The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-17
i FINANCIAL and COMMERCIAL.
The Money Market Easy and
Steady.
THE QUOTATION 6 A 7 PER CENT.
The Bank of England Rate of
Discount Unaltered.
Consols Better, Fries Lower and
Five-Twenties Firm.
An Advance i'm Gold and For
eign Exchange.
Is There New Clique in the
Gold Market?
Activity in Government Securities and
Railroad Bonds.
The Flow Of Capital Into Reli-
able Invest ments.
Revival of the Speculation in
Pacific Mail.
Is There a New Clique in the
Gold Market?
Activity in Government Securities and
Railroad Bonds.
The Flow Of Capital Into Reli-
able Investments.
Revival of the Speculation in
Pacific Mail.
WALL STREET,

THURSDAY, Jan. 16-6 Pm
On 'Change to-day cotton was quiet, but about
steady. Flour was in demand and firm. Wheat
was slightly better, and corn remained dull, but
unchanged.
THE GOVERNMENT GOLD SALE.
The bids Tor the government gold offered for sale
at the SubTreasury called for total of s4,915 500.
at prices ranging from 111.51 to 112.52h. The
award was made at the latter extreme, which was
bid for an entire million.
THE FOREIGN MARKET.
The London market was better for consols to the
extent OF per cent and firm for United States
securities although the Bank of England made no
further reduction in the minimum rate Of discount,
which continues to be Az per cent. The Bank
gained f214,00O say million dollars, in bullion
during the week ending this forenoon. In the
open market three months bills were quoted at a
smaller concession below the Bank rate, which
fact has been taken to indicate that money Is
rather more active in London. Erie shares were
weaker and declined x per cent, to ASH, equiva-
lent in our currency to about 6OA. French rentes
were buoyan and advanced % confines to $3.50.
MONEY EASIER.
The money market was easier and ranged from
to per cent for actual business, with the closing
dealings at per cent on stock cOllaterals. No
transactions were reported at above plain per
cent while money at one period of the afternoon
was freely offered at 8 per cent. Mercantile paper
Is slow to reflect the relaxation in rates on call,
and remains nominal at II per cent discount
for first class names. Foreign exchange was
drmer, and the prime bankers advanced their rates
to 1917 for sixty day and 11os for sight bills allow
Ing generous commission or brokerage for round
amounts.
GOLD sTRONG-112k 1928.
The gold market was strong and advanced to
the existence Of a speculation for a rise, which the
parties interested have SO far concealed with re-
markabe success. At least it is impossible other
wise to explain the Inconsistency OF the movement
Of the gold premium, especially as the lower ruling
Of the foreign exchanges and the buoyancy Of our
securities in London ought to exert an influence
She other way. The foreign bankers, whose in
terests are usually allied with decune in gold,
Frankly express their belief in higher gold during
the interval to next Summer, but at the same time
exchange is below
THE SPECIE SHIPPING POINT,
and Ia hardly likely to rise to it again this season,
nnless another snow or ice blockade or q recur-
renee OF some contingency like the horse dis
temper should once more clog the wheels Of com.
merce and check the internal and external move
ment of our expOrtable merchandise. The plump
bid Of 1882 for the government gold had very
much the appearance OF speculative stratagem
80 help the rise Of the market, especially as gold
was offered at 1880 in the Gold Room all the
while, and could have been readily bought at that
figure TO the extent Of several millions. The de-
vice had the effect of putting the price to 1925
against 1924 earlier in the day, but the advance
brought out sales. and the market closed at 1929
112h.
THE sUB-TREAsURY
paid out $685. 900 account OF interest and 1900
on account OF redeemed fve-twenties The course