The New York herald., 1871-10-12
FiNlNviiL And C0MNERCliL.
WALL STREET,

On 'Change today wheat was In better supply and
prices heavy aud rather lower. The cotton market
was quiet and unchanged.
MONEY srRINsENr.
The money market was stringent, and borrowers
had the same difficulty in procuring leans, particu
larry on stock coliaterass, but did not the whole
pay as extravagant rates for accommodation. Amer
the consumption OF all that was offered early in the
day at seven per cent gold, the inquiry became
quite active at the fuIl legal rate in currency, with
the addition OF commissions ranging from q to i
per cent, which. To avoid the usury law, were
paid by the process known as ..turnng' stocks. In
these transactions the lender OF The money makes
contract 10 pay certain price leash" for the stocks
OF the borrower, and the latter agrees at the
Time TO take back the stocks tomorrow at a price
which Is = 4 per cent higher than the leash"
pTicc. In this way The holders Of stocks enabled
10 make good their bank accounts from day to day
! The inquiry abaicJ after three o'clock (Which
tine like ,ne present Is not insisted upon the
Donr for closing The bauhsl, particularly as the
port was circulated that the District Attorney hal
F, been invited TO watch Tor transgressions OF The
nsurY law. Some effect was also produced by the
offering OF about s3l,.oeo or government Money re-
ceivea late IN the afternoon in payment for bonds
turned into The SUh-Trcasury. Under these circun.
stances the closing became seven per cent In
coin on stocks ana seven in currency on govern
mcnt collaterals, few loans having been reported
at AZ low six per cent on the latter securities
Commercial paper Is yet too indefinitely regarded
TO be susceptible OF proper quotation
FOREIGN EXCHANGE LOWER.
The foreign exchange market was heavy ana
lower in consequence OF pressure to sell bills
drawn on London by one or two OF the New York
agents OF British Insurance companies sub
iectel TO losses by the fire at Chicago. The
supply thus furnished enabled the leading
foreign bankers 10 draw az a considerable conces-
sion upon yesterdays rates. ana sales OF prime
sixty day sterling were reported to have been
male az low rs l0sts. Tie following
were the quotations at the close:--Sterling,
sixty days, commercial, los Ia los9.; good to prime
bankers loS,s loS9i; short sight, lo9al 1925;
Paris sixty ays. 5.SG'l $780, short sight, 5.27Il
5.el4; Antwerp, $50 52 s; Switzerland, 5.2ss4
S.23&; Hamburg, 351i 35'l Amsterdam. 40'.
so%; Frankfort 4o'4 Az; Bremen, rs a 7s1s;
Prussian thalers, slA n 72M.
TIE GoyERNMENr PURCHASE OF BONDS
The ofer OF the government to buy two millions
Of fvc-tweniIcs elected proposals o! sloClo.ooo
bonds, AT prices ranging from lilo TO l12.7i.
About nvc millions was submitted at discount OF
216 25S per cent from par in gold. This pressure
TO sell was doubtless due 10 realization ON the part
OF many Of Tie insurance companies who suffered
losses al Chicago. rne Secretary OF the Treasurer
accepted four millions or the bonds and paid 20
for *io00oo, 1lI.75 for s2,oo0,oo0 aud l1l..7 for
sl,9oo00o. With goa at 1l49s The bonds were OBJ
taiaed, therefore, at an average discount OF nearly
20 per cent from par IN gold.
GOVERNMENTS WEAK AND LOWER.
The heavy offerings AZ the Sub-Trea sury and the
low prices asked robbed the government market Of
Its strength despite the important general feature
OF an extra purchase ana large cancellation OF the
public DEBT. The pressure to get money 10 meet
claims arising ont OF the disaster at chicago has,
the present, overcome considerations as 10 intrinsic
value; hut why here should be tins sudden and
rash haste on the part Of The insurance companies
to force the market with their sales, when,- under
fie term OF their policies they allowed sixty to
ninety days for the adjustment OF loases it Gincult
TO understand, unless, as is probably the case,
most Of the companies are anxious to cultivate
a continuance of public patronage by speedy set
tement OF al claims. Under these circumstances
the market became very feverish subsequent the
Treasury purchase, especially as 1t was discovered
that Mr. BoutTcis resources were not ample
enough 10 allow him TO give the sunpor. OF cor
timed large purchases, his currcucy balance at The
close or business to-day, before IL had been af
fected by The disbursements Tor to-1ay's Jansac-
ton, being only 50, 100000. Indeed, IL Mr. Bout
well desires 10 hep tue money market AMI maintain
thestanding OF his new loan he viii bc under the
necessity OF making his purchases for gold direct, as
the HERALD has o.ten recommended hlm u do.
1ne nve-twentes at the close were offered at a DIS
count OF 2a from their par IN gold, while the ten
forties were almost neglected. The following were
the final street prces:-Unired States currency
slxeS lllA ll2la; do to-, 1881, registered,
lI5 115ja; do. do, coupon, 1l57s il6jS; do.
ive.tweulies, registered, May AMI November, 10
llois; 30. do 1892, coupon, do., 1l41s 1856 do
do, 1864 DO. do III l1sis; do. do. 1906, do. do
li43S 1li;s: 90. do, registered, January and july
II2z ll3; do. do, 1855, coupon do. 1928 ll3;
do. do. 1861, do. do 1I3 lI31s; do do, 1s0s. DO
do, iiSH ilsts; do. ten-foriies, registered ios
100; do. do, coupon. 100 a no.
GOLD USsErrLED--l13k III.
The gold market opened steady but soon became
finn on uniayorable reports from London but later
in the day became weak, In sympathy with The sharp
ia IN sterling and In consequence OF apprehensions
TINT the government sale tomorrow will be enlarged
proportionatey with the increased purchases OF
bonds to-day. change OF sentiment again occa
stoned reaction 10 Ii5ts, and the market LETT or
dull fhe cnief fluctuations oi the day SHOWN IN
the tablet
10 4. .M.............ll4x 2P. ..............1l4i.
H. 80 a. M.........ti1is 2:l4 Il,