The New York herald., 1872-11-06
FINANCIAL and COMMERCIAL,
WALL STREET,
TUESDAY. Nov. 8, 1872.


TUESDAY. Nov. 8, 1877
The street has been as deserted as on q Sunday
ewing 20 the strict observance OF the election
holiday. Our advices by cable from London ans
elsewhere will be found in adjoining column
Fivetwenties OF '07 93,l and Eries 431s, boil
steady. -
The chief feature oi the week, so far. has beer
the squeeze" in cash god, which was inanguratet
n a moment when there was least suspicion o
any such movement and when the speculators
were quite generally short OF the market in antic
patton OF the depression OF the premium to follow
me reelection OF General Grant. The speculation
WAS undoubtedly correct one so far as Its theory
went, for with or without General Grant as next
President the premium gold ia disproportionate
10 the enhanced credit and prosperity Of the coun
Try. Last Winter gold sold at as low as lOS3s and
nnctuated between 1885, and 100 during the closing
week OF December and the first week or January.
Last year we marketed cotton crop OF less than
100000 bales This year all the statistics
agree upon crop OF between 3,5ooOO0
and 3,s50,ooo bales. year ago the chances
Of Grants reelection were quite small for
ms administration was then opposed by the
several political elements which have since fused
at Cincinnati into the liberal party. Yet with the
smallest cotton crop since 1860, and prospec-
tive dissolution OF the dominant political party,
gold fell TO 1855. OF course, while people specn-
Elte for decline in gold by selling gold which is
BOT in their possession, there will be corners"
such the one OF Monday, the moral in this case
being all the more pointed as the "shortsn were
parties Identified with the government by direct
business connection with the Treasury Depart
meBi. On the other hand the "bullsn were
n clique comprising the New York agents OF
the Bank Of Montreal-an institution already
famous Tor infamous, the reader ikes) for pre-
vicus gold gambling of the same character. The
Treasury clique were sure the government would
se gold very largely this month"; and also began to
think IL about time to put out line OF sales against
ihe Presidential election result as it should be
known Wednesday morning. Unluckiy the
ro,d for these deliveries came from the Canadian
cnque and their New York allies and the .bears,"
instead OF hugging it's their nature to-" were
squeezed themselves in a remorseess embrace the
.'oulls' forcing them to pay as high as per cent
for the OF gold, $500 cash for the OF each
$4,000 gold they needed in making Mondays deliv
cries ex-Cearing House, the highest rate in the
Clearing House having been per cent All these
contracts go over to Wednesday, when, as the gov
eminent viii then begin the November programme
there may be sudden relaxation to prevent Mr.
Boutwell, from selling more than the advertised
million. The last quotation on Saturday was 1925
. ll2A.
The money market was unsettled and more
active owing TO the changing OF loans in connec-
ton with the ''squeezen in the gold market, and
the rate on cali ran up to gold l-32 but closed
at6a7 per cent as against a per cent Satur
day. There are az vet no indications OF recur-
Of monetary stringency this Winter. The
season If well advanced and the crops are already
wen on their way to market Besides, as the
HERALD pointed ont early in the Fall, the distrbu-
ton OF banking facilities is much wider under
she operation OF the F1y-our Million act that the
marketing OF the crops and the business generally
o. the interior with the metropolis is now effected
without the sharp and vonminous movement OF
currency to and fro characteristic OF the times
when the banks almost concentrate te d in the
Fiddle and Eastern states The prevalent dis
temper among the horses arrests the interchange OF
capital among business people town, and the dis
count market shows larger accumulation OF paper
with rather sitter rates. Foreign exchange OF
Monday yielded another one-eighth per cent ant
was only nominal AT the decline.
The stock speculation has been much tanner fol
fevera days; but there were evidences that the
chques were quietly buying preparatory to al
early resumption OF operations. Especially was
the impression encouraged that the reelection oi
General Grant had been ''dlscountedn and that the
result Of to-day would be followed by sudden de-
cline IN prices on "Wednesday. II is barely possible
tiat the "disconntng'' in this has been itself
discounted, and on the principle that two negatives
destroy each other the discounting theory may be
lllnsory. The point" that the reelection OF Gene
raj Grant had been discounted was too generally
Circulated to be good one and it's dissemination
fmacked Of clique strategy. But we shall see what
we shall see.
The following were the closing prices OF stocks
ON Monday: y:-Western Un1on 79sf 79Is: Quicksil
ver 4eh AZ; Pacific Mail, % a e4is; New Yorl
central, e5ss e5&; Erie, 5a2S "a; Lake Shore
s22s 20; Union Pacific, 3ss 3a7S Northwestern
Ess sa14; Rock Island 1lO,s 1losa st. Paul. 5oa,
a57; 81. Pani, preferred, 70 76l4; Wabash 70 y
7as4; ONO and Mississippi. Asa a 4s1s; Hanniba
AMI 81. Joseph, 80 a 33Js Boston, Hartford and
Erie, sss 81; Columbus, Cincinnati and Indians
central 3576 36x.
The following were the closing prices OF govern
ment bonds United states currency slxes, ll4l
do. do, 1881, registered, l15S a lI5a; do. do
coupon 116i4 ll6is: do. do, fve-twenties, regis
tered, May and November, 1113s a 1l1ss: do. do.
1862 coupon do. do, 1I12s I11ss do. do. 1864
do. do, ll1ss "A MS; do. do 1865, do do, III =
a Il21a; do. 1867 registered. January and july
7lS2f lI4ia; do. do, 1865, coupon, do, 1137s
1l4l do do., 1857. do. do, 114i4 a 1l49s; do do
1865, do. do, 1l32s 114s; do. ten-fortes, regis
tered, l07a losls do do. coupon, los los
10. fives OF 1851, registered, lO9 lO9Is; DO do.
DO. coupon, do. do, 100 a 1O91s.
The Nassau Bank has declared semi-annual
Dividend OF a per cent, payable November IL.
According TO the ofcial report OF the Mutual
Lie Insurance Company recently made to the
policy holders and given at length in our adyer.
iIAng columns the gross assets October | were
$50 ss0,7l3.
DOMESTIC MARKETS.