The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-02-12
Declaration Of Dividend on the Com
mon and Preferred Stock.
THE GOLD MARKET FIRM
The Decline in Consols in London the Re-
suit Of Drain of Gold from
England to Germany.
Conflicting Eumors as to the Extent Of the
Syndicate Negotiation Of the New Loan
Government Bonds Firm-Tennessees
Lower-The Exports of the Week.
WALL STREET, |


On 'Change to-day cotton was quiet and easier,
closing with downward tendency. Flour was
quiet but abont steady Wheat was dull and nomi
naily lower to sell, white corn was in moderate
demand ana not essentially changed in price.
THE EXPORTS OF THE wEEE.
The total exports Of domestic merchandise from
the port OF New York for the week ending Feb
ruary II, 1873, were OF the currency value Of
1851, $50.
THE FOREIGN MARKET.
The London quotations were steady for consols
and irregular for United States bonds, the five
twentes and ten-forties being frmer and the new
fves a traction lower The recent decline in con-
soils is now attributed to q heavy now of bullion
from the Bank OF ERgland--the amount with
drawn the past few days having been about
hall a million pounds-to Germany, where it is
going probably for transmutation into the new
coinage. French rentes have undergone quite
decline to $685. probably in consequence OF the
governmental changes at Madrid. Erie shares in
London were y better and left off at 525s-equiva-
dent TO about 66Aa in our currency.
MONEY ACTIVE.
The money market was again active and the
scarcity rather more appreciate. At least
the rates on call were dearer and without the
occasional relaxation noticed in the previous work
ing OF the market. The lowest rate quoted among
the stockholders was per cent coin, and as high
banking hours. The bulk of the days business was
at l-32 to 1-64 and interest. Many OF the banks
refused accommodation to favorite borrowers
among the stockholders and pleaded the ir poverty
in excuse
THE DOMESTIC EXCHANGES
are stu against the city ana hardly likely to
turn favor for several weeks or before the
monetary sringency in the West is relieved.
Meantime the temptation TO lock up money for
eppculatiVp Stock EXCHANGE in
duced il is believed, the organization or pool for
that purpose the leader OF which is reported to be
a banker whose refusal to cooperate with the
Syndicate is generally regarded as the cause OF the
failure of the latter to negotiate the new loan.
Mercantile paper continued neglected, and was
nominally quoted a 10 per cent discount for prime
names. Foreign exchange was rather steadier in
view OF the outflow of bullion from London to the
Continent, but rates remained as before.
GOLD FIRM-ll3A A 114k.
The gold market was firm at pretty nearly the
same range OF quotations as prevailed on Monday
with the exception OF temporary dip one
point lower to 1l3%, occasioned by the report
that the Erie Railway Company had nego-
tiated their new loan for $4,000 oOo which
announcement came the heels OF a
number OF sales OF gold in connection with bills
Of exchange drawn against previous negotiations
OF a similar character but OF smaller extent one OF
the reported enterprises being the new elevated
railway for rapid transit In this city. This innu-
ence was soon
ClHCuMvENTED BY THE CLIQUE,
however, and the price OF gold was subsequently
advanced by them to 114k, the movement being
helped by rumors that the Bank OF England might
be compelled TO raise the discount rate on Thurs
day for setprotection against the specie move
ment 10 Germany. Meantime good use had been
made of vague report that the European sub
scriptions 10 the new loan had been less than
s25,ooo,00o. 1t is only fair to say that the Syndi
cate deny this statement emphatically and claim
that the cash subscriptions alone in Europe were
more than 500, OoO000 The course OF the market
VI shown IN the table,