The New York herald., 1872-12-16
FINANCIAL and COMMERCIAL.
The Drift Of Speculation at
the Stock Exchange.
The Pacific Mail and Hannibal and
St. Joseph Movements.
THE DECLINE IN GOLD.
Money ON Call and the Rates of
Mercantile Discounts.
SATURDAYS BANK STATEMENT.
A Loss in Specie and a Gain
in Legal Tenders.
The Rates for Money in London
and on the Continent.
Money on Call and the Rates of
Mercantile Discounts.
SATURDAYS BANK STATEMENT.
A Loss in Specie and a Gain
in Legal Tenders.
The Rates for Money in London
and on the Continent.
WALL STREET,
SUNDAY, Dec. l5. 1873.

WALL STREET, I
SUNDAY, Dec. 15. 1873.
Something OF the Winter dulness OF the Wall
street markets was experienced the past week,
the abatement OF activity being quite perceptble
In the general run Of
SPECULATION AT THE STOCK EXCHANGE
although there were operations Of considerable II
not important extent In several of the leading
favorites. The general drift OF prices was in the
downward direction in sympathy with further
decline of about ten per cent in Pacific MAIL which
was the bete notr OF the street and the nightmare
OF the market. Toward the close there was dis
position to cast loose from the influence of this
erraic stock, and Friday and Saturday. particularly
the latter day, witnessed stronger market and
GENERAL IMPROVEMENT,
but without recovery to the opening prices Of
the week. The stock sympathizng most with
Pacific Mail was Panama, which broke from 1856 to
124 In face of the declaration of another quarterly
dividend OF per cent. Rock Island went Off from
la to 109k on rumors of an intended issue of con-
vertible bonds and Lake Shore dropped about one
per cent on the prospect of an early completion OF
Its great rival the Canada Southern line, which is
to connect the Wabash road with the Eastern rail-
roa DIS centring at Buffalo and Niagara. For
THE SAME REASON
Wabash improved 3per cent In Western Union
Telegraph there was recovery to 80 despite the
company. The greatest rise was in Hannibal and
st. Joseph, which advanced 15 16 per cent on the
election OF o new president. In the gold market
there was further decline OF about one per cent,
the price going of to 112&. and closing Saturday
ct 1l2H 112a-the result of the natural tendency
of gold at this season, and of the growing ease Of
money on the other side OF the Atlantic as
evidenced by the reduction Of the
BANK OF ENGLAND
rate to s per cent on Thursday last. Our own
money market has worked with less satisfaction to
borrowers, and the rate on call has ranged as high
as 1-16 per cent with, on tho last two days OF the
week, disposition to settle at about per cent.
The chances are in favor of easier money the rest
OF the year, particularly If the government will
commence this week, as expected, the prepayment
Of the January interest," which influx Of specie into
the banks would strengthen their increasing re-
less active, and quoted 10 q II per cent discount
for prime names. Foreign exchange was lower
for sight bills and higher for slxyday drafts after
the reduction OF the Bank OF England rate.
THE FOREIGN MONEY MARKET.
As an illustration of the condition Of the money
markets in the chief centres of Europe we quote
the following from the London Economist Of NO
vember 80. 1t should be remembered that the
Bank Of England rate has been meantime reduced
nom to per cent. At the time the Economists
report was written the bank rate had just been re.
duced from I to per cent?
IN LONDON.
We Suboin our usual quotations for mercantile
remark already made on the unsettled state Of the
MARKET