The New York herald., 1870-12-10


for the purchase OF exchange in making remitances
to Europe The slight fluctuations OF the past few
DAYS are significant measure OF the legitimate
business which is done in gold. The course OF the
market IL shown in the table,
10 A. M........... l1ozs Up. M............ l1o7.
1880 A. NJ. ........ 1loK sP M.............. iio9
II A. M.......--... n0ys ar NJ. ............. 1lo4
I'm M:............. iloa $3.50 ?. M....liost lloz.
II. M.......- liVIs
In the gold loan market the rate ranged from four
per cent for carrying to nat for Borrowing Tie
operations OF the Gold Exchange Bank were as
follews:-
Gold cleared. s26. 900
currency palances.... ................ 1851 125
FOREIGN EXCHANGE STRONG AND HIGHER
The continued interruption or cable commu-
nication with the Liverpool and London markets
limits the supply Of commercial bills and the lead
ing bankers have therefore made a further advance
In the rates for their bills. The demand was fairly
active for to-morrow's steamers The following
were the quotations at the close:-sterlng, sixty
days, commercial, 1854 1oss4; good to prime
banksrs', 1857 1o9,l; short sight, 1897 a 11o;
Antwerp, 6.2lK 5.16k; Switzerland. 5.1ssl 5.12k;
Hamburg, 35X SO; Amsterdam, 40h 40X:
Frankfort, 4oh Al; Bremen. 7s1 7ssz; Prussan
| tAalers, II a7lH.
MONEY EASIER.
During the usual hour for making engagements
cent, and large proportion OF borrowers on stocks
paid seven per cent. After two O'Clock the supply
became abundant owing to the disbursement OF the
| Sub-Treasury in payment for the bonds bought
| yesterday, and loans were made freely at six
per cent on prime stock collaterals--the lenders
| being anxious to place their balances over
night On government securities the rates
were five and six per cent, the leading
dealers in this class OF investments being offered
large amounts at the lower Just specified. The
discount market is in healthy condition, and the
supply Of paper is limited. Good buyers are con-
stantly on hand and prime names are readily alb
sorbed at 7 q TX per cent. Occasionally a choice
dry goods acceptance passes at as low as 6,s per
cent
The currency movement with the interior is still
slightly In favor OF the city. Cincinnati and New
Orleans are drawing upon us for pork and cotton
transactions, but Chicago Is shipping us large
amounts OF currency, and the banks there have had
to raise the premium on New York exchange 10 r.
per cent which, OF course, Is their selling rate over
the counter.
GOVERNMENTS STRONG AND ACTIVE.
There was decided speculative movement in the
government llsr and dealings were more than usu-
ally active, as compared with the course or the
market for the past month. The intimatIon in this
column yesterday that the pending coupons which
mature January ! had induced freer purchases
confirmed in the sudden advance In prices to-
day. The Improvement was at first confined more
particularly to the issues which draw interest Janu
ary ana July, but towards the close the whole
list sympathized with the upward movement,
especially the stronger tone or the
gold market had Offset the effect or the
slight reduction in the London quotation. The ad-
vance averaged nearly one-naf per cent, which is q
wide huctuation in government bonds. The highest
of ha day nd ont trant lorn
evening. when the market closed strong fol-
lows:-United States currency skies, 1l0I III;
United States sixes, 1884, registered, 11o1S 110h;
do. do coupon 113s1 Il3S; DO. ivetwenties, regis
tered, May ana November, 1914 lo72S; do. do,
1862, coupon, do, 10724 1878; do. do 1854, do.
do, 1917 l07h; do. do, 1856, do. do, 1919
1O7H; do. do. registered. January and July 1861
1o6H; do do, 1856, coupon do, 1898 109zs; do.
de-, 1867, DO. do, 1o9X 1927; do. do. 1868, de.
d. 1101S 1103S; do. tenforties registered 106,.
1868; do. do. coupon, 1867 106H.
SOUTHERN SECURITIES STRONG.
The Southern list was more active for the Ten
nessees, South Caronas ana Missours, which ad.
vanced and closed strong. The following were the
nnal street prlces-Tennessee, ex soupon 6oIs a
COZ; a.. new, 5sA 5s1S; Virginia. ex COUPON 6s
6s1l; do. new, "a Go; Georgia SKIES, so 81; do
sevens, els< 92h; North Carolina, ex coupon
As 46a; do, new, "a q %; do, special
tax, 1s 90; Missouri skies, 90 a 934;
DO, Hannibal and st. Joseph, 92k 90;
Louisiana skies, 70 . 7oI; DO, new, &C 6s; de-,
levee skies, 72 q "a; do do eights, 80 a 9l:
Alabama fves, 10 q 72; do eights, 1O1 1902; South
Carolina skies. sS 90; do. new. January and
July, 691z 20: do. do, April and October, 81 co.
Arkansas skies, Ga &C.; do. sevens, 65 a 81.
STOCKS STRONG AND BUoYANT.
The "bullsn in the stock market followed nm
their late triumph by active purchases OF the leading
speculative shares. particularly those upon which
dividends are payable this month. The movement
already noted in government bonds seems to have
its parallel In this department OF business as II the
speculative feeling OF the were suddenly stim-
ulated by common motive. The process OF s.win-
ming the dividend" is an old stratagem with the
cliques BY holding stocks at the time Of closing
the transfer books they collect the dividend In cash
subsequently the low Price OF their stocks, when
dividend, brings in buyers, anfording them a good
market on which to SELL If so disposed. Furthermore
1t is apparent from what has already transpired in
Congress that the questions OF the currency and
specie payments VIII be avoided. Secretary Bout
well omitted all reference to them, much less made
suggestions concerning them. The washington
Republican is authority for the assertion that the
Western members are unit in opposition to forcing
specie payments By any contraction or the cur.
rency. The hfty-four million bill is sufficient at
present to meet all requirements for new banking
facilities, and It's existence stands reproof to all
attempts ct financial legislation contemplating o
contraction of greenbacks. 1t possesses the requ-
site elasticity to settle the financial ques-
ttons OF the hour. 1t is grand COVER
nor ball on the monetary engine OF the
country which will expand banking facilities
as they are needed, and contract the lega! reserve