The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-11-03
FINANCIAL and COMMERCIAL.
WALL STREET,
WEDNESDAY, Nov. 2--1 T.. NJ.

WEDNESDAY Nov. 2-e p. MI
On Change to-day cotton was active ana strong.
The advance In price was not fully sustained. how
ever. and partial reaction ensued toward the close.
Breadsturs were In superabundant supply and the
market neayy and lower.
FOREIGN EXCHANGE WEAK.
The foreign exchange market gave way under q
freer supply OF commercial bills drawn principally
against exports OF cotton and fye-twentiesthe quo.
tatons OF the latter III London allowing q small
profit on their shipment-and the leading bankers
reduced their nominal rates 10 i09 for sight stcr.
ling and 100 for sixty day bills the actual bust.
ness being at slight concession from these
rates. The statistics OF the exports from New York
for the past ten months snow an increase OF 100000
bales Of cotton, 5000 barrels OF nour and
l2,5000Oo gallons OF petroleum az compared with
the corresponding period of 1869. The only impor-
tant decrease was In wheat OF which 20o,o 900 less
bushels were exported The following We're the clos
ing quotations OF change:-Sterling, sixty days.
commercial, losH 1851 good to prime bankers, 100
a lOsA; short sight. 1929 1926 Antwerp, 5.21!4
5.1s&; Switzerland SIS a j.I3&; Hamburg 351s
80; Amsterdam, 4O1s sozs; Frankfort, 4ox Al;
Bremea 1871 10; Prussian tnalers, II Tx.
THE GOVERNMENT SALE or GOLD.
The offer or the government to sell gold elected
bids for SIS, oo0 AT prices ranging from 1lo.4l
$1,000 900, but bids were accepted for Sl,755,ooo
and the latter amount awarded. the excess being
the coin interest on the bonds bought by the gov
ernment since July last. The award was made at
ill.09 1Il.0145.
GOLD wEAE-l1i& A ll05S.
The gold market had been weak in the forenoon,
the price ranging from Ill 10 1ll5s, with
few sales at nix. The extra sale OF gold
very naturally produced further weakness, and
the price fell of to 1lon, the downward
turn being assisted by an advance OF ye-twenties
in London to 500 for the issues OF 1862. At the
close the market was hrmer and reacted TO Ill, at
which price the latest sales took place. The gold
loan market was easier and transactions late in the
day were generally az nat or without interest TO
borrower or lender. .v.ea
MONEY IRREGULAR.
: The rate on call during most OF the day ranged
from i've to six per cent for loans on stocks and
from four TO nye for loans on government colate.
rails. Towards tue close Of banking hours there Was
a brief but active den3ind AZ six per cent and in
several instances the borrowers paid seven per cent
Discounts were unchanged.
''- - GOVERNMENTS STEADY.
The government list was quiet except for the 67s
and tenorties which moved IN opposite directions,
the former declining and the latter advancing.
The decision OF the Secretary Of the Treasury per.
hitting an equal issue Of circulation on the five.
twenties and ten-forties has started the national
banks to Withdrawing their 1ye.twenties on deposit
At washington (Which consist in great part OF 67'sl
and substituting the ten-forties the exchange per-
milling them realize the difference In the market
prices Of the two issues. The market closed quiet
with the following street quotations:--United
tered. ll39S 1lss; do. i6s, coupon, 1854 1898;
90. bvs-twsntss, registered, May ana November.
icy;s los; do. do, 1852, coupon, do, 100 1O9i;
ae DO, 1884, do io 1914 I0S; do do, 1865, do.
d. los l0s1s; do. do, 1855, registered, January
snA JBly 11o 11oA; do d., 1865 coupon, do. do,
1l01I l10si; do. 49,, 1867, do. Co., 1l01f 1iOx;
de- no., 1863, DO do, 1905 1IsI: DO. tsn-rcrses
registered, 1857 = 1878; do. do coupon, 1867. =
1878.
srUoKs QUIET.
The srocs market was quiet, and for some OF The
list heavy. The course OF prices has been repetI-
ton OF Itself for several days. There was hardly
any special feature in to-day's movement, which
WAS irregular, few Of the list being strong and
higher the general lisi being steady and third set
OF stocks being weak. The changes are made from
day TO day from one TO the other OF these classes.
The weak of to-day VIII be rbe strong ones Of
Tomorrow, the strong The weak, and so on.
This temporary lull In the main current 10
only the usual prelude % great activity The recent
ardficial strngency in money has shown the
cliques the necessity OF guarding themselves by
time loans, and accordingly they have been Ell.
gagged the past week In securing themselves by en-
gagements OF funds for sixty and ninety days. The
offerings TO them at per cent have been abundant,
but their negotiations contemplate the payment OF
less rate Of interest il possible and several large
sums have been already secured al d and 6ii per
cent.
TIE couESR or rnE GoLp MARKET.
The chiel prices or gold during the day were
follows