The New York herald., 1872-10-11
STOCKS DOWN ALL AROUND.
Second Sober Thought and a
Reaction at the Close.
mot 50 MUCH OF A SHOWER. !"
Advance In Government Bonds in
New York and London.
WALL STREET,


THURSDAY, Oct. 10-6 P. Nj.
on 'Changc to-day cotton was in good demand
and easy. but not qu0tably lower. Flour remained
steady, while wheat and corn were in good demand
and higher.
TO BANKERS AND BROKERS'
1t has been the suppostion among the bankers
and brokers that the amendments to the Internal
Revenue law required returns Of capital and
deposits to be made only every six months. This
preston is erroneous The returns must be made
monthly, as heretofore before the tenth day OF
each month, but the taxes will be collected only
every six months-viz., in January and July:
THE GOVERNMENT SALE OF GOLD.
The Assistant Treasurer opened BIDS at noon for
che million Of gold advertised to be sold to-day at
noon, and found offers for total Of $4 G94, ,OoO at
prices ranging from 1l2 to IS. The million was
awarded at 1921 1928 the average Of which
was as nearly as might be the price Of gold IN the
open market at the same time, the quotation
being l12x 1l2X.
MONEY TO PER CENT.
The money market was easy with the supply still
more abundant than on the previous day. The first
4uOtation was a per cent, with q good many re-
newals at the higher figure. As the day wore on
the rate declined and before three O'Clock large
amounts were offered and loaned at as low as per
cent At tho close OF banking hours the
quotations stood a per cent. larger
uuuc was uOne IN cOinmerClal paper, both
~ bank and the street. The banks
70 their credit be II said generously employing
the money recently dishursed by the Treasury in
helping the mercantile interest. On the street
prime paper continues to be quoted 10 II per
cent.
THE BANK OF ENGLAND
advanced the rate OF discount this morning to six
per cent, against five per cent the previous mini
mum: and although the probability or such an
alteration Of the rate had been frequently adverted
20 In the columns OF the HERALD during the week,
10 large an advance had not been anticipated, and
the Wall street markets were Immediately discon-
ccrted by the news, stocks becoming weak and de-
Ginning rapidly and gold strengthening and ad-
vancing to l3. This is the highest minimum OF the
Bank OF Engand's rate of discount since the ex.
cited period OF
THE FRANco-PRussIAN WAR,
when the fear OF drain OF money to the Continent
impelled the bank managers to raise the rate to six
per cent. This fear, 1t win be remembered, proved
grOundless; for money rather sought than went
away from London and has been accommodating
there until within few months past, when the
French indemnity began to draw some OF 1t to Ger
many. The advance to-day Is rather preparatory
defensive than strictly necessary for the cable
brings word that the street rate for money in Lon
don is still a b1a per cent, while our bonds have
actually advanced an eighth per cent consols re-
Waining about steady.
ADVANCE IN FOREIGN EXCHANGE.
With the intelligence from London Of what had
been done by the Bank Of England the leading
drawers OF sterling advanced their rates, first an
eighth per cent and later another eighth per cent,
putting the rate for prime sixty bills to 1857 and
sight to 1104, actual business being the basis OF
1857 10sx for the former and 10 q 1l05 for the
latter. The following the closing quotation
Sterling sixty days, commercial, lo77< o 1OS9s; /;
do good to prime bankers, 10s1a 10s24; do, short
sight, 109I HOY; Paris, sixty days, 6.32H
h27h; do, short sight, 5.23s4 a 5.221S; Prussian
1halers, II a 71X; Antwerp, 5.2s4 5.22h; Switz-
erland, 62sz 5.22h; Hamburg, 35ss q s5% Am
sterdam, s9ts 4oi4; Frankfort 4oss a4lis; Bremen
OIx 95ls.
GOLD sTROEG-112M A 49,
The announcement OF the advance in the Bank
OF England rate OF discount started fresh specu-
iation for rise in gold, especially as the foreign
bankers at the same time advanced their rates for
bills on Europe. The first sales were at 112A, just
as the Board opened, the offerings at which figure
on unfulnlled orders were so plentiful as 10 cause
momentary yielding to 1l2S. Here the market
turned again, and gradually advanced to ll3,
closing at l12%. The following table shows
THE COURSE OF TIE MAgKET:-