The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-06-23
FINANCiiL AND COMMERCIAL.
A Bull Ending to the Week in
Wall Street.
GOLD DECLINES TWO POINTS MORE.
Stocks Higher and Strong, with
a Sharp Rally in Erie.
TIE BANK STATEMENT UNrAVORABLE
The Wool Clip" and an Efux
of Legal Tenders.
The Wool Crop and the
Money Market.
Heavy Expansion Of Loans---The Banks Deal
Ing Literally in Business Paper.
The Cotton Movement and the
Specie Export.
Imports for the Week About
E,ight Millions.
The Wool Crop and the
Money Market.
Hcavy Expansion Of Loans---The Banks Deal
Ing Literally in Business Paper.
The Cotton Movement and the
Specie Export.
Imports for the Week About
Eight Millions.
WALL STREET,


On Change to-day wheat was better and nour
Gull Cotton steady.
THE COTTON MOVEMENT.
The receipts Of cotton at all the ports for the past
week s,777 bales, against 1888 bales the
previous week. The total receipts since September
1871 2,662 296 bales against 3s69,0a4 bales for
bie corresponding period OF last year, showing de-
crease in the present crop of l,ls6,74S bales The
exports from al the ports for the week were 1905
bales against ei4 bales last year. The total ex
ports for the expired portion OF the cotton year
1889 OF bales, against 3,046el5 bales for the
time last year. The stock at ali the ports is l3s Gal
bales against 2O4 500 bales for same date in 1871
THE BANK STATEMENT.
The weekly statement of the associated banks
proved quite unfayorable, and at more active
time In the stock market might have induced con
siderable 1uctuaton in prices. The surplus reserve
has been impaired to the extent OF pretty nearly
two million dollars owing 10 loss of that amount
IN legal tenders and specie. The loss in legal
aers is about million and half dollars rejecting
the beginning of the temporary outflow OF money
for the 'wool clip which is marketed between this
time and the latter end OF July. This year the wool
interest is OF much more Importance than hereto
fore, account both OF the large increase in the
consumption Of wool and OF the enhanced price OF
The commodity. The effluy OF money to meet this
demand is, OF course, insignificant, as compared
with the necessities OF the wheat and cotton crops
but for few weeks to come the requsition upon
New York will be quite large, but hardly enough to
occasion any apprehension as to a arrangement of
the money market. 1t may have the effect of adj
vnncing the rate on call to per cent, but that
win doubtless be the maximum effect The loss In
specie is not 80 easily explained but in so vast a
movement occurs weekly in the metropolis
discrepancy OF few hundred thousand dollars is
not OF much importance, especially as the state
ment lie only an average for six days ana
mot specific total for day. The banks
now hold the sum of So, 1895 reserve over and
above the 25per cent limit required by lava lose for
the week. in exact figures, Of 81 925 The largest
variation has been in the item OF loans, which show
an increase OF over four millions. This result is due
doubtless to the greater willingness OF the banks
10 discount business paper, for which active
m inquiry has been noted recently. The statement
compares with its predecessor as folows:-
J,ne 10. J,f,ae %. Changes
Loans. s2sS 800 1902 S06,s 500 Inc. S., 042 500
Specie. 2O,299,5O0 l9,0l2000 Dec. $500
Deposits 22s,a95,3oo 22S,sSl,ooo De-. o4,SOo
Legal ten. 55,424,5 53,929,4oo Dec. 1895 100
MONEY FOUR PER CENT.
The money market was easy at per cent as the
general and average rate for call loans The ex-
ceptions were at 3 and 5 per cent, but were quite
few.
Prime mercantile paper was in active request and
quoted to I per cent discount with good deal
doing at ae}a per cent.
Foreign exchange was quiet, and the prime bank
ers continued TO ask l0oI for sxtyday sterling and
1903 for sight bills, but Allowed a generous commits
gion on these rates.
GOVERNMENTS QUIET.
Governments were quiet at q fractional decline,
in sympathy with the lower ruling Of the gold mar
ket The business was limited and little was doing
either at the counter or for speculation. The fol-
lowing were the closing prices United States cur
Ieucy skies, 114i4 11i1s do do, SKIES 1884, regis
tered, l143S a 1l454 do do, coupon l19& 1lo94
do. fve-twenties, registered, May and November,
H37s ll4}S do. do, 1862 coupon, do 1l3M 114lS;
90. do, 1864 do. do, 1875 l14iS: do. do, 1865,
1l44 l141l; do do, 1867 registered, January ana
July, ll25t 1l27s; do. do, 1865, coupon, do lG1i
"a Ilo9z do. d. coupon, do. do, 1ITll lI55a do.
do, 1ses, do do, III NIX do. ten-fories regis
tered 1903 nos; do. do, coupon, 1i15s my;
do, fyes Of 1884, registered, 1925 ll3; do. do.
40 coupon, 1928 1l3.
GOLD wEAK-113% a 113is
The gold market was weak and declined TO 49,,
closing finally at 1874 The fuller adyices from
Geneva and Washington conhrmatory OF the elirni-
nation ofthe indirect damages question in the treaty
negotiations for a settlement Of the Alabama claims
was the prime cause OF the lower premium. but the
speculation was also checked 10y the light export Of
specie for the week which amounted to about three
quarters Of amllion. The course Of the market il
shown IL the table,: