The New York herald., 1871-09-14
FINANCIAL And COMMERCIAL.
WALL STREET,


WALL STREET, |
WEDNESDAY, Sept. 1876 p. NJ.
On Change to-day wheat was higher and strong,
City Hall was assigned as reason for the advance
or prices by holders. The cotton market was quiet
ahd firm.
THE CITY CREDIT.
The question Of the city credit as affected by the
recent developments In the local government has
naturally created great deal OF uneaslness among
the owners Of the various bonds issued by The city,
The savings and national banks and insurance and
trust companies are largely interested In
this matter; but the market OF the Stock
Exchange affords as yet no criterion OF
the injury inflicted, for the reason that
no TRANSACTIONS have occurred il good while, the
securities being only rarely dealt in, and then
through offerings of bonds to close estates and the
like. There is no alarm felt as yet, as the bonds
have not been offered recently, although an occa-
sional bid has been made. The inquiry manifested
by this bid has been for the six per cent falling
due in 1887, for which 97 offered last Friday and
99h to-day, without sales, an Improvement which
Should have its effect In alaying anxiety. The fact
should also be taken into consideration that the
worst mas been DONE and that whatever the upshot
OF the present complications the credit OF the city is
certain TO be better week hence than 1t was week
ago. Holders should therefore hesitate before parting
with their bonds for s.the marketn as they say in
Wall street, has been as unfavOrably Influenced as
1t he by the alleged City Hall frauds, and CAN
not, therefore, well 60 any lower, however much it
may improve under the reforms which must spring
out Of the present agitation.
MONEY EASY.
Money was easier and borrowers on stock col.
lateras were supplied quite freely at ~ per cent
and abundantly at per cent-a relaxation In the
market not readily explained, unless on the hypo-
thesis that the decline In stocks the past few days
has Occasioned great deal Of realization and a
shrlnkage in values, allowing an easier working or
the rate on call. On government collaterals the
rates were 2, 2h and 8 per cent. Prime commercial
paper was steady and quiet at 3 ~ per cent DIS
count
Foreign exchange closed up with steadier feel
ing, the leading drawers continuing TO ask l0sS Tor
sixty days and l0s7s for sight sterling, although
actual business fully Oneeighth per cent below
these rates. The improvement referred to was due
to anticipations-not very strong ones, however,
that the Treasury would relieve the gold market by
an extra sale tomorrow.
THE GOVERNMENT PURCHASE OF FIvETwENTIEs.
The oner of the government to buy one million of
fve.twenties ecited proposals OF S5,60s,0 900 bonds
at prices ranging from 1898 to 1859 tand
accrued INTEREST,". A million was offered In one
lot at 112.5s by the leading firm in the Syndicate,
transaction was another illustration OF the short
sighted policy Of MIR. Boutwell, in agreeing to pay
par in gold for the 1sG2's IN December, when FIVE
twenties can be bought, as they were to-day, at so
large discount. With gold 114D at the time the
award was made this discount was over one and
half per cent. Doubtless little light has by this time
broken upon the public mind as TO the speculative
plans OF the Syndicate.
GOVERNMENTS HEAVY AND LOWER.
The government list was heavy ana prices were
lower, both in currency and gold After the offer.
ings at the Sub-Treasury the 1S62s declined to 49,
which, with the coupon worth 22Q ip gold, and gold
worth ia, brings their price down to 1880, dis
count OF * per cent the Level established by the
government transactions being reached in the open
market The following were the closing street
plices:-Untcd States currency skies, 1853 1l5N;
do 1881, registered, 1171a 1l7A; do do, coupon,
11SA a ll9; do. hve-twenues, registered, May and
November, 115 l151s; do. do, 1852, coupon, do,
1l5 l15t; do. do, 1884, IFS l15H do. do, 1866.
do. do, ll5 ll6. do. do, registered, January and
July. 1137s 1141s; do do, 1885, coupon, do, 113n
q ia; do. do. 1851, do do, ia 114>s; DO. do,
1885, do. do 1143S ll4; do. ten-forties registered,
| l1l21 HIS; do. do, coupon, 1l1ss 1117s.
GOLD sTEADY-l13I A 114H.
The gold market was quiet under the continued
indsposition Of the cliques to do anything until the
government gold sale OF Thursday has been con-
summated ana the Treasury policy Indicated. To-
ward the close the impression gained ground that
Mr. Boutwell, would sell four millions tomorrow as
concession to the merchants, who are complain
ing against the heavy drain OF gold into the Custom
House. and the price, which had been 1i4 1l4H
most OF the day, settled lazily to 1885, Cash gold
was active and easier, under a pretence to lend
balances. The European steamers took out light
shipment-sl55,S5l In specie. The course OF the
market is shown In the table,