The New York herald., 1871-01-07
FINANCIAL and COMMERCIAL.
WALL STREET,
FRIDAY. Jan. Ga y. M

WALL STREET,
FRIDAY, JAM 6-6 p. M.
On Change to-day wheat was In active demand
but holders remained firm in their prices and only
moderate business was done. Cotton was weak
and at the close shade lower.
MORE FAILURES.
kilograms from Boston announce the suspension,
II not failure of three large dry goods houses In that
| city. small yankee notonsn house IN this city
| stopped payment to-day, but their assets
when converted win be sufficient, 1t is
saId to more than meet their liabilities. The
present season Is attended with its usual crop
OF mercantile embarrassments ana reprehensible
effort Is being made to exaggerate their effect As
compared with 1868 ana 1869 the year 1870, so far
as the returns have been received, shows much
better record The recent failures are the last re-
naming wrecks which continued floating after the
great decline in golo, but went down at last. The
business Of the past year, while Improbable has
been conducted on conservative principles. Our
merchants everywhere have practised economy and
observed caution in all their undertakings. The
time OF great financial catasrophes seems gone by.
Our people read the papers and study history.
The American merchant Is, in nine cases out OF
ten, an erudiIe gentleman. posted In financial history
and political economy. Statistics show that the
business OF the country for 1870 was about seven
per cent greater than that Of 1862 But profits were
RETURN for the reason that, In addition the dmi-
mutton Of the margin OF profit by the lower scale of
prices following the decline in gold, the taxes Inn
posed by the government have been excessive.
MIR. Boutwell,, In buying an extra hundred millions
Of bonds the past year, has taken just much
from the profits OF the business enterprises OF the
country. There is need OF this fatal haste to pay
of the public debt. The hundred millions referred
to, If left with the people, wsuld double itself in
few years. Congress must reduce the taxes to the
minimum OF the governments needs, otherwise
industry must drocp and perish As to the failures
of the past year, they are small because OF the
great elasticity OF the country, which, de-
spite It's enormous burdens possesses extraor-
binary powers of recuperation. In 1859 the total
failures were $500 and the amount involved about
$75.000,000 In 1868 the failures were 1900, with
liabilities to the extent OF S63 000, 900. The record
for 1870 is not as yet ut hand but II will doubtless
show less than l.5Oo failures although the amount
involved Will probably exceed $5o,oOO,O 900.
MONEY EASIER.
The money market underwent further relaxa.
ton, and while gold interest frequently paid In
the earlier part Of the day large sums were offered
in the afternoon at seven per cent, and to the gov
ernment dealers at six.
Commercial paper was still closely scrutinized.
but prime double names were quoted 81 per
cent.
Foreign exchange was higher and closed strong
on the basis Of 1895 lo914 for prime sixty days
sterling and 1929 a ITO for sight bills
GOVERNMENTS STRONG.
An advance in gold, coupled with the easier tone
of the money market, rendered the government
market firm, and hence the freer pur-
chases OF the afternoon easily advanced
the prices OF the entire list. The fol-
lowing were the closing street quotations:-United
States currency skies, ITO ll0t1; United States
SKIES, 1881, registered, 10Y HOY; do. do,
coupon, 1l0h a l10h do. fve-twenties, regis
tered May and November, 10s q losh; do.
do 1862, coupon, do 1ossI o lOKs; do. do. 1854,
do do, los los1S; do. do, 1886, do. do, 1851
10SI; do do. registered, January and July 1o71sa
1o71l; do. do, 1885, coupon, do, 107K 107A; do.
do 1867, do. do, 1913 1o7k; do do. 1858. do do,
1914 10s; do. ten-fortles registered, 1867 l07;
do. do. coupon, 1861 lot.
GOLD HIGHER-110H 110T.
The advance in foreign exchange above noted, and
the reported engagement OF about 100000 specie
for shipment by to-morrow's steamer, started more
active movement in the Gold Room. and the price
rose from 110h to 110X, the latter quotation being
10 some extent nominal, as the sales thereat were
confined to few small lots. The price was bid
"buyer three" however, at the close. The course
OF the market Is shown In the table,