The New York herald., 1873-11-14
THE MONETARY SITUATION.
Marked Improvement on Wall
Street and on Change.
THE BEAR" MOVEMENT IN DRY GOODS.
Advance in Foreign Exchange and Its InfIu-
ence at Home and Abroad.


ence at Home and Abroad.
There was quite cheerful feeling In money cir
cles yesterday upon the cumulative evidence which
comes to us from all sides OF Improvement In the
general situation. 1t is gratifying to note In this
connection, and as forming helpful part Of It, the
ready acquiescence OF operatives and workingmen
generally IN reduction OF wages, while the hint
before made, that the stoppage OF many manufac-
tories was more largely due to the purpose to bring
about this result than from any other cause IA
SHOWN In the rapid reopening OF many establish.
ments that have been closed ior the past few
weeks.
THE GREAT DRY GOODS SALES
now going on In this city help, too, this result IN
stimulating o freer circulation OF money. Tho
banks OF this city now announce themselves
as holding $27,OO0,000 in legal tenders, their
rapid gain in this respect being no doubt
in part attributable to the movement OF
funds here to meet dry goods purchases Another
competitor in this new, grand, ground and lofty
tumble act, which IS now exciting so much inter-
est has entered the ring In the person OF Garner
Co., who are selling Amoskeag prints at &c. per
yard, and prints OF their own manufacture at 7kc
The same goods are being sold by Claim Il Co. at
SIC. and sc. per yard This whole business Is un.
healthy having IN IL the taint OF stock gambling
wnere real value is lost sight Of and prices nuctu
ate up or down as the great operators give the
impetus. 1t is grave question ior buyers just
now, where will 1T endY Inc great houses-Canin,
just now bearing the dry goods market. it is but
natural that they should seek to undersell one
another: tnat others should come In to undersen
them, and in the end, perhaps, we may find the
retail dealers forced into
MORE FORMAL LIQUIDATION
underseing all. IL would be but repetition Of
the situation IN which the Stock Exchange
found Itself. when 1t closed its doors at the coni-
had sold tue market down SO low that they forced
decline that broke the men they sold to, and
bull and bear were buried IN common ruin.
goods market and while there might be cause for
rejoicing in sucn result in the benefit the con-
sumer would derive, 1t should be borne in mind,
before much felicitaton Is induged in on that
point, how many there are dependent upon q
daily bread. Throw any large proportion Of these
out OF employment for any considerable
goods @ wa values s's Will compensate sas for " their 2
enforced ideness. 1t is a mistake to suppose there
reduced prices mean simply reduced profits This
is not 80. They mean now positive loss. 1t was
shown here yesterday that .he shrinkage in the
value OF cotton crop yariously estimated at from
G''''ti on the whole crop, only about ss7ooc,oc6,
while it was argued hat there was yet good
UH beiore the ' crop was entirely % msrSesed this
shrinkage would be wiped out, and handsome
margin Of profit earned in the years operations.
The resumption Of manufacture, unless at
GREATLY REDUCED PRICES OF LABOR,
will be, in great measure, retarded by these
forced sales, and labor will find the necessity OF
seeking employment when it Is offered, upon labor,
alter all will come the burden OF this great reduc-
ton. The capitalist, having weathered the crisis
for which he was most largely responsible can
then sereney and safely watch the distribution OF
his burden among toling thousands.
A tour among the bankers dealing exclusively
FOREIGN EXCHANGE
revealed the fact that the improvement In price
OF these bills is to them an augury that the bot
tom OF the panic Is happily reached. Yesterday
| ttn fnrvn fnr oiVhf drnf fro
and the latter at sixty days. Last week sterling
exchange was quoted as low as "a, which was,
| according TO the currency standard, about three
| per cent below par Since then confidence has
| been restored, remlttances to Europe are made
and exchange mas enaanced ns e h wsn
| bankers informed the HERALD representative that
within two days .o past his E house has drawn for
respondents, at rates varying from 6k to 7 per
cent and that at present bills OF exchange are In
greater demand than they have been since the panic
began. -
AT THE PRODUCE EXCHANGE
business yesterday was also quite active. Gram 10
being rapidly pushed eastward prior to the closing
OF the canals-an event which Is only few days
distant. All the railroads are making the most
extensive preparations to accommodate the great
influx OF produce now awaiting shipment at the
West for this as well as the foreign markets. Busi
ness
AT THE CUSTOM HOUSE
has likewise assumed livelier proportions this
ties at the end OF this month may be nearly as
large as those for November OF last year. All that
among the merchants doing business here to q
very large extent.
THE WAR FEELING
on the street, yesterday, was excited to q lively
degree, and whole series Of operations, financial
and military from the issue OF more greenbacks to
the acquisition of Cuba or the subjugation OF the
United states to Spanish rule were discounted in
the Gold Room. The indicator, as IL recorded 1851,
the highest point OF the day, seemed half 0bscured
bv the glimmer OF Spanish bayonets, while later,
when receded to 1oS the bright folds of the starry
nag shone brilliantly over the waters Of Havana
Bay as it proudly noated from the roof OF the Cap
tain Generals palace. 1t was a day OF visions, and
from the battering down of the MORO to the sink
ing OF o monitor; from the hanging Of Burriel to
the sprnging OF an ambuscade upon our "bum-
MUM. There was something Of the old fever Of
1867 1863 1854 and 1855 In mems blood In the Gold
Room, and II heavily armed ship had only fred
salute in the bay 1t is possible gold might have
jumped out of sight upon the assumption that the
city was being bombarded
THE ADVANCE IN GOLD
was not, however, without grounds. The advance
oil the rates OF foreign exchange makes the ship
ment OF gold this way no longer profitable, while
the refusal OF the Bank OF England to further ad-
vance its minimum rate OF discount at the regular
meeting yesterday and the easier feeling In respect
to money in the open market are accepted as indi
cations that the movement Is thought there to be
arrested.
Wall street was slngulary free from rumors yes
terday. Late In the afternoon there were hints OF
large delacation or deficiency in the accounts OF
an officer OF some Western railway company,
amounting, IL was asserted to 5000, 1000 oHe-third
the delinquent Nothing more definite in relation
to the party or the railway could be learned, and
IL Is as likely to prove "bear" canard anything
the effect that trouble was likely to be developed
during the week In one OF our city banks now held
In high esteem, hence the name is withheld.
A BRAHMIN's JOKE