The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-05-11
FINANCIAL and COMMERCIAL.
A Bad Wind-Up to the Week in
Wall Street.
The Vienna Panic and Its Results in
Europe and America.
Advance Of the Bank Of England
Rate to 5 Per Cent.
GOLD RISES TO 118 SO.
An Excellent Bank Statement
and Money Easier.
STOCKS DOWN NOTWITHSTANDING
Prices Decline from One to
Two Per Cent.
The Surplus Reserve Of the
Banks $4,62O,25O.
An Excellent Bank Statement
and Money Easier.
STOCKS DOWN NOTWITHSTANDING
Prices Decline from One to
Two Per Cent.
The Surplus Reserve Of the
Banks $4,62O,25O.
WALL STREET.
SATURDAY, MAY 1916 p. M.

On 'Change to-day cotton continued dun and un-
changed for lots the spot, while futures were
IN Hight request at q trihe Improvement The
receipts at the port to day foot up 6,sS3 bales.
Flour was quiet and steady, wheat was firm for
prime, but shade easier for low grades. Corn
was barely steady.
THE IMPORTS OF THE WEEK.
The total imports Of foreign merchandise at the
port Of New York during the past week were
$sss4,442, made up OF 81, 2ss754 Of dry goods and
s6,lOooss OF general merchandise. The imports
the previous week were $6970,as7. The total since
she beginning OF the year Is $1es,222177. against
1.-THE equality will be n0tce $163, 82l last year.
THE COTTON MOVEMENT.
The total receipts Of cotton at all the ports for
the past week were 4a,77O bales, against 4S,O46
bales the previous week. making the total receipts
since September l, 1872, 3,S01,94O bales, against
$780, 400 bales last year-an increase in the present
crop Of 70l, 4sO bales. The exports from all the
ports during the week were 57,o5s bales against
1880 bales for the same period last year. The
total exports for the expired portion OF the cotton
year 222A07e bales against 1885, 7a4 bales last
year. The stock at all the ports is ss4,els bales
against 24S,076 bales in 1892.
THE FOREIGN MARKET.
The sensation In the foreign monetary advices
by cable is the announcement that at a special
meeting OF the Bank of England Directors at noon
to-day, the minimum Of the discount rate was
raised q further half per cent. to Eve per cent.
preparation very probably for the consequences OF
the reported panic in Vienna. SO far as Wall
street information goes this panic appears to be
greatly exaggerated. the excitement having been
based upon no more ordinary incident than the
failure OF stock j0bbing house, such as occurs in
Wall street every other week. However, 1t has
served to cause more or less depression in
Frankfort, Amsterdam and Berlin. In London,
consols while heavy and dull remained steady, but
United States bonds declined one-quarter per cent
all around; Erie shares fell about per cent and
the new French loan declined to go per cent pre-
MUM. The Bank Of England lost f150,0Oo during
che day by the withdrawal Of balances to that ex.
tent.
MONEY EAsY-FoREIGN EXCHANGE HIGHER.
The money market opened fairly active at 7per
cent, owing to the agitation arising out OF the
news from Europe, but the supply at that rate
proved more than equal to the demand, and the
market gradually softened until money was
offered freely at per cent before the close Of
banking hours, while some transactions were
reported at as low as per cent. Mercantile paper
was in fair request at 10 per cent discount for
prime names, actual business being at the basis OF
sa9 per cent.
Foreign exchange was irmer on the news from
London, and the leading drawers Of sterling raised
their rates to 1927 for sight and 1881 for sixty
day bills-the difference OF TX being the result Of
the advance OF the Bank OF England rate to per
cent. In actual business the difference was even
tribe more from the more liberal concession the
drawers were willing to make upon sixty day than
upon sight drafts.
THE BANK STATEMENT.
The weekly statement OF the associated banks
while exceedingly favorable. the gain in surplus
reserve being nearly two millions, making the
total surplus over four and half milllons-con-
tnues reticent to the real strength Of the none
tary accumulation at this centre within the past
week. The increase IN deposits is less than seven
millions, although the banks ought to show an in
crease OF nearly twice that amount, for there is
indsputable evidence that the receipts Of currency
during the past two weeks aggregated at least
twenty millions Of dollars. The discrepancy is all
the more notable as the loans have been expanded
about four millions and the ordinary experience of
the banking movement is that q loan in a majority
Of cases becomes deposit. The freedom the
banks have shown in extending accommodation to
borrowers indicates their belief in an immediate
future OF easy money. The increase in legal
tenders points to o steady fertilization
Of the reserves from the further re-
ceipt Of this kind OF currency in the consign-
ments arriving from the interior, but
THE GAIN IN SPECIE
is not al large as would be inferred from the dis
bursements OF the Treasury during the week on &C
count OF May interest; but allowance must be made
for the fact that the statement only an average
OF the six days. The statement compares with its
vpeA nf lAa a. 4.