The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-10-18
VINiN;IIih And CONllHl0!ii.
WALL STREET.

TUESDAY DC. 1,-6 +. NJ.
ON,'Change today wheat was heavy and a shade
lower. The cotton market was weak, ana after
decline OF &c. &c. ciOscd dull
MONEY STRINGENT.
The situation n ws street gels 80 bette, so far
as he nioiIcy ni;,rA.I Is c0ncerned To-day Por-
I9wers were embarrassed as they have not bets1.
since he first news or the Chicago disaster It Is
true rates not so high they have been; for
while he most paid to-day was < per cent In tie
shape OF commissions or for turning stocks-a figure
small by comparison with tile eXorbitant charges
exacted Tor the same fayors last week-money was
really scarce, and borrowers had TO do q
great deal OF iunnln. TO get II, many accounts
being delayed until long after the usual hour for the
closing Of the banks. As already Indicated by US,
the demand for money to go to Chicago has led 60
heavy shipments OF currency, IN addition 70 the
calling OF balances oy tho tnicGso banks and re.
mitranccs on account OF tho Insurance companies
and public charitable donations OF money there IS
private drain fro friends here to friends in the ILL.,
fael city IN rssponse TO letters asking temporary
help in tile Way OF money. We saw one letter Of this
oharacts. In which a gentleman, formerly proml-
nent W speculative transactions In Wall street. but
recently wealthy merchant In Chicago, confesses
destitntion and asks the loan OF a small sum,
to DC replaced when he can get under
way again. The Chicago calamity could hardly
have happened at season OF the year when the
embarrassment to financial circles would have beel
less felt Furthermore, the more rapid the restOra-
ton OF the CITY, ana the more energetic the efforts
OF Its people at rebuilding II, the more severe the
STRAIN on the money market. Could the interval to
next spring be tided over In any way, or would ITS
enterpr,sing inhabitants be content to defer an
active effort at recuperatIOn 20 that time, the dis
uess IN business circles and the sacrifice o! invest
mcnts wonld be IN great measure averted.
Indeed, 1t remains 10 lie seen whether II would not
he the best policy TO place In allegiance for the time
being the Thousand AMI one new enterprises under
taken amid the ruins, and patiently await the
return or spring with It's 1ne weather, buoyancy
and easy money market for the recon structon Of
the city. Janor win then lie more accessible ana
also more capable OF prolonged and ste ldy work,
whereas with winter at hand the chances
are that indictment weather VIII arrest ana delay
what Is now undertaken. Meantime the details of
a plan for partially employing and feeding the
thousands OF people who need daily occupation
might be flsed out In some mapaer calculated TO
alleviate II not prevent general distress. Te people
OF Chicago are now a Commune and are bound to-
gether by interests compact those OF single
family. The Efforts OF cnariiy, hberality intclli-
gencc aud discipline ought TO be fully exercised
in the discovery o, some means oil solving the
great social political, financial ana commercial
questions involved IN their immediate future. A
committee, nan, Is needed who SHAH assume the
direction OF events, and by timely SKIN on the one
.hand ana obcdie mt trust on thc other guide their
course that the vortex 0f disaster which mas
chhago Ter ilsccnrc shall not spread beyond that
haprss localI,y.
Among thc government bonsos the lowest rate on
cal was sovsa per cent, but gold was cheer
July paid ia many cases. Among the Stock brokers
the rate OF COMMISSION, IN addition 10 seven per
cent, was l-'2 = per cent, with IIs and !. per
cent ,eiy conmon considerations. Ihe closing
rate was Lid per cent.
commercial paper outside Of bank cannot be
quoted The banks report IA active demand for
discounts from the merchants. ard 10 their credit
be- u said their resources being literally devoted
20 helping his branch OF the business community
Whe the HERALD has condemned bank imitation
50 lar rs wan street i concerned IL viii clIcerfuIly
commend the most generous exercise or The fupc-
tons OF the banks when directed 10 30 legitimate a
purpose.
FOREIGN EXCHANGE STRONG.
The decline in god aud tho cessation Of sales
rom second hands caused reaction in the rates
for foreign bills, aud the bankers restored Their
figures 70 the standard prevanng at the beginning
Of tho week. Ihc following were the closing quo.
tatlons Of me Misunderstanding, sixty days, com.