The New York herald., 1872-08-21
The Inquiry Accelerated by Clique
Manipulation.
THE RATE ON CALL SAC PER CENT.
Stocks Heavy and Lower, with a
Tumble in Wabash.
ADVANCE IN FOREIGN EXCHANGE.
WALL STREET,


TUESDAY, August 20-6 p. M
On 'Change to-day wheat and -four were lower
and unsettled in sympathy with the tenor Of the
Chicago market, but the decline brought in buyers
and led to active dealings, chiefly for export Cot
ton was quiet and unchanged.
MONEY ACTIvE-3 TO 6 PER CENT.
The money market became active late in the
afternoon and the closing dealings were at per
cent with the closing quotation a per cent on
CALL The first business and the early renewals
were at per cent. but the inquiry grew active
after two O'Clock on legitimate demand, and the
rate advanced to 4per cent. This fact was taken
advantage Of by the bear clique In the stock market,
who added an artificial element to the inquiry and
ran the quotation up as stated. The advices from
Chicago OF the immense shipments to that city OF
grain from the interior ore the chief cause OF the
legitimate element of the better demand for money,
but the extent Of the present necessities hardly
be enough to warrant any large advance Just now
In the rate on CALL Meantime rather frmer feel
ing is perceptiDle in discounts, and prime paper is
hardly negotiable at less than 7 per cent.
ADVANCE IN FOREIGN EXCHANGE.
The decline in gold and the prospective easier
access to cash gold during the rest Of the season
led to further hardening of the foreign ex-
changes, as indicated in raising of the rates for
sterling to 1895 for sixty-day and 1O9X for sight
bills by the leading foreign bankers. The market is
far from being firm at these figures and is only
nominally quoted So buyers obtaining readily con-
cession of u u per cent for any moderate
amount With the great
DECLINE IN WHEAT
we look to see o fresh and extensive supply of
commercial bills drawn against exports, the ap-
pearance OF which Is just now delayed because or
the unsettled state Of the gold market. Indeed
three several reasons are now claimed to have en-
int no oIouIo xuhto h
based their recent retreat from the speculation for
rise In gold These are, In BRIEF the elimination
Of the Chicago 'corner" in wheat, the verdict at
Saratoga and the later more encouraging prospects
OF a reelection OF the present administration at
washington. We give the last reason not from
any
POLITICAL BIAS
OF our own, but simply as an influence which
entered into the causes operating to effect the
decline in gold. It should be remembered that the
gold clique have not vanished from existence.
They are only broken up and reduced to smaller
proportions. The bigger and Weather members
have withdrawn, but nucleus Is left around which
devoted partisanship is still warmly fighting.
THE EXPORTS OF THE WEEK.
The aggregate exports OF domestic merchandise
from the port Of New York to foreign ports for the
week ending August 90 1872, was SO, ,9O6,951.
DECLINE AND RALLY IN GOLD.
The gold market opened weak under o heavy
pressure Of "short" sales, ana declined to 113X
True to the phase of human nature, which has SO
often recorded the folly Of buying when prices are
high and selling when they are low, the host OF
SPECTATORS who were willing to buy gold at 115H
rushed eagerly to sell ''short' at ia. Visions OF a
rapd fall to liz or perhaps ITO noated before the
excited imagination of these enthusiasts and, in
their haste to secure fortune on the downward
turn, they oversold the market causing q reaction
like the return Of On India rubber ball, and lifting
the price back to 1AH. The oversales of Monday
are rejected in the extraordinary clearances OF
over s140,00o0c0 and In the payment OF consider.
alton of 164 1-32 for the OF gold In making de-
liveries this afternoon. The course OF the market
L. shnWn in the tanle