The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-03-22
DECLINE IN FOREIGN EXCHANGE.
The Gold Market Lower, but Raj
lied by the Clique.
Prices at the Stock Exchange
Unsettled and Irregular.
A Decline in Pacific Mail and Rise
in Western Union.
WALL STREET,

WALL STREET,
FRIDAY, March 21-6 p M.
On 'Change to-day cotton was In fair request,
good ordinary being reduced nc. per pound, and
now middling upland advanced &c. per pound.
Flour continued quiet. Wheat and corn were
hrmer.
THE DRY GOODS IMPORTS
The total imports Of foreign dry goods at the port
OF New York during the week ending March 20,
ASIA, were Of the specie value OF $2,9S7,4l6. The
amount marketed during the same period was
s., ,423.
THE FOREIGN MARKEr.
The London quotations were steady for cOnsols
and United States bonds. Erie shares were frmer
and closed at SIX, equivalent to about 641s in our
currency. French rentes in Paris advanced TO
$685. doubtless the gain OF 1000 francs in the
bullion account Of the Bank OF France during the
past week.
The money market was actve-perhaps 1t de-
served to be called stringent-during all the earlier
portion OF the day, the rate on call among the
stockholders standing at 1l6 to 1-16 and interest
the greater part of the time After two O'Clock,
however, there was a sensible relaxation, and the
rate yielded to 1872 and then to seven per cent,
gold, and eventually loans were made at
AS Low AS SIX PER GENT
before three O'Clock the sidewalk market breaking
up at the earliest it has separated in good while.
In explanation 1t is said that the clique Of meney
squeezers were unable to control the rate any
longer, the iow OF currency to this city from the
West making steady accumulation OF money out
side the sources from which they drew for their
daily operations in the street. 1t Is pretty gen.
orally understood that the clique were supplied
with money by certain bank officials, on the agree
ment that they were to allow the banks seven per
cent and Q share OF the commission" or bonus,
obtained for the use Of the money from the stock
brokers. Mercantile paper was nominal and un-
changed.
DECLINE IN FOREIGN EXCHANGE.
The foreign exchanges were weak and lower
under large sales OF bankers bills drawn against
the export to Germany OF United States bonds and
also OF shipments of Erie TO London. Rates were
reduced y at the desk, but prime sterling was to
be had at 107s 10sx. The following are the re-
vised quotations STERLING, sixty days CONNER
Cial 1071l 1919 do, good to prime bunkers 1o7X
1857; do, short sight, 10Sn 1857; Paris, sixty
days. 5.321l a52sh do, short sight: 523a< 5.22;
Prussian thalers. 7OS 7lA; Antwerp, 532H
6.27H; Switzerland, 5.321s 527h; Hamburg. "a a
o4T; Amsterdam, 39A 40H Frankfort, 4o]s 4Oa< (;
Bremen, "a 947s.
GOLD sTEADY-115T 1855
The gold market opened weak despite the strenu-
ous resistance OF the clique, and the price went or
to 1864. the downward tendency being in sympa-
thy with the decline In foreign exchange, and re-
Ceiving help from the Custom House return OF dry
goods imports for the week OF less than $4,000, 600
1t will be remembered that the small return OF i'm.
ports last week was attributed to the non-arrival
OF several cargoes. and that the deficiency would
appear as overplus this week. This calculation
has not proved a correct one, as the Custom
House figures show. Despite these influences the
clique, who had some difficulty in managing the
CASH GOLD
at the Clearing House, but got a better ''pur-
chase" upon it for the three O'Clock deliveries,
succeeded In restoring the market to 1l5X at the
close, their efforts being assisted by the announce
ment from Washington that the Treasury had been
compelled to draw upon the extra greenbacks to
the extent OF another million OF dollars. The
course OF the market is shown in the table,