The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-03-29
The Foreign Exchange Market
Lower and Weak.
The Debt Statement and the Policy Of
the Treasury for April.
Continued Dulness at the Stock Ex-
change and Prices Unsettled.
A Rise in st. Paul, Erie, and Bos-
ton, Hartford and Erie.
WALL STREET,

col. FRIDAY. March 2S-6 r. NJ.
On 'Change to-day cotton was in fair demand
and steady TOR spot" but nrmer for future. Flour
was in better request and steady Wheat was dun
/, and easier, while corn ruled about steady
I THE DRY GOODS IMPORTS.
The total imports Of foreign dry goods at the port
4 efNew York during the week ending March 81,
1874 were Of the specie value OF So, ,657. The
, amount marketed during the same period was
S$see7,75l.
81 THE FOREIGN MARKET.
y The London quotations came steady for consols
and United States bonds and little lower for Erie
-isAares. There was recovery in the new French
loan to six per cent premium, and rentes In Paris
were steady at IS go.
q MONEY UNSETTLED
I The money market was active and stringent
during the most Of the day. the rate in early busi
ness being quite generally 1-16 per cent. AS the
afternoon advanced and the market opened on the
sidewalk the demand became more urgent, and
lie and interest being bid for a few minutes some
borrowers snapped the offerings at 1892 through
fear OF still higher rates. Curiously enough this
climax was succeeded by
A SUDDEN DECLINE
during the last fifteen minutes Of the interval to
three O'Clock, when, under . pressure to lend, the
rate fell to plain per cent. Advices from Wash
ington report further contraction In the extra
greenbacks to the extent OF $4,000 and intimate
that the April debt statement will show an increase
Notwithstanding efforts on the part OF the Treasury
70 defer the payment Of current obligations until
After the LIST prox. The Comptroller of the Cur
rency states that over three hundred OF the
national banks were
DEFICIENT IN RESERVE
according to the statements submitted in answer
TO his call for report Of their condition as they
stood on the 2Sth Of February last. The so-called
uIour hoo bnav daft otaA in Il,on Tho
whole subject WILL doubtless, lie over until
next Winter to keep company with the shelved bill
20 abolish taxation on mortgages. Commercial
paper was neglected at IL per cent discount for
prime names. Foreign exchange was lower and
weak, the nominal quotations being lowered to
1857 and 1ooH for prime sixty-day and sight ster-
ling bills, but transactions on the street were re-
ported at 1OS and 100.
GOLD sTRoNd-116h 116H.
The gold market was strong under wider belief
In modification Of the Treasury programme for
April, calculated to lessen the amount Of the
monthly gold sale. In fact, the strait Of the Treas
ury is 30 generally understood that Wall street ex-
poets that Secretary Richardson must provide for
his wants either by issuing additional greenbacks
by continuing his present scale OF sales Of gold.
The latter being an unpopular way, in view OF the
stringency in money, the gold 'bulls" conjecture
that he will do the former, and hence are quite
Bangulne that
THE APRIL PROGRAMME
win inure to their advantage. Great dependence
ID also placed by them upon the anticipated drain
Of specie to Europe, in connection with the ex
pected large efiux OF Americans to visit Europe
and the Vienna Exhibition this Summer. Under
these circumstances the price Of gold advanced
nom 116H to 116x, the latter extreme bringing
heavy sales, under which the market went Off to
HOY, the closing weakness in exchange naturally
helping to deprive the market OF some OF its
strength late in the day. The principal fluctuations
are shown In the following table,