The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-10-24

was irregular and somewhat easier. Wheat was
steady and corn hrmer.
COMPARISON OF THE EXPORTS
The following shows the exports, exclusive Of
specie, from New York TO foreign ports for the
week ending October y and since the beginning of
the year.
Prov. reported H1,ssS,sci iss,oss,TsS 1906 iSs
since Jan. L. ei4s os2 25s 1884, 1929 Ssoea $50
MONEY EASIER
The money market was easier, the extreme rate
81 the day for call loans having been per cent
coin interest and that exceptional Before three
O'Clock loans were made at as low as 4per cent.
and more were offered to the close at the same
rate. For time loans the rate is plump 7 per cent
md . commission. Yesterday q loan of this kind
was made at per cent and a commission OF y Of
oae per cent for the interval TO the close of the
gear. Prime paper was quoted a IL per cent dis
count. There was great deal OF discussion to
the probable action Of
THE BANK OF ENGLAND
directors at their regular weekly meeting to-
morrow (Thursday), and the chances seem about
equal for and against an advance Of the discount
rate. On one hand money in the open market in
London is reported tighter, and on the other we
ind an Improvement in c0nsols and 1ve-twentes
net likely to take place with a belief In an advance
Of the discount rate. However, the question will
be settled one way the other before Wall street
gets to work in the morning. Meantime the fol-
lowing extract from the organ OF the Open Stock
Exchange Of London-The Circular, Of October l2-
throws considerable light upon the situation and
the speculative movement in
THE LONDON MARKET:
As yet but little is doing in the stock markets.
Operations have been checked by the continued
rise Of the bank rate and the dread entertained by
many OF dear money in the future. The best
opinions are in connict whether the tendency will
the Tpd advance IS sS
grising, that the laws which regulate the
g Dsa be better apS
bankers. But the past appears to be our best
guide in the future. The normal condition is a
dear money, reverting again to cheap money and
again changing, while there are lesser Gibbs and
IN and running out-while the tide advances or
xettres. We have had full period Of cheap
money, and It would be reasonable to expect that
neous conclusions, though the rise, carefully
. BE- steady We cencude nen that the rate Of
discount has an upward tendency and there Is a
& may Ssvs to the
and we may instance the fact as an indication that
the Bank Is now than it was at the cor
while then 1t was 8, which shows the advance OF
,tho tide.
FOREIGN EXCHANGE STEADY.
Inc foreign exchange market was nominaly
lower to the extent Of a quarter per cent, but
actual business was pretty steady rates. although
during the greatest scarcity Of cash gold prime
yixty-day sterling was accessible at 10Sk The fol-
lowing shows the new grade OF rates STERLING,
ptxty days commercial 10s 1885,; do do, good to
prime bankers 1885, 10SX; do. short sight, ITO
lIok; Paris, sixty days. S.32s o 5.2716; do. short
sight, 5.23% 522h; Prussan thalers, Tx ~;
Antwerp, 52sx s22h; Switzerland. 5.271E Six;
Hamburg, a57s s5T; Amsterdam, 40 4o6;
Frankfort, 40X AZ; Bremen, % 95%.
GOLD sTRoNG-l12X A 1881.
The gold market was strong, owing to purchases
BY the 'sh0rts," large numbers Of whom closed
sheiD contracts in preference to continuing paying
the extravagant rates exacted for the use OF cash
gold, and the price advanced from 1927 to 1881.
The Bank OF Montreal clique squeezed the loan
market again, and compelled the 'bears' to pay.
In two or three instances, as high as per cent
equivalent to 1856 per cent per annum) for the use
or gold IN making this afternoons deliveries One
sum Of a million borrowed at this excessive rate OF
interest was put down to the account OF
A. T. STEWART.
she transaction having been made by that gentle
mans brokers. The Bank OF Montreal clique seemed
20 inspire good deal Of speculation in the borrow
ing Of gold and helped in their EFFORTS by some
Of the surviving members Of the gold clique so sig
nally routed by Mr.. Boutwell, little while ago. After
three O'Clock loans were made at 4 e per cent
for tomorrow. 1t is reported from Canada that
she business men OF the province are very indig-
nant at the gold gambling conduct OF the officials
and agents OF the Bank OF Montreal, and demand
that the money loaned out in this market should
be brought
BACK TO CANADA,
wnorn money q tight and pocafh1v In 10
this clamor that has Afforded pfetext for the pre-
tended withdrawal from use here Of the gold Of
the bank. Their plan OF operations is to withhold
che gold early in the day. and then when rates are
up, lend as much as they can. They have to tie up
about three quarters Of what they control in order
90 get quarter per cent on the rest. The Sub
Treasury paid out $6e4,oo on account Of interest
and$7, 100 in redemption Of redeemed nve-twenties.
The
COURSE OF THE MARKET
b shown In the following record OF the principal
fluctuations Of the day.
1oA. M..:......... 113 2PM.............. 113H
1905 a: M........ 1l3h 2:37 r. M.......... 1881
II 4. M............ 1l2X 3P M............. 113t4