The New York herald., 1872-09-30
The Money Market, at Honne
and Abroad.
The Bank Of England Rate, the Gold
Market and the Foreign Exchanges.
The elimination Of the "COrner' In Erie and
the New Struggle in Pacific Mail.
The New York, New Haven and
Hartford Railroad.
WALL STREET,

WALL STREET. /
SUNDAY, Sept 20, 1872
The week In commercial circles has been charac-
terized by decline in cotton -four and provisions
and q moderation of the activity in the dry goods
trade. The yielding In cotton, our and provisions is
Incidental to the season and to the arrival in
ket Of the several crops and products Of the inte
riOr. There Is little complaint among the mer-
chants however, and business Is generally in a
satisfactory condition. The dry goods trade is half
way between the Fall and Winter divisions of it.
Buyers are learning to expedite their transactions,
and hence we find the activity OF each con-
fined to few weeks of it only. The duller tone
il also traceabe TO the disturbed state or
THE MONEY MARKET,
which, under the manipulation of the Wall street
ciiques alternately easy and stringent, Its lat
ter character being remembered more than the
ether and exciting constant distrust OF its
future no matter how many and how extended the
relapses to ease, the extremes during the week.
and sometimes during the same day having been
i5 per cent and per cent per annum. Prime
mercantile paper was saable only at costly shaves,
generally at discount OF about per cent a
month. Foreign exchange was lower in face Of
IN advance OF u per cent on Thursday in the
BANK OF ENGLAND
rate OF discount which was raised to AZ per cent,
the explanation being the further negotiation of
American railway bonds in Europe and toward
the close heavy sales OF borrowed sterling, the bills
In this latter case having been advanced to the pool
In Pacific Mail against pledges Of that stock as col
lateral, with an ample margin. The quotations OF
American securities in London remained steady, If
B0t firm, despite the advance Of the bank rate
general anticipation Of the action OF the Bank Of
England induced firmer feeling In
GOLD.
which was also supported more or less by the
clique, but the market eventually weakened with
the decline in sterling, which at the close on Sat
urday was quoted 107h a 1918 Tor prime bankers
bills and 1OsI 1887 for sight. The chief events
In the stock market were the elimination and set
tlement Of the Erie 'corner'' after a desperate
contest between the "bus' and "bears." The
cash stock was worth on one day as much as three
per cent for its over night. The 'bearsr
fought of the corner for day or two by taking ad
vantage Of
LOoPHoLE
In the regulations regarding deliveries OF "cash''
stock, but were finally compelled TO surrender by
decision Of the Board that the brokers partcipat.
Ing In these transactions were liable to expulsion
under the bylaw defining the punishment for
"obvious fraud" Meantime the clique OF 'bears''
had placed themselves "shortr OF Panama and
Pacific Mail, and had only got free OF their Erie
trouble and losses when they were involved in a
fresh contest with the Pacific Mail "bull" clique,
who ran Panama mp 90 per cent to 146H and Pacific
Mail So per cent to 761S. The '.bears,u to yet
money to resist this attack as well as to settle
their losses in Erle the corner in which was
compromised, sold about 20,O 600 shares Of
NORTHWESTERN PREFERRED,
causing decline in the price thereof from SO to s4
The fluctuations in the general market were con-
fined within range OF q per cent. Erie de.
clined to AN, but rallied to 4s1s, closing about
4sk. The stock transfer books OF the newly con-
sodated New York, New Haven and Hartford Rail-
road Company will be open from and after the 2d
day OF October next, from and after which date
holders OF stock In either the New York and New
Haven Railroad Company the Hartford and
New Haven Railroad Company can, upon sur
render OF their stock certificates receive certificates
Of the stock or the New York. New Haven and
Hartford Railroad Company In lieu thereof, share
for share No transfers Of stock OF either the New
York and New Haven Railroad Company or OF the
Hartford and New Haven Railroad Company can
hereafter be made the transfer books OF both said
companies having been permanently closed. The
annual election OF The Toledo, Wabash and Western
Railroad Company will be held at Cleveland on
wednesday next october 2.
CLOSING PRICES OF GOVERNMENT BONDS.
the government list was very dull on Saturday and
generally heavy. Quotations were wide apart, buyers
and sellers differing as much as u per cent The
following were the closing prices limited States
currency skies, 1925 ll2ii; do 1881, registered
1l5S ll5T do, do, do, coupon, ia 1141S; do.
,hve-twenties, registered, May and November, ia
nay; do. do, 1862, coupon, do, ia 114Is; do
do 1864, do, do ia l141s; do. do, 1865, do do
114As us; do do, ls67s registered January and
July, ll3 113Is do. do, 1865, coupon, do, II3 a
11Sk: do. do, 1867 do, do, 113l5 1l3X; do. do.
1ses do, do, !la4 ia; do ten-lories, registered
1o7X lOsis; do. do. coupon 1914 a 1885,; do,
1ves, 1881, registered, l1O14 III; do. do. do.
coupon, 1101S Ill, -~-!E a -
80 4. .---- -A-~.' ~'~'
/ =" THE COURSE OF THE GOLD MARKET.
The extreme fluctuations daily In the price OF