The New York herald., 1871-12-07
FINANCIAL and COMMERCIAL.
WALL SrRKBr. l
"WEDNESDAY. Dec. g. p. N.


On Change to-day wheat vas inactive, owing to
wide difference between buyers and sellers views
of the market Cotton was quiet and steady.
- MONEY sTRMGKNT.
The money market was STRINGENT and borrowers
ON call had great deal OF difdculty In supplying
their wants number OF bank accounts were not
made up until after the usual time, and then only
when the borrowers had paid very dearly for
accommodation. The larger number OF transac-
tions were at seven per cent coin, but
as far could be discovered In the secrecy thrown
around transactions at over the legal rate 1t ap-
pears that 132 per cent paid quite freely upon
stock collateras. and was even bid for the use OF
money against the pledge OF government bonds.
Some OF the smaller stock houses paid lie, but
these instances were quite rare Earlier in the day
and when the apprehension OF activity had been
somewhat allayed by purchase OF portion OF the
amount Of bonds wanted by the government the best
classes OF stock houses had been able to borrow
moderately large sums ar seven per oent currency.
which rate was at this period quite readily accepted
upon government collaterals Indeed, some OF the
prominent dealers in the latter securities had loans
lying over at six per cent which were disturbed
by the lenders. 1t Is quite evident from
GENERAL INDICATIONS
In the stock market that the bearish element OF
speculation is actively interested In and working
for lower prices and doubtless has helped to make
money scarce. But the efforts OF o few individuals
such time as tho present have been greatly
estimated and less attention given to the real causes
Affecting the market. The movement OF currency
to the West and South has been much later this
year, for the reason that the first edge so to
speak, OF monetary activity In connection with this
influence was taken or by the larger banking
facilities OF those regions acquired since last
summer by the Filty-four Million bill, allowing the
organization OF new national hankHin
THE SOUTH AND WEST.
These facilities being exhausted the further move.
ment OF the two crops must be effected with capital
from this centre, and We are now begin
ming to experience o drain or greenbacks
which In previous years commenced usually about
the 1st OF September. Again, while the Treasury
has disDursed $11 200 900 In gold this point In
demption Of the "caedn bonds Of 1852, the banks
have not been able to make any great use Of the In
creased reserve thus given them for the reason that
fully all the gold received by them must 60 back
to the Treasury whenever Mr.. Boutwell, demands Its
return in the shape OF payment for subscriptions to
the new loan, which he is on the eve OF doing,
according to our washington advces. Furthermore
the effects upon local money market OF the set
Elements Of our insurance companies with the
losers by
THE CHICAGO FIRE
are q matter for very grave consideration. Most Of
tie companies took advantage of-indeed. they
needcd-the privilege Of waiting the rul period OF
sixty days specified In their contracts OF insurance
before paying claims. The Chicago fire occurred
October 10. The sixty days will, therefore. ex.
pire within the current week. Allowing
margin OF time for the collection Of
..proofs OF loss' statistics Of damage, &C.,
ranging rom three days to thirty days.
the period of liquidation OF these enormous losses
will begin next week and run indefinitely into the
future. As already frequently noticed In this
column many OF the Eastern insurance companies
prepared for this movement o month ago and have
had their balances lying In Wall street awaiting the
expiration OF the sixty days. It was the advent
here OF this money tnat helped to make the remark
ably easy money market which prevailed during
November, usually month or activity II not
stringency. The facts, therefore. 60 TO disprove
any extended or even noteworthy h5
ARTIFICIAL MANIPULATION
OF the money market especially as, outside Of one
OF the State banks which has been alternately
creditor and DEBTOR for large amounts lately, the
Clearing House returns are devoid or evidence on
this head; and for prompt indications OF locking-
upn movement the Clearing House figures are. after
all, the best source Of Information. ao
Prime commercial paper was inactive, but nomi-
nally unchanged at the quotation, a II per cent
discount.
the Close when 1t became heavy with sales Of prime
sixty day sterling at 100.
THE GOVERNMENT PURCHASE OF BONDS
The offer OF the government TO buy one million or
nvc-tventes ELECTED an Offering OF only $813, $50
bonds at prices ranging from $109.74 to $i10.5o.
Gold was taken to be worth $l09s7H, and accord
ingly the government was able to buy $5I7450
bonds at $1oo.74 q $lO9.s7. The gradual apprecia-
ton Of the credit OF the United States has been
shown IN no more marked manner than In the small
offerings at the Sub-lreasury from week to week.
Should the present tendency continue Mr.. Boutwell,
VIII shortly be
5o aae, UNABLE TO BUY BONDS
except for the Sinking Fund.- for which the limit would
be about half million a week. The grievance OF o
too hasty reduction Of the national debt bids fair
therefore, to remedy ITSELF With our bonds ABOVE
par in gold Mr.. Boutwell, win be unable to cancel
them at faster rate than $25 year. unless
he should have recourse 10 the tenforties the pur-
chase OF which would certainly be 7inadvls as
long as any Six per cents are unredeemed
GOVERNMENTS LOWER .maer0t
The government list was shade lower IN re-
sponse to the decline In gold and the prospect OF
reduced scale OF governments purchases for the
future, but with very Arm undertone, illustrating
the satisfaction OF investors with the current tenor
OF the national finances The changes were slight
and arc shown In the following record of the
closing street quotatlons:-United States currency
skies, llS 11sA; DO. do., 1881, registered. ia
114H; do. do, coupon, 117k q 117K; do. nve-twen-
ties, registered, May and November, ITO 110A;
do. do, 1891 coupon do, l1Ox I'LL do. do, 1884
do do. l1oH llo5s; do. do. 1885, do. do, 1llk
1111s; do do, registered. January and July, 1Oox
11oX; do. do, 1866, coupon, do, 11sx 1lax; do.
do, 1857. do. do. 1l4 ll4K; do. do, 1858 do do
Hay 114x; do. nves, OF 1881, funded. regis
nW.H<N
1oox; do ten-forties registered, losh 1Oox; do
do coupon, 1ooX ITO.
1890 THE RAILROAD BONDS.
The following were the bids for the railroad
bonds:-
New York Cen IS, 1879. sO,s q West ID m lsea x,1
New YORK Cen SA 1884, " Quincy Tol 1st, $780,. 81
New YorK Cen Ds sub. 81 Gal Chic cxisndsd - ,0as
York Cen rs, 1875. lO2 (}aI 4 chic ID ~, az