The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-12-19
Since JAM $780, ISL 622 $23 2O5 lat 1921 5sS
THE FOREIGN MARKET

|t THE FOREIGN MARKET.
III The cable quotations this evening show our
fb0nds steady and unchanged in London, but report
q decline Of one-eighth in consols. In the absence
Of direct word from London to the tenor of the
money market there this reaction in British
funds Is referrible for the present to reported
better demand for money on the Continent, the
FIRST effects Of which have been already seen in the
II DECLINE OF FRENCH RENTEs.
II The steadiness OF United States securities is in
kstriking contrast to the decline in consols, and
without the explanation already afforded in the
Emore active condition Of the Continental money
markets would go to show that consos have fallen
on because OF their waning attractions as an in
Ivestment In comparison with the many securities
now accessible in the London market. Eres after
forenoon OF steadness, declined late In the day
decided to pay no dividend the preferred stock
\ for the current half year. The same rumor has
h been IN circulation here but lacks confirmation.
MONEY STRINGENT.
The daily record OF the money market Is getting
to be stereotyped story of unrelaxing strlngency
To-day the rate call ranged from lie to 3l6 per
cent on stocks the average and bulk of the loans
on this class OF collaterals having been at \ per
cent in addition to legal interest," or at the equiya
| lent Of 50 per cent per annum Among the gov
eminent dealers the rate was per cent, ccln The
to the several speculative combinations who are
operating for decline in stocks or, rather for the
purpose Of buying stocks without advancing the
market. Commercial paper is neglected but
quoted as before. Foreign exchange was steady
and dull the scarcity Of cash gold having but little
influence upon the market.
GOVERNMENTS LOWER.
The government list was heavy with the decline
in gold and the stringency In money, and was
depressed by the refusal of the Treasury to accept
any Of the bonds offered at the Sub-Treasury The
proposals in response to the advertisement for
million OF fve-twenties amounted to only $s13 75O
at lila 112.11. The price of gold having fallen
of to 111X in the interval between noon and one
O'Clock, the Treasury took that quotation for the
limit OF Its purchases, which prevented the accept
ance of any OF the bonds. The following were the
closing quotations limited States currency sixes
112k 1929 do. sxes 1881, registered, 113s4 a ia
do. do, coupon, 11715 11776; do dve-twenties,
registered, May and November, 1929 1925; do.
do, 1862, coupon, do, 1927 1925; do. do 1864,
do. do, 1921 1929; do. do, 1865, do. do, 113
113k; do. do, 1867, registered, January and July,
liz l12K do. do 1866, coupon, d. 1854 1853;
do. do 1867, do. do, 1865 l1Gi4; do. do, 1868,
do. do. 116 q 1865; do. ten-forties, registered,
1O93I 1921; do. do, coupon 1925 1926; do.
ives Of 1881, registered, 11o1 1ll4; do. do,
coupon, 110a< 11lA.
THE CITY BANK STOCKS.
The following were the bids for the city bank
shares New York. 1888; Manhattan 154K Mer-
chants, 116; Mechanics. 1885, America, ISL;
City, $50; Phenix, 10l1; North River, 81; Gallatin
National, 11s; Merchants Exchange, 90; State Of
New York. 1O7; Commerce, 116; Ocean, IL; Ameri
can Exchange, 100; Chatham 1907 Bank OF the
Republic, Ill; Hanover, 95; Irving, 126; Metro.
polltan, 1856; Grocers, LOG; Market, 1876; Nassau,
nd 90 Thar
Commonwealth, So; Importers ana Traders, 10;
Manufacturers and Merchants 100; New York Ma
tional Exchange, 81; Fourth National, 1l3; Tenth
National, 90; oriental, 175; Gold Exchange, 1os;
Bankers and Brokers' Association, so; German.
American, 102
TIE RAILROAD BONDS.
The railroad bonds were more active, under an
inquiry extending to nearly everything on the
list Morris and Essex irsts sold at los, and 1902
ex-interest, was offered for Hudson River seconds
practically nrsts) The following were he bids at
the close of the regular call: -