The New York herald., 1872-11-08
FINANCIAL and COMMERCIAL.
Better News from the Lon
don Market.
THE BANK RATE UNALTERED.
An Advance in Consols and
Erie Shares.
AMERICAN SECURITIES STEADY.
A Rise and q Relapse i'm the
Gold Market.
The Canadian Clique ManeuVring for
a Short Interest.
The Folly Of Specializing for a
Decline in Gold.
DUlMESS At THE STOCK EXCHANGE.
A Weaker Market and a Decline
in Prices.
The Folly of Specializing for a
Decline in Gold.
DuLMEss At THE STOCK EXCHANGE.
A Weaker Market and Decline
in Prices.
GOVERNMENT BONDS BUoYANT
The Money Market as Before, Opening
6a7 and Closing A a Per Cent.
WALL STREET, |
THURSDAY, Nov. 7--6 P. N.

THURSDAY, Nov. TO P. NJ.
MONEY EASY.
The general features Of the money market were
unaltered. The early transactions In call loans
were at q per cent and those after two O'Clock
at per cent on stocks and q per cent on gov
ernment collaterals. Discounts were quoted at a
~ per cent Foreign exchange was steady and
perhaps shade firmer on the basis Of 10S18 q for
prime bankers sixty-day sterling and lo9H ITO
for sight bills
THE FOREIGN MARKET
was better, both in tone and quotations, to-day,
consequence seemingly Of the action Of the Bank
of England in allowing the discount rate to remain
unaltered, although the bullion account for the
week showed loss OF 2135,OOO. Consols were an
eighth per cent higher and quoted "nrm;n Eries
quarter per cent better and flve-twenties steady
THE GOVERNMENT GOLD SALE.
The offer OF million Of gold 20 the highest bid
ders at the Sub-Treasury elected proposals for
total OF $440O,o0O, the prices bid ranging from
.111.7e to 112.6e. The million was awarded at 1881
1l256, the average Of which was nearly an eighth
per cent below the rate in the open market at the
same time OF day. From the large amount bid for
1t was thought that the god clique were the prn-
cipal buyers
GOLD STRONG BUT UNSETTLED.
The gold market opened heavy, and receded
trile under sales by parties who were disappointed
at the non-advancement of the Bank of England
rate Of discount, but soon rallied under purchases
Inspired by fear that, with the government gold
sale out OF the way, the Canadian clique would give
The "bears" another "twist." The price recovered
accordingly from its early decline to 1928, and ad-
vanced to 112z. Here the clique made an effort to
sell, and the market dropped to 1929. The clique
have
MISMANAGED THEIR SPECULATION,
and lost their power over the market by the ex.
travagant "squeeze' Of last Monday, which drove
the ''shorts" into covering and frightened them
into staying out Of the market The clique have
ell the gold and the outsiders are not interested
While there is little doubt that gold Will 90 to lO7
lOs this winter nobody should sell 1t '.short,. for
the twofod reason that such an operation is both
dangerous and, II successful, unremunerative. A
speculative sale Of gold for the sake OF profit is
about as wise as going short Of Boston, Hartford
and Erie or Mariposa. People who
FLAY THE FLEA
for Its cuticle are engaged in much more credit
able and less absurd business. The merchant who
CANDLES for few per cent OF decline in gold
must do very risky business when he is COM
PEELED to rely upon such contingency for return
OF profit. The steamer took out q consignment or
about one hundred and twenty-five thousand dol.
lars, made up OF gold and silver. The Sub-Treas
nry paid out $62o,OO0 on account OF interest and
$4,000 on account OF redeemed fve-twenties, The
course OF the market Is shown in the table -