The New York herald., 1872-07-10
FEiNCIAL and COMMERCIAL.
The Erie Election and the Effect
In Wall Street.
THE RESULT QUIETLY ACCEPTED
The Stock Declines About Two Per Cent,
but Rallies and Becomes Steady.
THE CLOSING PRICE Sc.
0peoulating on Horace Greeley
and His Chances at Baltimore
and In November.
The Sage Of Chappaqua Suits Both
"Bulls" and "Bears."
Remarkable Relaxation In the
Money Market.
Explanation Of the Furry and
Activity on Monday.
How Money is Lending on
Time.
Decline In Union Pacific and Advance in
Remarkable Relaxation in the
Money Market.
Explanation of the Furry and
Activity on Monday.
How Money is Lending on
Time.
Decline In Union Pacific and Advance in
South Carolina Bonds.
WALL STREET,


TUESDAY July 9-6 P. NJ.
On 'Change to-day wheat was firm and -four
steady. The cotton market was weak and lower.
MONEY 70 PER CENT.
The money market was easy and underwent
sudden decline in rates, some small amounts having
been loaned as low as per cent In the interval
lust before the closing Of the banks The earliest
business was at per cent, which 1t viii be remem.
bered was the rate bid at the close on Monday.
subsequently the market fell of to A. then to g. and
eventually to 3 per cent. The average and best
suotation would be per cent. In explanation
OF the sudden activity on Monday it is now said
that number OF prominent firms who had sent In
LAKE SHORE
certificates and scrip for transfer on Saturday
against the dividend and scrip cOnversiOn) were
unable to get new certificates in return, and had,
consequently to lie out Of the money, making them
borrowers TO the extent OF the market value OF the
lOcked-up stock, which reached several millions OF
dollars. The delay OF the company was caused
by the sudden giving out OF the blank certificates,
but the printer will remedy the difficulty in day
or two Meantime the void made by the absence
Of the stock has served merely to transfer money
fom one place to another, and hence return to
easy and even easier rates on CALL
MONEY ON TINE,
The reaction in the money market to-day was
well illustrated In the terms for the use OF money
'On ume, Tue loans Delug muuc upou tle USUAL
couaterals of everyday transactions "on call" at
the Stock Exchange. The following were the rates
for actual business OF this character:41s q 8 per
cent for sixty days; 51s o per cent for four
months; a gold per cent for the remainder of
the year. The lenders of the money In these trans
actions were chiefly
FOREIGNERS,
principally Germans, representing banking in
terests IL Europe.
The abundance of capital and the low rates OF in
terest in the Old World constantly and steadily
overtng money to the Of this country, the
banking agents here using their discretion as to the
cOlaterals and conditions OF the lending oft. For
merly these agents would seldom lend on other
securities than government bonds. Now they
readily take the avorite stocks Of the active list OF
the Board, advancing however, only to within
twenty per cent or so OF the market value For
these reasons 1t is easy TO understand why
fret class paper is quoted a per cent discount,
that known 'commercial' ruling at a per cent.
Foreign exchange was not SO firm, and prime
sterling bills to be had freely at 1Oe7 for sixty
days and l10s for sight Indeed 1t is reported that
sales were made Of the former at l093x.
GOLD DuLL-113A l13%.
The gold market was dull and In the morning
AIm with sales at 1l37S In the afternoon gold was
snered at ll3A on the discovery that nearly hall
million of specie put up for to-morrov's steamer
had been withdrawn. The specie shipment to-day
was $500 600. The dulness was so great that the
iiaI which records fluctuations changed only twice
or thrice during the day. The Sup-Treasury paid
ont $571 900 Oh account of interest and $4, 900
account Of redeemed fve-twentes The course OF
no arket IL ehOwn i'm the table