The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-03-14
FINANCIAL and COMMERCIAL.
Sudden Relaxation in the
Money Market.
The Rate on Call Declines from JIG a,
Day to 5 Per Cent Per ApRua.
THE LEGAL TENDER RESERVE
Backing and Filling Of the
Treasury Department.
The Street Puzzled 10 Compre-
bend Treasury Policy.
GOLD HEAVY AND LOWER.
A Dropping Speculation at the Stock Ex-
change and q Decline i'm Prices,
with Reaction at the Close.
Lake Shore Exceptionally Strong in View Of a
Contest at the Annual Election.
Decline in Government Bonds-The Railroad
Bonds Active and Fjrm-The Bank
Of England Rate Unaltered
A Dropping Speculation at the Stock Ex-
change and q Decline i'm Prices,
with Reaction at the Close.
Lake Shore Exceptionally Strong in View Of
Contest at the Annual Election.
Bonds Active and Firm-The Bank
Of England Rate Unaltered.
WALL STREET,

WALL STREET. /
THURSDAY March 1875 p M.
O Change to-day cotton only in moderate
request, and lower Tor both spot and future.
Flour, wheat and corn were Iul but not materi-
any changed in price.
THE GOVERNMENT GOLD SALE.
There were nineteen bids for the government
gold, at prices ranging from 114.5l TO 1l5.07, the
amount called for being $2,9450o0 The sale, which
was confined to the advertised S1,5O0,OO0 was
made at 1892 TO 1901
THE FOREIGN MARKET
The London quotations show a higher and firmer
market for consols this evening, as IL prices had
been strengthened by the reported refusal OF the
Queen to accept the resignation OF Premier Glad
stone; but some OF the Improvement is doubtless
due to easier money in London, although there is
decrease OF 900 IN the weekly bullion &C
count OF
THE BANK OF ENGLAND.
The latter TACT is doubtless the EXPLANATION why
the minimum OF the rate OF discount at the Bank
Of England remains unatered at 31s per cent.
United States bonds were better III feeling, and IN
some cases In prices to the extent OF Z. per cent.
Erie shares were unsettled and strong and after
an advance to SO closed at 524. The new French
loan was quoted steady at ca per cent premium,
but French rentes in Paris were lower at $3.50.
MONEY EASIER
The money market opened active, II not strn-
gent, anu good deal OF business on call loans
done early in the day at nigh as l-l6 per cent
equivalent to pretty nearly % per cent per annum
This the extreme, however, on the side Of
high rates, for the market, alter speedy relaxa-
Zion 10 the familiar l32, and an intermediate
renee to l-l6, weakened until loans were made At
- low as per cent in plenty OF time for bank
counts, the rate
CLOSING AT PER CENT
at O'Clock. Commercial paper was neglected, but
quoted q Q a II per cent discount for prime names
Foreign exchange was lower to the extent of "a
per cent for sight sterling, the prime rate for
which was reduced TO 10sA, the sixty-day rate re-
manning 1OS. The market was duh, with the actual
business such there was, at a concession of n q
n upon the asking rates. The contraction OF the
nargin between sight and siXty-day bills to q per
cent is an approach to an adjustment OF the real
difference between them, which, with the Bank OF
England rate So per cent, ought not to be over q
per cent.
GOLD LOwER-1154 A 114T.
The gold market was heavy and the average
quotation was lower, a few sales being made at
decline TO 114I, but the last price was us, which
continued TO be bid The weaker temper of the
market is referribe to the reduction in the rates
for sight exchange and also to the large exports
Of domestic merchandise. The course OF the mar
ket which seemed wholly unaffected by the Wash
ingtOn kilograms about the increase in the legal