The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-08
Since January s1O 745 $50 $1l2 3O4 $l2O9os e13

Since January $1Ol $50 $112 304 $l2090s
THE FOREIGN MARKET
The London quotations snow further improve
ment in consols which fact is greatly at variance
with the current fears ton this slde OF another ad.
vance In the Bank OF England discount rate. Our
bonds were steady and in some instances frmer
despite the rise in gold here and heavy shipments
Of bonds from New York to London. Erie shares
were unsettled and better, and advanced to 511S
but fell back to 5O1. French rentes in Paris were
higher at 5d15.
MONEY STRINGENT.
The money market opened with promise of an
early abatement OF the current strngency, lenders
during the forenoon being quite content with
consideration OF 116 per cent for the use of money
on call. AS the day on the demand Increased
until, toward the close Of banking hours borrowers
had to pay as high as u and interest," equal to
about 9s per cent per annum. Bank accounts were
again deferred nearly half an hour beyond the
regular time, the dealings in money after three
O'Clock being at 3-1o per cent. 1t will be noticed
that these transactions signal illustration of
the evil which formed the subject matter Of
RECORDER HAcKETT's CHARGE
20 the Grand Jury to-day and serve to point his
moral Whether anything practical will result
from this agitation OF the infraction OF the usury
laws remains to be seen. few years ago the
Grand Jury did indict and the District Attorney
convicted and punished quite number Of Wall
street usurers including some eminently respect
able bankers, and the practice OF usury went INTO
disuse for a season. But. we have seen the past
week, nay the past six months, the practice has
been revived The operations of the consplrators
In locking up money have never been SO artfuIy
concealed. Heretofore 1t used to be q sim.
pie game of getting checks certified or
withholding the greenbacks from circulation;
but all these tactics are out OF date and fashion,
1t is said that one part OF the plan has been TO hire
firms in other cities to draw on New York for
greenbacks, and it was reported to-day that about
$4,000 600 had been sent in this way to Philadelphia
since Saturday morning last. Another way, and the
more successful one, has been described as follows:
The clique borrow stocks early the day with the
understanding that the rate shall be fixed according
TO the prevailing terms in the afternoon. BY the
time the transaction is to be completed the clique
run up the rates for money, and thus secure their
own terms for carrying the stocks they have bor
rowed. With all the allegations of artificial strn-
gency, there is no doubt that great deal of the
scarcity of money is due to the cancellation OF
CONTRACTS IN FoREIoN EXCHANGE
by stock houses to whom the opportunity was
aorded by the decline in OF sterling bills the
past two weeks. Every share OF thus deprived
OF the support OF the foreign market mas been
thrown upon the local market and has entered into
of local capital. However, further CLEAN OF hope
Is afforded in the continued receipts Of currency
from the interior which will within brief time
afrord relief from both artificial and natural
stringency. Commercial paper continued nominal
and neglected Foreign exchange was steady and
unchanged, or rather the market was too dun TO
test rates. good deal OF exchange is being made
against bonds and cotton, but where the holders
are not pressed for money they are allowing their
credits to accumulate on the other side.
GOLD L0wER--1l9f A 11sk.
The gold market was heavy and feversh, the
speculation being left TO the within OF the Gold
Room, as If the clique leaders had temporarily
allowed the movement TO take care OF itself Fail.
ing their support the price declined IRON 1895 to
1lsh and closed at 1885, The demand for cash
gold was active enough TO enable lenders to have
their gold carried on pretty easy terms as COM
pared with the outside rates for money The course
OF the market is shown In the table -
1oA. .1lgL