The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-05-15

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Since January sS5 ST. 1852 1856 $780, 5SS
THE FOREIGN MARKET.
The London market continued steady for cOnsOls
until near the close OF the day. when they declined
u per cent, as the sequence OF q more active de-
mand late in the day for discounts at the Bank Of
England, the cable reporting, at the same time
The uncertainty of the public mind as TO the main
senance OF the present
RATE OF DISCOUNT,
the probability of further advance in the morn
ing again engaging large share OF attention in
monetary circles The news from Austria and
Germany was without further elaboration as to
the results OF the recent panic on the Bourse at
Vienna, although the proposed suspension OF the
Austro- Hungarian Bank act is regarded as an IN
dication Of more critical situation than has been
reported through the kilograms to the American
press. Very naturally, the course Of
ERIE IN LONDON
closely watched, as afrording key not only to
the monetary situation there, but as reflex OF the
public opinion with reference to the American
management OF the stock. The price broke down
TO 46a, and some private dispatches say as low as
l6h, the price after some considerable ructuation
closing at 46h. United States bonds have been
heavy and wind up with slight Decline the new
hves having been exceptionally firm.
THE BANK OF ENGLAND
Of the amount withdrawn yesterday. This fact
failed, however to counterfeit in its influence on
prices the active demand at bank for discounts.
The new French loan was without change in quo
tation but rentes In Paris late In the afternoon fell
on to 54.57.
MONEY IN BETTER DEMAND.
The money market was more active, but to some
extent unsettled. The early dealings were at !
per cent and at decline to 9 per cent. In the
nfto =, chit <,f1
incident to the "break" in the Pacific Mail, more
active inquiry set in at which remained the rate
mp TO the close OF business, with few transactions
at as high as gold equivalent to about 81 per
cent. Mercantile paper was unchanged, prime
names being quoted a 10 per cent discount. The
outstanding legal tenders to-day are $3.50, S41 ,o00
decrease since yesterday Of $1ss,Oo0. The green
back circulation, according to these figures Is lower
than it has been at any time since last October. 1t
win be seen by our Albany dispatches that the
Usury bill has been defeated.
ADVANCE IN FOREIGN EXCHANGE
The foreign exchange market was firmer as
consequence Of the unsettled condition OF the Eu
ropean money markets, and the rates for sterling
were advanced 4, to 10S7s for prime sixty day
bills and 10 for sight. The following shows the
new standard OF rates STERLING sixty days, CON-
mercial, 108 o 10sK: do good to prime bankers,
10ex 10sX do, short sight, 1927 10; Paris,
sixty days. 5.2sx 5.23a<; do, short sight, $40
61sX; Prussian thalers, TX a 72j4; Antwerp,
62SX a 5.22h Switzerland, 5.27x q 5.22h; Ham
burg, e51 e6H; Amsterdam 3s1 4O,4; Frank
FORT 4o7s AZ; Bremen, 951 a ss4.
GOLD FIRMER-117S A 11s.
The gold market was unsettled, with narrow
range Of fluctuations the extremes having been
117x lis. The early temper was "bullisb," as
the result Of the continued unfavorabe advices
from the other side; but the gain in the specie OF
the Bank Of England and the defermcnt OF any
increase in the bank rate led to a decline to 117s..
This was the exceptional extreme, or the lower
side, and was just touched for q moment, the
market rallying to, l1S on the subsequent harden
ting Of foreign exchange. The advance brought out
great deal OF "long' gold, and the condition OF
the loan market showed that great deal OF .long,
gold had been sold the previous day. The European
steamers took out $206,5S in silver bars. The
SubTreasury paid out $272, 900 account Of inter-
est. The course Of the market is shown in the fol-
lowing tablet