The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-04-07
One Hundred and FOrtV-llve Per Cent Per An.
mum Interest Paid for Loans on Stocks.
Stocks Give Way and Close at
a Decline.
UnfnvOrablc Bank
Statement.
GOLD AND GOVERNMENTS FIRM.
The Weeks Imports Of Foreign Goods
Nearly Thirteen Millions.

WALL STREET,
SATURDAY, April 6-6 p. A..
On ,Change to-day wheat was frm but less ac-
tive. The cotton market was quiet and steady.
THE COTTON MOVEMENT.
The receipts OF cotton at all the ports for the past
week were 36o62 bales against $40 bales the pre-
vious week. The total receipts since September l,
1871, are 246422s bales, against 33s30sl bales for
the corresponding period OF the previous year.
showing decrease IN tho present crop OF 9l9, s53
bales. The exports from all the ports Tor the week
were sos bales, against 3d. 4s1 bales for the
week last year. The total exports for the expired
portion OF the cotton year are 342 bales against
1870, $50 bales Tor the same time last year. The
stock all the ports is 81 429 bales against 555 2OS
for the same date in 1871.
MONEY lie q PER CENT DAY.
The money market was excessively stringent, and
the scarcity was greater than experienced on any
previous day during the present crisis. The general
expectation was that, as usual on Saturday, there
would be q relaxation at the close; but even with
this belief so current the rate started or at per
cent which in some instances was paid In addition
to per cent. Early in the afternoon the idea
above referred had the effect OF creating re-
Taxation, and some loans were made at lie, but as
three O'Clock approached the inquiry qulckened
again and the money market was maintained until
within lew minutes OF four O'Clock, the demand
being great that nigh as Il in addition TO per
cent paid by the frightened borrowers. Indeed,
1t Is said that high as per cent paid III the
excitement between halfpast three and four
o'clock.
THE LocKED-UP GREENBACKs.
The Indignation OF The other banks ut
the part played by the Tenth National Bank
In locking up OF money led TO meet
ing OF the Clearing House to-day, at which
MIR, Tappan, the President OF the Gaatln Bank, was
appointed a committee OF to investigate the
affair in connection with an official inquiry on the
part OF Mr. Meigs, the National Bank Examiner OF
TINS district, These gentlemen proceeded 10 the
Tenth National Bank and found that the creditor
balance OF nearly $1,000 900 yesterday was due to
the withdrawal OF about four and quarter milnons
In legal tenders ana the calling In OF loans to the
extent OF over half million. The money with
drawn was on checks presented by a prominent
"Dear" Spectator IN Wall street. The President OF
the bank asserted Its entire innocence OF
completely IN the conspiracy, and furthermore
promised IN company with several OF the directors,
that they would not allow repetition OF the matter
complained Of earnestly asking that the Clearing
House would overlook the present case, especially
as rejection OF the checks OF the bank might lead
to run upon It, with probably very serious conse-
quences. The President and directors referred to
Expressed tlclT ueLcTHllttOu w IcsSu Iluc-
dately should their good intentions be overruled
In the future by the majority of the Board. The
case as Investigated by Mr.. Tappan, Will De sub
United to the Clearing House on Monday.
THE BANK STATEMENT.
The bank statement proved to be very unravora-
Die and suggests a much worse condition than Is
presented, for, with the half OF a distribution
OF the loss OF resources over SIX days the surplus
reserve Is reduced almost to million dollars We're
the statement made for the day and not given as
average for the week 1t would probably show that
the DanKs are actually below the limit OF reserve
which the law requires them to keep
on hand. 1t Is, Of course, very proper to throw
blame on the spectators for locking up money! but
the banks ought not to leave it in the power OF a
clique TO place them in their present position.
We're they not so unduy expanded there could not
be this unlawful dImlnution OF the proportion be-
tween reserve and liabilities. Tne banks, IN their
greed to make money out OF the wild speculation In
stocks nave loaned every dollar they could spare to
Wall street. while turning cold shoulder to the mer-
chants presenting applications OF more legitimate
character. Under cover or the excitement ABOUT
the locking up In the Tenth National Bank the
other banks are endeavorIng to disguise their own
indirect connection with the speculative mania IN
the stock market. The morality oil the business -
mt IN least changed because the Tenth National
Rang nappeus to help one set OF stock gamblers and
Inc oner hanks another. The total averages Tor the
,roov oomnare with those OF last week as follows