The New York herald., 1871-11-06
FINANCIiL and COMMERCIAL.
WALL STREET. |
SUNDAY, Nov. 5, 1871. {


SUNDAY, Nov. s, 1871
me week IN mercantile circles has been without
snpersant feature. Trade has been rather duller
ehan anticipated and prices OF leading staples have
- sesral business moved rather In buyers' favor,
~ showed no important change. A little excite
nent tn the petroleum trade followed the report Of
panic at the wells and prices were lower.
THE MONEY MARKET.
N Wall street call loans have been readily acces.
sghlc at the legal rate OF interest," which In some
instances were paid IN gold. But the market seemed
- follow daily nuctuation towards lower rates
each afternoon before the banks closed, SO that
vlae seven per cent was generally the rate at the
Board. the sidewalk rate almost invariably went
on 70 hve per cent. In explanation OF this, 1t mas
Been alleged that the Cliques operating on the
'Snh" side paia the full legal rate in the
morning and loaned the money at lower
1gures In the afternoon. On the other hand,
0ere were doubtless the usual number OF
lenders who seeing money seven per cent early In
ufe day. calculated It would be worth not less In
tAe closing hours OF business, but being disap-
pointed at the inactivity OF the demand forced their
Balances to the street rather than have them 90
ever unemployed.
Tme loans however, show stringency,
whether upon pledge OF collaterals or IN the
shape OF negotiable paper. The full legal interest
and commission Of q per cent arc demanded
SoS the former, where the time ranges from 90 to
- days, while prime paper may be easily had at
discount or one per cent month. The strictly
'9ltedgedn grades are not salable At less than
"a 10 per cent.
Foreign exchange was unsettled by che varying
considerations exacted for the use OF gold In the
deliveries OF the gold Market and after considerable
Aactuauon left on on the basis OF 1887 1osX
SoAprtme bankers sixty day sterling and 1o9H Q
1Oex for sight bills.
THE STOCK MARKET.
The week on the Stock Exchange offered little in
Ne way Of variety activity The outside interest
= 20 completely detached and SO Indifferent
% 70 tho situation OF the market that
business was restricted, so much 30 at
1unes that complete stagnation prevailed The
only active speculative interest is on the .bulp'
Sldc, and the parties involved are so well known
ana their operations so visible that they suffered
% ~ as they wish without let hindrance. Hence
shey have "mlkcd" the street for light profits from
DAY to day, meeting little opposition and enisting
- little helm II is the season Of the year when the
DAvge OUTSIDE interest is usually taken away from
wan street to occupation with mercantile and other
pursuits. Robbed OF this element Of business. ana
indifferent to the one-sided clique element that now
slsts the market readily affords an explanation OF
~ dulness The long moOted lease OF the Pittsburg
Railroad has been at length consummated but ON
terms which give great dissatisfaction to the stock
hssaers, whose rights were bartered away to the
great corporation in exchange for "a market' for
Nc stock held by Clique, whose load was begin.
olng 10 be too irksome. and who, to get rid OF it.
ha0to accept even less rate OF interest under the
Aease than they profess to have been earning for
rear Or two past. Early In the week there was
nuYD and Sudden decline In Lake Shore, result.
oS nom some confusion IN the matter OF
waAsfcrs against the scrip dividend, ana this Incl
dent 0ccasioned general depression, but the market
Ae1s day resumed its nrmness land duincss) and
sscadily improved up TO the close. Lake Shore will
be quoted ex tho privilege OF subscribing 10 the
ssrsp after three O'Clock on Monday. The under.
standing so far is that the scrip will be dealt in as
separate security until Its conversion Into stock.
GOVERNMENT BONDS
Government bonds were strong on the demand
~ feinvcstment OF the November coupons, but on
Ne failure Of an attempted "corner'' in the S7's
shc general market lost its nrmness toward the
eaose, particularly as the 62's in London showed q
aecilniDg tendency. The following were the closing
stDecs prices Saiurday:-United States currency
sxes. ll1k nix; do. do, 1881, registered liSx
. nSh; do. de., coupon, HOY 1l0H; do. nve.
owsDtes, registered. May and November, 1l0s1 q
nTk; do do, 1862, coupon, do, INK 111,i:
"a do. 1864, do do. III nix; DO. do,
SseA 90. DO, lux 1l2x; do. do, registered,
January and July, l13k l13l; 40. do, 1855,
ss1pon do, l13,s li35s; do. do., 1867. do do,
aax . 113X; do do. 1885, do. do, Iss. l1aX;
ao ten-forties, registered, 100 1924; DO do,
poupOn, 1904 a lOeH.
THE GOLD NAEKEf
me gold market was unsettled within tho limits
n Q Auctuation OF y per cent. The more Important
incident OF the week was "corncr'' in cash gold
On November /. which compelled borrowers for
upssulasive deliveries to pay from y x per cent
eay one days use Of the coin. The extreme nuctu.
atoms daily in inc price Of gold during the week
Weye o. fOll0ws: