The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-03-07
The Secretary Of the Treasury Delivers Him.
self on the Question Of His Right to Re.
issue the $44OOO,OOO Legal Tenders.
Stocks Quiet, but at the Close
Strong and BuOyant.
Pacific Mail and Western Union
the Leading Features.
Government Bonds Lower-Paralysis Of Louis
lana Credit-Activity and Advance
in Tennessee Bonds-The Bank Of
England Rate Unaltered.
WALL STREET,

WALL STREET, |
THURSDAY, March Go +. NJ.
On 'Change to-day cotton quiet and easier.
Ordinary reduced Ac.' Forward delivery was
was steady. Wheat more active and frmer and
corn dull and unchanged.
THE GOVERNMENT GOLD SALE
There were thirty bids for the government gold
advertised to be sold to-day at the Sub-Treasury,
the amount called for being s6,74O,O0o at prices
ranging from 114.51 to 1892. The latter extreme
was bid by one firm for the $1,5OO,OOo which was
awarded to them accordingly.
THE FOREIGN MARKET.
The London quotations came little easier, say
1.18, for Consols and somewhat irregular for United
States bonds the CTS being Off fraction and ten
f0rtles d lower. Erie shares were active and
strong and advanced nearly X per cent, closing
at reaction to 53A, an improvement OF one per
cent upon the previous days closing price. The
Bank OF England made no change IN the discount
rate, which remains at 81 per cent. The bullion
account OF the Bank shows a decrease Of f1Ss, 900
for the week. French rentes continued depressed
and declined to $500.
MONEY ACTIVE.
The money market was active, but at steadier
rates, the extremes having been lilo on the one
hand and plain per cent on the other, both OF
which were moreover, exceptional The average
business of the day in call loans was at 164 and in
terest, equivalent to about 12h per cent per annum
and the quotation stood most Of the dayat 1872 1872
and interest. Between two and three O'Clock the
rate had fallen to per cent. Before the close OF
banking hours it hardened again to 1872 1-16 and
receded to and closed at per cent coin. Com
mercial paper was nominal at a IL per cent dis
count for prime names. Foreign exchange was
dull and weaker for sight sterling and barely
steady for sixty day bills, quotations being nomi-
nally unchanged. -.
~=A- GOLD srRoNd-115 1155<.
The gold market was strong in face Of the gov
eminent sale OF gold, the enormous amount bid for
at the Sub-Treasury having more effect In ad-
vancing the market than had the sale in depressing
1t. This influence was strengthened by o
washington despatch to Wall street
news bureau stating that Secretary Bout
well had personally requested that publicity
be made OF his right and intention to issue the
whole any part Of the 50, 900 Of legal tenders
now held as reserve whenever In his opinion 1t
might be necessary to do so. Hereupon gold ad.
vanced TO 1854 Which Is
THE HIGHEST POINT
reached since last Summer, and Is within u per
per cent Of the highest reached during the year
1s72 In 80 far therefore, as the progress Of time
has been expected to show describing average
Of gold quotations the further we get away from
the period OF the war and the original issue OF
paper money, the year 1873 will be dsappoint-
ment for with the quotation OF 115x as the high.
est OF 1872 1t is pretty certain, or at least the
chances are, that the highest Of 1873 will equal or
exceed 1t. This retrogradaton is not very for
tuitous circumstance for Mr.. Boutwell, at the mo-
ment he is about to resign his four years. charge
OF the Treasury portfolio. The
COURSE OF THE MARKET
is shown In the following table OF the principal