The New York herald., 1871-05-05
FINANCIAL And COMnaagIiL.
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"e4l =. - WALL STREET,
-1AA'- TnURs5ix. Nay f.-sP. nj
on 'Change to-day wheat was hrin and more
active on favorable advices from Liverpool. The
cotton market advanced and closed strong at the
Improvement
MONEY THREE TO FIVE PER CENT.
The gold sale by the government to-day in reliev-
ing the banks to the extent OF such national bank
notes rs were accepted for the god and in strength
enlng their reserves BY tho contribution OF so much
specie, played double part In reducing llabili.
ties and augmentlng reserve. The money market
was, therefore, rendered even easier than 1t had
been when the banks held the national currency ON
deposit and although the change Of itself only
q small matter. taking into consideration the i'm
mense volume OF money now In the city. the eject
was TO relax the rates on call TO such an extent that
lenders In few instances only were able to get bet
ter than five per cent upon pledge OF stock colat-
erals. On governments the supply was abundant at
four per cent and moderately SO at three. On time
money is plentrully Offering six per cent for Pc
riods ranging from sixty days to six months.
Washington despatch states that the banks have
been called upon for statement OF their condition
Is they stood at the close OF business Saturday
last April 90 This sudden repetition OF the invest
cation OF the Comptroller OF the Currency, who Is
required to call upon the banks at least five times
year for an exhibit OF their Affairs, was doubtless
suggested by SUSPICION that these Institutions
would indulge In unwarranted expansion immodi-
atey after the prior CALL 1t will be curious to learn
If any Of the banks relied upon security from such
q repetition and subjected themselves to penalty
for making their liabilities greater than four times
their reserve.
Prime commercial paper is In goOd request and
buyers find difficulty in securing really choice names
at better than 6k per cent discount.
Foreign exchange was without new feature, ex-
cept that the nominal rates for sight sterling were
more like the real The market closed about steady
on the basis of ITO 11Oh for prime bankers sixty
day sterling and 11os 1lo,s for sight. IAN error
In yesterdays quotation OF the latter grade of bills
doubtless corrected itself.)
GOLD sTRADY-111 I11H.
The gold market evinced great deal or indfer-
ence TO numerous influences which would crdina-
rily have produced considerable nucuaton. The
apprehension OF further reduction in the Bank OF
England rate OF discount was not, 1t ls true, well
founded, but far its tendency to affect the mar
Ket was concerned 1t was supplemented by the an
nouncement that the bank had gained nearly
f6o0 900 in bullion during the past week. Our bonds
were also reported eoH a 9O5S, firm. Later on the
gold was nullifed by an apprehension that
the government would respond by selling twice the
amount advertised to be sold, which was two mil
hons. The prices had ranged from 11o.l3 to 111.1e
and the prices obtained Tor the millions awarded
at the sub-Treasury ranged from l1l1e to 1l1.o5l.
Despite these various influences gold remained
Ill 11l1S most Of the day, with all the sales at
these figures alternately except during one interval
ment of the awards, when it was offered at ILL., The
kpt Sh In IA ta