The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-31
FINANCIAL and COMMERCIAL.
Money Easier, with Tendency to
Further Relaxation.
HIGHEST RATE Z PER CENT COIN.
Reduction Of the Bank Of England Rate,
to 3 IL Per Cent.
Improvement in COnsOls, Firmness in United
States Bonds and q Decline in Eries
AAn Advance in Foreign Exchange and
! a Decline in Gold.
GOVERNMENT BONDS FIRMER.
The New Five Per Cents Rise to
a Premium in Gold.
GOVERNMENT BONDS FIRMER.
The New Five Per Cents Rise to
a Premium in Gold.
9Stocks Irregular and Lower, with an Active
Rally at the Close.
Erie Railway Earnings of the Ches-
apeake and Ohio Railroad-Advance
in Tennessee Bonds.
WALL STREET.

:
On 'Change to-day cotton was In moderate re-
squest and the market ruled flrmer. Flour was
quiet but firm, while wheat and corn were quiet
and also firm; but wheat was nearly If not quite
nominal
THE GOVERNMENT SALE OF GOLD
The OFFER of the government to sell a million of
gold elected bids for total Of $2,74O,OOO at prices
ranging from 1926 to 113.ss. The million was
awarded at 1888 a 1875.
THE FINANCES IN CONGRESS.
Washington despatch states that the Banking
and Currency Committee, who yesterday assented
to q measure providing for the resumption Of
specie payments, were in session to-day, and
favorably considered bill providing for an annual
Issue Of five millions Of currency, to be issued
Through the agency Of additional national banks.
THE BANK OF ENGLAND
made further reduction this morning in the rate
of discount, which now stands at 81 per cent the
alteration coming sooner than was expected, and
1.-The announcement Of 1t taxing the street by sur
prise. Subsequent dispatches say that the street
rate In London this afternoon go per cent, or
u higher than the bank rate the activity thus in
dictated being due doubtless to the better demand
for money incidental to the
sEMI-MONTHLY SETTLEMENT
OF contracts at the Stock Exchange and therefore
merely incidental and temporary The bullion &C
count of the Bank Of England shows gain for the
week OF f2S5, 900. Consols improved q as COM
pared with the quotations Of yesterday and our
bonds were steady and firm, but seemingly less
active. The new French loan advanced to pre-
MUM OF ~ o 5H per cent although rentes in Paris
were lower at 81 70. Erie shares were q lower
and closed at 51%, equivalent in our currency to
64X.
MONEY EASIER.
The money market was sensibly easier, the re-
taxation being quite noticeable in dealings
on call with pledge OF the usual stock
= colaterals. The quotation from the start
no sitter than coin and the bulk
business was at plain per cent, while on govern
ements the transactions were at and per cent.
AS the afternoon wore on the demand relaxed and
bank accounts were closed in good season, leaving
the lenders in the majority, so that in the closing
dealings on the sidewalk money was offered down
to 5per cent. Mercantile paper was steady at
9per cent discount for prime names.
ADVANCE IN FOREIGN EXCHANGE
In contrarety to the expected effect Of the news
from London of the lowering Of the Bank of Eng
Land rate, the foreign market was frmer to the
extent OF for sterling and steady at the advance
the new rates being as follows Sterling sixty
days, commercial, 1881 1925; do, coed to prime
bankers, 1904 1e9H; do, shsrt sight, 11OA
p1oK; Paris, sixty days. 5.2SA 5.23al; do, short
sight, 6.193t 5.1s%; Prussian thalers. Tx 72H
Antwerp 5.25 $40; Switzerland, 5.25 O $40;
Hamburg, 95H 961s; Amsterdam, 4OH 4o& !;
Frankfort, 40N AK; Bremen, 95k 96H.
SOUTHERN SECURITIES STRONG.
:, The Southern State bonds were quiet and strong,
the chief feature being further advance in the
Tennessees to SO. The exception to the general
condition OF the market was in the case OF the
old South Carolinas, few of which
sold at 40. The following the closing
prfces:-Tennessee, ex coupon S1A 50; do.
new, SIX 81 Virginia, ex coupon, AZ a SO; do,
registered stock DID, 81 42 do. sixes consolidated
bonds, So 564; do. sixes deferred scrip, IA
u4K; Georgia sixes rs a SO; do. sevens, 90 a % |;
North Carolina ex coupon, SO a 35 d. to North
Carolina Railroad, SO 81; do, funding, 1866 "a
q 81; do do 1865, % %; do. new, II 20; do,
special tax, 10 a IS; Missouri sxes 90 93L;
do, Hannibal and st. Joseph, 80 a 904; Louisiana
skies. so IS; do, new As q so; do, levee Sizes SO
q 7O do. do. Fights, SO 20; do. do do, 1885, 90
20; Alabama fves 81 a 81; do Fights, "a 81 South
Carolina skies, 40 As; do, new, January and July
22H a 49, do. do, April and October, 251s 26
Arkansas sixes funded IS a a.
THE RAILROAD BONDS.
The railroad bonds were moderately active and
flrm. Tie Union Pacific land grants and incomes
were higher and the frsts steady. A small lot OF
Toledo and Wabash seconds sold at 93,s. The fol-
lowing were the bids at the call as amended by
prices n subseuuent busneSs.-