The New York herald., 1870-12-17
FINANCIAL and COMMERCIAL.

FINANCIAL and COMMERCIAL.
WALL STREET,
FRIDAY. Dec. Ae-9 7: NJ
ON 'change to-day wheat was nrmeF. but the
volume OF business was small. Cotton was better,
with more activity.
THE STRINGENCY IN MONEY.
The stringency in the money market was again
the feature OF the day-the key TO financial move-
men,s In Wall street, The squeeze" OF Thursday
had produced strong an impression on
the minds OF borrowers that the in
quiry for money commenced at an early
hour, and many engagements were made long
before noon. In these first transactions the rate
was generally eighth to quarter per cent, bor-
rowers consentng TO pay these extravagant terms
rather than take the chances Of having TO pay more
later in the day, while lenders who were apprehen.
sive that the strnasn6 Was only temporary thought
themselves fortunate tA procure them. At the usual
hour for making loans In the afternoon the offerings
OF money became more abundant and the rate de.
c'lned 10 one-siXteenth one thirty second ana to
seven per cent In gold. Borrowers on government
colaterals were freely supplied at seven per cent,
while some OF the lrst class houses obtained loans
at SIX per cent. but these Instances were excep-
uonaL The stock houses operating on the s'buln
side came upon the street toward three O'Clock and
lent large amounts at seven, currency, enabling
general making up OF accounts at the usual hour
for closing the banks. Some dilatory borrowers
appeared after tns time, and had to pay high as
one-sixteenth for accommodation, but they were
suspected to be emissaries from the camp OF the
"bears,r who were determined not to let the
market wind up at the relaxation to seven cur
rency. IL was evident, however, that the
srlngcncy had greatly abaei, II it has not entirely
gone by for the supply of money was larger than on
the preceding day, as shown by the greater facility
with which bank accounts were made up. As anti
cpated one OF the leading down town banks-the
Mcchan'cs'-was creditor at the Clearing House this
morning for large amount-nearly $4,000, 600
which had been locked up by the "bearv cliques by
the process OF certified cheeks The officers Of this In
siuton, which has always borne the best reputation
for fair dealings, expressed themselves highly In
dignant at having been made tool In the con.
spiracy TO deranse the money market, and were
urgent In protesting that they were innocent
OF any wilful participation In the scheme,
their completely having been brought about by the
cerlhcation Of checks which were drawn by parties
belonging, IL Is alleged, to the "poon and were
certified in the usual routine Of business The conspi-
racy to render money stringent SAID number sew
era prominent capitalists, who began their operations
by contributing their quotas to a spool" OF
Of circulation, and with the withdrawal Of nearly
$4,000 900 by tho city treasury and the payment OF
Sl,10O,ooo into the United States Sub-Treasury on
Thursday occ sioned sudden hiatus of about
So 600 in the available money OF the city banks
Most OF the money which went into the city trea.
sury and United States Sub-Treasury has found its
way back again into the street, and hence the
Taxation Of to-day Otherwise the supply OF money
is almost as great ever for the sh pments OF
rency are material only the direction OF the South
west which is sendlng cotton more freely.
FURTHER DECLINE IN STOCKS.
The "ocars'' who Know that the law OF the statute
book, IL not the law OF supply and demand, Will
speedily terminate the strin ency money followed
up their victory OF Thursday with another terrific
attack on the stock market this morning. which
they threw INTO disorder by the bodness and celer,ty
Of their sales They delivered their blows with
such rapidty as to check all reactionary
tendency on the part OF the market and
keep prices on a steady decline during the
whole forenoon. AS money grew easier however, the
market eluded their grasp and at the last board
prices improved. ana when, AZ three O'Clock, money
was offered at seven per cent, sharp upward move
ment set in. The tumble in the forenoon was as
much rs four per cent Tor one stoUA, WHICH
to receive the brunt their attack, while the de-
cline ranged generally from half to three per cent.
The recovery the afternoon great the other
way, and one security, supported by the friends OF
Mr.. Vanderbilt advanced beyond even the price
from which 1t had declined. This demonstration
gave great encouragement to the "bus," who tel
lowed up their triumph until late IN the afternoon,
when the "bears'' again entered the field ana made
greater havoc than BY forcing prices for some
Of the railways TO the lowest OF the day. the whole
market closing excited, unsettled and feversh.
THE PARTIES TO THE FIGHT.
shear, SIDE include Daniel Drew, whose reputed
proclivtles are always in favor OF lower prices. On
the other side the prominent leader is Commodore
Vanderbilt, who Is o constitutional "bulln The
lines OF the opposing houses In the street not
well drawa; but the ''hulls" rally around William
Woodward, John ii. Tracy and Marvin Bros,
who are known rs the Exchange place party. The
"bears make their headquarters in Broad street. at
the office OF Rufus Hatch. A dozen smaller houses
follow in the wake, respectively OF these leaders
GOLD AND GOVERNMENTS.
The speculative interest OF the street being wholly
absorbed IN the exciting events at the Stock Ex-
change the business IN other departments has been
almost nominal.
Cold was quiet between the extremes OF 1105s and
1loW, the changes following the Slight variations IN
the foreign quotations Of fve-twenties, and being
modified to some extent by the scarcity
OF currency with which to "carry" gold
The effect of this latter influence was
very slight, however. The Gold Bank returns
show larger figure in clearances due not to In
creased business, but to the changing Of loans Incl
dental to the more active demand for currency.
Government bonds were somewhat sympathetic
early In the day with the higher rates for money but
when later IL was discovered that borrowers could
readily obtain money upon them at seven per cent
the depression passed Off and the market recovered