The New York herald., 1873-03-08
AFLURRY IN The new FIVE PER CENTS
Decentralization and Decline in
Foreign Exchange.
A SUDDEN ADVANCE IN HARLEM.
Stocks Buoyant in the Forenoon, but "0f" in
tho Afternoon-Dec in Erie and Pacific
Mathew York Central Strong
and Western Union Firm.
WALL STREET.


FRIDAY, March TO p. M.
On 'Change to-day cotton was quiet and &c. per
pound easier for ordinary, on the spot and l-l6c
nc. lower for futures Flour was quiet but steady.
Wheat was less active but frmer, while corn
was dull and unchanged.
THE DRY GOODS IMPORTS.
The total imports Of foreign dry goods at the port
Of New York for the week ending March 6, 1878,
were of the specie value OF $4O3S.5l4. The amount
marketed during the same period was "a, 1872 1871
THE FOREIGN MARKET
The London quotations closed 1-16 per cent
lower for consos and steady for most Of the
several descriptions of United States bonds, the
'67's being exceptionally weak and u lower Erie
shares suddenly declined about one per cent for
reasons not stated in the cable dispatches. The
new French loan was depressed by the continued
illness OF President Theirs and receded to Ga per
cent premium, French rentes in Paris also being
lower, at $3.50. The market for both these latter
securities was unaffected, at least avorably, by
increase OF 600 francs in the weekly report Of
the Bank of France.
FURTHER DECLINE IN FOREIGN EXCHANGE
The foreign exchange market was weak and de-
moraIzed under the advent of ''squeeze" in
cash gold, especially the tendency of capital is
strongly In favor of this centre as between New
York and London. AS money, like water, will find
its level and as its use in New York on prime
collaterals Is worth all the way from to 20 per
cent the wonder Is that capital has not flowed
more speedily in this direction. 1t is coming in a
steady stream, however, and hence the consecutive
reductions in the rates for bills on Europe.
OUR EXPORTS
are going abroad from this port at the rate Of five
or six millions week, and to the extent of not less
than seven or eight millions from all the other
ports OF the country, furnishing further abundant
AxO1,a, To Iax hn,l-
lowered the rates for sterling to los and 1OsX but
safes Of prime sixty-day bills took place at 1o7X
and 10Sx. The following shows the new standard
Of rates s:-Sterling, sixty days. commercial, 1O74 q
1918; do, good to prime bankers, 1O7a4 los; do-
short sight, 1857 1osz Paris, sixty days. 5.32hs
5.27k; do, short sight, 5.e3h 5.221a; Prussian
thalers, 70A 71%; Antwerp, $50 5.25; Switzer-
land, $50 5.25 Hamburg, e4A a 942s Amsterdam,
39X 4OJS; Frankfort 4Oh 4o7s; Bremen, 94k
OAK.
MONEY pEARER.
The money market was more active, with re-
currence Of something OF the stringency which was
thought to have disappeared. TIE rate on call,
which ranged as low as 1882 early in the day
equivalent to IL u per cent per annum) advanced
TO y and interest equivalent to SO per cent per
annun) In the interval between two and three
O'CLOCK, closing at lie. The greater scarcity was
due In part to the necessity OF paying to-day for the
million and half OF gold bought from the govern
ment yesterday and also to the repetition Of arti
ncial manipulation, both influences being far
combined that the parties who received the gov
ernment gold took care to pay for 1t
WITH GREENBAcKs
when national bank currency would have served as
well. In this connection it is further said that the
blocking up" of greenbacks will be continued to-
morrow, and that money Will be made twice as
scarce as 1t was to-day; or, in other words, that
borrowers call will be forced to pay as high as
quarter per cent AS stomorrow is Saturday, and the
loans are then made for the two days to Monday,
the Shyl0cks ought to run up the rate to a per
cent, in order to make their promise good. Com
mercial paper continued nominal at II per
cent discount for prime names. The call of the
Comptroller OF the Currency Tor statement of the
banks was for the 2sth OF February, last Friday,
and not for Saturday, as was inadvertently stated
yesterday.
GOVERNMENTS FIRMER.
The government list was frmer, with a recovery
In the currency skies to ia and an advance OF Is
In the 'o7's and u Il In the ten-iortes The new
fves declined to 112z early In the day, but rapidly
recovered to and closed at ll3N, the change being
due to the receipt OF an official decision from the
Comptroller Of the Currency that We national
banks in making substitutions for the "called'
nve-twenties among their colateras deposited at
washington must use the new nVes IhlS ruiiuB
Is said to be based upon q section Of one OF the
many amendments to the laws governing the ma
tional banks, but is hardly regarded as just in
view of the fact that
NEW NATIONAL BANKS
are OF liberty to begin business upon the deposit
OF fve-twentes as collaterals. The following were
the closing prices limited States currency sixes
ll3x ia; do. do, 1881, registered, ll6h a I6, (;
do. do, coupon, 11sh 11sA; do. fve-twenties,
registered, May and November, 1i5h 1l5x; do.
do, 1862, coupon, do. do, llSh max; do.
do, 1884, do do, 115h 11sx; do. do,
1865. do do, 116k o 116h: do. 1867, registered.
January and July, l14k 1i4A; do g., 1896,
coupon, do do, l14h 114x; do. do. 1867, do do,
lIex 11sX; do. do, 1865, do do, 1904 lloh do.
ten.torties. registered, l1oh III; do do- coupon
i1ox q N.Y.; do. Hves OF 1881, registered,
tls 11sx do. do, coupon, 11sh 1l3A.
THE RAILROAD BONDS.
The railroad bonds were generally quiet. Cen
trail Paciics were lower at 1884, and Union Pacidc
incomes declined to 7ox. Boston, Hartford and
Cries continued weak. The following we're the
oids at the call, as amended by prices an suDse'
quent dealings-