The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-28
Since JAM L. $40 937 900 s22 33s, 1894 $780, 1885, s69


The London quotations came a little lower for
consols, as if they were affected by the growing
agitation OF the Khlvan or Asatic question
between England and Russia but strong and
higher Tor United States bonds the chief feature
being rise of q in the new fves, followed by re-
action OF u per cent. The 67's advanced to 49,
Erie shares were unsettled and lower, the price
falling from 81 to 50H and ralying to 5oH-which
last is still considerably below the New York quo
cation. The next settling day at the London
Stock Exchange is Friday, January 81, and for
c0nsols February4
THE NEXT GREAT PANIC.
The following extract is from the London InueS-
tors Guardian Of January H.
The commercial results OF the year are generally
favorable. 1873 is expected to be little more than
repetition OF 1872. But we are reminded that we
are year nearer to that periodical revusion which
has marked every decade in our commercial his
tory. rIhe last one in England was in 1861 The
meaning OF this Is that we are so much nearer to q
panic and the question Is from what cause the
panic, when 1t comes will arise. 1t seems to be
thought that the cause Will be subtle, that it
will arise from combinations of foreign bankers
drawing bills on each other whose paper will not
necessarily be suspected, because the elite OF them
have sold their signatures in connection with the
payment OF the French indemnity for Considera-
ton. At this moment the enormous extent which
The exchange transactions OF the world have
reached Is suggested as likely to afford the means
OF circulation OF fictitious paper and already the
necessity oil caution Is preached, especially In the
U d
MONEY ACTIVE.
The money market was active among the stock
brokers and steady amongthe government dealers.
With the latter the rates on call were and per
rent On pledge of the usual Stock Exchange col
iaterals the rate most of the day was per cent
coin, with exceptions to prime houses at plain
per cent In the afternoon the demand became
more urgent and in the dealings on the sidewalk
the rate advanced to per cent, plus commission
of 1-64 but at the close fell OF again to q Z per
cent some small amounts having been loaned at 8
per cent The dealings in commercial paper were
IN more active basis, and prime names were
taken quite freely at a9 per cent discount.
FOREIGN EXCHANGES LOWER.
The foreign exchange market was lower under
better supply of bills, and the leading bankers
reduced their rates for sterling to 1907 and l1O6
On which they allowed a liberal brokerage. The
following shows the new standard of quotations
for bills on Europe :-Sterlng, sixty days, CONNER
;al, 1854 1925 do, good to prime bankers, 100
1907; do, short sight. 1lO4 a 1l07S Paris sixty
lays, 5.2S a5.23A; do, short sight, 5.193s 5.1S%;
Prussian thalers Tx 721s; Antwerp, 5.25 500;
Switzerland, 5.25 $40; Hamburg 95H q 966;
Amsterdam, 4o4 a 4o%; Frankfort, 4oX a Az;
Bremen, 95H a 961s.
GOLD sTEADY-113x A ia.
The gold market was steady If not firm, except
for few moments after The announcement of the
reduction In the rates OF foreign exchange when
there was momentary decline TO 113M, its
strength being the result OF the application of
the main force on the part Of the clique. Toward
the close of banking hours there was a second de.
cline to 113n, owing to the heaviness of cash gold
. fact betraying the absence of q short interest.
The highest price was ia, with the bulk Of the
days business at 1l3X. The Sub-Treasury paid
Dut $4,000 on Of interest and $4,000 on &C
sount Of redeemed fve-twenties. 1t will be seen
by report in another column that the Board has
ABOLISHED POWERS OF ATTORNEY
by vote OF ISL to o. the Change requiring the
assent Of twothirds OF the members, which it re-,
ceived The course OF the market is shown in the