The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-09-21
FINANCIAL and COMMERCIAL.
WALL STREET,

- ~
WALL STREET,
WEDNESDAY. Sept 2o-6 p. M.
on 'ChanQe today wheat was firm, In response TO
easier rates for freights. The cotton marke. was
steady ana firm.
MONEY FOUR TO SEVEN PER CENT.
The money market was active, but less irregular
rs TO rates the extremes IN both directions not be-
ing as wide apart as on Tuesday. There were no
further dealings at three per and none IN excess
Of seven per cent currency. IL is difficult 10 say
whether the market is really as active rs repre-
scented by seven per cent but that rate was freely
paid by the smaller stock houses and toward three
O'Clock by the best class OF borrowers. The bulk OF
business, however, was at Ave per cent on
government bonds and at six per cent
ON stocks. Large balances were let with
the government dealers at four per cent
but loans governments were made at as high as
six per cent and on stocks at as low as Eve per
cent. The inquiry at seven per cent had the ap-
pearancc OF beng artificial and OF being Instituted
by parties interested In buying stocks at lower
prices The market summed up briefly Is, there.
fore quoted as four to six per cent on government
collateras aud five toseven per cent on stocks.
Transactions IN paper were arrested by the MAIN
tenance OF tne advance in rates on call loans.
Foreign exchange continued unsetted~by the
strlngency in cash gold, but may be quoted little
more steaoy et the close On the basis OF los 1881
for bankers sixty day sterling 800
TIE GOVERNMENT PURCHASE OF BONDS.
large gathering of brokers attended the opening
OF tho proposals to sell bonds to the government tn.
day, owing to interest attaching just now to the
influence OF Treasury operations the gold and
money markets. Contrary to expectation Mr. Bout
well was present. but VIII be in town tomorrow
the next day. The proposals were found to o1er
total OF 1905 $50 bonds at prices ranging from 1l2 20
10 1l45e gold at the time being 1lls In words
Mr.. Boutwell, was rendered about seven millions Of
hve-twenties at a discount ranging from = to 2ss
per cent below their par Of gold. The
amount advertised to be bought was
one million. The amount accepted was
three millions, and the prices paid ranged
from 49, TO ll269, the average beng rather less
than 1880. With gold 1lAH, the bonds were
therefore obtained at discount OF two per cent.
Yet Mr.. Boutwell,, on the 1st OF December next in
tends paying the full par in gold for one hundred
millions Of nvetwenties of ls62-or Two per cent
more than their prize to-aay-a loss On the transac-
tion OF two millions Of dollars People haze been
wondering on what terms the Syndicate took the
new loan or Mr.. Boutwells shoulders. Doubtless
the immense profit on turning in hundred mil
lions OF nvo-twentics TO the Treasury par in gold
uext December VIII explain tue matter
GOVERNMENTS UNSETTLED.
The government list opened weak, owing to sales
by lie foreign bankers, who, with the present
dttion Of the foreign exchanges, End profit in i'm
porting bonds from London. After eyerIsh mar
ket most OF the day rather more seadIness was
percephble toward the Close particularly alter tn
extra purchase by the government, conveying as II
did promise that the Treasury would double The
geld sale on Thursday. The better demand for
money also assisted in occasioning the earlier
weakness 1rst referred to. The following were the
closing street prices:-untcd States currency
sixes ll54 1l5ll; do, 1851, registered, l174 a
117;d no., coupon, lsl4 llss; do. fve-twenties
registered, May and November, ll45s a 1l51s; do
DO, 1862 coupon do, 1855 1854; do. do, 1854, do
do, 1l4zs lis; do. do 1885, do. do, ll5 iI5 DO
do. registered, January and July. 1888, la; do.
do, 1865 coupon. do 1883 llS7s; do. do. 1861,
DO, DO. 1l38 ia; do do. 1863, do do. llA all49S
dc. ten-iorties registered, l1I2s 1II5s; do. &C.,
coupon, l11ss l11H.
GOLD LOwER-114A 1l4K.
The gold market was unsettled ana lower. The
speculative feeling for rise was less confident IN
view of the anticipated interference Of Mr. Boutwell,
but the "bears" were just tlmid and were reluc.
liant TO press sales. The decline was doubtless the
result OF large sales by the "bullsn themselves VINO
knowing that the chances are In favor OF an extra
sale tomorrow as Complement OF the transaction
In bonds to-day, sold out large propor-
non OF their gold To make lower marEet
against the Offering OF gold by the government. and
thus give themselves better basis Tor fresh rise
Meantime, 10 make market they renewed the
squeeze" IN cash gold, aud compelled the shorts
or pay eXorbitant rates for the use OF gold
over nght-the acme of which was q per cent or
s6l 90 for the use OF $40 COO gold for daya
sheraton eqnlvaen: TO about 200 per cent per en-
nun. The course of the market is shown In the