The New York herald., 1872-10-18
FINANCIAL and COMMERCIAL.
The Bank of England Discount
Rate UnaItered.
THE LONDON MONEY MARKET.
The Street Rate Higher, ConsoIs sOf"
and e-Twenties Up.
FOREIGN EXCHANGE f,AsE;R.
Gold a Point Higher, with New
Speculation in the Market.
PROPOSED CORNERING OF CASH GOLD.
Money Active al the Outset, but
Easy at the Close.
STOCKS UNSETTLED, BUT FIRMER.
A Sudden Fall and Rapid Reao-
tion in Pacific Mail.
/ Corresponding but Narrower Fluctuation
in the General List.
Introduction of Another American Rail.
Money Active at the Outset, but
Easy at the Close.
A Sudden Fall and a Rapid Reac-
tion in Pacific Mail.
/ Corresponding but Narrower Yluctnation
in the General List.
Introduction Of Another American Rail-
way Loan in London.

WALL STREET, I
THURSDAY, Oct 17-6 =. n
On 'Change to-day cotton was in good demand
and hrm. Flour, wheat and corn were steady.
MONEY UNSETTLED.
The money market was unsettled and alternately
active and easy. In the earlier portion OF the day
there was q smart demand at 9 per cent with oc-
casOnal and exceptional loans at per cent. After
two O'Clock there was sensible relaxation, and
towards the close Of banking hours loans were
made at as low as 8 per cent. The activity Of mid
aay is readily explained by the shifting Of loans in
cident to the changing OF stocks from house to
another in connection with the recent active specu
lation and
RISE AND FALL
In the stock market. Mercantile paper was quoted
D. ~ per cent discount, with larger volume OF
business.
BY remarkable coincidence an accident delayed
the cable dispatches on the very morning OF the
whole week that Wall street was most anxious to
learn the tenor OF the London market. AS some
thing had to take the blame the fault was laid
On the aurora boreas, which, innocent or guilty,
Ia speeches. to defend ITSELF The Germans pro-
Iessed to have advices that the
BANK OF ENGLAND RATE
had been raised, and there was good deal of un-
easiness occasioned by the report. Eventually the
press and other regular dispatches came along
stating that nothing had been done. Private tele-
grams subsequently represented that the street
rate had fallen OF to So So per cent, but had
risen later in the day to close upon the rate at
bank. C0nsos were lower for the days range of
quotations, but our five-twenties OF 1867 were
strong and an eighth higher The ten,forties and
new fves were Off an eighth per cent.
Foreign exchange was not 50 firm, but rates
were nominally as before, viz, 100 for prime
bankers sixtyday sterling and 110s for sight bills
THE GOVERNMENT GOLD SALE.
The bids for the government gold were twenty-five
In number, calling for total OF $5,O7O0OO, the
prices offered ranging from 1925 to 1901. The lat
ter price being exclusively the highest offered and
being bid for million, the government made its
award accordingly, the sale being confined to the
amount proposed to be sold in the offlcial adver-
tisement. 1t was generally believed the gold went
to the 'Iight-waisted" pool now operating in the
gold market.
GOLD FRM-112X ll3lG.
The gold market was frmer under the manipula-
lion Of new party now operating in it, whose
purpose seems to be squeeze" OF cash gold,
rather than regular ''bul" movement. Although
the Bank Of England made no alteration OF the dis
count rate the lower ruling of consols and the re-
ported activity OF money outside OF bank strength.
ened the premium in face OF the advance of fve-
twenties. At the close 1t was reported that the
Cimbria, which sailed at late hour this afternoon
had taken out S25o,ooo in SPECIE inclusive OF
$500, 600 gold. The course Of the market is shown
In fha fol oh