The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-09
"A Decline Of Five Hours More Than Re-
covered in the Last Hour.
Fall in New Jersey Central and Further
Break" in Harlem.
a DECLINE IN GOLD TO IIS.
Governments "Of" and Bills on
Europe Cheaper.
Text of the Law Of Congress Which
Abolishes the Present Fictitious
Standard of Sterling Exchange.
WALL STREET,
TUESDAY, April So p. M. J


WALL STREET, |
TUESDAY April So r. M
On Change to-day cotton ruled about steady for
-sspot, "but was slightly easier for future. Flour
remained dull and weak. wheat was quiet and I'M
changed and corn ditto.
THE EXPORTS OF THE WEEK.
The total exports of domestic merchandise from
the port OF New York to foreign ports during the
week ending. April s, 1873 were Of the currency
value OF SIS, 01O,645.
THE FOREIGN MARKET.
further better turn has taken place in the
London market to-day under the influence OF a gain
of in this afternoons balances OF the Bank
OF England. The fact communicated strength I'M
mediately to consols, which advanced q 3-16 per
cent, and impaired buoyancy to the general mar
ket, If we may Judge from sudden closing i'm
provement of United States bonds, all OF which
goes to discourage the prospect OF any immediate
advance OF the bank rate OF discount Erie shares
were about steady. In Paris French rentes ad-
vanced to 1925.
MONEY UNSETTLED.
The money market was unsettled, the rate on
call ranging at one time up to as high as q per
cent day, equivalent to 1856 per cent per annum,
but declining before three O'Clock to per cent,
gold, the dealings at and subsequent to three
at an earlier period than usual Of late, accounts
having, as general thing, been made up quite
promptly The banks were recipients OF heavy
shipments of currency from the INTERIOR and cir
cumstances indicate that the money which went
away in connection with the April settlements is
now returning in company with the regular
influx OF currency from the West, South and South
west.
DECLINE IN FOREIGN EXCHANGE.
rr& rra inf and
weak, and the bankers lowered their rates a
further u per cent. actual business IN sterling
being at no better than l07 1918 for prime sixty
day bills and 10S for sight. The following
shows the revised standard Of quotations.
Sterling, sixty days, commercial, 1864 1861;
do, good to prime bankers, 107 1914; do, short
sight, 1917 1885 Paris, sixty days, 5.37s 53l
do short sight, 5.27h a 5.26A; Prussian thalers,
FOX II; Antwerp, 1864 $50; Switzerland
.5s6,4 a $50; Hamburg, 94a a 9414; Amsterdam.
.So1 39X; Frankfort, 4O14 a 4o24; Bremen, 931a a
.o4I.
CONGRESS AND STERLING EXCHANGE
law passed at the last session of Congress
provides for the abolition, on the LIST OF January
next of the present fictitious system OF computing
sterling exchange, whereby the par is made to
appear at about 10. The bill, which is entitled
4.An act to establish the Custom House value OF
the sovereign or pound sterling Of Great Britain
and to fix the par OF exchange" after providing
that the values OF the standard coins in circulation
of the various nations of the world shall be
ESTIMATED ANNUALLY
by the Director Of the Mint, and be proclaimed on
the first day Of January by the Secretary of the
Treasury, enacts as foows:-
SECTION 2.-That in all payments by or to the
Treasury, whether made here or in foreign coun-
tries, where it becomes necessary to compute the
value of the sovereign or pound sterling, II shall
be deemed equal to four dollars eighty cents
and six and one-haf mills, and the same rule shall
be applied in appraising merchandise imported
where the value is by the invoice III sovereigns or
pounds sterling, and in the construction of con-
tracts payable in sovcreigns or pounds sterling
and this valuation shall be the par of exchange
between Great Britain and the United states; and
all contracts made after the LIST day OF January,
1874, based on an assumed par OF exchange with
Great Britain OF ffty-four pence to the dollar, OIL
tGur dollars fOrtyour and fOur-ninth cents to the
sovereign or pound sterling, shall be null and VOID
GOLD LowER-1lssS A us.
The gold market was weak, as consequence q,
che start of the weakness OF foreign exchange, q
large amount OF sterling bills having been made
against purchasers OF bonds for the European mar
ket. A rally at noon was occasioned by misnter
probation of the cable advices the subject the
days business Of the Bank of England the price
rising to 1883. But the correct translation OF these
advices, coupled with the rise in consos ant
United States bonds, gave the market a late
downward impetus, under which the price de
sclined to 11s, a closing reaction to 11s& 49,
being occasioned by the daily report from tht
Treasury Department, showing that
THE OUTSTANDING EXTRA GREENBAcKs
this evening were $685. $685. 900, against s35s OO
yesterday-an expansion Of 1921 200. The course
he a~l,aA &C., ia 49,