The New York herald., 1871-11-17
FINANCIAL and COMMERCIAL.

WALL SrRREr,
THURsDAY Nov. l6-6 p. N. {
On 'Change to-day wheat was firm and more
active The cotton market was shade lower but
steady.
MONEY FIVE TO SEVEN PER CENT.
Money was in good request among the stock
brokers at six TO seven per cent, wirh
five to SIX per cent as the quotation on
government c0llateras. The rate on stocks was un-
settled on the two figures frat mentioned. Early in
the DAY six and seven per cent were paid alter
nately. Later on seven per cent was insisted on
aud quite readily obtained But before the close OF
banking hours those who were in q hurry TO lend
got only SIX per cent. while those who were IN q
hurry TO borrow paid seven.
Prime commercial paper was steady at q IL per
cent discount.
FOREIGN EXCHANGE HIGHER.
The decline In gold TO the vicinity OF Ill has In
splred so brisk demand for foreign ellis on mer-
camille account that the leading drawers were able
to advance their rates 4 a a per cent during to-
days business. Francs have been bought quite
freely OF late in settlement Of European aeots and
rates have advanced nearly one per cent within
few weeks Indeed, as noticed briefly in yesterdays
HERALD, the day seems not very remote when Lon
don and the Bank OF England will cease 10
sway the financial world-a contingency the
more likely In view OF the new coinage
OF Germany which. when once in vogue, will tend
still further TO wider distribution OF banking faci-
tiles over the Continent and TO consequent impair
ment OF L0ndon's financial performance. AS to
the one special topic, OF the effect to be produced
the exchanges as between the United States and
Europe b. the conversion and cancellation of one
hundred millions OF the tive twentlcs OF 1862 on
December prox the foreign bankers are not dis
posed 10 express any decided positive opinions.
.rnhyn
VIZ, the amount or these bonds held in
Europe-so difficult Of solution they are
unwilling to hazard even conjecture;
hence, II such authorities are In the dark. all
general speculation must be at fault. The follow
ing were the quotations at the close OF business-
Sterling. sixty days. commercial, 1oSl4 q 1857;
good to prime bankers, 100 1O91s; short sight,
109s1 no. Paris sixty days. $40 5.35; short
sight, 5.31A $50; Antwerp $50 q 5.25; Switzer-
land. 5.27ls 5.22,8; Hamburg. s5H sok; Am
sterdam, 404 4oT; Frankfort 4OX AL;
Bremen, Ts'a 70; Prussian thaers. n 72s.
THE BANK OF ENGLAND.
The directors OF the Bank OF England at their
weekly meeting this morning lowered the discount
rate to per cent The rates OF sterling, 1t Will be
noticed In the above quotations, show consequently
a corresponding contraction Of the margin between
sixty day and sight bills.
TIE GOVERNMENT SALE OF GOLD.
The offer OF the government TO sell one million or
gold elected bids for total OF IS sos OOo the prices
bid ranging from 110.26 TO 11lO5. The million was
awarded at III 1i1.o5.
GOLD FfRM-I1 11lk.
The gold market, according to all logic, ought to
have been weak and should have sharply declined
under such depressing influences the reduction OF
the Bank OF England discount rate and the sale Of
government gold. But |. acted In q contrary way,
leading on firm at Ill and advancing to Ill " not
an important variation It is true but striking by
way OF contrast. The demand for foreign bills. no.
ticed elsewhere, explains the apparent inconsis-
tency, the covering OF contracts In exchange
by the importing merchants at the present ruling
OF gold being induced by iJs relative low
price as compared with the gold OF their summer
Invoices and also by an apprehension that with the
deportation OF twenty millions OF gold from the
United States on the lst OF December next to eau
Gel that Of CPS held in Europe, the chances
are against any important decline, even If the cot
ton crop should verify the reports OF the Agricutu
raj Bureau by proving not smaller than the last
The speculative interest has been dormant for
some time, SO that the little nuctuation to-day in
favor OF the current quotations OF the past week
seems to represent rather legitimate verdict to
the present value OF the precious metal The course
ogt tI,a rkaff In fha tohl