The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-03-15
FINANCIAL and COMMERCIAL.
Further Relaxation in the
Money Market.
THE RATE DECLINES TO TAT COIN.
Failing Off i'm the Imports of
Foreign Merchandise.
GOLD DECLINES ANOTHER POINT.
The Succession to Mr.. Boutwell, and
the New Legal Tenders.
The stock Market Weak
and Prices Lower.
Exceptional Strength in St. Paul, Erie
and Western Union.
Proposed "POOling" of the Earnings Of st.
Paul and Northwestern.
The stock Market Weak
and Prices Lower.
Exceptional Strength in st. Paul, Erie
and Western Union.
Proposed "fOOling" of the Earnings Of st.
Paul and Northwestern.
Lake Shore Controlled by Its Present Friends
Reported Reconciliation of the Wander
bilt and Clark Pools-Tennes-
see Bonds Up to IS.
WALL STREET,


FRIDAY March E-6 y. M.
On Change to-day cotton was again lower
Flour was duh. Wheat and were also dull,
but nominally steady.
THE IMPORTS or DRY GOODS.
The total imports OF foreign dry goods at the
port OF New York during the past week were OF
the specie value OF s2,27o,o4s. The amount mar
keted during the same period was s2.9l5,743.
THE FOREIGN MARKET.
The London quotations show sharp recovery
in consols and more or less Improvement in United
States bonds, from which 1t is inferred that the
agitation concerning the Ministerial crisis is ut an
end. Erie shares were active and strong and sold
at 53A, but reacted to SO. The new French loan
lower, at per cent premium. On the other hand
rentes in Paris advanced to 56.75, doubtless in
quence of gain of 1888 OOOf in the specie account
OF the Bank Of France for the past week.
MONEY EASIER
The money market was easier and the rate on
call ranged from 1872 and interest as the extreme
on one side to per cent currency as the other.
The bulk Of the days business was at an average
OF about 1872 iat-equivalent to nearly l1H per
cent per annunl The quotation stood most OF the
day 1872 1-64 and interest, but the offerings late
In the afternoon became abundant at 1872 after
which there was q further relaxation to a coin.
The rate at Chicago for exchange on New York is
now at par. In fact, buyers OF Eastern drafts have
to pay small premium. Mercantile paper was
quiet and nominal, the quotations Tor prime names
being nominally II per cent discount The
Treasury report shows that the extra issue OF
greenbacks has been contracted to 81 1929, 900.
FOREIGN EXCHANGE UNSETTLED.
The foreign exchange market was heavy In the
forenoon, and drawers lowered their rates y per
cent. But the decline brought in buyers, espe-
cially as gold fell Off at the same time and under
fairly active demand for Saturdays mail the
market reacted to the opening rates, closing
steady, as Notwithstanding, sixty days CONNER
cal, 1915 a 1O7x; do, good to prime bankers,
lo7A 1os; do, short sight, 1851 1881; Paris,
sixty days, 5S2f 5.2ssl; do, short sight, 5.247S
5.23X; Prussian thalers, 70% a 714; Antwerp,
'6s1k 5.271s; Switzerland 6.alll 5.27h; Ham,
burg, % a 947s; Amsterdam, 39al a 40H; Frank
fort, 4011 4Os; Bremen, "a 94T.
GOLD LOwER-115h A 114Z.
The gold market was weak in response to the
early reports OF buOyant market in London, and,
with the reduction in the rates for sterling, the
with the recovery IN sterling, the market hardened
and, with the announcement that President Grant
had definitely appointed Judge Richardson to be
Secretary of the Treasury upon the resignation Of
Mr.. Boutwell,, the price started up to 115K. The
advance ELECTED heavy sales from the clique by
whom the advance had been encouraged, with a
view to further sales Of their gOld and the price
again went of to 114X. The lower average OF the
premium was also helped by the large
FALLING OFF IN THE IMPORTS
OF dry goods, which, being only about two and
quarter millions, indicate proportionately large
reduction In the total general imports to be re-
ported by the Custom House tomorrow. The
course Of the market is shown in the table -