The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-03-04
Total. ..$3,OOO,oOo Total. Zoo, o

TIE FOkEIGN MARKET.
Despite the aviation said to have been produced
In London by the discovery OF numerous forgeries
upon the Bank OF England. the cable quotations
show higher market for consols and United
States bonds. Erie shares were exceptionally
weak, and about one per cent lower. French
rentes In Paris were strong and buoyant, and ad.
vanced to 57.47.
MONEY STRINGENT
The money market was stringent and the rate
on call ranged as high as per cent and interest,
equivalent to about SO per cent per annum. The
presence OF artificial influences more visiele
to-day. the money clique carrying out the pro-
gramme Of advancing the rate in connection with
a raid upon prices at the Stock Exchange. The
further Generalization of Pacific Mail helped the
plans Of the clique, and some effect also pro-
duced by the Treasury programme, which proposes
to buy only three millions OF bonds against the sale
of six millions OF gold during the current month.
The
TENDENCY OF THE MARKET
however. Is really to easier rates. A week or ten
days hence will probably see cessation of the
present strngency. Money is much more abund-
ant in the West. and the rates of exchange on
New York in some OF the leading cities OF that
region are back almost to par. The New York
banks are expecting call from the Comptroller Of
the Currency for a statement OF their condition,
and hence their conservatism and caution
as to extending accommodation to borrowers
until this call has been made. The heavy
decline In the market value OF Pacific Mail
has already rendered money more plentiful in Wall
street than 1t was ten days ago. This afternoon
the rate on call declined to 1872 about 11a per
cent? before the close of banking hours, and money
was accessible in large amounts at plain per cent
at as early as ten to fifteen minutes past three
O'Clock. Commercial paper continues neglected
and nominal.
FURTHER DECLINE IN FOREIGN EXCHANGE.
The scarcity OF money Occasioned further weak
ness in the foreign exchanges and LED to decline
In rates both at the desk and on the street. The
prime drawers OF sterling reduced their asking
rates to loSh and 1093.; but sales out OF second
hands were reported 4 q below these figures.
The following shows the new standard OF rates.
Sterling sixty days, commercial, 1919 a 1917 do,
good to prime bankers, los 1885 do. short
sight, 100 1924 Paris, sixty days, $50 5.25 d.
short sight, 6.2l4 $40; Prussian thaers, II 71I
Antwerp, 52Sx a 5.22h; Switzerland, 5.27H q
5.22k; Hamburg, 94a 95i4; Amsterdam, 39Z q
4o4; Frankfort, 4o16 a Al; Bremen, 941a a 95A.
GOLD sTRoNG-1l4% 115A.
The gold clique, whose operations were con-
Quoted simultaneously with those OF the money and
stock clques, ran up the price or gold to 1861 in
face OF the opposing influence Of the Treasury pro-
gramme for sale OF six millions OF gold during
the month OF March. In endeavoring to realize
they caused the price to recede ll57k but closed t
at q rally to 49, The SubTreasury paid out
SPAS, 900 account OF interest, and 81 500 on &C
count OF redeemed fve-twentes The course OF
rho rnarket ia shown in the table