The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-06-19
FINANCIAL And COMMERCIAL.
TEE BEGINNING OF TEE END.
Results Of the Vienna
Panic.
Heavy Failures on the BOurse
Reported.
MONETARY AFFAIRS IN ENGLAND
Gold Stronger and a Sluggish
Stock Market.
The North Carolina Bond
holders.
A Strange Freak in
7fa. Money.
GOVERNMENT SECURITIES STEADY.
4 Purchase Of 100000 Worth by the
Treasury Department.
WALL STREET,

WALL STREET,
WEDNESDAY, June 1S-G p NJ.
On Change TO-DAY cotton on the "spOt" was in
moderate demand and firm in sympathy with the
continued hrmness IN futures" Flour was dull
and unchanged. Wheat flrmer and corn lower.
THE FOREIGN MARKET.
Additional evidence OF the condition OF affairs in
Vienna, as described and predicted IN the HERALD
day or two, ago, is furnished by the German mail
which brings particulars of recent failures. Chief
among these is the large banking house OF Brandeis
Weikershein, who suspended in the early part OF
she present month, with liabilities to the amount
OF Six millions of norins. The cause assigned is
that the firm made liberal advances to Turkish
az go !sn - = process p CON
81 !helr neighbors, they were carrying securities
'bn which there had been a daily decline. and which
they could not sell without great loss "The patient
was losing strength" II will be found before
many weeks that other debtors will show an equal
inability TO pay the difference between present and
former market values. This situation is not alone
confined to Vienna.
N. B.-Snce writing the above private Vienna
cable kilograms, from trustworthy source, re-
port that the suspension OF Messrs Draskoyits Il
Co., large Austrian bankers, was announced upon
the Austrian Bourse late yesterday afternoon. The
liabilities OF the house are placed at 10000 600
0ViiiS. luc uSsctS NcIC uOb stdteu.
THE DEPRECIATION IN CONTINENTAL sECURrTI Es
amounts 10 millions OF pounds, and ere long some
body must suffer elsewhere. While we OF Amer
lea are-so TO speak-disconnecte with "the
mudde," we shall in some way feel Its influence,
and II would be unwise not TO take lesson
from this first in the series Of financial
events that constitute the sequel Of the
"vienua panic.n The mcestor's guardian
OF the 7th inst. commenting on the cause of the
recent rise In the rate OF discount OF the Bank OF
England says:-"rhere is about this time in
every year, and there was in particular the 4th
instant, heavy drain upon the bank reserve, and
not much more than half million OF gold is known
TO be on IFS way TO Threadneedle street. Mean
while the alarm OF the Vienna merchants is again
on the increase, and 1t seems not Improbable that
they will avail themselves still further OF the
security OF bank. In Paris, too, q reaction
IL setting in after the itfu rise OF rentes, conse-
quent on the installation OF Marshal MacMahon,
and we imagine that before long the quotations
from that city VIII show something near akin to
those OF a month ago.
y is but natural that we OF America should
MEASURE THE FOREIGN SITUATION
by the quotations that daily show steadiness in
our own securities abroad, abnormally low as they
may be- but We should not lose sight OF the fact
that they are among the best on the foreign mar
ket and eagerly sought Tor a species OF sheet
anchor in storm consequently they cannot be
regarded as just type Of the financial condition
existing there, afford that satisfactory evidence
OF the strength OF the market not directly within
the pale OF the influence of the Bank OF England,
which represents but fraction OF the monetary
power OF Great Britain and the Continent. The
following figures show the differences in the posi-
lion OF the Bank OF England on the eth of June
1872, and 1873
June Z, 1872. June Z, 1873.
Bank reserve. .;..;...... fil,9i5,9US fs,sl40ol
Bank stock OF bullion. 22,3le,o43 2o,e37, l2e
Prices OF consols. ga 81 ex div.
Commenting on which, an English authority
says:-''Ihe directors o; the bank evidently
convinced OF tue TACT that we must not only Keep
ON par with, but, il need be, be above, the
foreign money markets with which we have large
transactions. The operations now in progress with
the Continent are very extensive aud the German
demand Tor gold is sun active Our supply OF
that commodity is far from being excessive, while
the supplies coming forward from Australia
and from other countries small; but, besides
this. the New York Exchange keeps at point
At which remittances OF gold cannot he expected,
nor is it likely that they will take place so
long the products OF the United states can
be marketed in tins country at such remuneratvc
prices as those now current. According TO the last
Official return the value OF the exports IRON New
York 10 foreign ports from January i TO May 20
wae f2l, 226s0 against only fl6967, 500 last year.
while the imports for the same period were valued
at f35 E90,070, against G3G,32l, ESQ., The export OF
bonds has also been on very large scale, and IL is
evident from the state OF the exchanges that il has
been fully adequate TO meet the balance OF trade
which was in our favor. IL now remains 10 be
seen II the export movement in securities IRON
New York viii be checked by the advance in our
ofncal minimum to per cents The
INCREASE OF BULLION
tn the Bank Of England to-day amounted to
Gioo,0oo. ConsoIs for money sold at 925S for ac.
count 81 GIG 92tS; nvetwentcs OF 1867, al OF
e21s; do. OF 1865, old, 92Ss tenorties, at 50; new
lives at s9ls, and Erie at 4o2f go The French
loan has declined TO 81 81 per cent premium In
Frankfort, 1ye-twenties OF 1862 were &c. In Am.
sterdam, Union Pacific first mortgages were quoted
at 701l; Union Pacific Railroad shares 22tS: ST
Paul preferred, 00i4 ana Northwestern preferred
7i9&. London money advlces report discount Is
easier and dull market Tor securities.
THE MONEY MARKET.
Money opened this morning comparatively easy
being offered at and per cent on the usual
call loans subsequently, however, 1t suddenly
gathered strength, the demand became active and
borrowers on call obliged TO pay and per
cent the closing rates beng and per cent.
Prime discounts remained unaltered. Foreign
exchange was steady at 1897 Tor prime bankers
sixty day sterling, nos for prime sight and ITO
for good sight bills.
RAILROAD BONDS.
Neither much activity nor change In price was
snown in this department. Erie nrsts extended
sold at 1oiX; do, fourth mortgage, g71s; Central
grants at ~, Chicago and Northwestern interest
hnu do a. do fiot1R apYq on Han