The New York herald., 1872-12-20
GOLD aoFF" ANOTHER POINT.
The Effect Upon Erie Of the Restitution Of
It's Property by Jay Gould.
RISE OF FOUR PER CENT IN the STOCK.
Higher Prices and Firmer Market at
the Stock Exchange.
Government Bonds Dull-Advancs In Foreign
Exchange-Active Demand for tho
Railroad Bonds.
WALL STREET.

THURSDAY, Dec. 1916 Pm.
ON 'Change to-day cotton was In demand, but at
Irregular prices, being hrmer in the better grades,
but easier In the lower qualities Flour remained
dull while wheat and corn were quiet and without
material change in value.
THE FOREIGN MARKET
The monetary excitement In Germany, alluded to
briefly In dispatches from the Continent, has occa-
stoned NO III result as yet In London as far as may
be inferred from the quotations coming to us to
day, all Of which show steadiness II not frmness
1t was announced early In the forenoon that
THE BANK OF ENGLAND
nad made no alteration In the minimum rate Of
discount, which remains as before, at per cent
The weeks bullion report is quite nattering, how.
ever, and indicates growing ease In London, the
increase having heen f601 OO0 or over 900 OF
our money. Eries are the only security which
show Improvement, and their advance to 43h at
tne time Of the regular closing Of business In Lon
don Is evidently slow following OF this market.
1t was reported that the price OF
ERIE IN LONDON
this evening had gone up another u to "A, which is
the equivalent Of only 54A in our currency, indi-
eating that the extent OF the Jay Gould restitution
and OF the advance in the shares here had not
been fully appreciated the other side; but per-
haps the quotation A was made quite early in the
evening, or before the gatherings at the clubs in
London had opportunity to act upon the closing
New York quotation Of SIX. The agitation in the
German markets is attributed to reckless specula-
tion In the shares OF the new banks which are
springing up all over the Empire. SO far it has
affected US to no great extent, but good deal of
German capital has hean recalled already and
hence
HARDENING OF FOREIGN EXCHANGE
and an advance in the rates, bills on London rising
h because of their availability In the transmission
homeward Of the money thus recalled, ana also for
remittance against European coupons or ave-
twenties. The following shows the new standard
OF quotations :-Sterng, sixty days commercial,
-l0sK 1OST; do, good to prime bankers, 100
.iO9K; do, short sight, 11oA 110,s; Paris, sixty
days, $50 6.25; do, short sight, 5.21A $50;
Prusstan thalers, 71K 72; Antwerp, 5.27H
b.21k; Switzerland, 6.27H SILK; Hsmburg. 95
q 95X; Amsterdam, 40 40H; Frankfort, 4oH
A1x; Bremen, 95 q 95I.
MONEY STRINGENT.
The stringency In money assumed even severer
features to-day, hard had been the previous
condition Of the market. To borrowers on stock
collateras the lowest quoted rate In the open deal
ings at the board was u per cent-equiv-
.alent to As per cent per annum-and this extrava-
giant figure was only third OF that which was
subsequently paid In the dealings the sidewalk,
where as high as Y per cent per diem,
or l86 per cent per annum was given 0r the use OF
money upon pledge OF the ordinary stock Exchange
colaterals. There were dealings at Ia per cent
,coin 1t is true, but they were confined either to
the government dealers or to those broker bankers
who never lend at more or pay more than Z per
cent coin.
THE srRINGENCY IN CONGRESS-.
The persistent stringency in money which is
caused as alleged BY the Withholding OF money by
tho pools operating at the Stock Exchange has
aroused the attention or Congress, and q resou
tion was introduced to-day directing the Banking
and Currency Committee to make an investigation
of the matter. 1t win be seen by our Washington
reports that the same committee have reported
by bill" on the subject Of the locking up
operations Of last year, In which the Tenth
National Bank was involved, the bill SUBJ
mitted being very stringent in its provisions
for the punishment OF any national bank or
bank oncial for participation In any conspiracy to
advance the rate OF interest for money.
THE RAILROAD BONDS.
The railroad bonds were firm and UNAFFECTED by
the strngency in money the buyers Of this class OF
securities being o usual thing parties who have
ready cash. The inquiry took in nearly the whole
range OF the list and transactions were heavier and
more numerous. Tho following were the bids at