The New York herald., 1871-12-28
FINANCIAL and COMMERCIiL
WALL STREET,

WEDNESDAY. Dec. 27-6P. MI
On Change to-day wheat was dull and steady.
The cotton market was lower and quiet.
MONEY STRINGENT BUT RASTER.
The money market was stringent throughout the
day. and the rates paid BY the stock brokers ranged
from per cent coin to 4 per cent and interest," the
latter being equivalent to SO per cent per annum.
The government dealers were supplied at per cent
currency to per cent coin At the close there
was sudden relaxation, and just at three
O'Clock the rate fell to per cent but
accounts had been made up early and
the lenders had the market all to themselves. The
banks are losing greenbacKs very rapidly by ship
menr to the interior, and unable, MANY OF them,
to make advances even on pledge OF gold as col
lateral During the day $780, three per cent
certincates were exchanged at the SuD-Treasury
for greenOacks which conversion OF interest bearing
into noninterest bearing reserve shows the ex-
tremity OF OF these institutions In the present
stringency OF the money market.
Prime paper Is quoted o IL per cent discount,
with few sales at ten per cent.
FOREIGN EXCHANGE FIRM.
The extravagant terms exacted for carrying gold
have induced large inquiry for foreign exchange,
In which an active business was transacted to-day,
the market remaining firm and steady, the demand
being met by willingness on the part or the lead
ing drawers to sell at current quotations. Brokers
VINO mad obtained q discount for taking large
amounts supplied the market with some small lots
u per cent below the asking rates. which, at the
counter, were firm follows:-Sterling sixty days
commercial. 1857 1887; do, good to prime bank.
ers', 100 1O9% do, short sight, l09a lO9Ts; Paris,
sixty days. b.35 30 do, short sight. 52sil 525;
Prussian thalers u 729! Antwerp, 5.27k q 5.23al;
Switzerland. 5.26l& 522A; Hamburg S5a4 3o1s;
Amsterdam, 4OH 4OI; Frankfort, Al a Az;
Bremen, 75x 70A.
THE GOVERNMENT PURCHASE OF BONDS.
The Assistant Treasurer at noon opened proposals
for the sale OF lve-twenties to the government and
found tenders Of only $273,650 at 1OS 30 a 1OS.75.
The price Of gold taGen to be 10SH, which lin
tied the accepted bonds TO $240 so at 1O 1os 40
In view OF the strlngency In the money market the
suggestion IS m ade that Secretary Boutwell, should
cease his gold sales until his bond purchases can
by the operation OF the Sinking Fund law, enable
him to return the currency which Is now going
steadily into the Treasury every week through the
equality OF the two operations as at present conduct
ed. The Sinking Fund act allows him to buy about
twenty-five million dollars a year. BY exercising
the powers granted him under 1t he could alternate
from week to week the sale OF million OF gold
with the purchase OF a million of bonds.
GOVERNMENTS STRONG.
The government list was strong, with quiet in
curry for the reInvestment OF the January interest,"
Whlcn leu 10 nlSncr prices all around Ine Assist
ant Treasurer commenced the prepayment, without
deduction of the January interest, to-day, the
amount dsbursed being $2.990,00o, OF which
$34o, 900 was currency, being the interest on the
currency skies. The following were the closing
street prices:-United States currency slxcs 1l4ss
1l47s; do. skies 1881, registered 113 114 do. do,
coupon, 1l7l 117A; do. fve-twentes registered
May and November, 10914 110A; do. DO, 1862 cou.
pom DO, 1099s 1O94 do. do 1864, do. do, 1o9as
lo9A; do. do, 1865 do. do Ill 1111s; do do, reg
istered, January and July, Ill a 11l1s; DO. do,,
1866, COUPON, do. 1l4i. 114,4; do do 1867, do.
do, l15a q 1853; do. do, 1863 do. do. 1l51a a
1l5ss; do. fves OF 1881, funded, registered 1O9A
1092s; do. do do. coupon, 109I 109aS; DO. ten
1orties, registered, 1885 a 100 do. do, coupon,
109i4 loas4.
GOLD l0S,s 1881.
Gold was unsettled, between the limits OF 1oS'S
l0SX. The announcement OF the readiness OF the
Treasury to prepay the January interest occasoned
decline in the forenoon to 1857, from which there
was an advance later IN the day TO 1857 on cable
reports OF relapse in the condition Of the Prince
OF Wales, followed By slight yielding in consols.
But the enormous expense OF carrying eold -as high
as per cent being bid to have balances taken
care of over nlght-Occasloned o reaction TO los "a.
Tho nj he ma nj ah0 Wn I'm 10 m hIa.