The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-01
INTENSE DULNESS In THE STREET"
Relaxation in the Money
Market.
Gold OF to 100 7-8, Closing 110-Gold
Checks to Pass Through the Clear
ing House in Future.
Stocks Quiet ard Heavy-Pacific Mail Adyanc.
ing-Erie Looking to Albany.
WALL STREET,
THURSDAY, Feb. 29-6 p. N.

THURSDAY. Feb. 29-6 Pm.
ON 'Change to-day wheat was duh and heavy.
the cotton market was weak and lower.
MONEY EASIER.
The money market was active early in the day,
when the dealings on stocks were at seven gold 10
1872 per cent the latter rate being paid In addition
20 legal interest. Among the government houses
the rate was full seven per cent currency. Toward
two o'clock there was q sensible moderation OF the
demand as consequence OF the pretty eager
supplying OF wants IN the forenoon, ana
before three O'Clock the rate had declined
to i've per cent, which was merely quotation
however, the amount needed ater half-past two
O'Clock having been tritllng Owing TO the prompt
making up OF accounts against apprehended
squeeze" 1t will be remembered that we have
now mad three days of high rates for money. This
interval has given ample opportunity Tor the trans
mission OF money to this city from other cities,
where the inquiry has been less active; hence, un-
doubleday. The better supply OF funds to-day, al
though strong effort was made to keep the SEM
blance Of stringency. Prime commercial paper. en-
dorsed, Is quoted a S1s per cent discount and
less active.
GOLD CHECKS AND GOLD CTEARANCES.
The committee appointed by the Clearing House
to perfect arrangements for an exchange and clear
ance OF gold checks similar to the process used In
the case OF ordinary checks, have agreed upon q
will be great accommodation TO the numerous
merchants having transactions IN gold, Is officially
announce by Mr. Camp. the Manager OF the Clear
Ing House, In the following circular to the banks:-
The exchanging OF gOd checks through the Clear
Ing House Will commence OH Friday morning,
march, You Will please arrange your gold checks
In separate envelope, leglbly stamped 'GOld,"
listed in red Ink, In the same manner as your cur.
rency exchanges Enter the amounts In the second
column OF runners statements, or receipts. III
red Ink, delivering the gold exchanges at the Clear
ing House at the same time with the other ex.
changes. A separate settling clerks statement
must also be prepared, the blanks Tor which Will be
furnished you. The debtor banks viii pay as early
after the proof Is made possible ana under no Cir
cumstances later than half-past twelve O'Clock.
Tine creditor banks Will receive tneir credit bal.
ances as soon thereafter the amounts can be
made up.
DECLINE IN FOREIGN EXCHANGE.
The pressure OF sterling bills out OF second hands
has forced the leading bankers to lower their rates.
which they have reduced to l09l Tor sixty day and
l10h for sight drafts on London These figures are
nominal, however, the real business having been y
u lower. The demand for foreign exchange, as
may be inferred from these 1acts Is quite light,
feeling existing among RENTERS That peaceful ad-
justment OF the Alabama question VIII operate
against the usual summer rise.
GOLD LOwER-11Ok A lO91.
The cable bringing q sudden Improvement OF =
per cent In United States bonds In London to-day,
gold opened weak at 11OA and gradually declined
to l095s a movement helped by the heaviness OF
the foreign exchanges Subsequently, the re.
Taxation IN the money market, there was q better
Inquiry, and as cash gold became very scarce be-
fore the close OF banking hours the price rallied to
1101< but settled back to and closed at Ito. The
course OF the market Is shown IN The tablet