The New York herald., 1872-10-21
WATCHING THE LONDON MARKET.
:Ehtente CMdialc Of the Bank Of France and
Bank Of England.
4sATuRDAy's BANK STATEMENT.
The Surplus Revenue Rises to
$0,O27, Ats.
WALL STREET,

A
osieS SIN business days singular variety OF incl
Asnss and doings, both in financial and in CONNER
eiaa circles. In our foreign trade
III. THE STRIKING FEATURE
- the large decrease In the imp0rtations OF foreign
reeds and corresponding increase In our exports
of domestic merchandise. or course this is the
reason when our exports are heaviest and our i'm
sorts hghtest, but the difference between them
sAe past week at this port was remarka-
Die. The exports were, in fact nearly
. milli0n more than the imports. New
Hork is now exporting the products and
manufactures OF the country at the rate of nearly
million dollars q day, and as our city exports only
small fraction Of the entire amount sent abroad
nom the whole country, while importing nearly
si all the goods that come In the actual condition OF
the foreign trade OF the nation be very flourish
ing. The last report OF the Washington Burean OF
statistics showed tnat for the ten months ending
April 80 1872 our imports were 500 o00 900 in
eSour exports That was part OF our past cxtrava
Gance. We are now In new fiscal year and we
can hardly doubt from the altered state or our
e0reign trade the past few months that the report
5or the current fiscal year VIII show great amclio.
ration Of the evil Of excess OF imports over ex
ports.
THE MONEY MARKET
has worked with satisfactory ease to borrowers on
oa. but Is yet close for borrowers on time and on
Aercantle paper Lenders in the daily market OF
Wan street were compelled to be content with an
average OF not over per cent for money advanced
apon pledges OF the usual Stock Exchange collat-
erals the extreme rates up and down having been
and per cent. Prime paper is quoted l2 per
cent discount, an occasional piece OF 'giItedged,
passing at the lower figure, with most of the busi-
ness at or above 10 per cent In view OF the report
Of the banks, as made on Saturday, 1t is not I'M
hot fhn
accommodation at lower rates in the immediate
future. The banks now hold q surplus OF over
$AO0000o, and with the Fan season pretty well
ever, need have little apprehension Of any import
ant outward drain Of currency. IL would not be
surprising, therefore, to hear that good deal OF
paper will be discounted at bank which 10 now
being offered to the street. Foreign exchange left
0G on the basis OF 1857 and 1l0h for actual bus
ness In prime sterling bills.
THE BANK OF ENGLAND
has been the cynosure OF the Wall street markets
daring the greater portion OF the week, and from
DAY TO day reports were prevalent that the mana
gers con ntemplated further advancement In the
nate OF discount. An extra meeting was even
talked OF for Wednesday, but no alteration was
made even on Thursday, the regular day. BY Sat
n5day the report was again revived in explanation
81 sudden fall in consols and still later came a
statement by cable that the Bank of France had
loaned the Bank of England hundred million
Gancs No reason for the latter tr transaction being
given Wall street cast about for one, and came to
the conclusion that 1t was loan to the Bank OF
England by the French government OF one hun
0red million francs Of the money subscribed in
England to
THE FRENCH LOAN.
nat is, the French government gave notice
through the Bank OF France that IL would not at
present call for the money due from English sub
scribers, but allow il to remain in London. This
incident appears to have been developed after
Business hours in London, for the money market
saturday was reported very active at and above
the bank rate, and special meeting OF the bank
Tor Monday to advance the rate further was
strongly m0Oted. feature OF the London market
al the week has been the frmness OF our
Bonds, which were even a tri1e better
at the close against fail OF IA y
Per cent in consols. Possibly the English
investor Is beginning to give our six
and five per cents a long gmerited preference. Per-
Aaps cOnsols falling because rather OF chang
1g OF investments than OF fear Of what the
Bank OF England is doing gong to do with the
discount rate. The certainty OF General Grants
reelection is an assurance TO moneyed men abroad
not less than at home. II the Bank OF England is
alarmed 1t Is because OF dread OF a now OF capital
~ this country and into American securities. Yet
Wall street was Illogical enough during the past
vech 70 up gold and depress stocks because the
Osd Lady OF Threadnecdle Street was threatening
- raise the discount rate. She could have paid MS
no better compliment. But wall street failed to
zee the f1attery.
THE STOCK MARKET
was active, with sharp rise in prices until the
agitation OF the matter discussed in the last few
sentences arose, when q feverish weakness set In
aRd uDdid the early improvement. The chief feat
ure was Pacific Mail, which rose from s5 on Monday
70 100k on Saturday The last leader OF the 'bearsn
covered on Friday, and next day, 1t is reported
Joined hands with the "bun clique and went long |
81 the stock. The pool held the price at 100 bid to
sne close, and must have bought a large proper.
ton OF the capital stock. In explanation OF their
boldness, II Is said that in default OF market when
thcy come to sell they viii avail themselves OF the
law Of the last Legislature and apply the funds In
she treasury to the cancellation Of the stock.
GOVERNMENT BONDS
were nTm and comparatively steady, the newer |
feature OF the market being the diminished
susceptibility OF the fvetwenties and tcn-forties TO
she influence OF fluctuations In the gold premium.
The Treasury was unable to buy the million adver-
used for Wednesday, the limit OF par In gold hav-
ing enabled purchase Of only $4,000. The follow
ing were the closing quotations Saturday after
noon limited States currency skies, 113I
lla,s; do do 1881, registered 1l4sl 1i54 do. do,
coupon, l1eh l16sS do. do, fvctwenties, regis
terea, May and November, ll2 1i2S; do. do. 1862,
coupon do ll5A ll6; do. do, 1864, do, do, ll6x
lilo; no. DO, 1865, do. do, 1l6 1lo.; do. do,
iso', registered, January and July, 114x q 1IlX;
90. No., 1000, coupon, do, 1l4x 114x; do. do,
1857, DO do ll45s ll5 do. do, 1868, do do, l1Ix
1ib; do, tenorties, registered, 1887 losx; do.
no., ex-coupop, los3. 1osx; do. fves OF |
Issl, registered, loox q Ilo,.; 40. do. coupon.
Jlox q ll1x.
the COURSE OF THE GOLD MARKyr.