The New York herald., 1872-12-21
FINANCIAL and COMMERCIAL.
The Money Market Stringent, with
a Relaxing Tendency.
Fears Of the Usury Law and Of the
Congressional Investigation.
TIE GREAT ERIE SPECULATION.
Excitement and Activity in the New York
and London Markets.
FURTHER RISE OF FOUR PER CENT.
Erratic Movements in Pacific
Mail Shares.
GOLD DOWN ANOTHER POINT
A Further Advance in the Rates
of Foreign Exchange.
ERIE RAILWAY EARNINGS.
Government Bonds Duu-The London Quota
tons Highsr-Decrsase in the Specie
Of the Bank Of France.
Erratic Movements in Pacific
Mail Shares.
GOLD DOWN ANOTHER POINT
A Further Advance in the Rates
of Foreign Exchange.
Government Bonds Dull-The London Quota
dons Highsr-Decrsase in the Specie
of tho Bank Of France.
WALL STREET,

WALL STREET.
FRIDAY, Dec. 20-6P. M.
On Ohange to-day cotton was quiet and firm,
l-16o. 10. per ID. lower for both ''spotn and
|f1ture." Flour was in more demand and steady,
while wheat and corn were quiet and nrmer but
not quotably higher.
THE DRY GOODS IMPORTS
Tho total Imports Of foreign dry goods at this
port during the past week were $1,sO9,74s. The
amount marketed during the same period was
$l,6oA,6s8
THE FOREIGN MARKET
Advices from London show steadiness In cOnsols
and an advance Of y per cent in most OF the
United States bonds called In that market the e7's
selling at s2k and closing 90 92k as against 90
the previous day. The Erie speculation seems to
have taken the foreign market by storm as much az
1t has our own, and the dealings and excitement in
London are Of unusual magnitude. 1t will be re-
nenbered that last Spring the Londoners ran Erie
up to 76 on tho simple intelligence that Jay Gould
had been depesed from the presidency Of the road,
80 that their present exhlaration ovet the
NEWS FROM AMERICA
not at all surprising. As compared with last
evening Ertes went up about eeven per cent to
Nk-equivalent to about oS on this side-but fell
on two per cent at the close on rumor that there
was - hitch" In the restitution matter. The ex
citcment has spread to the Continent particularly
30 Germany, in the chief cities OF which country
Erie is as much card, almost, as in London or
New York, with the result, seemingly of allaying
some Of the local agitation recently prevailing
there, our bonds coming better from Frankfort, as
II the worst had gone by. There Is . small de-
crease again In the weekly bullion statement Of the
Bank OF France, the amount being 6nly 100000
frames ($loo.oo0.
ADVANCE IN FOREIGN EXCHANGE.
The scarcity Of commercial bills and the steady
demand for remittances usual at this season in
settlement Of foreign balances have conspired to
occasion further hardening Of the foreign ex-
changes the leading bankers having raised their
rates to-day . further one-eighth per cent. The
market can hardly be called firm at the advance,
however, for the drawers allow generous broker
age on the new scale OF rates, which are as fol-
iows:-Sterling sixty days. commercial, 1851 100 ;
do, good to prime bankers. 1O9H 1O9k do. short
sight, 1loK 11oh; Paris, sixty days., 6.2s&
5.23X; do, short sight, $50 5.1SN; Prussian
thalers, nk = r.; Antwerp, 5.26H SIX; Swift.
Eerland, 6.2ek 6.21H; Hamburg 951 a 90; Am
sterdam, 40 4oh; Frankfort 4oT a AZ; Bremen
05k Q o.
HONEY STRINGENT, BUT EASIER.
The money market was again quite stringent, but
toward the close gave some promise OF more or less
relaxation. The early business in call loans was at
tho conventional ~ and INTEREST," OF the past
week. the demand incre asing until the rate became
e16 per cent In quite large amount OF transac-
lions, with exceptional dealings at as high as per
cent In tho closing half hour Of the sidewalk mar
ket there was fuller supply Of money and also
quite noticeable apprehension Of the legal conse-
.quences OF usurtous transactions, the two condi-
uons asslstinga
DECLINE IN THE RATE
to 1872 Lie per cent by three O'CLOCK loans subse.
quent to that hour being made quite freely at as
low as 1-32 The relaxation this afternoon such as
1t was, was all the moro remarkable, as the banks
turned IN TO the Sub-Treasury over million dollars
OF currency In payment for the government gold
bought yesterday. Commercial paper is nominally
quoted 10 IL per cent discount for prime names
The fear Of legal penalties referred to above was
excited by the peremptory resolution Of Congress
directing an investigation of the stringency in the
moro serious than the action while ago OF the
Grand Jury, as the Banking and Currency Commit
tee are clothed with powers from Congress that
make them more potential than our local inquis
itors.
THE RAILROAD BONDS,
In the railroad bonds the leading features were
sn advance in New York Central skies to % and
Hartford and Erie frsts were lower at 42,l. The
general market was firm, with liberal inquiry for
investment. The following were the bids at the
nrst call amended by the dealings 1T the second
board -