The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-03-28
FINANCIAL and COMMERCIAL.
The Money Market Stringent,
but Rates Steady.
A Further Advance in the
Gold Premium.
A Rise of Quarter and Reaction Of
an Eighth Per Cent.
The Government Gold Sale and the
Strategy Of the Clique.
BANK or ENGLAND RATE UNALTERED.
The New Secretary Of tho Treasury and
the "April Programme"
A DULL DAY I'M STOCKS.
Sharp Rise in St., Paul Oh Purchases Against
the Annual Election.
THE COTTON CROP OF 1872-73.
BANK or ENGLAND RATE UNAL7ERED.
The Now Secretary Of tho Treasury and
the april Programme"
A DULL DAY I'm STOCKS.
Sharp Rise in St, Paul Oh Purchases Against
the Annual Election.
THE COTTON CROP OF 1s72-7s,


THURSDAY. March 27--6 p. NJ
On 'Change to day cotton was in better demand
and nc. per lb. dearer for both spot and future.
Flour remained steady, while wheat and corn were
Armly held, but very quiet.
TIE COTTON CROP OF 1s72-'73.
A Washington telegram OF to-day says that 1857
estimates OF the cotton crop OF ls72-'73 were de-
pssited in the ''pool'' at Augusta Georgia. The
average Of these estimates makes the crop 7o4 sss
balcs.
TIE GOVERNMENT GOLD sALE.
the bids for the government gold called for
fetal Of $5566000, the prices offered ranging from
11527H to 11633, the latter extreme being bid for
the entire $1,6oO,OO0. which was awarded accord
ipgN in one lot at that price. Another bid for the
entire amount was made at 116.04.
THE FOREIGN MARKET.
me Bank OF England directors at their regular
weekly meeting to-day made no further alteration
IN the discount rate, the minimum OF which re-
mains at per cent. The London quotations show
steaainess in consequence, cOnsols being about as
they were at the close yesterday, while United
States bonds manifest 6rmness ana a little i'm
pr0vement. The bullion account OF
THE BANK OF ENGLAND
shows a decrease for the week OF Goat, 900, and
that OF the Bank OF France, which, for some reason
unexplained, is reported day earlier than usual,
an increase Of 1000 000f The large decrease in the
former case is an explanation OF the advance in
the rate Of discount, but not Of the special meet
ing OF the directoYs and the gain in francs &C
counts for an Improvement in French rentes to
SA62 Erie shares were strong on the news from
this side of the action of the New York Senate in
passing the bill allowing the company to collect
fare at the rate Of cents per mile, ana advanced
tO52.
MONEY STRINGENT.
The money market was stringent. but steady in
IT. stringency, the rates on call ranging within
almost precisely the same limits the previous
aay-viz., 110 to lie and interest, the market be-
Ing shade harder and leaving OF at Lie, or 1872
AiRher than on Wednesday. Commercial was
nominal. Foreign exchange was dull and for sight
sterling u higher, the asking quotations Of the
prime drawers being 1887 and lO91. Sight bills
were firm, but sixty-day bills were weak, and were
pnered at 1857 on the street at the close. The
difference Of between long and snort bills is due,
Of course, to the advance and possible further ad
vance Of the Bank OF England rate.
GOLD srBoNG-f157s ICY.
The gold market opened barely steady, under
some disappointment at the announcement that
the Bank OF England rate had not been further adj
vanced, but soon became strong under purchases
70 cancel mercantile borrowings OF gold, the
''shorts' being, great many OF them, quite
timid and afraid to remain on the bearish side OF
the market, penang the eVentuautles OIL the pres
ent policy Of the Bank Of England, however poten-
tial or feeble that policy may prove to be in its
modification Of the gold premium. relapse from
this strength was succeeded by still greater firm
ness on the discovery that the highest bid for the
government gold and one calling for the whole
amount had been fled by
THE SYNDICATE BROKERS,
whose action interpreted to mean an impor-
tant change in the god-selng policy OF the new
Secretary of the Treasury (who would soon have
IN opportunity OF putting his views into practice,
the April programme ought in the ordinary course
Of things to be ready by next Sunday night. On
the other hand, 1t was said that they had been EN-.
pl0yed in their regular business capacity brokers
70 buy the gold for the >cique in order to help the
speculation of the Mtter by the erect their bidding
would have upon the market In 50 far as this was
the object of their alleged
COMPLETELY WITH THE POOL
the result was eminenty satisfactory for the price
Of gold advanced to 1867, as against ll5zs, the
opening price. The advance in sight sterling also
contributed to the rise, winch was maintained
pretty steadily until near the close, when the sales
fell OF u K per cent. The legal tender circu.
lation excited no new influence, the only change
for the day being contraction to the extent of
$4,000, the total amount outstanding being
sS5s 4s7 600. The course of the market is shown
faf ID NJ