Year: 1873

SATURDAY April lZ-p. m.


The opening of navigation, which took place dur
ing the present week, has far benefited the gen.
eral trade of the city as to give matters a less
unsettled tone, and in all the leading staples an
Improvement has taken place, though in exception
cotton for the most part of the week has been dull
and dropping, closing on the basis of lS.c. for Low
Mddngs The receipts for the week were As 9f5 bales
against 1867 last week, 56,Ol5 the previous week.
and "A 1876 bales for the week ending March 81. The
total receipts for the expired portion of the cotton
year $40 bales, against 4992 274 same time
previous year, an increase of G0S0i6 bales. The
exports for the week O467 bales against 4 090
year ago, an increase of 1S,437 bales. The total
stocks on hand 1921 bales. against 1886, ,2297
bales year ago, an increase of 1890 bales. The
total stocks in the interior towns are 93173 bales
against 52S17 last year. increase of 1886 bales
The total quantity of cotton in sight amounts to
1904 l07 bales against 249j IA time in 1872,
increase that year over last of s.S6S bales.


In the street a condition Of utmost strngency has
marked the course of the money market throughout
the week. The stock brokers have been much dis
tressed in obtaining accommodations, having had to
pay a sharp bonus every day. and we may fairly
quote the average rate and interest to /,
though on the latest loans of Thursday
Friday being holiday! per cent day was paid





currency has tended very strongly in this direction
all the week, and the express companies have
brought in important parcels every day. though il is
proper TO state that for the most part the remit
tances were in the form of national bank notes, of
which the supply is becoming abundant, so much
so that loans of this class of notes commanded
currency interest only late in the week. In view of
the free receipts of currency here from the interior
and from the West and South, ii may be asked why
the severity of the money pressure continues The
reply may be found in the agitation of the usury
question. Many leading parties in the street having
been served with notices to appear before the Grand
Jury Monday to testify in the matter of usurious
exactions, money lenders from fright OF spite OF
both, withhold their capital from use altogether
Whether the matter of the prosecution has been
started stock jObbing operation OF with q view
of presenting the facts in the as to convince
the Legislature Of what the free-traders in money
regard the necessity, at least the advisability
of repeating modifying the usury laws. we do not
undertake TO say. Certain it is however that lend
ers here withheld their money from the street.
preferring either to lend it elsewhere or
not lend il at ALL Such do we find the condition of
monetary affairs to-day but there is CLEAN of sun
light in the fact that the currency receipts are rap
idly growing so large in the aggregate that the
woud-be manipulators of money will not be able 10
control the market much longer. The London adyices
have been favorable all the week, the condition of
monetary affairs having been cheerful, and though
the Bank of England lost III sterling bullion f54sOoo
Cthe Bank of France lost 10000 francsl, no change
was made in the discount rate which is yet four per
cent Ii was perhaps due partly to this and the
strength of bonds abroad that we saw the downward
reaction in gold from ll9l, last Saturday, to ll7l
though another and more plausible one was
that tho Gold Board = who hold most
unequivocal control of this market--were willing
the price should reeede in order To induce a new
short interest and catch the million and half of
Treasury gold sold Thursday at cheap rates. This
theory partly borne ont by the rise to-day TO ll9l
again. though the imports of the week run very
small To what further ertsnt IL is proposed 10 push
the speculation remains 10 bssssu. though the clique