The New York herald., 1872-10-07

me close OF another week mas no important
change In the situation OF matters In Wall street. If
we except the greater
POVERTY OF THE BANKS
which institutions are once more below their lire
Df legal reserve, despite desperate effort to keep
themselves up to the limit. The season is near at
hand when the ef1HX of currency from the city
must cease and the return current set In; and 1t
was the apprehension OF this coming relaxation
that drove the cliques to make last struggle to
precipitate panic in stocks. The success OF the
movement has been of q varying character. There
10 little doubt that the combinations operating for
decline In the market are much poorer than they
were last Spring, when they first
TURNED FROM .'BULLs'' TO 'BEARs,"
and that in the Erie corner and in the advance OF
Panama and Pacific Mail they have been heavy
sufferers. Within the past week, however, they
have retrieved some of their losses by directing
their operations against the market generally IN
stead Of hammering spccialtes supported by
'bulP' clqucs, and by more skilful management
OF their operations in gold. Indeed, with all the
adverse influences OF a low ruling OF the foreign
exchanges, reduction OF the imports and an in
crease OF the exports, it was Herculean task to
put gold to 1l64, as they did on Thursday, their
efisrts being luckily helped by the raising of the
BANK OF ENGLAND DISCOUNT RATE
TO per cent The highest quotation for gold in
only 1885, In the succeeding two days there was
q reaction OF one and o half per cent q cOnse-
quence frst OF further reduction OF the rates OF
foreign Exchange, and second, OF rum0rs that the
administration, in furtherance Of their political
success, had decided either to sell an extra amount
Of gold the coming week or transfer several mil
lions OF coin. from the Treasury to the account of
houses acting as agents abroad Tor the government,
the intention being to let the gold 60 into the
banks swell their and enable them to grant
accommodation to borrowers and
RELIEVE THE MONEY MARKET.
No one could trace these rumors to any very reia-
BILE source, however; but In view OF the struggle in
Pennsylvania, it was thought Mr.. Boutwell, would
probably make some quick move to dispel the feel
ing that the government and the national banks
were responsible for the distress in the money
market. Indeed 1t was said on Friday that he con-
templated issuing more greenbacks under the
shority claimed from the law providing for the
withdrawal Of the three per cents. But the
three per cents are nearly all cancelled and as
TIE LEGAL TENDER DECISION
Of the Supreme Court prevents further issues OF
legal tenders this story had but brief existence.
The rate on call was frequently high as u q 4
per cent day, and the scarcity of money at the
close on Saturday was such that not only were ac-
counts delayed half an hour beyond three O'Clock,
but as high as 1-l6 per cent paid In the last OF
these late dealings. Mercantile paper OF prime grade
was quoted per cent month discount, Foreign
exchange was active even after the steamer, the
larger inquiry being due to the fall in gold and the
relaxation Of cash gold Saturday afternoon, and
prime sixty-day sterling was marked back to lO714
and sight bills to 10sas. In
THE STOCK MARKET
the contest was solely between the cliques and the
professionals, to whom speculation will be left until
more exact knowledge of the drift of DOlitical
tment or the actual results themselves next week
or In November shall arouse the popular element
and bring the mass Of outsiders into the street
again. The market was falling one until Friday
forenoon, subsequent to which there was a general
rally under belief in government interference to
break up the stringency in money. With all the
hard blows and desperate fighting OF the two sides
the fluctuations in most Of the active list for the
week barely exceeded an average of 11S o 2 per
cent
LATEST PRICES OF GOVERNMENTS.
The following were the closing prices for
Government bonds Saturday eyening:-United
States currency skies, 11o7s 1l196; 90. do,
1881, registered, 1la}s 1lsai; do do, coupon,
115% a 1l5z6; do. Gve-twcnties, registered,
May and November, 1111s 112; do do, 1862,
coupon, do, 115 q 115A; do. do, 1854, do. do,
IFS 115H; do do, 1866, do. do, 115n 1151s; do
do 1857, registered, January ana July, 1884
ia; DO; do, 1865, coupon, do, lls7s ia; 90,
lo 1857, do do. iis5s liiis; do. do, 1868, do do
113% q ia; do ten-fortes registered, 107Z los;
do do, coupon, 1o7A los; do fives Of 1881, reg
istered, llo1l III; do. do, coupon, 1lo1s 1loI
THE COURSE OF THE GOLD MARKET.
The extreme fluctuations daily in the price OF
gold during the week were as follows:-
highest. LOacest.
Monday. .......................... 1l4!s Il3ss
Tuesuay. s......s...... lla5g il4