The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-19
FINANCIAL and COMMERCIAL.
The Monetary Stringency
Gradually Abating.
The Rate on Call Ranges from IA Day Down
to Per Cent Per Annum.
A Buoyant Market at the Stock
Exchange.
ANOTHER FAILURE AND EARLY ALARM. |
A Reaction, a Rally and an Eventual
Advance to Ante Panic Prices.
A Bold Demonstration by the
Clique in Gold.
Running Up the Premium in Face of
Specie Shipments from London.
Smart Rise in Government Bonds-Advance in
A Reaction, a Rally and an Eventual
Advance to Ante Panic Prices.
A Bold Demonstration by the
Clique in Gold.
Running Up the Premium in Face of
Specie Shipments from London.
Smart Rise in Government Bonds-Advance in
Foreign Exchange-Decline in Ten
nessees-The Weeks Imports
r' Of Dry Goods
WALL STREET,

4. WALL STREET |
FRIDAY, April 1S-6 p. M.
On Change to-day cotton was in better demand
and firmer. Flour continued duh and prices were
easier. Wheat was quiet and unchanged, while
corn was active and firmer.
.i,e THE DRY GOODS IMPORTS.
The total imports OF foreign dry goods at the
port OF New York during the past week were of
the specie value Of $33o0,999, the amount mar
keted during the same period being s., $685. 1856.
The amount sent into warehouse was $1,2sO,057,
while the Withdrawals were $972,393.
THE FOREIGN MARKET.
1t will be seen by our special cable dispatches
that hundred thousand pounds gold, about
half million dollars, was taken out OF the Bank of
England to-day for shipment to New York, at
tracted hither by the recent fall in the foreign
changes. Our correspondent reports an appre-
hension existing in the market that this shipment
!. viii lead to the raising OF the discount rate Of
=. - THE BANK OF ENGLAND,
particularly II should be followed by further ex
ports. Some OF the Wall street dispatches repre-
sent the amount coming as nearly million dollars
IL is quite unlikely, Of course, that any further
important shipments will be made, for the
reason that, with the current demand
upon London from Germany for specie IN the grad
ual settlement of the French indemnity, the bank
viii raise the rate OF discount and keep the money
at home. But the simple fact OF a movement OF
specie OF any extent in favor Of New York justifes
the recent sentiments or the HERALD as to the
abnormal character OF the rise in gold All our
extravagances have not been sufficient to prevent
the rates OF exchange falling SO as to bring
SPECIE FROM LONDON
to New York. We shall not go into the argument
Of stringent money and like explanations. The
fact is that while spectators have been running
up GOLD on the plea OF 1.-THE drain of the precious
,loyst rnlat ion ruith
the Old World are such that the specie tide Is in
our favor. At least 1t is not against US, and viii
not be for many long day, II we may Judge
from the present tie nor of the foreign exchanges.
The London quotations do not confirm the
ported apprehension OF rise IN the bank rate. for
consos have been steaay, while United States
bonds were strong all day and closed at an ad-
vance OF y per cent. Erie shares were steady and
other securities about as last quoted.
ADVANCE IN FOREIGN EXCHANGE.
The further relaxation in the money market and
the more confident anticipation OF easier rates in
the immediate future started brisk inquiry for
bills on Europe, especially as it was the eve of
steamer day. Under this demand rates advanced
u per cent for sterling, prime sight bills rising
to 1855, the market closing firm on the
intelligence Of the coming Of specie from
London The following shows the revised standard
OF rates :-Sterl!ng sixty days, commercial 1857
1O7k; do, good to prime bankers, 1879 107A;
do, short sight, 1885 1888; Paris, sixty days,
b.3eH 5.31k; do, short sight, 5.27h 5.26k;
Prussfan thaers, 7o1a II; Antwerp, 5.35 $50;
Switzerland. 5.35 $50; Hamburg, e3N 94h;
Amsterdam, soH 40; Frankfort, 4oA 4oA; Bre-
men, sSX q e4h.
The money market was appreciaby easier,
although in the early forenoon the approximations
or lenders were excited afresh by the failure OF the
house OF Lockwood Il Co., and borrowers in their
eagerness TO secure accommodations submitted to
the terms then demanded. loans being made at $40
per cent at the start. the latter consideration
being paid, however mostly in the way OF turn
ingr stocks. As the day wore on the rate fell or
20 lie and then to 7, gold and some transactions
subsequent to three O'Clock were reported ut a.
per cent. Accounts were pretty well closed
by the regular hour, and the sidewalk
market was again only SHINY attended, the recent
disposition OF the street being strongly In favor OF
combining transactions in money to the regular
place inside the Stock Exchange
GOLD sTRoSG-l17h A 11SH.
The Inconsistency Of the movement In gold was
seldom well Illustrated as during to-day. Not
w1thstandng the announcement OF the movement
OF specie from London to New York and the cable
reports OF the Duoyancy OF our bonds the foreign
market, the gold clique deliberately raised the quo
tation from 117h to 1ls, their efforts being assisted
TO some extent by the buying OF the importers in
connection with purchases OF foreign exchange
for Saturdays steamers. We have already re-
corded the feeling OF certain London spectators
70 the advance in gold. their views inducing them
- 20 s'shortu OF the market. To-day dispatches
were received through the cable reporting the
shipment OF heavy consgnments OF May coupons,
and ordering the gold sold against them. These
several adverse influences caused q reaction to
1l7x but the clique went in again and marked the
price back 20 llsA. The course of the market Is
shown in the following tablet
10 A. M............ 1119 1870 p. M.......... 1881
10:49 A. No.. l17ss :33 p M.......... 1854
10:57 A. M. l17&i 2 7. M............ 1lSb
IL A. M............ lily. 3 p. M.......... lis
~ M............... I7a. 3:i5 T. M....... 11TZ
l2:O2 p. NJ, ll7Ls 3:52 p M .... lis