The New York herald., 1872-11-07
FINANCIAL and COMMERCIAL.
Has the Financial Effect Of the Elec-
tiOn Been Discounted?
IA DULL DAY IN WALL STREET.
An Indifferent Feeling at the
Stock Exchange.
PRICES UNSETTLED AND STRONG.
The English and German Mar
kets I'm CommOtiOn.
American Government Bonds
Lower in London.
Dur Railway Bonds Down in Frank
fort and Amsterdam.
lTAE MISCHIEF OF CLIQUE SPECULATION.
The Rock Island Ring at Their
II Old Work.
American Government Bonds
Lower in London.
Dur Railway Bonds Down in Frank
fort and Amsterdam.
ITHE MISCHIEF OF CLIQUE SPECULATION.
The Rock Island Ring at Their
Old Work.
AN ADVANCE I'm GOLD

IAN ADVANCE I'm GOLD
WALL STREET.
WEDNESDAY. Nov. 6-6 p. M.
H On 'Change to-day cotton was In moderately fair
tiemand, but at decline of nc. per lb. Flour,
generally, was about steady, while wheat and corn
we're both lower.
MONEY A 5 PER CENT.
The money market was easy, and the rate on
,all gradually declined during the day from a 7
per cent to q per cent, the dealings closing at
IN early period OF the afternoon. Mercantile paper
was quoted at q IL per cent discount for prime
1ouble names.
THE GOVERNMENT PURCHASE OF BONDS.
The Treasury programme for November was in
lugurated to-day. The proposals to sell bonds to
Ehe government were thirteen In number, tender
ing total Of $907,900 1ve-twenties, at prices
ranging from 111.s7 to 1924. The price Of gold
was taken to be 111X, which limited the accept
ances to $42s, 400. at 1l1.37 111.s7.
GOVERNMENTS FIRM.
The small amount OF bonds offered the govern
nent as above narrated. the amount being less
Than the million called for in the advertisement as
well as the frmer feeling In gold, overcame the
keect Of the decline abroad and rendered the gov
k,rnment list strong at an Improvement ranging
from H to u per cent. There was not much busi-
mess doing, despite the philosophy induged in as
TO the consequences OF General Grants reelection,
and the advance referred to represented
III FEW TRANSACTIONS.
'N The currency bonds sold at 114k. The following
were the closing quotations United States cur
rency SKIES, 114H q 114h; do do 1884, regis
tered, 115 Q 1854; do. do, coupon, 116k
ia l16K; do do, fve-twenties, registered, May
and November, 111K 111X; do. do, 1862,
coupon, do do, 111x 1l1X; do. do, 1864,
40. do, 111x 111X;>do. do, 1865, do. do liz
112K; do. do. 1851, registered. January and July,
l14 114X; do. do, 1866, coupon do, ia q
l14X; do do, 1867 do. do, 114H 114X; do. do,
1885, do. do, ia 1145S; do. ten-forties, regis
tered. los 1osk; do. do, coupon, 1OsA q 1857 |;
do. fves OF 1881, registered, 1oeh 109X; do. do.
/ io., coupon, 1ooK 1oeX.
THE FOREIGN MARKET.
The advices nom the other side Of the Atlantic
are not Of consolatory kind, and 60 very far to
lampen the enthusiasm inspired by the result Of
Tuesdays election. Indeed the changes in the
prices OF our bonds In London are almost para
dox1cal the announcement Of the reelection Of
the present administr alton, which was counted on
Mas certain influence in favor OF an advance being
'Rttended actually by lower quotations to the ex-
RENT OF u per cent for our hve-twenties and
tenforttes. or course the explanation Is the pres
ence OF stronger counter influence, which we find
Ito be, as reported by private cable advices, more
a ACTIVE MONEY IN LONDON,
and rum0rs Of q semi-panic in American railway
tbonds in the German market, where these securi-
ties have been suddenly depressed by the action of
the Chicago and Southwestern Railway Company
In refusing to pay gold for the coupons Of their
nrst mortgage bonds. The apprehension which this
default has 0ccasioncd In the Frankfort and Am
Bterdam markets is represented as having induced
general distrust Of all our securities and hence
1--WE think, the lower quotations Of fve-twentes
sin London to-day. Some Of the decline must how
fever. be attributed to an apprehension Of rails
lngol
THE BANK OF ENGLAND RATE
In the morning, for consols share the general de-
preston to the extent OF an eighth per cent. The
revulsion in Germany against our railroad bonds
tf so strong q term may be used In the absence Of
fuller details OF the matter, Is unustly based the
default In such company as that Of the Chicago
and Southwestern road, an unfinished enterprise
and one OF untried merit. II the gossip Of Wall
street Is worthy Of credence the default in this
case was made with o speculative purpose and for
the benefit Of the famous Rock Island ring whose
misdeeds have more than once been the subject Of
WALL STREET SENSATION.
tAccordng to this gossip the famous ring who now
lown controlling interest in the Northwestern and
Rock Island roads are desrous OF securing all the
stock Of the Chicago and Southwestern road, which
LIS an adjunct OF the Rock Island and operated by
THAT line Hence the refusal Of the latter to pay
tmore than the guaranteed currency interest upon
the mortgage bonds, although it is alleged the Chi
cago and Southeastern earned not only the interest
In gold, but enough more to the cupidity Of
the Ring On the other hand, the Ring say that
the road did not the interest, and was really
Ia loss to the operating company.
FOREIGN EXCHANGE FIRMER.
The foreign exchange market was nominally
lhighcr and steady. The business Of the day was
sof moderate extent, and rates closed as folows:-
Sterling, sixty days commercial, 1OS 10sK; do.
good to prime bankers, 1854 a 1Osh; do. short
sight, 1osx 40; Paris, sixty days, 6saA o
,b.2sx: do. short sight, 6.25 o 6.2ax; Prusslan
ithaiers, 71k q nv; Antwerp, $40 q 5.25;
Switzerland. 5.2SX q 6.25; Hamburg, 35,f s5X I;
Amsterdam, sox 4o,s; Frankfort, 4oK Al; Bre-
men. o4x q 95h.
III THE RAILROAD BONDS.
The following were the bids for the railroad
bonds
New York Cen SIS, 1885, q Tol wab ID m....... o.
New Yorf Cen 6,s, re-. 80 To Wab SIN
New York Cen 6's SUBJ s6 CT West LIST m 1888. %
Erie lstm, extended. at West ID IN, 1893. STA
Erie Is "a IN, '8.... Gal Chic extended. .l00s
Erie rs 4n m W.,:.: VI Chic, X Pacific. .l0ix
Erie rs con m gold bds va Morris Essex LIST i02
Buf NY Il, lst m " ~ Morris Essex I'd g6la
nsrsSm sa ss, IL Fii,s ceA al st M % nsy y
I. Mich So 7pc "a M. 96h Pitts, FW Chic I'd M. 9Sk
Clev Tol ...iSsS cIeye Pitts it6 NJ sss