The New York herald., 1873-11-11
THE MONETARY SITUATION.
A Quiet Day, with a Generally Inn
proved Feeling on Change.
No Further Advance in the Bank
of England Rate.

Yesterday was quiet day on Change, and fur.
nshed but little that is new either OF fact or ru-
NOR to the general situation. The TACT that tho
expected panic did not occur in London, but that,
on the contrary, the market there was better 10
tone, served TO convey a more hopeful feeling to
"the streetn here, and within the limited line Of
operations which seems to be accepted as tho
basis OF current operations there was quite no.
uceaole strengthening OF values on the Stock Ex-
cnange Money, too, ruled easier, seeking employ
ment towards the close, and foreign exchange was
nrmer, IN anticipation OF a better demand when
the remittances supposed to be made possible by
recent extensive sales at reduced prices or ex-
pected to be made shall begin to GO forward.
ON THE PRODUCE EXCHANGE
the monetary situation Is in sympathy win tho
tone on Wall street. Business there at present is
very brisk. especially in shipment OF products to
Europe: but money is scarce. The usual credit
extended to purchasers is five days, on which
dealers allow one per cent discount on cash
purchases This rate virtually amounts t
six per cent abatement per month. High wines
are not exported, and are only sent to New York
from the West 20 be run into alcohol, and in this
form shipped to foreign ports. Thus far the price
has kept up pretty well on spirit, and the demand
has been nearly equal to the supply. In quoting
affairs at the Produce Exchange all the articles
appertaining to the transactions there are in
cluded In the rates above mentioned as commando
ing the large discount
is 1T A CANARD?
press despatch. dated London five .P. NJ, as
follows. caused some discussion :-"Exceptional
rates for advances OF ten to thirteen per cent have
been charged, both at the Bank of England and on
the street to-day. There are many rumors Of
failures" The general impression concerning
this announcement seemed to be that the situation
was imperfectly described therein. While 1t was
possible that the Bank of England, with Its mini
mum rate OF discount at nine per cent, might ex-
ceptionaly ask ten, 1t extremely unlikely that
1t would accept thirteen, as the difference in the
value OF the security offered as represented BY the
advance OF the rate OF discount from nine to thir
teen per cent would scarcely present security
that the Bank would be likely to touch. Un
the other hand 1t IS quite possible that thir-
as we have paid very much higher rates in Wall
street. not exceptionally at the time OF such trans
ACTIONS. No action looking to further advance
OF the bank rate was taken formally BY the Bank
Of England yesterday.
THE ANNOUNCED SALE OF H. B. CLAFLIN = co.
six millions OF dollars, on thirty days. credit, with
discount for cash, formed another subject OF dis
was admitted on all sides as wise and timely
purpose on the part OF Clain Co. to relieve them
G% ei Is scs ss a sa
sldiary jobbing interests OF the dry goods
trade and the retail M dealers generally who may
they are thus suddenly compelled to work down to
compete with the great big house they bought
IRON. or course, to the consumer this Is not =
matter likely to awaken very lively sympathy or
provoke any angry feeling against II. B. Clanin =
Co., who appear to them in the light OF public bene
factors. But the question is thus more strongly
brought home to US for our profit and instruction.
the same question that has been presented to US In
many ways during the past few weeks-how far Is
the merchant, the manufacturer or the banker
permitted on strictly moral grounds 10 ex-
tend his business II losing sight OF caution
he expands 1t out OF due proportion to his
CAPITAL SO that he runs risk or being pushed to
such straits that in supreme effort TO save him.
self and his credit he periis the SAFETY OF hundreds
who regarded him as a worthy exemplar2 This Is
another one OF the lessons OF the present crisis
which 1t would be well Tor to bear ia mind
when we are about to take fresh start
THE UNION TRUST COMPANY.
Yesterday afternoon the directors or this corp0"
ration met at the corner OF Broadway and Rector
street, but transacted no business. Mr.. 4. b.
wesley, the receiver, and also one OF the direc-
tors, informed the HERALD reporter that t0-m0r-
place, at which q new Board Of Directors Will be
elected and II by any possibility the notes paid BY
Commodore Vanderbilt In settlement OF the Lake
Shore Indebtedness can be negotiated the com.
pany will resume active operations at once.
THE COINAGE OF BRITISH GOLD
at the Assay once in Wall street Is progressing aS
rapidly as the gold is received. The amount Of
the precious metal melted from October to No
vember was FL. .901. S25 The coinage from OctO-
be to October 80 footed up 81, 40, S25-equal in
American coin toss, l23 26
MEMORANDA
Messrs. Greenleaf, Norris 4 Co.. who temporarily
suspended in consequences OF the september panic,
to-day notified the Stock Exchange that they had
effected settlements in full and were prepared to
resume business.