The New York herald., 1872-11-28
THE BANK OF ENGLAND DISCOUNT RATE.
The Gold Market Steady and For
eign Exchange Weak.
ADVANCE IN GOVERNMENT BONDS.
Money Easier-The Rate on Call
Closing 3 4 Per Cent.
A REACTION IN FRENCH RENTEs.
WALL STREET.
WEDNESDAY, Nov. 27-6 p. M.

WEDNESDAY,. NOV. Z7-6 Il. M.
On 'change to-day cotton was in moderately fair
demand, but at a &c. per Id. decline in prices.
Flour was steadier, wheat was more active and
drmer, and corn was easy.
THE THANKSGIVING HOLIDAY.
Tomorrow (Thursdayl will be observed as a
strict holiday by the business community down
town. The several boards have adjourned over to
Friday, and no business of any kind will be trans
acted In Wall street, except, perhaps, the writing
ofa few letters Of advice for the noon steamer.
Tue GOVERNMENT GOLD SALE.
There were eighteen proposals for the million Of
gold offered for sale by the government to-day. the
bids at tile Sub-Treasury calling for total Of
$2.200gOo0 at prices ranging from 1l2 to 112, IS.
The sale was limited to the amount advertised
and the million was awarded at 112s6h 1885,
the average Of which was, as nearly as might be-
the prevailing price in the Gold Room at the sam e
time.
MONEY EASIER.
The money market was again easier, but the
relaxation was still o matter of gradual progress.
The highest rate call 1872 and per cent for
the interval to Friday or at the rate of 164 per day
and I per cent per annum. Toward two O'Clock
god interest was generally accepted, and long be-
fore the close of banking hours the rate OF to
Rs low as q per cent, accounts having been made
up early in the day In the preparation OF the
brokers Tor an early departure from the street.
Mercantile paper, while still neglected and quoted
as before, not unfavorably regarded, and the
immediate future may see q yielding in the dis
count rate.
FOREIGN EXCHANGE WEAK.
The foreign exchange market was dull early in
The day for sixty day bills, owing to the easier tone
Of the foreign money market, and one Of the lead
Ing drawers asked as high as 10S1a for sterling,
but soon after lowered the rate to 1885,
and that for sight bills to ITO. The mar
ket at the close was weak, with sales OF
prime sixty day bills at l0s}4 little or no inquiry
for short bills. The tendency Of the former class
OF bills to strength is overcome by free sales OF
borrowed sterling, and the indications are that
sight sterling is more likely to decline than
long sterling to advance with lower
money market In London The following
were the closing rates STERLING, sixty days
commercial, 1917 los; sterling good to prime
bankers. 1885, 1885 sterling short sight, 109a
Ito; Paris. sixty days, 5.S5 $50; Paris, short
sight, 5.264 525; Prussian thalers, 701l Hh;
Antwerp, 5.32h o 5.271s; Switzerland, 5.31A
b27k; Hamburg, IS s5qS; Amsterdam, ao's
Box; Frankfort, Aoat 4o'l; Bremen, sa1s oa'5.
'NsFa. - THE FOREIGN MARKET. = r.sf ,s
As intmated in the preceding paragraph, the
advces from London are still assuring, and antci-
pations are INDUCED in that there will be an early
reduction Of the Bank OF England rate OF discount.
the impression prevailed that the Bank would
hardly lower the minimum until the question Of a
further disturbance OF the market and necessity for
restoring the rate after its reduction had been
placed beyond peradventure, so that If the mini
mum Is not altered in the morning it will be be-
cause OF pursuance of the policy thus indicated.
The street rate for money reported to be
down to per cent, against the per cent
asked at the Bank of England Consols hold the
Improvement Of yesterday, while our fve-twenties
are X a x higher and the new 6ves strong at an
advance OF " The ten-forties were not so firm
for some reason, and were, In fact, heavy and
tribe lower in early quotations. reaction OF 20
centmes in French rentes indicates more settled
feeling at Parls this evening.
THE CITY BANK STOCKS.
The following were the bids for the city bank
vhares:-New York, 1872; Merchants, 1l5; Mechan-
ics', 1888; Union, 1870; America, las; City, $50;
Phenix 1O1x; Mercantile, $50: American Ex-
change ITO; Bank Of the Republic, 10S; Bank OF
North America, los; Hanover, 90; Irving, 125;
Metropolitan 1927; East River, 1l5; Market, 125;
Commonwealth, SO; Importers and Traders, 40;
Park, 149; Manufacturers and Merchants, 100;
New York National Exchange 81; Fourth
National, 1114; Oriental, 10; Gold Exchange,
llo; BANKERS and Brokers' Association, so.
THE RAILROAD BONDS.
There was fairly active business at the first
Board In the railroad bonds, with well distributed
inquiry. Cleveland and Toledo sinking funds sold
ct 102k. The following the bids at the call =
New York Cen 6s 49,. 90Is Han st Jo ST.