The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-02-28
A Rise in Erie and a Recovery
All Around.
Further Decline in Foreign Exchange-The
Bank Of England Rate Unchanged-Meeting
Of the Directors Of Boston, Hartford and
Erica Mysterious Policy Of Opera
tions Adopted-The Quicksilver
Annual Report and Election.
WALL STREET,
THURSDAY, Feb. 27-6 p. NJ.

[
THURSDAY, Feb 27-6P. M.
THE GOVERNMENT SALE OF GOLD
The offer OF the government to sell $1,50000O
gold elected 10 bids for total of 1897 900. rang
from ll4Ol to HAT. The award was made at HAT
q 114.53.
THE FOREIGN MARKET.
The Bank of England made no reduction in the
minimum discount rate, which remains 81 per
cent. The bullion account of the bank shows
decrease of f54, 900 for the week. Despite what
must have been disappointment at the non-reduc-
ton OF the rate of discount, the quotations Of con-
soils strengthened about u per cent. United States
securities steady for the six per cents, and
fraction lower for the fves. Erie shares were
nrmer at 52K. The French loan was 5A per cent
premium and rentes In Paris were steady at $685..
THE LAST LONDON FAILURE.
The London Investors guardian Of February Is
contains the following
The suspension has been announced Of Messrs.
Peter Lawson 4 Soma house which has been
established in London nearly twenty years and in
Edinburgh more than century. They were chiefly
believed to hi have been profitable: but they are
stated to have been compromised by the failure of
connections in Liverpool about the time OF the
panic of 1866, and have since suffered from cotton
and different other specuations The firm In July,
1862 introduced in the capacity ef agents the San
of 10, which purported to be specially secured
py hypOthecation of the customs dues and by
the royalties the guanO deposits OF the Slan0 OF
Alto Velo, OF which, together with the mines and
minerals Of the Bay OF SANTANA, IAN exclusive con-
tract had been granted to them; but this loan the
San Domingo government have repudiated, on the
ground that they never received the proceeds. The
amount of liabilities OF the house has not been
stated, but 1t is supposed to be very arge-proba-
bly, nearly three-quarters OF million.
MONEY STRINGENT.
The money market was stringent, but the rates
on call loans nuctuated within narrower limits.
The early business Of the day chiefly at 4, the
demand increasing steadily, however, until S-16
was paid. Later on there was relaxation in the
market in connection with the offering Of the
money paid out by the government for the bonds
bought yesterday, and the rate by three O'Clock
had fallen to 1872 and interest. Subsequent to
three O'Clock dealings occurred at per cent and
the rate at twenty minutes past three O'Clock was
6a7per cent.
FURTHER DECLINE IN FOREIGN EXCHANGE.
The continued pressure for money led to further
decline IN foreign exchange, and sales Of prime
sixty-day sterling took place at 1851, less
q brokerage. The decline brought in orders,
and the market stifened at the close, as
much as 1857 being bid again for sixty-day
bills. The following shows the range Of quotations
as altered to-day STERLING, sixty days COM
mercial 107X 1885,; do, good to prime
bankers, 1851 1885; do short sight, 1924 a
1O0h; Paris, sixty days, 6.2s2< 5.25; do, short
sight, 5.2OH 5.Z0; RUSSIAN tnsers, IN IN
Antwerp, 527h 5.23h; Switzerland, 627h q
5.22H; Hamburg, 941l o5,i; Amsterdam, ssX a
4OH; Frankfort. 401a Al; Bremen, 94h q 95h.
GOLD LOwER-114T A Hay.
The gold market was weak, despite the non-re.
duction Of the Bank OF England rate Of discount.
and declined from Hay to 114 under the pressure
for money, which was scarce as to cause holders
to paw as high as 1-16 to have their gold carried
over night. The decline in foreign exchange sub
sequently led to reaction to 114x, owing to the
execution Of orders for gold with which to buy ex
change. The course OF the market Is shown in the