The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-05-09
Heavy Decrease in the Bullion Of the
Bank England and ConsOls "0f."
Governments Higher for The Currency Skies
and Lower for the Fiye-Iwentics
Comparative Table of Railroad Trafio-De-
cline in Union Pacific Income Bonds
Advance in Tennessees.
WALL STREET.,

THURSDAY, May 30 II. M
On Change to-day cotton was dull and I'M
changed for "spot,n while '1uturesn were in fair
demand and q shade better. Flour was in fair re-
quest and steady. Wheat was frmer for prime,
which is scarce. Corn was only in limited request
and heavy.
THE GOVERNMENT GOLD SALE. ar
There were fifteen bids for the government gold
calling for total OF $5,395,0c0 OF prices ranging
from 1l6s7X to 1873. One firm bid 1l727k for
the whole amount offered for sale. The award Of
$l,oO0,0o0 was made at 117.27h l1739.
THE FOREIGN MARKET.
The London quotations up to one O'Clock showed
a recovery Of u in consos from yesterdays de-
preston. The reason OF the favorable change was
not stated in the cable dispatches, but it was due
probably to the fact that the action Of the Bank OF
England had not disturbed the ease OF the money
market. Something OF 1t was also caused by the
BETTER FEELING IN PARIS
French rentes having at one time advanced to
1885, although they closed At reaction to 1882.
In the afternoon, with the publication by the Bank
or England OF o loss OF f490,0O0 in the bullion ac-
count for the past week, consols became unsettled
and weak and lost the mornings Improvement
The new French loan was tribe 1rmer on the an
HOuncement that the weekly report OF the Bank Of
France exhibited specie gain OF 3000,OO francs.
United States bonds were steady, IL not firm, the
only exception being the new fves, which declined
a further per cent Erie shares were without
essential variation from the previous days quota
tion.
MONEY EASY.
The money market opened with q more active
inquiry and per cent was the rate in the re-
newals and early business, O strong effort being
made at the same time to get the figure up to per
cent gold, with possibly successful result In rev
transactions. BY halfpast two O'Clock the market
turned in favor OF borrowers, and the rate fell to
"a low as per cent before the close OF banking
hours. The government gold sold to-day will help
torender the banks still more capable OF extending
accommodation to borrowers, as the coin will
swell the reserves while tho liabilities will be re-
duced by as much national bank currency %
can be turned into the Treasury in exchange for
the gold. The features Of the market for
MERCANTILE PAPER
were about as already noted. The demand con-
tinues active, and prime names are quoted o 10
per cent discount for actual business buyers rates
being IL per cent and sellers per cent. II
win be seen by our Albany dispatches that the
Usury bil amended 30 as to expire at the end Of
two years. has been the subject OF active debate In
Albany all day The outstanding extra grecnbacks
have been reduced to ST. 900; further decrease
OF $4,000 since yesterday. Foreign exchange was
dull ana nominally steady on the basis OF 1854 a
10ek for prime bankers sixty day sterling and 10oh
. 100 u for sight bills
GOLD srEADy-117L MY.
The gold market was steady in the main, although
Auctuating frequently between the extremes Of the
day. which were ll7n 117x. The market opened
strong owing to the development OF great scarcity
IN cash gold, which commanded as high as LILO per
cent for it's use, but afterward loaned at per cent
for carrying. the squeeze" having been engineered
by the "bulls in sheer despite Of the effort OF the
'bears' at the beginning Of business to make cash
gold heavy. The course OF the market Is shown in