The New York herald., 1872-11-10
FINANCIAL and COMMERCIAL.
The Bank Of England Discount
Rate Raised to ! Per Cent.
Money "On the Street, in London
Quoted 7 a s Per Cent.
A Popular Holiday and No Prices
for Bonds or Stocks.
THE EFFECT ON THIS SIDE.
Depression at the Stock Board and an Advance
in Gold and Foreign Exchange.
113 3-4 THE LAST PRICE OF GOLD.
Money Irregular, but Easy at
5 z Per Cent.
Money Irregular, but Easy at
s. z Per Cent.
A BAD BANK STATEMENT.
Suspension in London of an Amer
ican Banking Firm.
The Cotton and Specie Movement and
the Weeks Imports.
WALL STREET,


On Change to-day cotton was quiet and nc. per
b lower for lots on the spot," but active for future
at 1l6c. per h. easier rates. Flour was quiet and
steady. Wheat was dull and lower while corn was
quiet and about steady.
THE IMPORTS OF THE WEEK.
The total imports Of foreign goods at this port
during the past week were $S,697,572, composed Of
$1,5s4,3l6 of dry goods and $7,11s,25e OF general
merchandise, the latter including heavy invoice
of toy and fancy goods for the approaching holiday
season.
THE COTTON MOVEMENT.
The receipts Of cotton at all ports for the week
bales against 120 465 bales the previous
week. The total receipts since September l. 1872,
are sOs12 bales against $685. 1876 for the period
Of last year, showing an increase In the present
crop Of bales. The exports from all the ports
for the week were O358 bales against IL ISL last
year. The total exports for expired portion of the
cotton year are 3o9245 bales, against 2sOS50 last
year. The stock at all the ports is s1s,77s bales,
against 297, 1856 for same date In 1871.
THE LONDON MARKET.
The first news by cable this morning was an an
nouncement that the Bank of England had raised
the minimum discount rate to per cent as against
6per cent the previous rate. 1t was reported yes
terday that the directors were not likely to do any
thing to-day on account Of the observance of the
double holiday of Lord Mayors Day and the Prince
OF Wales' birthday, but the day was not bank
holiday. The emergency must be regarded as q
pressing one when it called the directors together
in extra session, with the result of advancing the
discount rate to
THE HIGHEST FIGURE
since the outbreak Of the war between France and
Germany. Private advices report that the rate for
money on the street or in the open market Is even
been up to per cent. The effect Of
this crisis upon the London stock market
cannot be developed until Monday, to-day having
been kept as strict holiday so far as business is
concerned, which fact leaves us without quota
tiOns of any kind for stocks and shares. Our cable
advices report the suspension OF the London
agency of
BowLEs BROTHERS 4 co.,
whose principal house was at Paris, with agencies
in London, Boston and New York. The New York
agents were advised this forenoon Of the stoppage
and closed their office until further orders. The
Messrs. Bowles Brothers Co. are essentially an
American firm, and have been much esteemed in
banking circles for their energy and enterprise,
but have never been looked upon as a rich or
strong house. The news OF the stoppage was very
quietly received at the Stock Exchange here The
cause OF their embarrassment did not transpire,
and in the absence Of fuller word from London it is
impossible to form anything like a plausible con-
lecture. Doubtless the stringency of the London
money market had much to do with it.
THE BANK STATEMENT.
The weekly statement Of the associated banks is
unfavorable, owing chiefly to a decrease OF about
three and half millions OF legal tenders the loss
OF which is not readily explained and has given
rise to surmise that the Treasury is quietly with
drawing the four and half millions of Qreenbacks
issued last month. The Western money markets
ore more active, but the outflow OF currency SO far
has not been large enough to account for the loss
At the same time there is increase in specie of
moderate amount and a small contraction OF loans
The decrease In deposits is irregular as the rest
Of the banking movement for the week. The state
ment COMPARES with its predecessor as follows.-