The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-02-27
Since Jan. L.. $685. oos,Oe1 S25l2,231 $39o47,O67
THE FOREIGN MARKET.

Inc LOndon quotauons were STEADY lOr cOESoiS
and United States bonds Fries were buoyant anu
advanced to SEX, closing at 52h. - M
THE GOVERNMENT PURCHASE OF BONDS.
The proposals to sell bonds to the government
were seventeen in number, and rendered . total
81 asa $50, at prices ranging from 1851 to L45O
The million was obtained at 1l3.51 1885. All the
onsrings were At less than par in gold. Payment
tor The bonds win be made in legal tenders.
THE TREASURY AND THE SYNDICATE
1t is now quite certain that the Treasury call Of
bonds for redemption June I, to be issued March
T. In modification Of the call Of February Q, will be
for not more than $50, 100000 Of the hve.twenties
Of 1862 1t should not be inferred from this that
She one hundred and odd millions OF new fves has
net been subscribed for. The Syndicate have re-
ceived subscriptions to more than that amount,
but the recent fall in the values of all the five.
twenties to less than par in gold enables sub
bcribers turn In other than the 62's In exchange
Tor the new Hves.
THE REruNDlNe PROCESS
RAl 60 on just the same and to the extent OF all
the subscriptions, and there viii be fewer 62's to
call In for redemption. In other words, the re-
funding viii be Of the hve-twenties more generally
and Of the 62's less exclusively One circumstance,
however, needs explanation. Subscribers to the
new nves were required TO designate whether
sheir subscriptions would be in cash or In five
swenties-the 62's being at the time of opening
che books the only kind Of the ive-twenties at or
below the par of gold. Now that all the ive-
twentes are below their par in gold, do the Synd-
cate make another commission" out Of Mr.. Bout
well by turning In the deprecated nve-twenties
and keeping the gold subscrptionsP And is this
khe reason why he Is 30 complacent to the Syndi-
cate "a to modify the call OF bonds for redemption
MONEY STRINGENT.
The money market was still more stringent, and
Che rate on call ranged high as u per cent
day, equivalent to OH per cent per annum. The
pominal quotation among the government dealers
was as before, IA 7per cent gold, but among the
stock houses the rate at its lowest was not under
i-le, which was freely paid from the beginning Of
business. Early in the day 1t had hardened to X,
and by the time for making up bank accounts to
e per cent. The inquiry for money continued sub
SeQuent to three O'Clock, as II borrowers were de-
ternined to outstay the lenders; but the latter re-
manned the longest on the ground, and those who
lost their market finally offered their money down
TO per cent, the quotation being purely nominal,
however, as the business Of the day was over. This
sudden ease late in the afternoon was attributed
to the government purchase Of bonds, and the dis
bursement of portion OF the payment for them to
parties who were anxious to secure the high rates
for money, but came too late to get them. Com
mercial paper was nominal and unchanged.
FOREIGN EXCHANGE LOWER.
The foreign exchange market was weak, II not
nemoralized, by the stringency in money and the
pressure Of bills from second hands to realize
money for the carrying OF stocks. At the same
time the market was inherently heavy through an
anticipation OF reduction in the Bank of England
rate OF discount in the morning, and also through
the diminished demand from the importers who
withdrew their orders on account Of the advance
In gold. The leading drawers lowered their
rates for sterling u per cent and sales Of
primo bills on the street were reported
to have been made at as low al los. and
to9H. The following shows the new standard
Of quotations -Sterlng, sixty days CONNER
cial, 107X 1851; do, good to prime
bankers, 1887 q 1Osx; do, short sight, 1907 q
ioSx; Paris, sixty days, 52sh 5.2s24 do, short
sight, $40 q 6.1sa; Prussan thalers, 7lJ4anS;
Antwerp, 6.27K q 5.22>s; Switzerland, 5.27h a
k22K; Hamburg, e4x s5h; Amsterdam, 39Z
l0h Frankfort, 4oAs q Al; Bremen, 94H a 95,s
THE RAILROAD BONDS.
The railroad bonds were steady and moderately
active, but with larger inquiry from buyers there
was less disposition to sell. The chief feature was
an advance to II Tor Union Pacific incomes, which
means doubtless, that the March coupons viii be
paid. Boston, Hartford and Erie 1rsts declined to
SIX, but the guaranteed bonds were frmer The
following were the bids at the call, as amended by
prices In subsequent