The New York herald., 1871-10-07
FINANCIAL and COMMERCIAL.
WALL STREET,

WALL STREET, |
FRIDAY. Oct 6-6P. NJ
on 'Change to-day wheat was dull and lower.
The cotton market was firm and shade better.
MONEY EASY.
Money was easy at nve to six per cent on govern
menJs and at six 70 seven per cent ON stocks.
Before the close OF banking hours large balances
were offered at Elk per cent on stocks.
Prime commercial paper running sixty days to six
months Is quoted at 10 per cent discount
FOREIGN EXCHANGE ACTIVE AND HIGHER.
Foreign exchange was temporarily heavy at the
opening OF business in consequence OF the sharp de-
mand for cash gold, but became active and strong
later In the day. In response to the reports OF On ac
tive and excited money market In L0ndon. The
leading bankers advanced their for sterling to
1854 and l09A. the difference of one per cent being
an insurance against the anticipated closer working
OF the London money market The following were
the rates at the close:-Sterng, sixty days. CONNER.
cial, 1OS 1oSh; good to prime bankers 1OsK lOsX;
short sight, lO9h 1O9x; Paris sixty days. 6.S3N q
528x; short sight, 5.27 5.25; Antwerp $50 5.25;
Switzerland, 5.2s% 5.23A; Hamburg. 35K q 35X;
Amsterdam, 4o1S 4oA; Frankfort, 4OT AK; Bre-
men, 7S 7s1s; Prussian thalers. 7lX 7aK.
GOLD sTRoNa-1l4zl A 114A A 114X.
A feverish and excited market prevailed in the
Cold Room throughout the day, sudden and wide
changes being caused by the successive reports Of
varying tenor from London. The earliest recorded
sales were at 1l471. arising out OF supplementary
report by the cable that in addition the large loss
OF reserve In the weekly statement OF the Bank Of
England further Of El 900 900 mad been taken
out on Thursday. Less effect would have been pro-
duced here had this money turned uD In Paris,
but the bank OF France showing to-day loss Of
100000 francs the conclusion became inevitable
that the Drain OF specie was going further into the
Continent, and was destined for Germany. Tne
bank rate In London has not been changed since
Thursday. but private dispatches make 1t certain
that the street ra te for money Is fully five per cent
condition Of affairs which has suggested rumor
that special meeting Of the Bank Of England will
be held on Monday morning to put tue
minimum. The effect on consols has been
q decline Of u AK per cent, but ive-twenties have
held up better. The new funding five per cents
were, however. quoted OF a discount OF 2H per
cent and later at two per cent discount. The
agents of the Syndicate In this city again deny
emphatcaly that there has been any default on the
part Of the foreign subscribers. The second series
OF dispatches from London reported better feeling,
ana gold suddenly ran down to lax; but here ex.
change began to stiffen and the foreign bankers
began buying and continued buying pretty much to
the close OF business there was Q second advance
to 114I, the closing dealings being at 114A. The
stu alton Is c0uded that It is dicult to It's
real proportions. The money market in London has
evidently been rendered exceedingly sensitive by
the drain OF specie to the Continent and heavy
decline in the speculative shares OF the London
stock Exchange has been felt to some extent In
securities or steadler character. The course OF
tnp marker shown IN the table,