The New York herald., 1873-11-19
FINANCIAL and COMMERCIAL
THE SITUATION TO-DAY
More Rumors Of Failure---Banks
Reported in Trouble.
EVENTS IN LONDON.
The Stock Market Depressed
The Reasons Why.
GOLD ST RON O..
GOLD STRON @.
influence of Cuban Reports and
Treasury Reports.
THE PUBLIC DEBT INCREASED.
Money Stringent Government and Rail-
road Bends Firm.
WALL STREET,


TUESDAY, Nov. lS-6 +. M.
Although ''theres music in the air' it is not
agreeable to be always sounding the bass notes.
Yet facts cannot be ignored and much as they
may add to existing depression 1t Is the duty OF
the Journalist 10 present them fully ana fairly to
the public. To-day, therefore, we are compelled to
continue the catalogue Of monetary evils. large
sewing machine company OF this city is alleged to
have gone down, involving. in its trail Of msfor-
tune. a bank. Another bank is reported to have
suffered from defalcaton, although the facts are
yet withheld. Still another is said to nave suffered
loss OF 81 ,2500oo in legal tenders, although the
bank community OF the Clearing House Association
have gained enough to reduce the net loss to about
s655,00o. A fourth is reported TO be doing bus-
ness OF sl7,C0o,ooo on capital OF S2,000,ooo-an-
other specimen OF the inverted pyramid. Truly,
these are not encouraging
SIGNS OF THE TIMES.
Private advices IRON London state that the'wen
known house OF Biscnofsheim 4 Co.. OF that city,
have barely 'pulled through" crisis dependent
On the payment of the interest on the Honduras
loan, and were obliged to depend on a contribution
from the father, VINO died few days ago. just after
advancing for the purpose OF relief 100000. In
January this house Will be compelled TO make
another tremendous outlay on account OF the loan
Of the Egyptian Khedlve. Letters from various
cities in the South and West report stagnation and
failure among merchants in all branches
OF business, decline in retail and whole
sale trade, the want OF currency, the con-
Bequent issue of 'shnplastersi by corporations
and general financial decentralization. 1t is not
30 much the influence OF single as of concurrent
facts that is felt upon the market at large, and
when from week IN week these roll up in such
volume that they might be tabulated and almost
measured it is criminal to give rose -coored hue
to the situation and invite that class OF investors
who depend on Others TO do their thinking to en-
ter a speculative field that Is managed by score
or two OF gentlemen ana risk their money at prices
that have been pumped and hallooed up lor no
other purpose than to enable these persons 10 sell
ut some other PERSONS cost.
THE FOREIGN MARKET.
Late cable advices from London report American
securities dun, and private dispatches indicate an
uneasy and unsettled market. Trouble seems to
be more or less cropping out in commercial circles
suspicion attaches TO one or more OF the banks,
and altogether there is a growing distrust which
promises to eventuaie in the locking up OF money
end unusual strngency.
The last quotations were as follows :-Consols for
money, 921 e2 e-l6; consols for account, 92s. 81
1916; ve-twentv bonds, 1866, 92Js 93; do, 1867,
pel4 SS5s; ten-forty bonds, 913s 9l14 new 1ves,
N1s; Erie Railway shares, "a 54ss Central AZ;
rentes at Paris, ST.. Soc In Amsterdam the fol-
1877; Union Pacific first mortgage bonds, 651a;
Northwestern preferred, Sc; st. Paul preferred,
IS; Erie shares, 39A Central Pacific first mort
cages 7eh.
The rate of the Bank OF England remains un-
changed. The Bank gained to-day only $4,000.
The steamer Donau, from southampton Tor New
York to-day has on board f5o,OoO OF English gold.
THE PUBLIC DEBT.
1t Is stated in Washington that the total amount
OF reserve outstanding at the end OF this month
will be not far from $40, ,o00, 600. Legal tenders
must be drawn upon to the extent Of $4,000, 900
additional to meet the demands on the Treasury.
About s., 900 will be paid out the last of this
week to pension agents to meet the quarterly
payment OF pensions
TIE MONEY MARKET.
Money was somewhat more active to-day, as a
sequence TO various causes. First, there was a
decrease OF $685. 600 since yesterday IN the amount
Of legal tenders held by the associated banks the
sum total now being so7,7 $1,000. Second, the re-
port was circulated that the London, Asiatic and
European Bank OF London had gone to the wall.
This, however was subsequently denied by one OF
the New York correspondents of that institution
Third, 1t was rumored that prominent bank and
member OF the Clearing House had been compelled
70 succumb to the misiortunes OF the hour In con-
sequence OF the failure OF large sewing machine
company. The rate OF money therefore advanced
from 6per cent to l.32 per diem, and closed at
per cent. Foreign exchange closed tame at 1867
Tor prime bankers 80 days sterling and 1857. for
demand.
THE GOLD MARgET.
In consequence Of the various and conflicting
fumors concerning Cuban and Spanish matters
gold to-day was uniformly strong and gave evident
t0ken OF disposition to ADVANCE sharply on any
reasonable pretext 1t opened at lo915 sold down
70 l0sh, advanced per cent and closed at 1OgsI
1t is not alone the prospective action OF the
government, with reference TO the fitting ont OF
the navy and possibly the expenditure of an army.
on which this speculation depends. The decline in
receipts at the custom houses, the increase OF the
public debt the probable difficulties TO be encount
cred In the payment OF the January interest and
the redemption OF the 5000 900 loan-ail these
enter into the calculations OF the hour and are
tending TO enhance the value OF gold. The rates
paid Tor carrying to-day were l-S2, 9-8i, :, O. and
7per cent gold to nat. The following have been
the principal quotations In the Gold Room to-day
10 A: M. .;:....... 1o9k 12:45 p. M........ lo9JS
I. VI.
!o:so 4. 49,. 1O95s 1:l5 p M.......... 1897