The New York herald., 1872-09-22
THE DEFICIENCY $ss2, ,475.
The Stock Market Weak Before, but Strong
After the Statement.
CONTINUED DECLINE IN GOLD.
The Imports and the Cotton Movement
Of the Week.
WALL STREET

- WALL STREET, |
SATURDAY, Sept. 21-6 p. M
On 'Change to-day cotton was again lower and
only in moderate demand. Flour was steady
wheat was dull and lower and corn easier.
THE IMPORTS OF THE WEEK.
The total imports OF foreign goods at this port
during the week were ss,O7l,590. divided between
$s,25o,s7l OF dry goods and $500, 72S Of general
merchandise.
THE COTTON MOVEMENT.
The receipts of cotton at all ports for the week
were 81 269 bales against 90 625 bales the previous
week. The total receipts since September l. 1872,
are 97,5os bales against 42464 bales for the same
period last year, showing an increase in the pres
ent crop Of 55134 bales. The exports from all the
ports for the week were H. 1o5 bales against 2ss
bales last year. The total exports for the expired
portion Of the cotton year a. 465 bales against
Ro, ,o2e bales for time last year. The stock at
a the ports is 1920 bales. against sS4 in 1871.
MONEY EASY A 21 PER CENT
The money market at its most active period,
which was during the forenoon, was quoted per
cent, the rate being In some instances paid in
gold. BY noon the quotations had modified to o
per cent and by three O'Clock balances went at
as low as 2h per cent These low figures were, to
great extent, nominal for the business Of the day
was well over by two O'Clock but 1t would be Diff
cult to give an average rate, unless the calculation
Tor one be based on the two extremes of Z and 2h
per cent.
MERCANTILE PAPER
was still neglected and nominal. Rates are not re-
liable enough as yet to bear quotation. 1t is said
that during the stringency OF money in the middle
Df the week $4,000 note of prime
Broadway dry goods house was done at
10 per cent discount. Foreign exchange
was lower nominally and in actual business Prime
sterling rates were lowered to 1o71 and 1osX, and
pales of the former were reported at 107I-a de-
cline for the week OF about per cent in this mar
ket The English papers attribute the Bank Of
England advance of the discount rate to these low
estes for sterling exchange.
THE BANK STATEMENT.
As anticipated, the weekly statement Of the asso-
ciated banks proved very unfavorable, and those
lnstitutions are now, In their aggregate condition
eS32 ats below the limit OF reserve which the law
fequtres them to keep on hand, this occasion being
he second In their history that the legal line has
been encroached upon, the other having been
during the crisis OF last October pending the panic
Following the fire at Chicago. 1t is true the deficit
rs not large but the fact of deficit at all is some-
thing that the well-regulated financial mind would
have been shocked at a few years or even year
Rgo But
A PRECEDENT
having been made last October when the enormous
Expansion Of the banks rendered them readily sus-
Cepttbe to the dangers OF panic, and the impair
ment Of the legal reserve on that occasion having
been allowed to pass without rebuke from the
eecretary OF the Treasury the banks glided into a
eimiar condition to-day without exciting as much
bensation In Wall street would be made by the
.playing Of hand organ before the door OF the
Bt0ck Exchange. The luckess "bears" shook their
[heads sagely and prophecied the drest calamities
bs coming, but the 'bulls' summed themselves In
.the mellow sunlight of the beautiful Fall weather.
derided their forebodings and pointed to the ease
|on money and the strength Of the stock market.
THE CHIEF FEATURES
of the statement are q decrease of about eight
and half millions In deposits, made up OF con-
FRACTION Of nearly four millions in loans and loss
OF nearly four millions in legal reserve, the decrease
D1n greenbacks being over $3,6O0,OO0.
The decrease In specie s 80 small in face Of the
|neavy customs payments of the week and the '1ock
ling up" operations OF the clique that the explanation
suggests itself that the Canadian banks sent us q
Wreat deal of gold during the week to the high
rates 1t was WORTH and hence the inability Of the
|tclique to keep up the stringency. The statement
was regarded as an illustration Of the very worst
Che clique could effect, and hence the
PARADOxICAL
strength OF the stock market after its publication
The total averages Of the week compare with last
week as follows:-
| Sent Ii. SPDf. o.