broke from 81 to SGl, and was leading fea-
ture for time but in subsequent dealings the stock
was less prominent. The remainder of the list de-
clined from to p per cent but i'll the late dealings
there was steadier tone, and the busi-
ness was at better figures The coal stocks
displayed more life and animation than for
some time past. Delaware, LackawanDa and
Western after selling down to par, rose TO lO3 on the
decision of the New-Jersey courts. Consolidation
was irregular and American frmer. Maryland and
Central declined in the early dealings but closed
higher


The market to-day dwIndled into condition of
dullness and quiet the movement in the general list
being limited, and active only III a few
specialties. Under a sharp upward turn III
Lake Shore to 97s, the entire list was strong
until after meridian, when the anticipated bank
return caused retrograde movement, though
there was a pert reaction later. The market was
heavily sold down in the final hOur and half of
business, and closed weak and down TO about the
lowest notch. Lake Shore declined to 9G. carrying
down New-York Central point tO101s. Erie fell on
from e4I to 63 Western Union yielding l. points at
the close. The investment stocks were quiet and
steady while of the miscellaneous stocks other than
those above mentioned MaripOsa Land and Mining
Company went off TO 1G The coal stocks were ac-
tive and strong Consolidation sold AT 5?s Mary
land. %; and American G2GGlGG2. Central adj
yanced to A on the favorable statement of the Com
pany The opening, highest, lowest, and closing
prices of stocks are as follows


Oper'c HIGHEST Iowe. los m.