The Portland daily press., 1873-11-08

New York Stock and Money Market.
New YORK, Nov. 7-Mornino-M Money at per
cent, gold. Gold at 1868. Sterling Exchange long
at 105A; de short, 1903.
NEW YORK. Nov. 7-Evenino. There has been
considerable depression and an anxious feeling in f.
nancial circles to-day This partly owing to the
announcement that the Bank of England had adj
vaneed its rate of discount to per cent, which is
the highest rate since 1866, when Overend Quincy
q Co. and others failed, causing heavy financial dis
asters, then both in England and on the continent
Many of our financiers consider the action of the
Bank of England to-day as indicating serious con-
dition Of affairs at London and the very latest ad-
wees certainly favor this view the case Early ca
BILE quotations from the London Stock Exchange
showed a steady market for Consos and Government
cent from the closing price of Yesterday but af
ter the noon hour the advance in the hank rate was
officially omugated at London, and then followed
heavy decline in securities, CoDsols falling 5-6 per
cent for money and per cent. for account; United
states bonds q I, and Erie and New York Central
each : per cent. Private advices quote great de-
preston in all securities especially in speculative
shares. The advance in the Bank of England ra, e.
coupled with the fact that the discounts in omen
market were fully up to the bank rate and the de-
preston noticed above naturally excited much dis
cusson here and led to depression in the Stock Ex
change. There is an increased frmness in gold and
exchange, and gloomy feeling in financial circles
generally. 1t is thought that London is to have some
experience which this country has recently gone
through 1t is known that England at the present
time is suffering from decline of trade with Ameri-
ca. Her exports of iron and manufactured fabrics
have fallen off greatly of late and in the face of this
she has had to draw largely upon this country for
food and send us gold in payment thereof. This of
course aggravates the financial situation in England
and il the present bank rate does check the out
flow of bullion il will undoubtedly be advance to 10
per cent? and if that rate does not effect the desired
object then the bank account may be suspended as In
1851 and 1866. In view Of the possible contingency
OF the early future in England further advices from
London are awaited with interest.
The latest advices by cable to the Associated
Change is very possible Tbe d SsUck
With very unsettled feeling in financial circles
Ihere were all sorts of rumors noat in regard
situation at London one of which that discounts
were 10 per cent. in the open market. Late in the
day reports were aoat that some foreign houses were
in trouble, based on complications in American secu
rites, and also that some mercantile firms had ss-
pended. None of these reports could be authenti-
Gated. Some merchants are unable to pay their open
account for one of the rumOrs,
Money was quiet at 132 and interest on call loans
with an active demand for stock loans and borrow
ers were willing to carry Western Union and Lake
Shore at per cent. down to about per cent while
New York Central loaned freely without interest and
in few instances small bonus paid for its use
Among discount houses the apparent gain in conf
dence arising from the settlement of Clain obliga-
tons and the favorable considerations of the
PROPOSE ions to their creditors has had favorable
fect, and there has been more active demand for
mercantile paper although rates are still high rang
ing Is q "a per cent. for the very best names T6e
market closed at per cent gold TO 1-32 and inter-
The following is the Clearing House statement
currency exchanges, SIS, 42 543; currency balances
S9SI 9SS; gold exchanges. S5,6lsl70 gold balances
AT the opening foreign exchange was stronger on
European news and bankers sterling quoted 1854
a 105l for 60 days and los for sight, Gable transfers
were advanced to 1891. Later in the day the ex-
change market decided irmer although the rates
were very irregular in consequence of the close
tiny the natural result of the situation at London
The bank ers advanced their rates to 1853 for sixty
days sterling and 1851 for sight during the day-
Browns 60 days sterling sold at 1851 1868, Belmont
on Rothschild 1853 a 106, and the international
Bank at 1861; Mathew Morgan on the London Joint
stock 10at and on Uennistown 105 a 1861; Citizens
6k New osps Barring Very few Ger
days sterling was generally quoted at 1854 a 1863
light bills were strong at 1Os q 1osi and cable trans
fvrs were quoted at 1901. Commercial bills ranged
from 1903 q 1O5 The exports of dry goods for the
week ending to-day were 81 900 22I amounted mark
eed S69l The imports for the corresponding ne.
1871. 'N T-''-''''' ~
The gold market opered active and higher; the
opening sales were at 1868, from which figures there
of the market was worked up to 1918. This advance
was partly due to the advance in the Bank of Eng
land rae but probably particularly to the short
interest developed this morning. The demand fol
coin to make deliveries reduced the carrying rate to
low figures and In some instances to fat AT times
there was considerable excitement and the market
finally closed up firm at 1919 "a O74 The rates pait
for carrying to-day were 3-e4, 1872, GA, 8 and
per cent. gold and fat The Asst. Treasurr paid out
to-day $500 900 account of interest and $40 600 "
redemption 500 bonds. .
The days business at the Gold Exchange Bank
was as follows tiod balances, 81 1893 So; currency
balances, 1855, 1885, gross clearrgs, S45, 700 OOO
Central Pacific bonds closed at so a 81 Union Pa
cic at &c! q 81 for first, 574 q 57a for land grants
and 40 a AZ for incomes. State bonds were quiet
Railroad bonds dull with light transactions Gov
ernments-the market opened rather quiet and weak
but the rise In gold gave more tone to the market,
which was followed by more active business the
closing prices showing general advance. At the
opening the stock market was weak and lower the
entire list showing decline of to per cent COM
pared with the closing quotations last evening. The
lowest quotations were made at the second call The
business not quite active except in Western I'm
ion Lake Shore, New York Central, Wabash, Pacific
Mail and Erie. The announcement that the Pacific
Railroad had declared per cent. scrip dividend,
payable in March, 1875 or within six months at the
option of the company, with interest at per cent.
caused general disappointment It has been freely
stated that the company is earning 100000 per day,
and also that both the Fort Wayne and Pittsbprg
leases pay large profit but all this Mo,ey has prob
ably been swallowed up 10 improvements and un-
profitable leases. At the close the market was weak
and lowe, the decline ranging q "a per cent. Erie
35s,