The New York herald., 1871-11-16
fiNlNylAL and COMMERCIAL.

FlNlNGlAL And CUMMEKClAL.
WALL STREET,
WEDNESDAY. Nov. l5--8P. MI
On 'Changc to-day wheat was nrmer with more
dong. The cotton market was o shade better.
MONEY MORE ACTIVE.
The money market was easy at five to six per cent
during the usual hours for making engagements,
but became active late In tine day, with smart In.
curry at per cent, which rate was reported to
have been paid III gold BY few Dor.
r0wers toward the hour for closing the
banks The better demand was attributed TO
several causes, among Others to the sudden
necessity imposed on certain parties tO carry over
about million government bonds rejected at the
Sub Treasury today, which they had expected to
sell for cash. The larger volume Of business and
advance In prices at the Stock Exchange have also
helped to make more occupation for money; but the
sudden activity this afternoon may possibly have
been engineered by the cliques with view to reviv-
ing the tagging and dropping spirits OF the operators
on the 'bear" side anu induce fresh sales for the
decline. Indeed the very absence OF . short inter.
est serves to account for increased actvity for with
"bear" TO every 'bHll" stocks require no capi.
tai the transaction between each pair OF specu-
lators becoming simply a bet in which the loss or
gain secured by the margin advanced to the bro
kers As each ''bear' closes his interest, probably
or otherwise he imposes on the ''Dulr' the full
burden OF the stock on which issue had been
joined. Furthermore there has been curious
change OF opinion among banking officials as 10 the
course of The money market during the interval TO
the new year, which change has come about within
day or two. At first the intended pay
ment December OF twenty millions Of
gold from the Treasury for the hve-twentes
to be redeemed over and above the amount refunded
into the new nve per cents would, 1t was thought,
furnish perfect reservoir OF specie reserve for the
banks during the winter; bnt on second thought II
is now remember CD That all the old G2 almost
entirely helu abroad so that the redemption OF the
twenty millions win result In the transfer OF
twenty millions OF gold from the United States
Treasury 10 the vaults OF the Bank OF England ard
other foreign banking corporations. In other
words. Mr., boutwell, viii suddenly, In one
day, reduce the stock OF gold In this country
twenty Millions OF dollars. Again, It is now about
forty days since the Chicago nre. Some Of the IN
surance companies have promptly settled and paid
ali claims. but the majority OF them are clingng 10
the privilege Of waiting sixty TO ninety days allowed
by their policies. The money which they win be
forced TO pay away in twenty days hence Is now on
deposit in this city, and has helped to make the
good bank statements and swel the volume OF funds
available for speculation during the past Two or
riddle TO business men during the interval
sIrce The Chicago nre. and has so belied
all theories IN regard 10 IT, that
the subject is regarded with unusual interest.
Money yesterday Tuesday loaned at four per cent
and this afternoon ut seven per cent. We are not
alone in being puzzled about this topic. In London
the street is supplied at three and one-haf per cent
yet the Bank OF England insists on I'VE per cent as
the minimum rate Of discount. The nat OF the an.
cient financial despot Is disrcgarded financial
commune has upset the RUE OF the venerable oil.
garchy VINO constitute "tne BANK
Prime commercial paper was quoted a l. per
cent discount. compromise OF these ngures
would give the rates Of actual business
Foreign exchange was nrm on the basis OF 1854
Tor prime bankers sixty day sterling and 1922. for
sight bills. Some OF The leading drawers asKed 100
FOR sixty day bills.
THE GOVERNMENT PURCHASE oY BONDS.
Ihe Assistant Treasurer opened proposals at noon
for the sale Of million OF hve-twenties to the
government aud found offerings amounting to only
$l39. 900, at prices ranging from 11L1o TO 1l1.S7
As gold was ll1.25 at the same time, and as the
amount offered within the limits beyond which Mr..
Boutwell, may not pass was only $2i, ,loo-yiz, az
Ill 10 and i1I2l-the purchase was confined TO that
amount.
GOVERNMENTS STRONG.
The government list was naturally strong ON the
small offerings at the Sub-Trcasury, and the gen.
cra market kept up the good reputation estab-
llshed hy the developments at the sub-Trca.
sury, closing with the following street quo
tarions:--Unt States currency skies, ll3's a
1l3st; do. do, 1881, registered, 1l55s ll6Js; do
do, coupon, 1l7's 1l7A; do. lvetwenties, regis
iereu, May and November, 1ll,s ll1ss; do. do,
1862, coupon, do, lll1s ll1k; do. do, 1884 do.
do, 1ll1s li1,. do. do, 1885, DO. DO, lllA i}S
do. do., reglerered January and July, 114s 114H;
40. do 1886, coupon, do 11ll ll44 do. do., 1857
do. do, Il41 ll47s; do. do, 1868, do do, ll4x
l15; do. ten-Iores, registered, lO9% ITO; do
do, coupon, 1924 iio.
GOLD s1EADY-l1lz 1ll9f.
The gold market was dull and steady, with the
bulk OF business at III ~ although at one time there
was considerable doing at ill9., particularly when
the Grmcr ieeing In sterling was discovered. The
changes OF the market are shown IN the table,
10 A. M............ lllll 2P. M.....,....... ma
fa.Ik A 3p. Ill y