The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-08
FINANCIAL and COMMERCIAL.
"A Continued Active Demand
for Money.
A Further Advance In ConSols and
Five-Twenties in London.
STERLING ACTIVE AND HIGHER.
The Gold Market Firm at the Same Range
Of the Quotations.
GOVERNMENT BONDS BUOYANT.
The Cts at a Premium of 2 "a
Per Cent in Gold.
Depression and Lower Prices at
the Stock Exchange.
A Closing Rally, with a Rise in
The Gold Market Firm at the Same Range
Of the Quotations.
GOVERNMENT BONDS BUOYANT.
The Cts at a Premium of g "a
Per Cent in Gold.
Depression and Lower Prices at
the Stock Exchange.
A Closing Rally, with a Rise in
Central to 1Ol IA.
WALL STREET,

WALL STREET, |
TUESDAY, Jan. 7-6 r. M.
On 'Change to-day cotton was in fair demand
and steady for spot" but rather easier for "iu-
ture." Flour was dearcr, wheat easier and corn
nrmer.
THE EXPORTS OF THE WEEK.
The total exports of domestic merchandise from
the port Of New York during the week ending
January 7, 1873, were to the value Of $3,5l3,9O6.
THE FOREIGN MARKET.
The buOyancy Of the London market continues,
and the prevailing ease in money there indicates
. reduction Of the Bank OF England discount rate
on Thursday. Consols for the account have ad-
vanced to 92h 92H and United States bonds
show
FURTHER ADVANCE
OF u per cent. Three months loans are quoted
AZ per cent on the street, against s per cent at
bank. Erie shares opened strong and advanced
4 per cent, but lost the Improvement and
closed only steady If not heavy. The Paris quota
tons show q rise in rentes to 1892.
REPEAL OF THE UsURY LAWS.
1t will be seen by the Message of General Dix,
the new Governor Of the State, that he recommends
to the Legislature the enactment of measure to
repeal the usury laws. The experiment is one
which can be safely tried now that we have the ex-
perience Of Massachusetts,, Connecticut and Rhode
Island States that have already abolished these
laws.
THE CHIEF OBJECTION
to the repeal comes from the rural districts, the
farmers, millers and country merchants fearing
that they will be deprived of the opportunity OF
borrowing on mortgage at the customary per
cent. But we have yet to learn OF any distress to
the same interests In the States mentioned, while
Boston, New Haven, or Providence has never yet
seen the extravagant rates paid for money in this
city during the past month Of December. The bor-
nont nf fho pnpffu OH not ha
too sanguine of relief from repeal OF the usury laws
especially the Wall street part thereof. There can
be no harm, however, in a trial of the new plan,
the success Of which will be its best test.
MONEY ACTIVE.
The money market was again active and to some
extent rather more than on the previous day.
the increased demand being attributable to the
larger volume Of business at the Stock Exchange.
The appearance OF "fancy" rates was feature of
the dealings at one period of the afternoon, 1882
being paid quite freely for few minutes, and as
high as 1-18 "hat" was reported to have been the
rate in stray transaction or two. But good
borrowers easily supplied themselves all the time
at currency to cOin while among the govern
ment dealers the rates was per cent. Mer.
camille paper was easier but still nominal
FOREIGN EXCHANGE HIGHER.
The scarcity of commercial bills and the demand
in connection with the remittance Of balances to
Europe combined to stiffen the foreign eX-
changes, the market being quite active at
an advance Of u per cent for sterling The follow.
ing shows the new standard OF Understanding,
sixty days. commercial, 1851 109H; do, good to
prime bankers, 1921 1921; do, short sight, 1907
1lOK; Paris sixty days, 5.2716 5.231S do, short
sight, 61oh 5.1s1s; Prusstan thalers, 71As 724;
Antwerp, 5.26H q $40; Switzerland, 5.264 q $50;
Hamburg, o5K a oe1I; Amsterdam, 4O,l 4O4;
Frankfort, Al AK; Bremen, 95}k q 961i.
DIVIDENDS, COUPONS, &C.
The following additional announcements appear
In our advertisement columns
The North River Savings Bank has declared
dividend at the rate OF six per cent per annum,
payable January 20.
The January coupons OF the Tennessee and
Virginia Railroad, signed +. J. Morrison, will be
paid on sight by Duncan, Sherman & Co.
The directors Of the Knickerbocker Fire Insur-
ance Company established 1857 announce the
January Is, free of all tax.
GOLD FIRM-111% 111T.
The gold market was firm and steady its tend
ency to decline with the advance of our bonds in
London being more than cOunteracted by the
strength and activity of the foreign exchange
market. The range Of the quotation was 111x
l11X, the last sales occurring at 1l1z. The
advance in sight sterling bills has brought the
rate close upon the specie-shipping point and the
prospect Of Q further export of specie this week
was discussed in the Board. The SubTreasury
paid out 100000 account of interest and $4,000
on account OF redeemed nve-twenties. The course
To- ~, ~ ~