The New York herald., 1871-01-20
Financial and COMMERCIAL. |
WALL STREET, l
Tr,r sDAY, Jan. 1876 p. M. |


On ,t,hanoe TO-DAY wheat uo more active and firm.
Tile cotton market was steady and s.aoe aoe hriher.
The chief event OF the day in Wall street was Tn.
xndden and great relaxation In the money market
1ndcr the disbursements OF the government In pay
fnent for the 1ve-twenty bonds purchased the pre-.
Sious day. The speculative clique who are seeking
to produce strfngency by the withdrawal OF money
rom the street have not given up The attempt, for
the anks lately creditor the Clearing House have
not shoNl tho return OF the money! but their efforts
navo been rendered futile by the immense concen-
traton Of money Of this cenre from the
rural districts and out OF town banks.
In fact the market was already pass
)ng OUT OF their control when the government d..
bursed money. Yesterday, at the close, they were
unable 70 keep up the rate on call. This morning
= they made desperate effort to start activity and
frightened some small dealers into paying seven
per cent gold but after two O'Clock money was
offered in such abundance that lenders were forced
70 accept six and five per cent rather than lose In
rerest over night, while some borrowers were sup
LIED 1T as low as four per cent 1t was money
passe, which broke down the barriers OF the
Clique and flooded the street, the tide being sud-
denly swelled toward the close Of banking hours by
the payments from the Sub-Treasury. While the
pool are said TO be the victims OF internal treachery
other reports state that their failure is the result
Df mismanagement The real secret Of their
Nasco however Is the natural abundance of
money and the easy situation OF the banks. 1t Is
true the city Is just now gutted with national bank
notes, which are drag TO the expansive capacities
ef the banks, but people use them ana pass them
fom hand to hand, so that that their Office Of q
circulating medium Is conserved. The clique
doubtless anticipated that the gut OF them would
help their scheme. But when money Is tight bor
rowers WIN take national bank notes as readily as
prNnnhnGrS. Commercial not lt1cCted
by the recent iTegu'arity IN the rates on call and
prime double names are quoted a 3 per cent dis.
count Foreign exchange was rather less firm, but
Haates were uualtered.
The government list was more active and the fresh
inquiry seemed to the ten-orie5 In view OF
the approach OF the 1st OF March, when another
coupon will be DUE The London market was better
\ mt It's Improvement simply communicated strength
Sere. The currency skies, although distinct gov
nmen issue, originating as subsidy to the-Pacifc
fiiway. were lower on the report from Washington
that the Committee Appropriations had under con.
sideraion a resolution lnstructlng tho Secretary of
the treasury aba.e his present demands upon the
road for back interest and to pursue the policy,
! which was originally observed with reference to the
matter. AT the close the government list was strong
and buoyant for The gold interest bonds The final
street prices were:-United States currency skies,
| 40 l0E; do. SKIES, 1881, registered, 1lcA a
| AtOHi no. No., Coupou, iva u lAV!si wv. i've
wv eDties, registered, May and November, 10sh
/ icsX: do do, 1862, coupon, DO, 1924 a lOaH;
do do, lse4, do do, 1oss 108A: do. do. 1865 do.
do. 10s5z a 10s&; do. do registered, January and
JUS. 1914 10S; do. DO, 1855, coupon. do. 1917
a 1885 do. do 1857, do. do, lo7zs los; do do.
1868 DO do 1881 los1s; do. ten.forties regis
tered, 1919 a l08; do. do coupon, 1919 l0S.
The gold market was strong on purchases by the
Clique, who are manipulating the money market,
aud whose most recent strategy seems 60 be a move
|Ment in the Gold Room for higher prices, with "a
view to depressing stocks, that sequence being ex-
pected TO follow, as has been Its wont to do ever
Isnce the two markets unsettled by the Franco.
srussian war last summer. Defeated in the money
market they turn to the Gold Room, anticipating
that hi9n gold will bring down stocks Their efforts
To-day extended to the suD-Treasury, where they
Lyuaae great show of g demand for gold by suo-
lInitt.ng o great number Of proposals ranging
lfroni 10 (which was far below the marSeD to
hlo Ss the total amount solicited being $7,o850oo
bhe million was awarded in two-one lots or $950,00o
t II0s2,1 ana another of $4,000 at 1lo63I. These
movements put gold up only Z per cent:-vIz,
FROM no1s to l104. The course Of the market Is
Xl,s.. A., tolt1n