The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-03-11

since JAM $685. 307, 1856 525 SS2475,62l
THE FOREIGN MARKET.
The London quotations were steady and I'M
changed for consos and United States bonds Erie
shares were exceptionally weak and declined ", to
SIX. The new French loan was quoted ca a OK
per cent premium. In Paris French rentes con-
tinued weak, as further consequence OF the pro-
tracted illness of President Theirs, and declined to
66l6.
WALL STREET RUMOR.
During the course of the afternoon the announce
ment was made from ashington that the Treasury
currency balance had fallen to $1,000 600 (which
amount was insufficient to meet the current needs
OF the government" Whereupon it was intimatcd
that the Treasury, to provide for these wants,
would either issue part OF the so-called legal
tender reserve tthe 44,OOOO0O) or increase the
weekly gold sales. The former Of these inferred
alternatives was doubtless the cause OF a rumOr
which got widespread circulation on the street
late in the day to the effect that the Secretary Of
the Treasury had made
SPECIAL DEPOSIT OF TEN MILLIONS
Ut the new greenbacks in the Broadway Bank, as o
means OF relieving the stringency in the money
market as well as for furnishing him source from
which to draw for the currency wants Of the
Treasury from time to time. The rumor was soon
nisproved by inquiry at the Broadway Bank, and
1t was not believed at the Bank OF Commerce,
which latter institution has been already appointed
one OF the special repositories OF the government,
although there are no government moneys there at
present. Subsequently Washington dispatches re.
ported an increase in the currency balance to
$3,eOo, 900, without stating the source OF t~
THE SUDDEN ADDITION,
thereby exciting in the minds OF the 'bulls" in
New York Central painful apprehension that
Bailey had sold the locomotives he seized at Al
bany and deposited the proceeds to the credit of Mr.
Soma ri linz m oo fhat
the rumor had been fabricated out Of whole cloth,
In order to weaken the chances OF Mr.. Boutwell, for
election TO the United States Senatorship from
Massachusetts,, and still others thought it was
OF the usual stock jObbing canards OF Wall street,
especially one form OF the rumor had it that the
special deposit would be made in the same fashion
rs last October-viz., by buying five millions of
bonds ana at the same time selling ve millions OF
gold, payment for the latter to be taken in certin
Gates OF deposit
MONEY EASIER.
The money market opened active and stringent
at LILO 4 per cent the quotation for loans or
call among the stock brokers, and q good deal Of
business was done at the higher figure Of the quo
tatiOn. AS the day advanced the supply Of money
increased under what is now regarded as the Offer
ing OF funds which had been heretofore locked up
in carrying gold, and the rate gradually declined
20 per cent, closing o coin. Chicago
papers report exchange on New York as
advanced to q discount OF only one-half per thou.
sand. Money in Philadelphia to-day was suddenly
stringent, and the rate advanced to the unusual
ngure for that market, OF Is per cent. Mercantile
paper was neglected and nominal. Foreign ex.
change was hrmer for actual business, but tribe
lower at the desk, the asking quotations for prime
sterling being 1917 for sixty day and 1osx for
sight bills.
GOLD DowN-1l5k A lis A Il5x.
The gold market broke down under what looked
like an abandonment OF the ''buI" speculation
and the price went on from ll5h to lis, although
subsequent rally to 1l5I& was occasioned by the
nrmer tone OF the foreign exchanges and the buy
ing OF bills by the importing merchants. At the
same time the terms for cash gold changed about
quite suddenly from as high as Lie for It's use at
the start to much 1872 for its carrying late
the day. The course OF the market is shown in the