The New York herald., 1871-12-02
plNiNtIiL And COMNERCiiL.
WALL STREET,

WALL STREET.
FRIDAY. Dec I-GP. M.
! On 'Changc TO-DAY wheat was frm on the prospect
Of permanent closing OF canal aad river navlga-
ton for the winter but without improved activity.
| The cotton market was steady ana quiet
4 THE DRY GOODS iMroRrs
The imports OF foreign dry goods at this port for
| the week ending November 80. 1s7l, were only
| S1.22S,slo. and the amount thrown on the market
| only sl,ls6,577
THE PUBLIC DEBT.
The public debt statement for November shows
reduction OF So 462 080 he Otai Gebt OF the United
States is now s2,2,s,25l,sj7.
THE REruEDNG or TIE DEBT
The 1st 0i December has passed without any
shock 10 or disturbance o. tie money market such
as was thought must Of necessity result from the
attempt 10 refund one hundred millions OF the pub-
lie debt INTO obligations bearing lower rate Of IN
terest. As Indicated carrier in the week. the scve-
raj agencies OF the Syndicate have, by q clearing
house system like that OF tue New YORK banks, re-
ceiysd suo. cilpons to the new loan, and at the
same time, made place for the de.
livery OF the SCALED" bonds. In this way the
reluDdng process became sllnple exchange
OF the Old bonds for the new, although the hoIders
Of the former and tho Subscribers 10 the latter were
never necessarily Identical, and might De- as Indeed,
doubtless they were IN many cases parties lvng az
very remote distances from each other The smooth
and eminentiY skilful manner in which the whole
affair has been conducted by the Syndicate Is o
genuine triumph for American banking and nnan-
clal administration. IL Is no secret that many
foreign houses were jealous of the una dertaklng,
ana gave the Syndicate at most only
lukewarm support. Tie SUCCESS OF the
enterprise Is therefore all the more crediIable to
the combination OF American BANKERS who, under
the unlaturazed term OF Syndicate, carried 1t out
amid the perpiexitles OF jealousy az home and OD-
strncton abroad. In this coDnecticn we are BEGIN
ming TO come at an approximation OF the amount OF
coin w.ilcn the Treasury viii have TO dlsburse IN
redemption OF the Old 62's. TIE subscriptions TO the
new loan through the Syndicate Will settle an
equivalent principal Of the old bonds. Tie
amount OF subscriptions TO the new bonos
that have been made In coin direct, without the
intermediate agency OF the Syndicate or any othe
bankers, VIII, therefore be the am ount Of coin
which must come out Of the Treasury to pay for The
62's whcn are in excess OF what the Syndicate can
provide for. THIS amount is somewhere between
ten and seventeen mililons-aulnorires dispute the
point. A Washington despatch verifes the lower
extreme, by stating that tile Treasury has already
forwarded checks tor sloooo00O 10 various parts OF
the country IN payment for bonos received at tue
department. The Assistant Treasurer at New YORK
disbursed 81 Soo, 900 coin on SUCH checks to-day,
making total payment so far OF S6,2s0,o00
WALL STREET Dull.
The varlous markets in Wall street we're very dull
aad quite thiny attended. Speculation was seldom
q, SO low an eDb since the advent OF paper money
as az the present time.
MONEY MORE ACTIVE.
There was steady aud at times sharp and active
inquiry for money to-day, which resulted In loans
at as nigh as The legal rate IN gold. The govern
ment dealers were generally supplied al six per
tI,o
quite early IN the day, although as general thing
the stoc. brokers paid seven and some or the gov
ernment dealers the same. e III the after
noon tie demand became urgent at seven
per centrs as the lowest rate on the
best kind OF co'aieras. Seven gold was bid for
some time, but the bids soon supplied and
finally leading firm supposed 20 represent pron-
nent bauk leaned about a'm!llion dollars a. seven
currency. The activuy was due chiefly TO the cali
ing in OF loans ry the Broadway Bank. which tnsi-
tuition had TO meet the payment OF about two MIL
lions OF revenue bonds, although II wes doubtless,
nelpcd by some OF the Weather operators fora de-
cline.
Foreign exchange was rather frmer on the de-
cline IN gold, and closed iOa a 1898 for bankers
sixty day sterling aud 1925 ioogs Tor sight bills.
GOLD LowER-il03s llo1f.
The already dspirl,ed tone OF the gold market
was weaSened to-day by The accommodating nnu-
eDCeS UI u !uTileI Vi pdHn Va EHBtdI
rate OF discount, the minimum OF which now stands
at 81 per cent Gold opened at l1O,s, declined 10
1Ioh, but recovered 10 l1o& on cable dispatches Of
lower prices for this evening" resulting it Is
thought from fear that the coincidence OF the Ill
ness Of lord Chesterfield and the Prince OF Wales
may be carried to further length OF
the parallel. Consols, which are in the nature OF
our registered national secagllles were quoted this
morning the semi annual interest OF IL per cent
payable January 1. The consols qucled Tor the
American market are the oldest issues, and are
usually per cent higher than the two classes or
'reducedn and 'new" consols. Of later creation,
whose interest days are April and October /. The
business at the decline and reaction very light
and the market devoid OF animation. The nuctua.
tons of the day are shown IN the tablet
10 A. M........... 1lO1 2P M............. 110L
1859 A. M......... 1lO1 2:15 +. M......... 1lU1s
IL A. M. IluA JP NJ. llUi4
IL Nj. llO2 4P. M............. ll0t4
Up. M............ 110I $50 i. M. .ll0ts n0k
1873 i. M ........ llV1s
In the gold loan market the rates ranged from two
to six per cent for carving. The operations Of the
Gold Exchange Bank were as follows:-
GOLD clearcd Sao,s.4uV