The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-09
FINANCIAL and COMMERCIAL.
An Easier Tendency in the
Money Market.
THE CLOSING RATE 7 PER CENT.
Foreign Exchange Higher and a
Sudden Advance in Gold.
PROSPECT OF SPECIE SHIPMENTS.
The Snow Blockade as an Embargo
on Our Export Trade.
A Further Advance in the Lon
dom Quotations.
ERlES EXCEPTIONALLY LOWER
Government Bonds Buoyant, with
DaA0 the '6Ts at LID.
New York Central Up, Pacific Mail Down
N and the Others Irregular.
The Snow Blockade as an Embargo
on Our Export Trade.
A Further Advance in the Lon
a dom Quotations.
ERIEs EXCEPTIONALLY LOWER
Government Bonds Buoyant, with
atnW the CTS at LID.
New York Central Up, Pacific Mail Down
and the Others Irregular.
WALL STREET,
WEDNESDAY. Jan. 8-6 p. M. !

WALL STREET, |
WEDNESDAY. Jan. 8-8 p. M
ON 'Change to-day cotton was in fair demand,
with prices slightly favoring buyers. Flour was
quiet but frn, while wheat and corn were dull
and somewhat easier. abI
THE GOVERNMENT PURCHASE OF BONDS.
There were but three proposals to sell five
twenties to the government, the amount offered
at the Treasury being only $71,500 at prices rang
ing from lila to 1880. The price Of gold was
taken to be 111X when in reality it fully 1l1.
so that the purchases were restricted to $50
at lila.
THE NEW LOAN. 3
The Washington reports state that the Banking
and Currency Committee gave an audience to
Messrs. Patterson, Of Philadelphia, and W. B.
Duncan, Of New York, on the subject OF the Syndi-
cate and the refunding Of the national debt. The
necessity OF the agency Of the Syndicate was de-
MED, and the suggestion offered that the refunding
OF the debt should be deferred until the condition
of the money market favored an exchange OF the
old for the new bonds.
THE FOREIGN MARKET.
The cable quotations report further advance in
C0nsols and United States bonds in the London
market, the former rising to 92X for the account,
with cash transactions only lie o Il lower. The
'67's advanced to 93A, the highest they have ever
quoted ~ per cent discount. Erie shares declined
one per cent to 5014 equivalent to 6254 In our cur
rency) on fresh rumor that the restitution of Jay
Gould had fallen through The decline is more
likely the result, however, of the announcement of
the large decrease in earnings the last week OF
December, pending the snow blockade. French
rentes were 1rmer at 53.S7.
MONEY EASIER.
The money market was easier, with steadier
movement in the rates on call. On government
bonds the rate was uniformly per cent currency,
while the average on stock collaterals was per
cent coin, with exceptional transactions
at as high as 1872 and interest. Toward three
O'Clock the demand relaxed and the rate fell
of to plain per cent in the closing dealings on
the sidewalk. The spasm noted as an incident OF
Tuesday afternoon, when few loans were made
at as high as l-l6 is now known to have been
caused by the calling in Of the last OF the special
DEPOSITS OF.THE GOVERNMENT
in the Fourth National Bank and Bank of Com
merce, the amount being about sl,s5o,ooo, which
has been paid into the SubTreasury on the requisi
ton of the Secretary of the Treasury, and
closes up the power of the government to con-
tract our local currency supply, except as shall
happen through sales OF government gold. AT this
season OF the year, when there is no necessity for
sending currency out OF the city, the exchange OF
paper for gold is not calculated to interfere with
the discounting powers OF the banks, as the gold
will count equally well with greenbacks.
Indeed, the government sales of gold will actually
enable the banks to strengthen their reserves in the
immediate future, when, with the usual
FLOW OF NATIONAL BANK NOTES
10 this CITY, they will be able to these notes
into gold. This exchange will relieve the banks OF
the burden which has been regularly imposed upon
hvv< .v1,,< o<
rency in the Spring and Summer seasons. This
view of the situation implies that the government
will be unable to buy bonds at the law III limit and
that the Treasury operations will be confined, as
appears most likely, to the onesided transaction OF
selling gold. Commercial paper shows signs OF an
early relaxation in rates, II not an increased de-
mand from buyers. Prime names are quoted a IL
per cent discount but the business so far has been
nominal.
FOREIGN EXCHANGE HIGHER.
The drawers of sterling bills advanced their rates
q further One-eghth per cent, but the market was
dull at the advance although brokerage OF Il q
3-16 was allowed for round amounts The new
standard Of rates is just at the specie shipping
point, ana would be above 1t were not
the insurance rates part OF the calcu-
lation. The following were the quotations
at the close of business Sterling sixty days. COM
mercial 1Oss< 1904; do, good to prime bankers,
1O9,f 109x; do, short sight, 1907 hoy; Paris,
sixty days, 5.2e4 5.221; do, short sight, 6.1sh
SILK; Prussian thalers, Tx TX; Antwerp. SIS
$50; Switzerland, 523A 5.1sA; Hamburg, 95ss
Q ssX; Amsterdam, 4Ok 4oa<; Frankfort Al a
41,s Bremen, s5ss 9eA.
THE RAILROAD BONDS
In the railroad bonds Union Pacific 1rsts were
only steady, while the incomes and land grants
were lower. Central Pacific firsts were strong and
higher and the general list firm, with more active
market. The following were the bids at the call as