New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-04-07
SATURDAY, April Up. NJ.

SATURDAY, April Up. NJ.
The extraordinary monetary stTingency has been
the burden of the song among the general trade Of the
city, and this coupled with the backwardness of the
season. and the late opening of navigation, has
greatly retarded business, and elicting complaints
from traders ia all the leading staples though II Is
TO be hoped that the rush of business after the break
up will fully compensate the delay There has been
"a fair export demand for -four but wheat has been
duh and corn lower. Ocean freghts have adj
vanced, and close higher, groceries showing
greater frmness. The dry goods trade has
been only passably active, although the rates
of preparation are already sounding i'll the nearby
cities and rural districts. The cotton market has
been active and has fuctuated quite widely, but
closed dull and lower the basis of 1850. for low
middngs. The receipts for the week were 4S,637
bales against 5G,0l5 last week. 74,19j the previous
week, and s3,I33 for the week ending March H..
The total receipts for the expired portion of the cot
ton year were 3Oj943j bales. against ., i64sS same
time previous year an increase of 59j2O1 bales. The
exports for the week 1906 bales, against 81
C6j year ago. decrease of 1858 bales The total
stocks Oh hand are js,l25 bales against S7l,42B n
year ago an increase of l46,GJ6 bales. The total
stocks in the interior towns are lOO bales. against
6 1853 last year, an of 396S bales The total
quantity of cotton in sight amounts bales
against E,4O3cl SAINT lliut III loi~' hCNI'd>N liId
wear over last of 20,0G5 bales.
The week in financial circles has been active and
excited. and fraught with more than usual events,
money having been more stringent than for any
week since the Black Friday business while gold ad-
yanced 70 a point not reached since the Franco-Prns
sian War in 1870. when l22l was recorded. During
the previOus week matters had been quiet, aud spec
~ ION held in obeyance pending the announcement
of IT,. April policy OF Sccretary Richardson It's an
uOunceln on Monday took tho street BY surprise,
and whcthc, :aTantably or not, was made the pre-
text for the latc up in gold. and The general ex
element of the wei. Gold which opened on
Monday morning a, '1G,, WIS taken in hand by the
bull clique, and bv the middle Of the afternoon bad
| reached 49,, the shorts rising with each other in
their attempts to cover, whi,o the merchants and
importers seemed imbued with the spirit OF panic
ard frantically put in their orders to buy. la tins
way a vast amount Of long gold was disposed OF and
heavy speculative contracts closed out, conducting
10 later reaction 10 116,, between which and III!
| the price ranged on active business until Friday
afternoon, when some talk that the Bank of
England would advance its interest rate, account
Of the loss of 600 sterling renewed outbreak of
excitement carried mp the price to lCs. and it
reached ll9s to-day. The range to-day was TS, to
49,. Otherwise than this there were no new CON
siderutions entering into the speculation, though
those given heretofore in this column still remain in
force. The foreign exchanges we've demoIalized by
this remarkable run up in the gold premium, espe-
cialiy as being coupled with such close money and
parties requiring bills were prone 10 postpone re-
mittances Under this fall OIL in the demand, rates
broke down severely. and the prime BANKERS ut one
time willing TO draw low as 107! for 60 days
and Jos for sight while bills were accessible
much lower, leading 10 some talk of n
movement Of gold in this direction. Tho gravitatOn
OF money toward lower rates led yesterday Ia bet
ter demand for sterling and the standard drawers
were doing pretty lively business at sitter rates.
| While money showed an easier feeling rs tho week
wore on il is not 90 be understood that the reaction
was Of any material importance or at least only by
comparison. Very seyerocbaIgos were imposed upon
borrowers all the way through, aud commissions of
half and fiye-eighths per cent 80 frequent ~
| not TO occasion more than passing comment. The
highest rate paid was per cent a day. or Jl5 per
cent per aunuIn the average rate to-day being I'D
! per cent. All lower rates during the wecl,
were exceptional as well ~ nfrequont. A close
working of money had been anticipated incident 10
the yearly April lst settlements. aud the prepare
lions Of banks through the calling in Of loans, &c.,
naturally upset monetary affairs, but the intensity
of the stlugency is unquesiionaly traceablo TO
artificial causes. better state Of ail.uIs may be
expected IN ihe Immediate futmc. even though the