The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-20
MONEY, IN LONDON 2 PER CENT
4 Farther Advance in Foreign Exchange and
Government Bonds Rampant.
GOLD HEAVY AND WEAK.
A Gain of q Million Reserve in the
'os2N44 Bank Statement.

=
70 sGtAa..g .ls.aG@s ~ WALL STREET,
SATURDAY. April 1916 r. MI
On 'Ohange to-day cotton was quiet. with prices
ruling steady. Receipts at the ports, 1915 bales.
Flour con tinued dull end heavy. Wheat was quiet
and not essentially changed In price, while corn
was In better demand an ID nrmer. 0asoaai
TIE IMPORTS OF the WEEK. 18
The total imports OF foreign merchandise at the
bort Of New York from foreign psrts during the
past week were $l234e6l4 made mp Of 400 9ss of
dry goods and $s,oA5,elt OF general merchandise.
= attp6ts THE COTTON MOVEMENT. 84uHtR
The total receipts Of cotton at all the ports for
the past week were $3.50 bales, against 4S945
bales the previous week, making the total receipts
since September ], 1872 s,l6a,6ss bales. against
l75 bales last yearan increase in the present
crop OF GAG, 463 bales. The exports from oil the
ports during the week were SO, 400 bales, against
1854 bales for the same period last year. The total
exports for the expired portion Of the cotton year
are 79S bales against l720 1877 bales last year.
The stock at oil the ports is 467 bales, against
306, 002 bales in 1872 3
.st.ou eat THE FOREIGN MARKET. #tst
Cable dispatches announce that the steamer
Scotia has sailed from Liverpool with the half mil
lion Of s0vereigns which was packed at the Bank
Of England yesterday, as reported by our London
correspondent To-day's advices from the London
shipment would lead to higher bank rate, for
money is quoted as lending at per cent upon con-
sols London quotations have been generally
steady except for the new fves, which declined "a
but became active and recovered u. The new
French loan has advanced to premium of 6k per
cent and Fries have risen to SIX g.
n,e MONEY EASY.
The money market was easy-at least as con-
trasted with itself in the eventfu past few weeks
and loans on cal were made at 1-l8 and interest
dewn to per cent, the last rate prevailing at
- early as . quarter before three O'Clock. The
highest rate Of the day the OF turning stocks
was per cent, or rather that was the difference
early in the forenoon between cash and regular
prices. As the bonus OF lie, the highest rate IN
actual loans, was for the two days to Monday, II
Was really equivalent to only l-32 day. In other
words. Fg
THE HIGHEST RATE
for money was equivalent to about is per cent
per annum. Foreign exchange was strong, with
an unusually active demand for Saturday, and the
rates for prime sterling advanced to 1919 10S for
sixty day and 1857 1887 ior sight bills. These
figures will doubtless help to reassure the London
money market From Washington we learn that
the outstanding extra greenbacks this evening are
$2,117 000-a decrease since yesterday OF $4,000.
The Treasury balances $685. 600 900 currency and
$72.20O,000 coin, the latter being represented to
the extent OF $22 600 by outstanding certificates
The relaxation in money started the note brokers
looking into their pigeon-holes, and II continued
next week, we shall probably see revival Of
activity In discounts.
THE BANK STATEMENT.
. The weekly statement or the associated banks
ID favorable and shows that the deficiency in re-
serve has been so much further reduced that the
banks are now below the nnei only about million
dollars. But the return is still mysterious in its
failure second time to reflect the nndoubted
heavy receipts Of currency from the interior, the
Increase in deposits being only nominal. However,
there Is conspicuous gain in legal tenders. The
loans show considerable liquidation Of credits,
doubtless result OF the fall in prices during the
week at the Stock Exchange and the consequent
setracton Of advances upon stock colaterals.
Should the Treasury decide to prepay the May in
terest without rebate on Monday morning the
REINFORCEMENT OF RESERVE
next week would bring the banks clear above
the line of required legal reserve. Indeed, as the
statement Ia quite probably made on rapidly rising
averages they may be already in possession Of The
full twenty-five per cent The statement csm-
pares with Its predecessor OF last week az fol-
lows:-
April ~. April TO-
Loans. $27l, sic, 900 $270 19o 600
6pecle.. l0,lJ4,3W lollo,4OO
ClrCulatl0n.. N,u4,400 271l3, 700
deposits. ......... lS6, S99 zoo lS7 l6I, 900
Legal tenoers. 5o,4So,oW oo6ls,6O0
the changes being in detail as folows:-
Decrease In loans. 326, 800
decrease IN specie. ............"...... 1890
Decrease In circulation. .................. 1,l00
increase in deposits ................... 26S, 100
Increase in legal tenders ............. 1.12U,OO0
An analysis OF these figures shows that the banks
now hold only $685., s5o-less than the reserve re-
for fho vuaa of 4 4 IA Tn,