The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-12-30
FINANCIAL and COMMERCIAL.
WALL STREET,
THURS DAY, Dec. 29---J Il. M. I

WALL STREET
THURSDAY. Dec. 29--6 P. N.
On Change to-day wheat was quiet and without
new features. The cotton market was duh ana
lower.
ANOTHER "soUEEzE,' IN MONEY.
the "bears," or rather the "bullsu-fsr tho recent
operators for decline. with rev exceptions, are
now buying both to cover their outstanding contracts
and to be long Of stocks against the great relaxation
In the money market next month and during the
spring-fnd II necessary 10 keep the money
market stringent at this time In order
that they may force stocks out OF weak
hands as well as check tho outside demand for the
shares which they themselves are DESTROYS OF pos.
sessing. The closing OF mercantile. and bank 40.
counts, the withdrawal OF money necessary to meet
the payment Of dividends and similar influences CO.
operating TO render money active are aggravated by
the locking up OF funds by tho clques the means 10
90 which they have procured by borrowing gold OF
tho Canadian banks. This gold sweed the balance
at the Gold Bank to-day to about twice the
usual average. The rate on call advanced
from seven per cent gold TO " and "
per cent day, In addition to seven per cent cur.
rency-that H. some borrowers paid for money
over night at the rate OF ninety seven per cent per
annum The lower fraction. viz., u, with .'lnte.
rest, was freely PAID about half-past two O'Clock.
In other words accommodation was generally at
three O'Clock prominent "bull house relieved the
market by carrying stocks ana lending money at
seven. currency; but the previous activity had in.
midated so many that their generosity was Of little
benent to the street, as accounts had been as rule
made mp quite promptly. Commercial paper Is
quoted nomlnally at "a SIX per cent discount for
prime double names, but nothing was doing.
Foreign exchange was duh, as q consequence OF
the stringency In money, and rates lower the mar.
ket closing 100 lo9,s for primo bankers slxty-day
sterling, and 1924 ITO for sight bills.
STOCKS FIRM AND HIGHER.
Tho stock market was strong under purchases by
operators who were prominent In tine recent ham
mering OF the market, by which prices were forced
to decline Our disclosures yesterday TO the sim
uous ways OF certain venerable operator
who has ali old trick OF abandoning his
confederates when 1t suits his Individual interests
led to recriminAtiOn ana quarrelliny among the
"bears'' generally, who In their anxiety to be
left 10 the urch began each to buy on his own &C.
count Rock Island being one OF the stocks OF
which they were largely short sudden rush for 1t
ran the price up from lo3H to 1861. Northwestern
preferred was also snapped up In the same way,
and for q time the "bears' were climbing over each
others shoulders In their anxiety to buy In their
"shorts." The ''od mansn detection evoked
great deal OF profanity from some Of his late col.
leagues, to whom he lent bis certified
checks o week or 30 ago, but on whom he
is now said to have played the serious
joke Of buying the stocks which they sold short on
the strength Of locking up his money. The leading
spirit In the whole "bear" movement Of the past
season Is reported to be greatly exercised the
uncertainty OF mundane AFFAIRS particularly In the
vicinity Of Wall street, especially whom those affairs
are guided and controlled by men whose monetary
transactions are mixed up with religious zeal. Il.
viii be from this sketch OF the situation that
lines are very much confused In tho street Just now
The results Of today's operations will be in the
following table OF the extreme fluctuations or tho
day ana in the table OF closing street quotations ap.
pended to the llsI OF stock sales