The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-05-14
FINANCIAL and COMMERCIAL.
Relaxation in the Money Market
and Lower Rates.
The Quotation Declines from 6 7
to 3 a A Per Cent.
WATCHING TIE EUROPEAN MARKETS
Gold Unsettled and Firmer Upon Contra
dictory Advices from London.
Money on the Street Easy, but the Bank
of England Rate Likely
to Go Higher.
THE STOCK MARKET IRREGULAR
A Further Decline in Erie and a
Rise in Western Union.
Government Bonds Lower and Southern Sc
ourities Heavy-The Weeks Export
Of Domestic Produce.
Money on the Street Easy, but the Bank
of England Rate Likely
to Go Higher.
A Further Decline in Erie and a
Rise in Western Union.
Government Bonds Lower and Southern Sc
curities Heavy-The Weeks Export
Of Domestic Produce.
WALL STREET.

WALL STREET.
TUESDAY, May 1876 p. M.
On 'Change to-day cotton continued dull and
was Lice. per lb. easier for "future" Flour was
In good demand and firm. Wheat was steady,
while corn was dull and lower.
THE EXPORTS OF THE WEEK.
The total exports OF domestic merchandise from
the port OF New York to foreign ports for the week
ending May Is, 1873, Of the currency value of
$h99S 71a
THE TREASURY BALANCES
The United States Treasury balances at the close
OF business this afternoon are reported as fol-
lows:-Currency, $5,60ooOO; coin, $74, 125 ,OoO The
outstanding coin certificates are 500, 500 900.
THE FOREIGN MARKET.
The London quotations were steady during the
early part OF the day and remained 80 to the close
for consos, but declined u u per cent for United
States bonds late In the afternoon on more active
demand for accommodation at the Bank OF Eng
land, which institution lost 100000 by Withdrawals
IN t0-day's business. The
BANK OF ENGLAND
rate continued to be S per cent but money In the
open market was quoted ga per cent on pledge OF
consols, while three months paper was done at AZ
per cent discount Erie shares opened strong and
advanced to ASK. but became weak and declined to
AK. rallying at the close to Az. The new French
loan was steady and rentes in Paris were strong
but unetted, their quotation after opening rise
70 81 70 having receded to $3.50 and recovered at
the close to 54.e5. The Continental financial news
goes no farther eastward than Paris, so that we
are without any new facts from Vienna.
MONEY EASIER.
The money market was easier and the rate on
call, which opened at 7 per cent, declined to 8
per cent good while before the close OF banking
hours. In fact money was freely offered at per
cent, without takers, at as early as q quarter to
three O'Clock. Mercantile paper was active at o
. per cent discount for prime names. Foreign ex-
change was firm at 1924 for prime bankers sight
Brerlng, and steady at 1os% 1881 for the same
grade OF sixty -day bills. The outstanding extra
legal tenders have undergone further reduction
to-day, and now am cunt to only $1,O24,OOo
GOLD sTRONG-117h 117X.
The gold market was hrmer In consequence OF
the lighter return Of domestic exports and in pur-
euance OF natural reaction from the sudden de-
cline OF the previous evening. confederation
set In, however, during the earlier portion OF the
afternoon, and the price, which had gone up to
l17x. fell back again to 1117h. Subsequently, the
lower quotations OF our bonds in London caused
second advance, the market going this time to
17X, the rise being helped by predictions that the
Bank OF England rate would be advanced in the
morning TO 5h per cent. The drmness OF the
market was all the more notable in contrast to the
abundance OF cash gold, for the carrying OF which
the "buls" had to pay iull rates. The course OF the
market Is shown in the table,