The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-05-22
HEALTHY TONE OF THE MONEY MARKET.
Gold q Trihe Lower and Elk
change Weaker.
The Outstanding Legal Tenders Bank
Shares-Railroad and Govern
ment Bonds.
A DULL DAY ON CHANGE.
WALL STREET.

WALL STREET, I
WEDNESDAY May 2-8 p. M.
On 'Change to-day cotton was in better demand,
and, while lots on the "spotn ruled about steady
cultures" were &c. 3-16c. per lb. dearer. Flour
was In fair demand and firm. Wheat was rather
easier, while corn was shade nrmer.
THE FOREIGN MARKET.
The advices from London were encouraging,
inasmuch they showed little or no change in
the prices previously quoted. Consos were steady
at s3ss s3A. while new fves advanced to s914.
Erie was quoted at 4ss< 49, a slight falling OF,
and the new French loan improved 4 per cent,
being quoted 81 per cent premium. The bonds of
1867 advanced to "a and ten-forties to 500. No
change is reported in the bank rate, but the rate
Of discount for three months bills in open
market is u below that OF the bank. The bullion
withdrawn to-day amounted to $4,000. Rentes,
H.30. Advices from Berlin are to the eject that
the market is easy and unperturbed by any Of the
recedng influences of the Austrian panic. In ex-
PLANTATION OF the reasons which have induced the
Bank OF England to raise its rate OF discount an
English financial writer says
There were several causes which co-operated
TO make higher rate indispensable; and these
were OF both regular and u special nature.
Among the regular causes were the drains which
at this season OF the year carry or large quanti-
ties OF specie to Scotland and Ireland The peculiar
conditions OF the agricultural interests in the
sister Kingdoms render the demand for gold less
constant throughout the year, throwing the prnci-
pal strain upon the Spring and Autumn. In addi-
lion to these foreseen and nvarable demands,
there are just now q considerable number OF eX-
traOrdinary calls for bullion and specie different
parts OF the Continent The largest OF these-which
are also, OF course, more or less anticipated and
provided fOr-have their origin at the German
mint, which Is at the present moment engaged in
turning out the new coinage, recently adopted by
the Berlin Parliament. The only wonder is that,
under such an unprecedented demand for English
gold, the directors have been able to keep down
the rate for upwards OF six weeks.
In calculation OF this theory we learn from the
large amounts OF indemnity money, is steadily
accommodating gold and silver. France, by shrewd
financial management, has caused London TO feel
largely the effects OF the transfer OF gold to Ger
many and placed the Bank OF England at the
mercy Of Bismarck and the German Treasury.
THE MONEY MARKET.
Exchange was tribe weaker in consequence OF
The decline in gold, also result of the cheering
advices from abroad. Money was likewise easier
the rate of interest ranging from4 to I per cent,
but the bulk OF transactions were at s a Q per
cent Prime commercial paper found ready sale at
lao per cent discount. The supply OF currency Is
abundant, and the prospects Of its continuance are
unchanged.
GOLD 117,s A 117Z.
Gold was lower, being in direct and inverse
ratio to the changes in securities in the foreign
market. Rumor has 1t that there is a large short
interest in the market, but the lending rates for
cash gold are not significant Of any unusual prom
mence OF speculation either side OF the account
Gold opened at117s. touched NIX in few trans
actions, declined to 1173S and left of at 1171a
u7% The fluctuations OF gold at the Board were
foIlows.-