The New York herald., 1871-12-08
FINANCIAL And COMMERCIAL.

WALL STREET.
THURSDAY. Dec. TOP. MI
On Change to-day wheat was quiet, but rather
frmer. The cotton market showed some improve
ment In both activity and price.
MONEY IRREGULAR AND EASIER.
The money market underwent most surprising
transition from strlngency to supcraoundant ease.
Early in the day, and indeed, up to the
usual time when accounts are generally pro-
vided for, the demand for money was most
urgent and transactions were effected at range
OF rates running on stock collaterals from seven
per cent currency to coin interest and TO seven per
cent, plus consideration OF 1872. which last men,
toned figure was paid In the process Of turning
stocks. The government dealers paid seven per
cent as common rate, but had six per cent
balances remaining undtsturbcd from previous ell.
gagements Before the close OF banking hours a
marked relaxation took place. A well known Wall
street firm, which In the morning had been borrow
Ing at gold interest," turned lender IN the inrerva
between two and three O'CLOCK ana sammed"
the money market down TO u per cent. Part of this
money doubtless came from the Sub Treasury,
where payment was made to-day for the half nall
lion or government bonds bought yesterday, and,
reaching the owners after accounts had been made
up, promptness In that business having been
stimulated by the fear OF "squeezen this after
noon, was thrown upon the market for the best
rates 1t could obtain Iti further said that the re-
Taxation was helped by the ''Dear'' cliques with
view to inducing activity IN the market, but human
nature IL hardly capable OF such dangerous piece OF
gambling; so that another theory s better received
TO the effect that the "bulls did IT, These several
explanations are al the service OF all VINO read
them. The last explanation lies III the fact that in
the process OF
RErUNDING TIM PUBLIC DEBT
the Assistant Treasurer In this city disbIrsed
s2,00Oo00 Of coin to-day In payment Of checks re-
celved from Washington III exchange Tor ''cailed''
bonds OF 1862 sent there tor redemption, making
total disbursement here OF S13,20o 900 on this ac-
count. The 81, o0O0O finding Its way into the
banks, probably allowed liberal expansion In
loans, with the result which caused SO much sur
PRISE on the street this afternoon.
Paper was neglected in the interest attaching TO
the call loan market and rates were nominal
Foreign exchange was steady OH the basis OF lo9
a 1O9h for prime bankers sixty day sterling aud
1U0I for sight bills.
TIE BANK OF gNGLAND
made no alteration In the discount rate, which
stands at 80 per cent. The weekly statement Of
bullion shows an increase of els, 900.
TIE GOVERNMENT SALE or GOLD
The Assistant Treasurer received twenty one bids
for his gold the total amount called for being
50, 5000 at 1o913 a l0978 The million was dis
posed OF at 1oa.76 109.70H.
GOLD LOwER-lO976 A 1O9ss.
The gold market was depressed and went Off to
lO9A-a figure made on the earlier difficulty IN
taking care Of cash gold. but not improved upon
whom, with the sudden relaxation IN money, the
holders OF gold pressed their advantage over the
"bears" and forced the carrying OF their balances
ee OF interest. Tho course Of the market Is shown
IN the table,