The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-12-18
FINANCIAL and COMMERCIAL.
The Money Market Active
and Stringent.
VAGARIES OF THE RATE ON CALL.
Up to 90 Per Cent and Down to Z
Per Cent Per Annum.
4 FURTHER DECLINE IN GOLD.
The Price Falls Off to iii 81
and Closes at 112.
THREATENED SQUEEZE" IN GOLD.
The Foreign Exchanges and
the Domestic Exports.
A Firmer Speculation at the
Stock Exchange.
Disparity Of the Influence of the
Scarcity of Money.
The Foreign Exchanges and
the Domestic Exports.
A Firmer Speculation at the
Stock Exchange.
Disparity Of the Influence of the
Scarcity of Money.
Tho Question Of a Mortgage on Pacific Mail
Government Bonds "OR" with Gold-Rail-
road Bonds and the Southern List.
WALL STREET, |
TUESDAY, Dec. 17-8 p. M.

WALL STREET,
TUESDAY, Dec 17-8 M.
On 'Change to-day cotton was about steady for
''spot,n but closed easier for future" Flour was
dull Wheat and corn were quiet and unchanged,
but closed heavy.
THE EXPORTS OF THE WEEK.
The total exports OF domestic merchandise from
the port OF New York for the week ending Decem-
DER II, 1872, were $5,7O2,54l.
THE FOREIGN MARKET.
The London quotations come unchanged for con.
B0ls and United States bonds or "stocks,n as they
are designated in the English market. Fries, how
ever. have been unsettled at higher range Of
quotations, say u u per cent The Paris Bourse
continues depressed, and rentes show further
depression or 10 q 20 confines.
CONGRESS AND THE FINANCES.
- The question of the new loan and an increased
allowance for commissions has been discussed again
to-day In Washington, but the committee will await
further testimony before taking action, which, as
FAR as can be inferred from their present feelings
will be against any increase Of the rates allowed
In the Funding act Nj. Boutwell, in response to
the special resolution demanding his authority for
enlargtng the volume Of the currency, has answered
by quoting the legal tender decision OF the Supreme
Court which limits the currency to $4oo, 900.
MONEY STRINGENT.
The money market was stringent throughout the
forenoon and up to the close Of banking hours.
The earlier business on government bonds was at
7aT coin, but on stock collaterals the first rate
was 1872, equivalent to 1lH per cent per annum,
nom which there was steady hardening until as
high as u per cent, or 90 per cent per annum, was
paid In the Vicinity OF quarter to three O'Clock.
Before the arrival OF three O'Clock the rate had
relaxed again to lie u, and at ten minutes past
three money loaned at II per cent, and continued
to be offered at that rate during the rest of the
time the crowd remained
ON THE SIDEWALK.
or course this last rate was exceptional as much
as. II not more so than, the 4 per cent, but the
one was received and the other was paid, so that
they both 60 into the days record. In view Of the
speculative manipulation OF money by the cliques
at the Stock Exchange, it is difficult to say
what the real situation OF the market Is.
The domestic exchanges are in favor OF the city,
and the banks II LETT to themselves, would gain In
resources But the Treasury is drawing away
million q week by the sale of gold, thus substi-
tuting en- impracticabe for available element OF
their reserves. To-day the Bank of Commerce and
the Fourth National Bank paid into the Sub.Treas.
ury 80 per cent Of the
GOVERNMENT MONEY
heretofore standing on deposit with them, the
In cash amounted to $l,345, s4e-leaving a balance
remaining with them, therefore, Of the same
amount Tho stringency Of to-day may be ex-
planned In great measure by this withdrawal of
government money. and the scarcity of the current
season may be also referred to the heavy payments
for taxes at the City Hall, one statement showing
that the Comptroller has accumulated several mil
lions Of money against the redemption at the close
OF the week OF the temporary city obligations
known az revenue bonds. Hardly anything is
doing and much less is said In commercial paper,
but good buyers are ready to invest as soon as the
rate on call shows signs OF permanent relaxation.
Meantime prime names are nominally quoted at 10
IL per cent discount.
FOREIGN EXCHANGE STRONG.
The foreign exchanges have been quite firm in
face Of large supply OF sterling drawn by Phila-
delphia and French firm, and some OF the leading
drawers manifested their unwingness to draw by
raising the rates over those or their brethren.
At the close 10 strength OF the market was
challenged by the rumors OF "corner' on cash
gold In the morning, but rates remained unaltered
closing as Notwithstanding, sixty days CONNER.
cial, 1851 1881; do, good to prime bankers, 100
1Ooh; do, short sight, 11o1s 110i4 Paris, sixty
days, $40 q 6.25; do, short sight, 5.214 $50;
Prussian thalers, 714 a 71A; Antwerp, 527K
522k; Switzerland, 5.27s 5.22s; Hamburg, s41
. 95K; Amsterdam, 397s 4o1s; Frankfort, 40s
Il; Bremen, 94A 951s.
THE RAILROAD BONDS.
The railroad bonds were steady, except for Union
Pacific 1rsts and incomes which were = O q per
cent lower. There was fair inquiry for all the
leading issues, but actual business comprised an
unusually large number OF small lots. The follow
Ing were the bids at the close Of the CALI