The New York herald., 1872-12-24


Since Jan. L.. 1924 1885 $se7 1882 sS2
THE FOREIGN MARKET.
The cable quotations show q firmer market In
London, with an Improvement in consols of 1-16
"a per cent and an advance in our ten-forties Of u
per cent, the 1ve-twenties and new fves coming
unchanged. The Erie speculation has undergone
reaction and the price has fallen orl,s per cent
from SATURDAYS closing figure OF ST. as If stock had
been freely sold from this side, theory confirmed
by the large purchases Of Erel here to-day by the
German bankers having agencies In London Erie
left on at 40Z-equivalsnt to 613s In our cur
rency.
MONEY EASIER.
The money market, while stringent as compared
with what Is usually regarded as an easy money
market, was more abundantly supplied for the uses
Of Wall street. and the rate on call ranged
no higher than sI-16 and interest,"" which
rate was extreme and exceptional, the average
Of the days business having been at
1872 and interest, or say about IS per cent
per annum, with exceptional dealings toward the
close at as low as per cent, coin, the last rate
having been 1.32. The tone OF the market was,
however the most encouraging feature, lenders
themselves feeling less confident OF a mainte-
nance OF high rates. while
LOANS ON TIME
were offered quite freely az II the owners of the
money were anxious to secure employment for it
just now, when borrowers are accustomed to ex-
travagant terms. Large amounts were to be had
at per cent for 90 days for a bonus or brokerage
OF per cent, or at the rate Of 13 per cent per
annum. No transactions OF this kind were reported
to have been made, for borrowers are equally san
guine that with the reinforcement Of the bank re-
serves with the Treasury gold now coming on the
street. not to speak Of the normal tendency of the
money market at this season, the rate is likely to
fall 20 less than per cent before the new year is
many days old. Commercial paper is stu neg
lected and nominal, prime names being quoted at
10 o IL per cent discount.
ADVANCE IN FOREIGN EXCHANGE.
1t is gratifying feature OF the closing year that
merchants are continuing to settle their trade
balances with Europe In . prompt manner, thus
leaving nothing to the accidents Of the future,
policy likely to greatly serve them, however much
they may feel that gold and exchange may be
bought more cheaply later in the Winter. The
demand on this account as well as for remit
tance OF January interest caused q further
advance in the rates OF exchange this after
noon, but no business was done at the advance,
prime sixty sterling selling at 100 s-lo . 1925.
The following are the new rates at the desk:-
Sterling, sixty days. commercial, 1os1s o 109h;
do. good to prime bankers. 109k 1091S do short
sight, 1103s 110x; Paris, sixty days., 5.27,s
5.23h; do, short sight, 5.1s,1 5.1sH; Prussian
thalers, nKa 72; Antwerp 5.26h $40; Swift
.zerland, 5.26k a $40; Hamburg, 95,4 a 90; Am
sterdam, 40 4ols; Frankfort, 4o7S 4l1<; Bremen,
95A a96
GOLD srEADy-111% 111X A 111X.
The gold market was quiet, and during the early
forenoon rather frmer, the stronger feeling being
the result oflarge purchases Of gold in liquidation
Of European balances, the price rising from 111x
to 111N The strength Of consos on the other
side checked further Improvement, and the mar
ket receded to 111x, despite cable message an
nouncing warlike symptoms in the news that Eng
land had threatened to side with the cause Afghan
independence should the Car OF Russia send his
soldiers into Khiva. AS London betrayed no ind
cation to the close OF any disturbance on this ac-
count the news was regarded with Indifference as
far as 1t affected the gold premium. The Sub
Treasury paid out 100000 on account OF
JANUARY COIN INTEREST
and $3.50, 600 currency interest making about three
and quarter millions paid out since Saturday
morning. The redemption OF called fve-twenties
amounted to $500. The course OF the market is
shown in the table -