The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-04
FINANCIAL and COMMERCIAL
Persistent St1ingency lin Money,
with Gradual Relaxation. oli
.--=a,lsss y s2sliyiJq
The Average Rate On Can Yesterday 80
Per Cent Per Annlnl.pA Cd q
s,ifl1a 10 wea5g0- osiIaaos1og tyOdl
TUMBLE IN FOREIGN EXCHANGE.
.aeia0sM ~ isoln-0j Rncumo0 70 9suoa ga
Sterling at o. Discount Of About oOHs and q
Halt PEI cent and Specie Inpoi- Is SD
- v'si'sieut aticni Invited. 'lS'' q s''dA''9l
. ,a1s0w ors-- l.-- -.... 1.leins'iTsc T''arni'
.GiIH9I Ilsal 3 az ncu bcH0la adi 40 hio
OBSTINATE FInNQNE6S OF GOLD.
ni131ao l~------>s-@..-ss botpoho1 vsuoi
10 .5nsllg.1a dip 10 rsGs1d 4 G1W LNh .al9'
OBSTINATE FIRnGNEss OF GOLD.
- .JD.IIVsI. o.. % It.s1u 4 NV LIh -
Visit Of the Assistant Secretary ofrthe
Treasury to New Yort and Its + ~ ~
Conjeotnred 0bject.ssroa' nj o
STOCKS BETTER, FIRM AND QUIET.

n
"a lss-----.------i noiaa1l'UH sealN
Seven Per Cent Railroad bonds
Selling at 100 l-9..,'o . = = ' ~
sasgiogivq CT -E7TNI-i nssN alh' hpie9sh
Oh jgas woyA 81 bsnAiWALL. lSrREEr
Abe.s,,s. THURSDAY. April 3--8P. MI {. Z
On Change to-day cotton was quiet, and from
10. Nc. per lh lower for both sp0s and future.
Flour was In better request ands about steady
Wheat was dull and lower to aell. while corn was
quiet, but steady -s...ss,s $3.50.
THE oovRRxENr GOLD sALs. '''6 .lDols
The sAprfi programme" was inaugurated to-day
with the sale or 81, 600 gold for which the bids
Med at the sub Treasury were eighteen ii NUMBER,
calling for total Of $3.50 900 at III l1758 one
frm onering ll7.12 for the whole lot me awards
were made at Il7.2sh q l17.5ai " ss1oh si' no
THE FOREIGN MARKET % doas7d e'H'
the London quotations came strong for consols
which rose 40 3-16c. per cent on the n0n-atera-i
tion OF the rate of discount OF the Bank OF Eng
land the minimum OF which many people con-.
iectured w0uld be advanced to at least ~ per,
cent at the weekly meeting of the directors this
noon. United states bonds stiffaned rat the same
time, and the 's7s improved an eighthper cent
subsequently, however, the ateniorties and new
6vcs fell or n ION the announcement that Gi9.
ali ia TIE BANK OF ENGLAND nssl t1l.
had lost &e40,0oO In bullion during the past week.
consols remaining steady. Erie shares were lower,
ct 81, and the new French loan was quiet at per
cent premium. From Paris it was, announced that;
the Bank OF France had gained 5.SOO, 900 francs
during the week, whereupon rentes advanced to-
$685.. From the Continent came the intelligence
that the Bank OF Frankfort, following the lead OF
the Bank "a Berlin had raised the discount to
MONEY srpINcrNr .a
The money market was again exceedingly strin.
gent, but seAsibly easier as compared with it's im-
mediateIy previous history. The rate on eau
ranged from 7per cent coin as the one exceptional
extreme which, as on Wednesday, was touched for
. moment only, to X per cent as the other. tho
nnal dealings being at y per cent. In other words
the rate for the use Of money on call iuctuated
rom per cent as the lowest 1870 per cent as the
highest ana closed at as per cent. The average
ate was about X per cent equivalent to- about 90
. cent per annum. a -.,r r,,.r ts,F a,ii ,o 3
THE "srTUArloN,n ,ls..s ost !
- embracing the attitude Of the Treasury and the
,snux Of money from the interior, was without
new feature, except that the sudden departure for
New York this afternoon. Of the Assistant Secre-
fary OF the Treasury has been interpreted to mean
that the government has been induced, by the pro-
tracted stringency in money, to believe that Its
interference would now be salutary. Should Mr..
Sawyer, the Assistant Secretary, reach the city In
tonight to be accessible TO our reporter the
eesult Of the interview will be given in an adJoin-
ing column.) Commercial paper, as may be in.
ferred, was entirely nominal and rates were not
even quoted, so r!gldly inactive was the market
under the pressure for money on call. The out
standing extra greenbacksi have been reduced
$3.50 to-daysErfaSO 1kx1rS xafg9 suT g s1lgsD
FALL IN FOREIGN EXCHANGE.
The continued stringency in money led to q fur
Their and serious decline in foreign exchange, the
prime drawers Of sterling lowering their rates to
to7k Tor sixty day and l0stS for sight bills. But
the former sold freely ct 1O7 and sight at 10714,
while cable transfers were done at 1855. These
rates tendt to bring gold this way nom London, as
may be seen rom the fact that with sight sterling
at 1o7X, the pound or sovereign is worth only
- 7sA, against 81 se,z It's par and standard at
the Custom House. AS the cost OF importation, in
Guiding freight ana insurancefs only about u per
cent, there would be net profit Of about one per
cent In e'..ts-,y ,,ag5 sfssqs ~ rssaro-.i
BRINGING SPECIE FROM LONDON snsNoI
to New York. But as long as money is worth all the
way from so to sos per cent per In New York,
the importation is not likely to be made. ANY en-
thusastic and patriotic American, who wishes
'for once" to practical result OF sterling ex-
change being in favor OF the United States Is at
liberty, however. to make the importation. The
during the Black Friday week, when sAooO,oeo
Of gold came, here from England. The following
were The closing rates:-Sterling sixty days COM
mercial, 106x 1904 do, good to prime bankers,
lot 107k; do, short sight, 1914 q 1881; Paris,
sixty days. 1904 5s0; do, short sight; 6.2os4
$50; Prussian thalers, 7ok a iy1;i Antwerp, 5.36k
$50; switzerland, 5.3eA q $40 Hamburg sslla
AK; Amsterdam. a0a{ o 40; Frankfort, 4oA< .
AON; Bremen eak . e4% a. boismi,ss eva GLASS
THE EUROPEAN MONEY MARKEr uaaaAotl
In explanation OF the non.advancenent of the
Bank Of England rate to-day despite tine action OF
the banks or Prussia and Frankfort, we have the
following items from the London Investors, GUAR
dian Of March 22:-- I. s.tsl 10y ~
1t is understood that no portion OF the last French
loan has been employed IN defraying the public ex
anuary amonnted TO- TSs rpa.a N
100000 900 aye TO Germany, and the remainder
iore NJ. rec
into any other financial operation on account Of
The return Of the Bank Of Prussia for the past
and Of 24i $50 in the reserve OF notes. with falling
or Of fl04.350 In the bills discounted. tsr ~ e.e,
~ THE RAILROAD BONDS. 80 v ,sa
There was better inquiry for the railroad bonds,
with more active market. The chief feature was
sale Of Fort Wayne 1rsts at losk, These bonds
have about forty years to run, but are otherwise
only the ordinary nrst mortgage security, bearing
seven per cent interest. The fact ought 70 be re-
membered by the Treasury Department against an
amendment Of the Funding law. Morris and Esssx
rsts sold at 1oe The following were the bids a. the
regular call, as amended By prices in subsequent
dealings:- 49,
New ork Cen tf. Isss % Chic A W exten bds soi<
SeM soIk zen eh,lttf " Chic NV Isl m. 100
rev ltrk cen tf.re.. " Del, Lack w LIST M. 30
Eew YORK Gen ef,fub. s8 Del, Lack West I'd m. SIX
Eew ioIk Cen7'f.7t lOl. Del, Lick W 7'scon %
tTie Jet m, extended. .1O2X Tol 4 Wnb Isl M Ak Is
EIie - ~ m IN ......e9 Io& LIST m, StL div ssK
Erie rs Ah m, @o.....W TolG Wab eauir bds.. EH