The New York herald., 1871-10-30
FINANCIAL and COMMERCIAL.
WALL STREET,
rrsY- ~ "a

SUNDAY, Oct 70, 1871.
The week In commercial circles has been devoid
OF important event. Heavy receipts Of grain from
the West depressed prices but the market supse.
quently recovered strength, particularly when the
gold premium ceased falling and turned In the up-
ward direction. Cotton was weak all the time, ana
SLOWLY declined. The anticipations of good crop
are now more general.
" THE MONEY MARKET.
The money market has been quite irregular so
Tar as demand loans are concerned, and borrowers
paid as high as ll6 per cent per day. and as low as
tour per cent per annum. The situation OF the
market Is greatly oDscured by the speculative In
terests OF Wall street. much that 1t Ia difficult
70 say what Is the exact quotation call unless we
look to the government dealers, who reported
1t full seven per cent every day or the week
pntn Saturday, when there were some transactions
at ak per cent. Yet while the rate on governments
vas seven per cent the stock houses frequently bor
Sowed at ive per cent particularly when they
waited until late IN the afternoon. Loans
on time were difficult OF negotiation, except at
heavy sThayes.n The banks were dong their
utmost In discounts OF paper at seven per cent but
the street was doing nothing OF any moment under
p2 per cent. with the range OF rates 10 Is per cent
Foreiga exchange closed steady on the basis OF
foSX 1857 for prime bankers Sixty day sterling
apd Ioax lo91S for sight bills.
4 r GOVERNMENT BONDS.
The government bond market was generally
steady, but without buoyancy. The further decline
An gold had much 70 do with preventing stronger
reaction than would otherwise have ensued upon
che subsidence OF the Chicago excitement. The
Foreign market has been decidedly strong This ap-
parent inconsistency between the foreign and do
mestic markets is due to the different currencies
Id which transactions occur. The following
twere 6at lrday's closing quotations:-Unitcd
States currency skies, l1oX Ill; do. do,
1881, rcgistered, 1l6 l161s; do do, cou-
p0n. 1l6A4 a 116h; do. fve-twenties, regis
aered, May and November, 11o1 q Ill; do. do,
1se2 coupon, do, ll4A 114al; do. DO, 1854. no.
ho., 1l4h ll4,S; do. do, 1866, do do, 114H 114X
do. do, regis;ered January and July, l13 1l3s<;
do. do, 1865, coupon, DO, 118h 1I3si; do. do,
1867 do. do, ll3k ll31s; do do, 1853. do. do,
l13k 113's do. ten-fores, registered 1887 l0sI;
do. do., coupon, 1O9k 1Oo1s
THE STOCK MARKET.
The stock market was less active. with singular
transposition OF the respective cliques as regards
The course OF prices. On Monday, IN the midst OF
extreme buoyancy, and while the market showed
the highest quotations made the reaction after
she week OF panic portion of tho pool operating
Tor rise sold out on the other and prices suddenly
declined 4 per cent The remaining
members of the pool determined to try the
merits or singlehanded contest against
the whole street, and succeeded In making spir.
ised revival In the speculation for rise; but finding
alter the first onset the street losing confidence
HAd determined opposition in the ranks OF the
''nul' Clique OF last summer. who had parted with
tntr stocks in the panic and now wanted lower
7 Flces, they reversed their tactics and made a
b cret agreement with their opponents BY which
money was to be made easy and kept 80
uuul they could dsembarrass themselves OF their
ioad. The latter hall OF the week was devoted to
the performance OF this contract. Money was
lowered to three per cent, and stocks on Saturday
evening, In thin market, were run up TO within
2per cent OF the bes: figures made at the begin.
ulng OF the wecE.
THE GOLD MARKET
The gold market was weak on the disbursement
'ol coin by the government In prepayment of the
november interest, and was helped downward by
the clique who reported to be 'Iong" OF stocks
their object having been to enable them to cover
contracts put out before the Chicago fire.
indeed, they are furthermore repu;ed to
oe as ambitious to get 'long" OF gold as
they arc TO be out of Stocks At least
gold suddenly became stif at 111,s just about the
time 1t was said the arrangements had been per-
fected by which the clique were to dispossess them
selves OF stocks. The closing price on Saturday
was ll1X li2. the following table shows the
course OF the market during the week.
II. at