The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-05-04
FINANCIAL Ind COMMERCIAL.
WALL STREET,

WALL STREET, |
WEDNESDAY, May SIS p. M.
ON sChange to day wheat was unsettled and irreGu
lar. the cotton market was steady ana ratner
urmer.
The money market was easier, with ave TO six per
cent as the rates on stock colaterais and three to
Sour per cent on governments Six per cent was.
perhaps exceptional, ut .east It was not exacted In
the general run OF business on the ordinary coate'
rails. zhe annual recurrence OF the national bank
note redundancy is at hand. and the apund-
Ance Of this kind OF currency Is already
rendering 1t difficult to lend. One leading firm VINO
sold bonds to the government today vainly en-
neavored to place the large amount paid out TO them
from the Sub Treasury. II Is suggested thai mas
much as the government intends paying out this
currency anil better supplied win legal tenders,
the bond purchases and gold sales DC arranged
% take place the same day--the former an hour
earlier than usual. By this means the government
would have merely pay out the difference between
what It pays for the former and gets for the latter
and prevent the shifting and interchange OF couple
OF millions during the two days OF the week devoted
% these Treasury operations.
Nothing new. was said IN the market for COM
mercal paper but quiet business is steadily doing
m the vicinity OF 6js per cent discount for prime
double names, with TO PEI cen: as the extreme
quotations for first class paper
Foreign exchange was nomnally unchanged and
dul. The leading bankers continued to ask l1oK
Tor sixty days. sterling and lloA for sight, but
allowed brokerage OF full one-eighth per cent
on these rates. In fact, round amounts OF short
sight might have been bought al 1905 less
Brokerage
THE NEW LOAN.
Advtces from Washington OF a private nature state
that proposals have been received from Europe for
she exchange of two hundred millions OF nve-
additional subscriptions to-day S2so, oO0 max
ing the total subscriptions and conversions TO date
4d2 $4,000.
GOVERNMENTS FIRM
The government list was steady and nrm, par
ticularly after the announcement that the offer Of
the government TO buy two millions elected tenders
Of only So, 71G,35o, but underwent no important
change. The currency skies were exceptionally
heavy and fraction lower. The following were the
closing street prlces-Unted States currency SKIES,
lI6h 1856 40 skies, 1881, registered, 1l67s III;
do. do, coupon, ll6zs HIS do. ve-twenties. regis
tered, May and November 10Y a ll1h; do.
do, 1892 coupon, do, III lll1s; do. do,
lsc4, do. do, 1lo5s lll5s; do. do, 1865, do.
do, ll0% 1111s; do. do. registered, Janu-
AIRY and july, 1855 il39s; do. do, 1885, cou-
pom, do. ll3s 1874; do. do, 1867, do. do 1874
. l13s; do. do, 1865 do do l13M 113ss; do.
ten-forties, registered, 1881 1927; do do, coupon
l09S los%
GOLD DULL-l1l INK.
The gold market was dull and IN the main steady.
The lighter shipments OF specie, as compared with
the expectations earlier in the week. While tr1ie
more than those counted upon yesterday checked
the feeling for rise. especially as the London quo
tatons for 62's came cox a 9oss. The intirnation
was made during the day that further reduction
In the Bank OF England rate Of discount might be
looked for tomorrow bn, as the minimum "a now
"a per cent it seems hardly probable that any alter
alton will be made; but, then, London Is unusually
well supplied with money just now, owing TO the
accumulation there OF capital which, with peace in
France would be across the Straits. The course of
she market Is shown in the tablet