The New York herald., 1872-11-26

Since Jan. $270 26l 22S $50 $3.50, 197SS
The week in Wall street opened with a
buoyant tone in the stock market and cheerful
sceng generally, similar condition Of things
existingin
THE LONDON MARKET
apparently II we may Judge by the cable quota
tions, which, in respect to the barometric consols
show an advance OF u q 4 per cent, and the
highest range reached in quite good while for
these securities. Something OF this is attributable
TO the repression OF the specie current toward the
Continent and the actual loss OF bullion recently by
the Bank OF France, the specie movement as in
favor OF London being likely to be still more
strongly determined in that direction bya
RECURRENCE OF TIE CRISIS
In the French government, which, this time, must
be OF serious import, fer rentes, after opening
this morning OF 53o2, declined 80 GEN.
times to 52.72. The cable reports the
further intelligence that the Paris Bourse
was greatly excited. United States bonds
do not appear to have been specially affected by
the influences which caused the rise in consols,
but were firm at Saturdays quotations. The
popular sentiment OF the London Stock Market
has again taken up Erie, and the shares were
active at an advance OF ? per cent.
MONEY EASIER
The money market, while stringent up to within
D few minutes OF three O'Clock, was perceptibly
easier, and the real quotation FOR the day was I
per cent gold 1-32 per cent, although as high as
Lie was paid at one period in the afternoon. At
i've minutes to three O'Clock the quotation was
a 7 gold, and the last dealings were at plain per
cent, with good deal more Offering on the SAME
terms. The domestic exchanges are turning in
favor OF this city, so that there is a diminishing
apprehension OF continuance of the present
activity in the money market. Thus
AT CHICAGO
New York Exchange is quoted at x per cent pre-.
MUM, although money in that city is really scarce
and stringent, the explanation being that the
money Is due here. At the same time thct the rate
on call shows a tendency to lower figures there is
little relaxation in the terms for mercantile
paper which Is dincul OF negotiation at less than
lax per cent month even for the class OF
standard names designated as prime. 1t is hard
TO say why this discrimination is so marked this
year, unless the hypothesis that the capital
which habitually deals in paper does not increase
as fast as the mercantile business OF the country.
With all the high rates referred to, there is less
confidence in the average paper OF the market than
there was year or two ago. But, as must be cvi-
dent, the growth OF the capital which makes
speciality OF
INVESTMENT IN PAPER
Is not commensurate with the enormous expansion
OF commercial enterprise and the production of
eUululCICldl CTcults luc pduhS uO WHdb tucy eau
toward supplying this need, but inadequately. The
present rigid and ineastic banking system, which
prevents the creation Of banking facilities where
ever and as fast as they are needed and restricts
them TO certain limit in the Eastern and Middle
States Is one principal OF the high rates for
mercantile discounts. Capital which would GO into
the stock OF bank, which would, in turn give dis
counting facilities to a community cannot obvi.
uu5y go OF itself into the business OF buying paper
The capitalists who have judgment enough in
divldually to 60 into the market and buy such
paper are few aud far between. Grouped In bank
ing corporations they would have the services Of
experts.
FOREIGN EXCHANGE HIGHER.
Tho foreign exchange market was frmer for rea-
sons which were not very obvious, unless they
arose out OF the heavy sales at the Stock Exchange
OF Northwestern preferred for account OF the for
eign market. Sixty day sterling was strong at
1851 and sight bills at l10H. The following shows
fhe new standard OF rates :-Sterling, sixty days
commercial, lOIh 10SH; sterling, good to prime
bankers, 1854 losh; sterling short sight, 10
noN; Paris, sixty days, 5.a7>s $50; Paris, short
sght, 624h 5.25; Prussan thalers, 70k 7IM;
Antwerp, 5.32h 5.27H; Switzerland, 5.32,i q
eNh; Hamburg SO 351S; Amsterdam 39,z q
SsTs; Frankfort 4oJ& 4oaf; Bremen, 9i 9ik
THE RAILROAD BONDS.
The following were the bids for the railroad
bonds:-
New York Cen e's 'ss, 50 Chic 4 W con bds. !. 81