New-York tribune., 1873-03-03
hand amount TO 54a,97S, against l4s same time
last year, an increase of 3s,s25 bales. The total

stocks in the interior towns are 1881 bales against
s0Ss bales time in 1872, an increase OF lloS5
bales. The total quantity of cotton in sight is
2421 349 bales against 9423l19 bales same time in
1872, a decrease of 20 bales. OF this the stock on
hand in Liverpool foots up 525o00 the amount aoat
being 4s1 900 bales
The Wall-st markets during the week have been
exciting and lively and altogether more interesting
than for a long time past. Money has been very
stringent all the way through, with barely mo-
mentary relief stocks feverish and subjected 10 vo
lent changes, and gold active In the money market
the pressure has been unequaled during any week
this year. and the rates for call leans have ranged on
ordinary Stock Exchange collateral from 1-l6 and
interest to and interest, with only few excep-
tonal loans under these latter quotations That the
market has been under the influence of artificial
causes cannot be doubted, though the asser-
ton that the Bank of Montreal was en-
gagged in the enterprise was ofhcally
denied Yet it is undeniable that money institu-
tons have lent themselves TO the OCCASION and per
mitted their balances TO be loaned through the
medium of third parties at usurious rates The sharp
decline in stocks necessitated considerable shifting
of loans, though in the end the shrnkage of values
should lead TO lower rates. The national banks are
holding themselves in readiness for call from the
Controller and are therefore Keeping themselves in
u
call shall have been made better line of accommo-
dation can reasonably be expected. OF course.
when money lenders can employ their capital IN
such a profitable manner call, there is no
disposition to buy mercantile paper and that market
is therefore neglected. There is much talk IN regard
TO the final disposition of the currency question: II
seems TO be takeu for granted that extra session
of Congress viii be convened bat il is not so certain
that Congress viii feel disposed to take up and set
tie at once and forever the authority to issue the
remaining S44 100000 of legal tenders Indeed 1t Is
altogether probable that while majority OF the
Senators and members evidently desire the imitation
of the currency, they will entirely skulk the qnes-
ton, and leave the Secretary, who stou;ly main
tains his right TO issue the S4400,WO, to act
upon his own Judgment in the premises. that
the volume of currency viii remain lin that
uncertain and unsatisfactory condition which has
been its characteristic feature for months past And
we shall continue TO vested in one man the
power To make money stringent easy, and to de-
press or initiate values at his good pleasure. With
this uncertainty hanging over our heads, speeula-
ton is likely TO be waverng and uncertain The
situation abroad has undergone no material change
during the week COnsOls and United States securi-
ties having ruled steadily if not firmly, with
money in the open market abroad very
cheap In London It has ranged com
siderably below the minimum rate of discount at
the Bank of England which remains at 81 per cent.
The loss in bullion was f4O00, the Bank of France
gaining 225,OOO francs. The gold market at times
has been pretty lively and after selling at ia. ON
Monday rose TO 1l5s on Wednesday on the prOba-
bity that the Secretary of the Treasury would call
only S5OOOOOOO of 5-2Os instead Of SlOOOO0OOO, as
originally intended the occasion of the change being
found in the fact that the subscriptions TO the new
20 1arup n
other $50 bonds than the 1863 Another reason
for the advance in gold found in the
belief that the extra amount of greenbacks would
surely be issued Since then the price has gwen way
10 ll4l and later ruled at 14sa1l44 reacting to-day
10 115s. Foreign exchange has been weak and de-
moralized during the week, and sales OF prime bills
at second hands have been made as low as 1885, the
leading drawers having reduced their rates as much
as per cent under the pressure of borrowed bills
and the freer supply of cotton bills. The movement
in United States bonds has been limited, but under
the circumstances prices were well sustained. The
business in State and railroad bonds partially
brought to standstill by the stringency of money
and the declining tendency of stocks but prices
on the whole well supported, on the expectation of
cheaper money since the partial publication of the
speculative elements on the Stock Exchange by the
storm of Wednesday.
tivity and some irregularity in prices Western
Union Telegraph, Wabash, and Rock Island ad-
vanced 10 /. per cent on Monday on which day
Pacific Mail and Lake Shore displayed weakness.
On Tuesday there was a general decline in prices,
which was followed up on Wednesday and Thurs
davs On these two last mentioned days the selling
movement was vigorous, and at times
there was panicky feeling, immense blocks
of stock being pressed for sale at
decline in prices ranging from I to 2S per cent.
The continued activity in money and the reports of
failures-amOng which was mentioned the name of
prominent operator in Pacific Maitland the want of
an outside support the principal causes of the
decline. Panama fell from l23 TO %. Pacific Mail
from 7O} to ST. Atlantic and Pacific from 81 TO 20,
Missouri Pacific from 80 10 49, Western Union from
92. to s3l. Lake Shore from 953 to 90, New
York Central from 1G44 to 1901, and the
remainder of the list, including Coal and Ex-
press shares were lower to the extent of to 81 per
cent Harlem advanced from l26 to 13O3, and Erie
from CO. to CO.. On Friday there a recovery
from the lowest point Of l TO 15 per cent. Panama
rallied to no. Pacific Mail ISL Atlantic and Pacific
to 26f Western Union TO 9Ol. and the remainder of
the list to smaller degree. The advance however,
was not maintained III all cases at the close.
There was a marked decrease in activity IN the
late dealings and the changes were less violent To-
day the interest subsidized except in Pacific Mail and
Western Union which occupied the attention of
operators. The former was exceedingly erratic in its
course ranging between So and 5s, and selling down
to SO and up IS several times during the day. The
stock finally receded TO 57!. Western Union sold at
eOGS9ic49Os until nearly o'clock, when it touched
S94. From this point there a recovery
TO s9I, a reaction to s9s, and a rally TO s9s at the
close Panama fell off from lOS. to l07s, and rallied
TO 1904 at the close. Atlantic and Pacific ranged be
tween % and "A. The other changes comprised