The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-03


1871. 1872. 1873.
For the wee. s4t4iosa ao3s sssa sss
Since Jan. l.. $5s 1885, 22 s5aole,22s $64.ss7 1898
THE FOREIGN MARKET
The cable announces the raising of the discount
gate OF the Bank OF Prussia from to s per cent
but the advance has had no uniavorable effect in
London. where, as we are also told by cable, money
Is rather easier the street, loans being made
cons0s at 81 per cent against the per cent mini
mum of
THE BANK OF ENGLAND.
Under these circumstances less apprehension is
felt Of further advance in this minimum, for the
present at least, particularly as we know that the
directors OF the Bank of England have been ap-
prsed that the outstanding bills OF exchange, or
'kites," as they are known drawn to accommo
date stock spectators in this market, amount to
much less than was feared week or ten days
since. In fact cOnsols have been frmer in London
to-day and tribe higher-say lie. United States
bonds were also steadier, and Erie shares ad-
vanced to 5lh. From Paris we learn OF an advance
IN rentes to So so.
THE MONETARY srRINGENCY
The strngency in the money market was not as
severe as on the previous two remarkable days
but the difference was in degree only. The scarcity
was only the less manifest in far as the extreme
rate on call was u per cent and interest, against
the full per cent which was paid on Tuesday. The
demand and supply were quite tickle, and seemed
to be regulated by the alternating chances for and
against help from the treasury Department the
gradual approach Of
PRESIDENT GRANT
70 the vicinity OF Wall street in his trip from the
Fifth Avenue Hotel to the lower end OF Broadway
In connection with visit to the onices of the
Adams Express Company, stimulating hope that
he would defect his career into the Sub-Treasury
and order General Hillhouse to disburse five or
len millions Of the idle greenbacks now msuldering
In the Treasury vaults. All expectations OF relief
from governmental sources were eventually
doomed to disappointment, and the intimation
was subsequently made in a sort ola semi.ofricia
way that the President and the Treasury Depart
nent fortified with advces from
GENERAL HILLuOUsE,
the Sub-Treasurer at New York, as to the purely
local nature OF the monetary strlngency had de-
cided to let the evil correct ITSELF particularly it
Is the season OF the year when it is most capa-
Bile OF doing 80. 1t is only fair TO add
that the secretary Of the Treasury was credited
with q perfect willingness to help the money mar
ket had the present crisis occurred in the Fall OF
the year or -h;n stringency at New York would
interfere with business all over the country. In
deed. he IL known to have expressed his intention
OF ordering the prepayment without rebate, at an
THE NAY INTEREST
On the public debt, measure which would
strengthen the reserves and resources OF the ma
tional banks sufficiently to enable them to open
their discount ledgers ana Immediately break the
present stringency should the emergency require a
resort to such . process The abstention Of the
Treasury from direct interference with the money
market is attributed to belief on the part Of Mr..
Richardson that the current OF the domestic ex-
oh wilI no in a wa
which will AFFORD more satisfactory relief, from the
normal manner in which 1t comes, than could any
laxative he might apply In the shape OF a further
ISSUE oP GREENBACKs.
IN proof OF the wisdom OF this policy we have the
fact that the city banks are receiving heavy ship.
ments OF currency by every express, the prevailing
high rates for money tempting the forwarding Of
money In this direction much more promptly than
would otherwise have been the The rates on
call varied from u up to y per cent in the early
portion OF the day, but receded again In the inter-
val between half-past two O'Clock and the regular
hour OF closing the banks, the figures going or
quite suddenly to lie and per cent coin, either
through some confusion in the management Of the
market by the parties who are manipulating 1t or
Through
SUDDEN RUSH TO LEND
on the part Of the banks which received out-oftown
shipments OF currency. Be this as IL may, the
''Shyl0cks" as the luckless borrowers delight to
call the lenders, got control OF the market soon
after, and made money 50 scarce once more that
brokers who had failed to make up their accounts
In good season and had to come out
in quest OF money after three O'Clock were
compelled to pay the dearest rates OF the day; the
last transaction, whether fictitious or not and it
Is dicult to determine the real character OF bust
ness In times like the present. occurring at ten
minutes to four o'clock, at u and interest equva-
Nnt to pretty nearly 100 per cent per annum-an
extreme which goes side by side with the $50 per
cent extreme Of Monday and the 1856 per cent
extreme OF Tuesday. The outstanding grecnbacks
tonight sass $40, 0o0-an increase OF $4,000
since yesterday.
Foreign exchange was noninally unchanged at
1o7X and 1851 for prime bankers sterling; but the
market was demoralized and actual business was
81 a " below the asking rates.
THE RAILROAD BONDS
The market for the railroad bonds was irregular,
with a rather more active business. The Central
Paciics we're weak ana lower. and Union Pacific
Incomes declined to rs. On the other hand small
lot OF Central skies brought o5ls. The following
were the bids at the regular call as amended by
prices in subsequent business
New York Cen Us 1883. " Tol 4 LIST M stL div SO
4s1s Cen sS Ia T Ssp ssus SSs
fsw e hern o en,e s o e9 8, West Ws. q q M
Lrie Is AZ m, so..... w Gaena Che ID M.
I Lem Morris Ssss JJst$."i$ss
hSa . sis of pM I; u Chic ls m iSs
si e. ! ss 81 SS:@: t S% .s,i *
Sisv a To new bds..x 81 ciev Puts 4t6 m 81
ga OLD Dds. Chic AZ income m.