The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-09-29
FINiNyIiL And COMMERCIAL.
WALL STEErT,
THURSDAY, Sept. 2S--o p. N.

THURSDAY, Sept 2S--o 2. ~.
On Change to-day wheat was strong but not so
active. slight advance in freights checking the ex-
port inquiry. The cotton market was steady.
The money market was easy at six to seven per
cent during the usual hours for making loans. the
former being the general rate governments and
the latter on stocks, some exceptions being re-
pOred at five per cent on governments Toward
three O'Clock there was sudden pressure to lend
the money paid out by the SubTreasury for the i've
twentes bought on Wednesday, and consider
able amounts were offered at as low as four
per cent. Accounts. however, had been made up
promptly and early and the quotations late in The
day were purely nominal. The mercantile demand
for discounts at bank is stu reported acuve. or
course the in such business IL seven per cent
which is also fixed as the lowest limit for prime
paper on the street.
Foreign exchange was weak, ana the leading
bankers lowered their rates 10 1885 Tor sixty days
sterling and 1905 for sight-.he difference Of q per
cent beng due to the advance OF the Bank OF Eng
land rate Of discount to four per cent On the street
bills were done at a concession OF fully one-eigh,h
per cent from these rates. Hol
GOLD sTRONG-1l4ls A lis.
The gold market was strong and higher, in re-
Spouse first to the advance of the Bank Of England
rate OF discount to iOur per cent and second the
sale Of only two millions OF gold by the Treasury
the Closing transaction OF the september pro-
gramme. But the feeling was NOS SO firm as
during the earlier stages OF the speculation, the
weakening OF the foreign exchanges IN tace OF the
advance IN The Bank Of England rate OF discount
being an influence against the rise. An effort will
doubtless be made by the gold clique to again squeeze
the borrowers or cash gOld that Mr. Boutwell, Is
out OF the market ald doubtless Will be for the
next five or SIX days. and some signs OF such o
policy were manifested In the bidding late this az
ternOon for the use OF gold tomorrow, consldera-
tons OF LEA and l-32 having been paid IN such en-
gagemcnts. AS 1t is, the advance in gold has per-
United heavy shipments OF our domestic produce, the
outflow Of which wOaid be arrested only by an in
reference with the rates for the Of cash gold or
by sharp depression OF the foreign exchanges.
The sale Of gold to-day elected unusual interest
and drew crowds To the Sub Treasury. The
bids were very large ana called for total
OF $2 co., ut prices ranging from 1850 1l465.
Pending the awards the brokers IN the Gold Room
filed out 10 the corner or Wall and New streets aud
10 the mouth OF the "Gold Aley' on Broad street,
where they stood III sight OF friends and partners,
who in turn stood at the doors of the Sub-Treasuiy
ready 10 signal the amount OF the sale. When the
announcement was MADE great excitement ensued.
Signals were given across the intervening space,
and the two crowds in Wall street and Broad street
darted back OF lightning speed to the Gold Room,
where, under the first impulse OF the that only
TWO millions had been sold, the price advanced
TO lis. From this point there was, an hour later o
drop to has, which was followed by recovery to
l15 when 1t was stated that the Bank OF England
showed decrease OF f2400, 600 during tue past
week-a circumstance readily explaining the pre-
viOus intelligence or an advance in the discount rate
The government gold brought 1880 ll4c5 The