The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-12-16
PINAMIiL and COMMERCIAL.


THURSDAY, Dec. A-8 r. NJ
on Change to-day wheat Was dun and steady.
Cotton was heavy aud . shade lower
.sQuEEzg- IN noSEv.
n win be remembered that on several occasions
during the past month, and. IN fsct frcqueXy since
the beginning OF fai the 'bcarsr In the stock mar
ket have endeavored TO render the moneT market
stringent, but each time have failed 10 &c
compish their schemes, both nom the great
abundance OF capital I'm the CITY thts SEASON
ana nom the absence OF any accidental cifcuu-
stances calculated to help them. They went 70 Gar
as to invoke the aid OF one OF the prominent down
town banks which locked up 81. $4,000 fr day or
two, hut on this occasion they suddenly lost the
alliance Of the bank. because ono OF the orncsaIs Of
the Currency Bureau at Washington happened 10 be-
Oh tour OF inspection in thia city, aud fright.
ened II into propriety. At length they dis
covered that to-day the city government was
about TO call In, or would have called
In from The day previous, the sum OF about
S. 00o Ia order to meet the payment OF interest
on and redeem portion OF the county dsnt rhe
city and county having been consolidated, the
county and city debt are the same thlng,, whine
they calculated that during the balance OF the
month the various dividend-payng Institutions
would begin q general withdrawal OF loans aud
moneys in order 10 prepare for the payment OF the
dividends which fall due the latter part OF this msnth
and during the beginning Of January The cliqne ope-
ratcrs arranged their plans at q special meeting
held few days since, and fixed to-day for the
grand attack. It's brilliant success does credit 20
their abilities as inancers ana speculator no mat
ter how culpable they may be In offending so griev-
ousy against the general moral code OF society and
commerce. Such movements may be splendid evil
dences OF speculative skill; but they arc conspira-
Giles against good order which should be punished
by some legislative enactments, for they demoraxe
business, PROSTATE trade and check our mercantile
prosperity. Their preparations for Tightening the
money market were felt In two preliminary spasms
on Tuesday and wednesday. But yesterday they
drew the net ana caught the street IN It's mesncs.
They found that one OF the city banks had drawn In
the money required to pay the city debt, as above
noticed and by locking up money m addition they
left the street short OF money this afternoon. THO
strngency was not felt until toward three O'Clock
when borrowers suddenly discovered that loans
were very difficult to procure. The clique had
already taken the precauon to secure all the avail.
able loans themselves at per cent which they
could do with very small sacrifice OF cash. for seven
per cent for single day amounts to only a. trine
after all. The rate consequently advanced TO seven
per cent, gold, after which commission" OF a six
teenth was paid. Tie demand becoming greater
borrowers became urgent and as money must
missions of one-elghth per cent one quar-
ter per cent and even one-half per cent
per day were paid for the use OF money over
night. The highest rate-and IL was certainly ex-
travagant enough-was the one last mentioned.
B0rrowers were "shlnning'' the street In all drec-
lions, until at last a ''money market' was estab-
iished on the sidewalk In front or the Stock
Exchange Accounts were late all around. Many
were not mace up until four O'Clock, even by the
best houses, and the banks, in order to gather In
their deposits kept open nearly two hours after
their usual time. The strlngency was preciptated
with suddenness unequaled In the history OF Wall
street. TO assist the clique 1t happened to be the
time for paying into the Sub-Treasury the million
and odd dollars due for the gold purchased yester-
day and, as chance directed, Mr.. Boutwell, in Wash.
ington happened to be at abinet meeting or away
from his desk on some business, so that tho award
OF bondacould not be made early in the afternoon.
condition on which m any Of the brokers depended
to be able to set Off their payments for the Gold
bought yesterday, II Deiuy usual to balance the
two transactions one against the other and to pay
into receive from the Sub Treasury the Inference
This accident aggravated the strlngency by COM
pelllng the houses who bought gold to pay for &c to-
day, without reference to the amounts which might
be due them on the acceptance of their bonds. As
it was the Secretary was not heard
from, and the Assistant Treasurer took the
responsibility at late hour Of buying q
million Of the bonds that were offered at the lowest
figures. TO trace the stringency more In detail,
money opened at seven currency, advanced to seven
gold, and thence to one-haf per cent commission,
but from this point 1t relaxed sghtly-viz., to
quarter per cent "and interest,"" which was the
latest rate on the street this evening.
'BREAKn IN STOCKS.
As may naturally have been Inferred the object OF
producing this stringency in money was the break
ing Of the stock market by the clique, who
are and have been for several months operating
for decline. Their efforts to produce a fall
have 80 far been only moderately successful,
and In that respect confined to only few
Of the stocks which they have assailed. Originally
they relied on the usual strlngency OF money In the
fall to help them out in their plans but this reed
proved broken one. The distribution of money
throughout the country has become so gene
raj that there was not the usual ebh OF
money to the West and South this season.
They next published the famous "bugaboo' circu
lar, which, by the way, they have placed In the
hands OF some rural Congressman and given him q
''put" on hundred shares Of stock, with view to
intimidating stockholders throughout the country
by the Introduction Of scathing law against stock
companies in general and railway companies
in particular. They have sent their emissaries to
washington to work up contraction; but they found
Congress too much engaged In political squabbles to
care for financial matters. Their last card was
making money stringent, In which doubtless they
have the assistance OF some OF the banks
The balances tomorrow should be observed with
particular attention, for they will show which banks
have lent themselves to CHS nefarious conspiracy.
Some Of the coolest minds In the street regard the
present attack as forlorn hope movement to con-
gummate the designs OF the cltnua who