The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-10
FINANCIAL and COMMERCIAL.
The Money Market Active
. and Stringent.
Tho Rate on Call Ranging from Per Cent
Per Annum to l-l6 Per Diem.
Depression and Lower Prices
at the Stock Exchange.
PACIFIC MAIL DOWN TO 70.
Western Union Telegraph Excep-
tiOnally Firm and Higher.
a FURTHER ADVANCE I'M GOLD.
Reduction of the Bank of England
Discount Rate.
a FURTHER ADVANCE I'M GOLD.
Reduction of the Bank of England
Discount Rate.
THE DEATH OF NAPOLEON.
The London and New York Markets Unaffected
49,. and Only . Slight Tremor at
tho Paris Bourse.
WALL STREET, /


On 'Change to-day cotton was in moderately fair
demand and steady for spot" but rom nc. to
Bl6c. per lb higher for 'future" Flour was quiet
and unchanged. Wheat and corn were dull and
weak, but not quotably lower
THE FOREIGN MARKET.
The London quotations for cOnsols continue firm
ut previous figures. United States bonds were Il
lower In The morning, but recovered and closed
strong at the best prices made In the current
active speculation in these securities. The cable
announces that the directors OF
THE BANK OF ENGLAND, t..1
Ut their regular weekly meeting this noon reduced
che minimum Of the discount rate Il per cent-to
* per cent-the bullion account Of the bank show
lnga gain Of ,OO0 In the open money market
the rate stocks was quoted 81 per cent, or one
per cent less than the bank minimum. The market
Fas wholly unaffected by
THE DEATH OF NAPOLEON,
an event which had comparatively little influence
even upon the Paris Bourse, where rentes declined
only cenImes from the closing quotation Of the
previous day. but subsequently advanced Is
centimes ana reacted centimes, SO that the quo
tation wound up this evening exactly as 1t left on
yesterday-viz., 1882. Fries in London were
better, closing 5ok, equivalent in our currency
10 OK.
TIE GOVERNMENT GOLD SALE.
The advertisement of the government Offering to
sell million Of gold elected bids to the number Of
twenty for total Of $4,44s,OoO at prices ranging
F0m 1l1.51 to 1913 The latter price was bid for
FL 800 900. that the Treasury had diculty in
placing the entire million at 1890, the award
being made In two lots AS the market price at
noon was 112x the sale was satisfactory trans
sction on the part of the government.
MONEY STRINGENT.
The anticipations Of an easier working Of the
bat how hoan ~ tod 0t
least so far as their realization connected with
to-day's business. The rate on call opened at per
cent coin to the stock brokers, and advanced gra-
Aualy through the scale OF commissions OF 164 and
u-32 until, at few minutes before three O'Clock,
Lie was paid in addition to per cent. The last
dealings were at relaxation to 1-32 and interest;
but the market was stringent to the close. Among
the government dealers the rates were per cent
currency aud per cent cein the larger houses
being freely supplied ut the lower of these figures,
q, THE LENDERS
being the national banks. Mercantile paper con-
hnued neglected, and prime names were quoted o
D IL per cent discount Foreign exchange was
nominally steady the leading bankers keeping the
same quotations on their bulletins; but, with the
lowering OF the Bank Of England discount rate,
hight sterling became weaker and was to be had
at HOY HOY. The tendency OF the sixty-day
rate to advance for the same reason was subse-
quently counteracted by pressure to sell some
borrowed bills, sales Of prime sixty-day sterling on
the street having been reported at as low as l0s'
GOLD sTRoNG-112X A l12h 1l2H.
The expectations of a specie shipment to-day
were fulfilled, the carly nrmness in foreign cx-
change making the alternative the preferable one
with three banking houses, who together sent out
p consignment to Europe Of $s5o,Ooo gold coin.
The effect upon the gold market was to occasion q
rise from 1l2k to 112h, reaction to 1l2A being
followed by second rise to ll2ll when the result
OF the government gold sale was announced, the
competition being unusually large. subsequently
the impression got ABOUT that the larger holders OF
uold were trying to sell and that the plump bid OF
i123o for the million Of government gold was In
tended to help their plans, whereupona fresh re-
action to lax ensued, the closing
r DECLINE IN FOREIGN EXCHANGE
Intending the sales the street OF borrowed sixty
DAY sterling bills inducing quiet and weaker
tone to the final dealings OF the board. The Sub
Treasury paid out $4,000 on account OIL
interest and $4,000 on account OF redeemed
uve-twenties. The course OF the market was
wholly Independent OF the news Of Napoleon's
death. The Geographic announcement was -four.
lshed for effect upon the price, but without sue
cess, The Gold Room watched the London market
and was guided by the calmness there prevailing
The chief fluctuations OF the day are shown in the
Sable:-
I1oN 1.oq NJ 1I1L