The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-05-01
Since January sos o45 900 $751; 14e
THE FOREIGN MARKET

Previously reported 72,15S7so Sasol,5 o4 si7s7,s5
Since January L. 81, 1928 sos $6s 045 600 $751; 146
THE FOREIGN MARKET.
The London market has been depressed to-day by
t6ars OF q civil war in France, and quotations for
Consols are down y q sic per cent and for United
states bonds y 4 per cent. The new French
loan declined to 5h premium. The excitement IN
Paris Is rejected in sharp decline in rentes,
which fell to SAT- CSC. Erie shares in London have
been steady and about as they closed the previous
Ay.
MONEY MORE ACTIVE.
The money market was irregular and more &C
tive. At the beginning OF business the renewals
and new loans were generally on the basis of 1-64
and interest, with occasional transactions at 1872
and interest After two O'Clock money was offered
quite freely at 1-32 nat and leaned at gold; but
three O'Clock approached the inquiry became more
urgent, and borrowers who came out at the last
moment had to pay nigh as u for their balances.
In explanation OF this
sPAsM OF sTRINGENCY
was said that the ''Shylocks'' had resumed opera
lions, and had begun their movement by borrowing
al the money they could up to O'Clock. with the
hope OF Erecting "squeeze late In the afternoon.
The speculation failed to be profitable, however,
the amounts loaned at 1-16 and y per cent were
not enough to compensate for the losses OF the
clique in holding the large sums unemployed for
which they had paid commissions of 1-64 and 1-32,
IN addition to per cent. The express companies
reported further arrival to-day of over million
dollars
CURRENCY FROM THE INTERIOR.
Mercantile paper was quoted at . a IL per cent
discount for prime names, the market showing
disposition towards activity. The action OF the
Continental Bank officers in demanding an inves-
tgation at the hands Of the Clearing House has
been generally commended an eminenty proper
way of putting an end to idle and defamatorv ru-
mOrs affecting bank credit and ought to serve as
nprccedent for future contingencies of like ma
ture. Continental stock was quoted rs so to-day,
showing that the market has not yet recovered
from the
OLD FEELING OF DOUBT.
Among the assets Of the institution is the bank
building, which Is valued at $3.50, 900 on the books
Of the bank although Homer Morgan proneunces
It worth $75O,00o, and says it would sell on
forced sale for $780, 900. Allowance for the differ
ence would more than make up the per cent i'm
parment OF capital alleged in the Clearing
House Committees report In this connection
It is only fair to say that third or fourth
rate State Bank, doing business on Broadway has
been the subject for several days past OF rumors
similar to those that in circulation regarding
the Continental Bank. As the bank and the
mors are well known to most OF the active gentle
men composing
THE CLEARING HOUSE COMMITTEE
would It not be well for them to make an investI-
cation in this and give the result to the pub
ucS With the public mind satisfied in this instance
there would be complete restoration OF conf
dence as the institution referred to Is now the
only one left concerning which any dlstrust is felt
py moneyed men. Foreign exchange continued
weak, and the leading drawers lowered their rates
for sterling to 10sS for sixty days and 1927 for
sight bills, actual business being y al lower and
the market dull. Continental bills were irmer
than sterling, and European advices report ster-
ling exchange weak in the German cities.
GOLD STRONG, 116X A 1174.
The depression In the London market caused a
frmer feeling in gold and an advance in price
from 116T to 117H, Notwithstanding the weaker
tone OF sterling and the arrival in port Of the
$500, 900 gold which was shipped from London the
week before last. Attention has been called to
recent error in the HERALD's estimate OF foreign
goods in bond, the extravaganza Of which doubt
less proved its own correction. 1t would have been
nearer the fact had the paragraph read SO as to in
ciude with the goods in bond the amount in stock
unconsumef the aggregate Of which is doubtless
In the vicinity OF $SOOOOO,ooo, or enough to last
about six months without the importation Of
another dollars worth during that period. The
course OF the market is shewn in the tablet