The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-18
SERIOUS DECLINE In FOREIGN EXCHANGE
The Gold Market Unsettled and the
Speculation Feverish.
The Bank Of England Rate Of Discount
Unchanged.
EXIT BOSTON, HARTFORD AND ERIE.
WALL STREET,

WALL STREET, |
THURSDAY, April l7-6 +. M.
On 'Change to-day cotton was quiet and &c.
per 10. easier for spot, while futures in mod
crate demand and steady. Flour continued weak.
Wheat was in some demand and steady, while corn
was active and shade 1rmer.
THE GOVERNMENT GOLD SALE.
There were eleven proposals for the 81 500, 600
of government gold offered for sale at the Sub
Treasury to-day, the bids ranging from 116.41 to
1l7.5ll The latter extreme was bid for half mil
Hon in one lot. The awards were made at prices
ranging from 1l7.5l1 down to 1925.
THE FOREIGN MARKET.
Notwithstanding further loss of G466, 600 in the
weekly bullion report OF the Bank OF England the
minimum rate OF discount underwent no altera-
ti0n at the hands of the directors Consols have
been steady all day, but the CTS closed q lower
this evening, as il unfavorably affected by the loss
ofspece in
THE BANK OF ENGLAND.
although the new flves have been firm, and left of
at S92s this evening, ex coupon OF Ia per cent.
Erie shares have been heavy and weak from SYM
pathy, doubtless with the depression In this mar
ket, and their quotation went OF to sos, the
closing rally here having occurred after the ad-
journment OF London business. The specie Of the
Bank OF France shows gain OF 10oO, coo francs
for the week, Notwithstanding which rentes in
Paris were lower at 55f. soc.
MONEY UNSETTLED.
The money market opened with little encourage
ment to borrowers, the early rates on call ranging
from q to y per cent. ali in addition to per cent
interest inquiry for funds being all the active
and earnest as one-half the parties who had money
out in loans deemed it prudent to have their money
In hand against possible aggravation of the crit-
cal situation OF the street. and hence called 1t the
first thing in the morning. 1t is easy 10 under
stand. therefore. the early advance
call TO as high as y per cent day, and easy to
sec why in the last thirty minutes Of banking
hours, when the day had gone by without the pre-
cipitation OF
THE GENERAL CRASH
so widely apprehended, the rate should la TO I q
per cent per annum. In the forenoon borrowers
were in the majority. In the afternoon the
lenders were the more numerous. Hence 1t was
that bank accounts were made up so prompty-a
remarkable thing for SO lively day-and that lend
ers were willing 20 take per cent for their money
Mt as early an hour as quarter to three O'Clock.
Indeed, the business in leans was transacted al
most entirely within the walls Of the Board so
that the sidewalk market failed TO present the
mushroom cluster OF umbrellas 1t would otherwise
have done on so rainy day. The relaxation was
regarded furthermore as not altogether independ-
ent of normal influences, Notwithstanding the
sceptcism of so many of the street as to
THE INFLUX OF MONEY
from the interior, particularly through the agency
a the express companies, whose millions OF cur
fency have most mysterously vanished, as see the
testimony OF the bank statement and the evidence
OF the daily rates for money. That the money has
been sent we have the assertions of the Western
press and the proof furnished in the rates OF New
York Exchange at chicago and Cincinnati or lur-
Their relief we have the hope based upon the
disbursement of the Treasury gold to-day, which
tbo ham or
national bank currency, and the chance that Secre
tary Richardson win order the prepayment on
Monday without rebate of the May interest on the
public DEBT. Meantime the Grand Jury have closed
their Investigations with the preparation OF re-
port recommending the abolition ofthe usury laws
for the city and county OF New York, which they
have forwarded to Albany.
DECLINE IN FOREIGN EXCHANGE.
The non-alteraton OF the Bank OF England rate
and the early stringency In money occasloned a
further lowering of the nominal rates OF foreign
exchange to the extent OF Y per cent, the market
being so demoralzed at one time that sales OF
sterling were reported made at 1868 for sixty
day and 1914 for sight bills. The relaxation in
money later In the day either came too late to
cause reaction or not regarded as likely
TO last over tomorrow. Be this as it, NAV
the decline in foreign exchange was material
and suggestive. The following shows the re-
vised rates-Stering, sixty days, commercial,
l06s 1868; do, good to prime bankers, I07
1918; do, short sight los a 1885 Paris, sixty
days, 6.36l4 a53lh; do, short sight, 5297S 6264;
Prussian thalers, 7o5s II; Antwerp, 535 $50;
Switzerland, 535 a $50; Hamburg, 93I e45S Am.
sterdam, 391s 39zs; Frankfort, 40A 404; Bre-
men, 932l 941S.
THE RAILROAD BONDS.
The railroad bonds were more active ana the
market irregular in its tone, the monetary pres
sure causing a moderate amount OF realizatons
Boston, Hartford and Erie firsts declined TO SO,
cash, but rallied to 49, Tae folio wing were the bids
Of the call, as amended by prices in subsequent
dealings:-
rev OK Zen lt JSs3. "a Chic IN W 1st m..... Oh
New Cfk Cen ~. 49, Han A - 10 convert S6Is
Erie LIST m, endorsed. % Del Lack West 2d m vi
Eric It,sdm, o3......, Del Lack a w Jis con nj.
Erie rs 4th 0.... gjI. Tol nh Isl m OK e5E
Erie 1's, It'll m, ST.. gs Tol A Wnb hi M 800 w
Long i 0ck bonds Gt West lst n, Isss
Buff, a Il M III g3Is Calenn 4 Chicooo ~ Ir,i<
Hud ~, I'd m, T. e5 lO4ls Chic * A pac mai
Hud X rs I'd NJ, T5....l j Southern III m 20 ~
-. - ritt Chic LIST IN JOG
Az sus ~ Id ''''''. ga Iits Y "a m.... ~