The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-08-16
FINANCIAL and COMMERCIAL.

WALL STREET.
TUESDAY. August 16-6P NJ.
On Change to-day wheat was quite active and In
the main strong, although some irregularity was
noticeable In prices toward the close OF business.
The cotton market continued heavy and was
fraction lower. ,lt nt
rl.t THE EXPORTS OF THE WEEK.
The aggregate amount OF exports, exclusive of
specie, from the port OF New York for the week
ending August Is, 1877, was $s.95s.638.
MONEY TWO TO THREE PER CENT.
There was no alteration IN the rates for money on
cail and the market appears to have relapsed into
the sereotyped quotation OF a per cent prevail
ing before the furry OF last week. On government
collaterals borrowers are, as general Thing. fully
supplied at ,he lower figure, and on stocks al the
higher. But good houses pedging the usual mis-.
celaneous securities are occasionally able to get &C
commodation at 2l per cent-a splitting OF hairs
which indicates the present plethora OF funds at
this centre. Considerable speculation IL in
duged in as to the effects OF sharp activity In
the Philadelphia money market to-day announced
by telegraphc advices to Wall street. occasioned 1t
is said by the sudden calling In OF loans by
French American firm, ana producing rise to six
per cent In the interest rate. As the TWO are 80
closely connected by rail II Is improbable that
an effort will be made to convey some of
our abundant money to Philadelphia, In Or
pTeVdll0X
there; but 1t Is doubtful If the amount required in
the Philadelphia market VIII produce any very sen.
sibe drain upon the present enormous resources Of
New York.
FOREIGN EXCHANGE WEAK AND LOWER.
The foreign exchange market was weak unoer the
continued scarcity Of cash gold; and drawers, to
realize, had to make further concession in rates,
which were lowered to 1925 for prime sixty day
sterling and 1925 for sight bills In fact, sales OF
sixty day bills were reported to have been MADE
the street at as low as 100.
GOLD wEAK-l12% A l12A.
The contest in the Gold Room between the rival
combinations assumed very interesting features
and was diversified with transformation seen
from strong bull movement in the forenoon to
decided bear movement In the afternoon. The bulls
early In the day, retaining their grip on the cash
coin OF the market, advanced the terms for It's
to 564 and 1882 per cent per diem, and
thereby compelled some Of the shorts to
cover at 1925. Here rumors began to
circulate that the clears" had formed
a pool of 'highy respectable" bankers who were
going to ask MI. Boutwell, to lend them $50 DOC, 900
OF the Treasury gold on the hypolhecation of gov
eminent bonds. the inducement to his doing so be-
ing the eminent advantages that would nure to the
new loan by TALL In the gold premium resulting
from the throwing OF this $4,000 600 Of gold the
market. Al the same time the foreign exchanges
took downward plunge OF per cent Gold
as consequence dropped to 1929, the
bull " clique being abandoned by the
smaller operators hanging at their skirts.
reaction to 1121S was occasioned by later
distrust OF the success Of this scheme, but final
fall to 1921 was occasoned later IN the day by the
important announcement from Washington that the
Secretary Of the Treasury has give notice
on the LIST Of september that he WILL at the expira-
lion OF ninety days after that date call in and cancel
s45,OOO,OO0 OF the fve-twentles capable of such
redempton-his authority to do 80 being undOubted.
now that he has been able to place an equivalent
portion Of the new loan, clearing lower rate or
interest,"" At the close gold was offered at 112h,
and sales made ct liz 18. The course OF the