The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-09-27
FINANCIAL and COMMERCIAL.
The Tug Of War Between the
"Bulls" and "Rears."
BATTLE ROYAL I'M PACIFIC MAIL
Hot Skirmishing Along the
Whole Line.
Money Up to 45 Per Cent and Down to
A Per Cent.
The Clique Lock Up Nearly Two
Millions of Gold.
ERIE DECLINES TO 4S.
Reported Settlement Of the :" Shorts at
a Loss Of 100000.
Reported Settlement Of the " Shorts" al
Loss Of 100000.
"HENRY" SUCCUMBS TO DANIEL
Ehe Erie Defeated Ferces Now Concentrating
Against Pacific Mail.
Advance OF the Bank of England Rate of
Discount to 4 1.2 Per Cent.
WALL STREET

WALL STREET,
THURSDAY Sept. 26-6 P. NJ.
On 'Change to-day cotton was In fair demand
both for "spot" and 'futures,n and the market
easy. Flour remained quiet and steady, while
wheat and corn were in fair demand and frmer.
MONEY UNSETTLED.
The money market was q repetition Of Its history
for several days past except that at the period Of
most activity the squeeze" was severer to-day,
and as high as u per cent was paid for moment
by some borrowers, who thought they fOresaw a
re-enactment of the strlngency of last week. The
earlier dealings were at per cent currency to 7
per cent gold, the inquiry growing active until
near two O'Clock, when the standing bid for some
time was lie and interest, at which period occur
red the u per cent transactions just referred to.
The subsequent
MARKET ON THE SIDEWALK
witnessed gradual relaxation until three O'CLOCK
when loans were made at per cent. At five min
utes past three O'Clock one loan was made at per
cent and at the very close OF the street business
per cent was bio, with no money offered. The
reader is at liberty to take the above facts and
determine to his own satisfaction what the real
rate for money was.
THE BANK OF ENGLAND
directors at their usual weekly meeting this fore.
nOon raised the minimum of the discount rate to
~ per cent from 4 per cent, the previous figure.
The London quotations came a little lower this
afternoon in consequence, but the changes are not
important the 'e7's being 92h, against 9214 at the
opening. subsequently II was announced that the
bullion account OF the bank showed loss Of
eA24,0o for the week. The
FOREIGN EXCHANGE
market was rather steadter after the news OF the
advance In the discount rate, and sight sterling
was even irmer but quotations remained as before,
viu for limo civ or rliuuo md
400 q 1O9H for sight bills
Mercantile paper was quiet and neglected and
quoted IL per cent discount, taking the range of
rates for the several grades Of prime notes.
GOLD sTEADY-ll37s A ia
The gold market was steady at 11S7s ia which
were the only prices recorded during the day. The
clique seemed operating to induce short interest,
and were content to buy steadily all that was
offered at 1187s without intimidating the 'shorts"
by running the quotation to a higher figure. In
pursuance Of their plans they drew upon their bal
Ances in the gold bank to the extent OF 176Oo OO
which amount they drew out in gold from the Met.
ropOlitan Bank and
LOCKED UP.
This is as much Of their locking-up transa ctions
In gold as TRANSFERRED this afternoon, and may be
only portion Of their days work. 1t is O curious
coincidence that the is just about the cash
proceeds Of the 10000 shares of Northwestern pre-
ierred stock which the clique sold recently in order
to get funds to proceed with their operations in
the market. The course Of the market is shown in