The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-05-19
DisproportiOnate Effect Upon the
Gold Premium.
The Fall in Pacific Mail and Eric and the
Rise in Harlem.
SATURDAYS BANK STATEMENT.
The Surplus Reserve Close Upon
100000.
WALL STREET,

The popularity OF the week has been the de-
pendence OF the New York market upon London
Advices concerning the extent and severity OF the
panic In Vienna. The latter however, does not
seem to have shaken the general confidence in the
financial situation, an unexpected steadness hav-
tng developed itselfin all the securities at the very
time when the influences eliminated which, 1t was
supposed would operate to cause q depression.
The attention OF the street having been naturally
directed to the financial disturbance in
Germany and Austria, 1t was likewise
natural that the eyes OF fnanciers should
turn to the Bank OF England from day
TO day in the expectation OF rise in the rate, but
Mt the last moment when 1t appeared as If the
probability OF change had passed away, that ex-
pectation was realized 1t produced no other than
healthy tone OF security In the English bulwark
standing so firmly between the Continental dis
turbance and this money centre. Ordinarily such
an event as the Bank OF England advancing its rate
OF discount to per cent-a figure that has not
been reached for long tme-would have startled
Wall street out OF Its wits and caused jump Of
several per cent in gold but the response OF Satur
day was merely Y or y per cent in gold Hence the
market closed firm, and men went to their homes
sndepressed by anticipations OF immediate dis
2ster.
THE MONEY MARKET.
As will be observed by the bank statement be-
regards the domestic exchanges. The rates OF call
loans have been exceptionally as high as per
cent gold, and as low as per cent, but the aver
age OF the week was about per cent-that Is,
taking the transactions in governments stocks
and all securities indiscrimnately-which average
Wall street 10 perfectly willing to pay after the
severity OF the monetary stringency which has pre-
vailed for the last eight months AS one of the
consequences OF the relaxation Of the rate for
( DEMAND LOANS
brisk inquiry has set in for commercial paper,
and the country banks are active buyers Of first
class names. During the latter part OF the week,
however, more or less dinnculty was experienced
IN securing q supply Of grades such as constitute
she kind Of security invested in by these insttu-
ttons The rates Tor prime paper have been from
20 per cent. Perhaps an occasional piece has
passed as high as 10 per cent where the seller
was in hurry, but this was early in the week.
Later the same seller would have had trouble
In dsposing OF his paper couple OF per cent
less
FOREIGN EXCHANGE.
As direct sequence OF the advance in the Bank
of England rate OF discount and as a sequence OF
the disparity in the exports as compared with the
Imports OF the week. foreign exchange hardened
and the rate for sterling advanced to as high as
ll01 for sight drafts on London, the sixty day rate
being IL per cent lower, which figures are calcu-
lated TO bring about an early resumption OF
specie shipments These rates on the
verge OF the shipping point. varying therefrom
only small fraction. The deferment of spe-
lie shipments until this late day In the
s,ason is something very unusual in our history,
and indicates the healthy nature Of our foreign
trade in the past six months. Heretofore we have
been compelled by the paucity OF our exports at
this season to make good the difference with large
weekly consignments OF gold. In TACT, the English
press lately called attention to the circumstance
that prompt specie movement in favor OF London
from New York was matter Of serious concern;
and in the advance OF the bank rate to per cent we
perceive the possible consequence OF the long-de-
1erred shipment While it is true that the chief
reason for the advance in the rate is the trouble
the Continent, the Bank OF England would have
been in a better position to have attained its OBJ
ject with lower rate OF discount If 1t had received
the usual Spring supply OF bullion from the
New York market. Ii should, therefore, with MS of
the United States be cause OF iecitation that the
advance in the bank rate is ascrbabe to our own
prudential management OF our foreign trade. In
view OF the rise in gold and the hardening OF foreign
exchange during the past week the exporting bust
ness continues to have fine prospect before it,
and the old adage again proves true that sit is an
III wind that blows nobody good.n In other words
the Vienna panic has opened up reader market
for our domestic produce. Tue total imports for
the week were s7,93s, 1858, being about two millions
more than the exports.
THE COURSE or THE GOLD MARKET
The following were the extreme fluctuations
daily in the price OF gold during the week.
highest Lo,cest.
monday Observation-Disclosures. lleA 1lTM