The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-16
United States Bonds Exception
ally Strong and Higher.
An Advance in Gold and a De-
cline in Foreign Exchange.
Dulness in the Southern State Bonds-Govern-
ment Bonds Buoyant-sharp Rise in the
Currency Sixes-Resignation Of the
Chairman Of the Gold Exchange.
WALL STREET,

WEDNESDAY, Jan. 1916 p. M
On 'Change to-day cotton was in moderately fair
demand and about steady, both for spot" and
future. Flour was in demand and frmer, while
wheat and corn were quiet
THE GOVERNMENT PURCHASE OF BONDS
The amount Of bonds offered the government
to-day at the Sub-Treasury was only $21soOO, at
prices ranging from 1ll9s to 1928. The price OF
gold was taken to be 49, which limited the accept
ances to $ls7 600 at l1l.ss l11.ss.
THE FOREIGN MARKET.
The London market was unsettled and lower for
consols, but buoyant and higher for United States
securities. The latter advanced u u per cent.
The decline in consols is attributed to feeling Of
depression arising out Of
NUMEROUS FAILURES
In the Manchester trade and also failures at the
Stock Exchange In connection with the fortnighty
settlements of to-day. Fries opened at an adj
vance Of IN per cent upon the previous nights
closing price, but during the course of the day
gradually lost the improvement, closing at 40,
equivalent on this side to about COZ. In Paris
rentes were active and strong at q further rise to
5A27.
MONEY EASY.
The money market was easy, with, during the
greater portion of the day. more plentiful supply
at q per oent lenders accepting the lower rate
of the Stock Exchange, and many Of the borrowers
on governments refusing to pay any more. After
the business Of the day was well over and in the
interval just before the close Of banking hours the
demand became more active and the latest deal
lngs on the sidewalk were at per cent coin. The
currency movement is still in favor of the city, and
large cOnsgnments OF national bank notes are COM
ing from the interior. Commercial paper was quiet
and quoted IL per cent discount for prime names
FOREIGN EXCHANGE LOWER.
The foreign exchanges were weaker, in conse-
quence Of the better supply OF commercial bills
drawn against shipments Of cotton, and the
bankers lowered their rates q per cent for
sterling, the market being steady at the
new standard Of quotations, which were as
follows:-sterling, sixty days, commercial, 1osX
q 1927; do good to prime bankers, 1924 o
10sH; do, short sight, 11O1I 110T Paris sixty
days, 5.27K 6.22h; do, short sight, 5.1SA a
b17h; Prussian thalers, TX 7214; Antwerp, 5.25
$40; switzerland, 5.23al 5,1Sal; Hamburg, e5H
3 o.; Amsterdam, 4OA a 4oX; Frankfort 4oX a
AZ; Bremen, 953I a 90.
GOLD sTRONG-112 1929.
The gold market was firm from the outset of bust
ness In face Of the decline in foreign exchange and
the large advance in the London prices of our
bonds, and advanced from liz to 1929, closing at
l12k. The advance was the consequence Of the
decline In consols, the moral influence OF which
was greater than the practical adverse influences
Of the matters first referred to, for the reason,
doubtless, that 1t indicated considerable alarm In
the public mind in London. Furthermore, the
London money market showed hardening tend
sncy, although the rates for money on the street
we're still below the bank rate, SO that the chances
Of further reduction in the latter at the meeting
Of the directors In the morning were regarded
As considerably lessened. Such, at least,
were the reasons assigned for the advance,
which in its contrariety to the tenor of the
foreign exchanges occasioned no little surprise.
The sub-Treasury paid out $751; on account of
interest and $500 on account Of redeemed nve-
twenties. The Vice President and Chairman OF the
Gold Board, Rev. Mr. T. A. Hoyt, resigned his Office
to-day in order to allow Of his accepting call to
the pastorshlp OF a Presbyterian church In Nash
vile. Mr. Hoyt was a Southern minister before the
war; but coming North went into the banking
business and eventually became the Chairman Of
the Gold Board-a position he has filed with dig.
nifty and honor ever since his first election thereto
several years ago. The course OF the market is
hon in tho toh =