The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-11
FINANCIAL and COMMERCIAL.
An Unsettled and Stringent
Money Market.
The Rate on Call Varies from l-l6 to IL
Per Gent for the Two Days
to Saturday.
ADVANCE In FOREIGN EXCHANGE.
The Gold Premium Firmer and
the Market Steady.
AFURTHER RISE IN GOVERNMENTS.
Reported Negotiation in London Of the Ten
Million Six Per Cent Sterling Loan Of
the New York Central Railroad.
A General Advance in Stocks and
Closing Reaction.
Tho Bank Of England Rate Unaltered-Consols
Firm and United States Bonds Higher
The Treasury Sale Of Gold.
Reported Negotiation in London Of the Ten
Million Six Per Cent Sterling Loan Of
the New York Central Railroad.
A General Advance in Stocks and
a Closing Reaction.
Tho Bank Of England Rate Unaltered-Con
Firm and United States Bonds Higher
The Treasury Sale Of Gold.
WALL STREET, /
THURSDAY, April 100 p. N. !

THE GOVERNMENT GOLD SALE.
The bids for the government gold were twenty in
number calling for total OF $6o7265o, the prices
oered ranging from 117.ss to 1879. The sl,5ooooo
was awarded at 1873 1879. One house offered
1878 for the entire amount.
THE FOREIGN MARKET.
The Bank Of England rate OF discount was not
advanced to-day at the meeting OF the directors,
despite loss OF f54s, 600 in the bullion account OF
the past week. The former matter seems to have
completely outweighed the latter as an influence
upon the market, c0nsols having been firm while
United States bonds were strong and higher If not
buoyant. Erie shares advanced to SIX. In Paris
French rentes were higher at $3.50, notwithstand-
Ing decrease Of 25Oooo francs in the weekly bullion
report OF the Bank OF France.
MONEY STRINGENT.
The money market was irregular and unsettled
the early tendency having been toward ease and
relaxation in consequence OF which the rate on
call declined to as low lie per cent for the two
days to Saturday, or 1-S2 per Gay, equivalent to
about Tx per cent per annum. Indeed good
many loans were made at plain per cent for the
one day until tomorrow, where the borrowers
were willing to take the money for SO short time
THE EXPLANATION
being that number OF bankers had funds to lend
this afternoon which they were not sure they
might not be called upon to pay out tomorrow
the brokers who were willing to take the chance
OF getting the money to return these loans to-
morrow were cheaply accommodated, but the
members Of the Stock Exchange borrowed as q
general thing, until Saturday. Everything went on
swimmngly until about quarter to three O'Clock
when the money market suddenly began to harden
and the rate tfor the two days. advanced to
y, u and eventually to n per cent;
at least, such was the report from
THE EXCITED THRoNG
gathered on the corner of Broad street and Ex-
change pace, where actual transactions were con-
Quoted in whispers by the parties thereto in order
TO avoid the risk OF prosecution for violation OF the
usury laws, great CONSERVATION having been &C.
casoned by the discovery that some forty or fifty
subpGnas had been issued by the Grand Jury to
Wall street bankers and bankng-cle summon
Ing them to give their testimony before that body
on the subject OF these alleged nfringements OF
the law. 1t was also reported that several large
banking houses had announced thai they would
call in all their loans Saturday in their dudgeon
at being charged with implication in the usurious
proceedings referred to. The closing spasm can be
explained however, by the necessity the buyers
Of the government gold were under this afternoon
OF preparing to take it out OF the Treasury, Again.
borrowers, seeing the tendency OF money early In
the day, put of their engagements to the last mo-
ment and coming upon the street in crowd all at
once enabled lenders to Squeeze high rates out
Of them.
A "JUMP" IN FOREIGN EXCHANGE.
Under the prospect OF speedy relaxation in the
money market to easy rates, the foreign exchanges
suddenly hardened, particularly as the cable re-
ported loss OF specie In both the Bank OF England
and Bank OF France. and rates for sterling adj
vanced u per cent, to 1917 and 1857 for prime
bills, with the usual concession fer actual business
The closing stringency In money was too late to
alter or modify quotations for te-days business
which left OF as DEMONSTRATING, sixty days.
commercial, 1o7 1878; do, good to prime bank
ers, 1917 1919; do, short sight, 1851 1OSA;
Paris, sixty days. 5.364 a $50; do. short sight,
k2e14 5.25; Prussian thalers, 701l o II; Ant
wcrp. 5.S5 a $50; Switzerland. 5.35 $50;
Hamburg. "a = e41S; Amsterdam, 500 39I;
frankfort, 4Oh 4o1; Bremen, "a e4s.
GOLD srEADY-111% 1ls2<.
The gold market was frmer but with steadier
tone, the advance in foreign exchange as an
influence upon the market being partially coun-
teracted by the gold sales against expectations OF
government bonds, whose negotiation abroad was
facilitated by the higher rates for sterling. Under
these circumstances the price, which touched 1I7X
momentarily in the forenoon. advanced, to 1857,
fell back to l1s1l and closed quiet at 11sI. The
course of the market Is shown In the table,
l0A M. .............1S 1P.M..............11sZ
1924 A. M,.........1IS% 2P.M.... .........11sls
M