The New York herald., 1871-10-11
FINANCIAL and COMMERCIAL.
WALL STREET.
TUESDAY, Oct l0-0 r. M.

WALL STREET
TUESDAY, Oct 10-6 r. MI
On ,Change to-day wheat was higher. but unset
tied The trade b still perplexed BY the compca-
tions arising out Of the interruption Of business by
the Chicago nre, and there Is little disposition TO
undertake engagements OF any considerable OK tent
fully ten cents barrel. Tho cotton market was
quiet and steady.
IN WALL STREET
speculation was rife as to the injury inflicted upon
the various financial and commercial interests or
New York. 1t Is definitely ascertained that at least
three of the city insurance companies have been
bankrupted, and It is probable tnat several others
will be 30 much impaired as to be compelled
to observe the Jaw requiring either fresh
subscription OF capital or reorganization
upon the basis OF what VIII remain after paying all
losses. The wholesale merchants are also keenIy
apprehensive Of trouble in consequence OF the large
stocks OF dry goods boots and shoes. hardware and
other merchandise sold to Chicago during the sum-
mer and beginning OF the fall, for which In tho
usual course of business they were not to receive
payment for periods ranging from thirty days to SIX
months These various matters are more fully dis
cussed in special articles elsewhere IN our columns
and we invite attention to them in view OF the alb
sorbing interest which they now possess for all
branches OF the community.
MONEY STRINGENT.
There was no abatement to-day in the pressure
FOR money. and the stringency was felt most Sc
verely among the stock brokers' whose needs In
this respect were the occasion OF much OF the de-
moralization which prevailed on the Stock Ex-
change. The banks, as a general thing refuse fur
ther accommodation to this class OF borrowers and
are exercising their berality almost exclusively In
favor OF the mercantile interest which, In conse-
quence OF the inevitable bankruptcy OF hundreds OF
Chicago merchants, is compelled to ask extensions
with hope Of being able to tide over present din.
culties. The policy OF assisting this interest is not
only generous but greatly necessary on the part
Of the banks, for while there may bc the most
favorable chance OF restoration OF mercantile sta
btty under the process, 1t would only be inviting
disaster 10 resort to extremites. When added to
this Withholding OF loans by the banks there the
further cautious refusal Of private BANKERS to put
out their money. the aggravation Of the money
market, far as Wall street Is concerned, may be
readily fancled. With money enough to 20 around
as amply as few days since the retention OF enOr-
nous amounts by the more timid class Of capitalists
forced borrowers to pay extravagant rates. The
lowest rate was seven per cent which
was readily accepted by lenders on govern.
ment bonds and BY certain private bank
ers who never ask more. But the supply
at this figure was small as compared with the vast
needs Of the street. and hence the stringencY grew
worse as the day advanced. ana as high as Y per
cent was paid as q commission for the procurement
OF loans at seven per cent. the commission"
being device to obviate the operation OF che usury
law Later in the day the rate of this "commssionn
fuctuated very often. but eventually left or at Il
per cent, although 1t had declined to very small
fraction when 1t was rumored that Mr.. Boutwell,
would buy an extra amount OF bonds at the Sub
t0-m0 n tn
the money market The inquiry ror funds, while
prolonged beyond the usual hour for closing the
banks, did not continue to as late an hour
as on Mondays for In face OF the greater volume OF
business the brokers worked at their accounts with
greater industry. and the last deposits were made,
as general thing not more than half an hour be-
hind time.
The street rates for commercial paper at such q
period as the present are purely nominal. At bank
there is OF course nothing less than per cent
and obviously nothing over
FOREIGN EXCHANGE IRREGULAR AND LOWER
Early In the day foreign exchange was quite firm,
for sight bills more particularly, IN consequence OF
private cable kilograms reporting money at
six per cent outside Of bank In London, but
the renewal or the sharp demand for cash gold
laler in the day weakened the market ana the
leading bankers lowered their rates an eighth for
sight and one-quarter per cent for sixty days,
two classes Of bills ~ per cent. The following were
the quotations at the close OF uslness:-Sterng
sixty days, commercial, 1OSa 10s14; good to prime
bankers 1OsX 100; short sight, 1907 110H;
Paris, sixty days. 5.36k $50; short sight, 5.27k
q 5.25; Antwerp, $50 523X; Switzerland 62sX
52sh; Hamburg, S5H q s5X; Amsterdam. 4oX
401; Frankfort, 4oX 4l14; Bremen, rs 7sH;
Prussian thalers, Tx 72X.
GOLD sTRoNG-113X A 114H.
The natural tendency OF the gold market reas-
serted itself after the pressure Of speculative sales
made the day previous, aud as the fact
soon became evident that the oversold
condition Of the market placed the question
Of caring for cash gold rather In the hands
OF the "bulls" than with the .bears," there was q
steady rally from l13x to 1l4,S, particularly the
London money market was reported active at six
per cent, with considerable decline in American
securities The rumor OF an intended extra purchase
OF bonds tomorrow. by implying that there might be
an extra sale Of gold on Thursday, led to reaction
OF y a u per cent at the close. The course Of the
MARKET IS shown In the table:-
ioai A. M........iisI 2p. M...ii4n .............ii4n
1O:17 A. A.M..........114h 2:3i P. P.M...........ll4X
IL A. A.M.............114H 3P. NJ M..............114X
II :32 A. M......... .1I4h 3A5 P. P.M...........I14K
IL 2M................l14k 4P. M.............I M .I14M
l2:45 p. M..........114h $3.50 p. NJ. ..ll4A 1l4X
In the gold loan market the rates ranged from
1.16 for carrying TO lie for borrowing The opera
tlons OF the Gold Exchange Bank were as fol-