The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-04-22
FINANCIAL and COMMERCIAL.

WALL STREET, |
FRIDAY, April Els T. NJ.
On 'Change to-day wheat was heavy irregular ana
lower. The cotton market was quiet and steady.
THE IMPoRrs OF DRY GOODS.
The imports of foreign dry goods at this port for
the week ending April 20, 1871. amounted to
$2,6o5,o32
The money market was active early In the day,
owing TO general apprehension that the purchas'
OF the four millions OF government gold bought
yesterday would make quite requisluon
upon their funds at hank to make their
payments at the sub-Treasury. Under these
circumstances borrowers paid, as gene
raj thing seven per cent for accommodation on
call. As o consequence OF this early inquiry &C.
counts were made up oil over the street an hour De-
fore the usual time, and the sudden cessation OF mo
demand two O'Clock started lenders out In search
or borrowers. The first TO respond to the oner OF
money got 1t a: six per cent but when this demand
had been satisfied the rate became simply nominal,
and balances might have been mad at any figure the
borrower chose to name. On governments the rate
was legiimately i've to six per cent, but the same
pressure TO lend was noticed on the part OF those
who sought government colaterals for their money.
Commercial paper was moderately active ana was
quoted Q 7 per cent discount for prime names.
Foreign exchange was nominaly steady at 10
for prime bankers sixtyday sterling but the lead
ing drawers allowed eighth per cent brokerage
from tbs rate, while sales OF borrowed bills or the
same grade were made on the street at 1924 Sight
bills were worth HOY.
GOLD IRREiULAR-111X A 110T A 111H.
The Gold Room was the scene OF what may be
styled a lively speculative debate between the
sbulls and "bears.n The latter planted themselves
confidently on the policy OF uie Secretary OF the
Treasury SO far rs indicated ny his recent con-
duct IN selling an extra amount OF gold, and
in this position freely sod the market
| down to 1l0I-or onehalf per cent belo W
the figure to which the .bulls" had advanced 1t In
| the mornng on the argument OF the steady drain
Of gold into the Treasury to pay for duties on i'm
| ports, The 'bus" de-ided the Secretary Of the
Treasury, and ested the .bears'' on having him as
pacKer to supply them with ''calls" against their
| speculative Sales The "bears' retorted that the.
| bulls oughtnt to make any more 'blul' bids for
| gold at the Sub-Treasury Later In the day the
| ''bus" made a great deal Of the reported engage
| ments OF specie for to-morrow's steamers, the
amount being reported as high rs $117o,oo0. and oc-
| casoned 0 reaction to 1111. One curious
| feature OF the gold market OF late is It's
| reversal Of its old characteristics. Formerly,
the ebears used to labor might aud main, day after
| day, perhaps week after week, TO get the market
down one or two per cent, only to find their work
undone oftcntmes IN an hour by some sudden rea
son for rise. But nowadays the "bulls" lift 1t and
prop ana hold it up for time. by the exercise OF
great deal OF effort only to have 1t fall about their
ears In twnkling whenever ''the shipments OF
| something else goes wrong. AS gentleman from
| Exchange place was heard to remark this morning,
! when the slip with the specie engagements
| was passing from hand to hand-"Ah, those ship.
| ments are ausgespelt." The supply Of cash gold
| was also irregular and borrowers for delivery on
speculative account were ct time the anxious
seat while at another time the holders Of gold were
| concerned to place their balances. The course OF