The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-01-10
PINlNUIiL And COMMERCIAL.


TUESDAY. Jan. Sc T.. A..
on 'Chauge to-day wheat was 1rm with rather
more doing. The cotton market was heavy and
lower.
The suspension OF the dry goods firm OF Sprague,
Colburn 90. was announced this morning. with
liabilities OF million dollars. The special capital
or the house was withdrawn little while ago. Too
liberal advances TO the Eastern mills arc said TO be
the occasion OF their embarrassment.
Tue NEW LOAN.
Washington advices state that the ofrer OF the
new London Syndicate has been laid before the
Secretary OF the Treasury, who enterans IL favora-
bly,. The only obstacle to the Immediate accept
ance OF the proposal Is the condition that the In
terest shall DC made payable In Europe. to sanction
which Mr.. Boutwell, will ask Congressional
amendment OF the Funding act. 1t was rumored,
further, that the proposals embraced q tender for
the 500, O0o 900 or four per cents.
cable despatch announces the negotiation In
London of the loan OF the District or Columbia.
amounting to 81. 600, 0O0 which was placed at SIX,
equivalent in the United States 20 about 95. These
bonds have been created for the internal improve
ment OF the city OF Washington under the new Ter
rlt0rial government, whose plans contemplate
boulevards, parks and public buildings, after the
manner OF the chief cities OF the country with a
view to rendering permanent the present site OF
the national capital.
MONEY STRINGENT.
The money market had all easier look during
much OF the earlier portion OF the day. and while
per cent coin the general rate among The stock
houses good many borrowers supplied their wants
at per cent currency. After two O'Clock there was
q recurrence to strngency, and borrowers readily
paid T. CON- and later, 1872 ana interest," and Lie
"nat." The demand continued for nearly an hour
alter tho usual time for making up &C
counts tho borrowers at lilo being those
who had neglected to provide their funds early In
the day, ana were seeking accommodation after
three O'Clock. The continued scarcity OF money
naturally excites great deal of remark especially
as on this the ninth day OF the new year there
should, under ordinary circumstances, be return
to the banks OF the dividends and interest disbursed
during the past week, and consequent relaxation In
the rate of coll loans. Unless within the current week
there be such relaxation Wall street will begin to
believe that the prophecies OF stringent money
market pending the present poverty Of the banks In
legal tenders have not been rashly ventured.
Prime commercial paper is quoted II per
cent discount.
Foreign exchange was firm and higher, the lead
ing bankers advancing sterling to 1922 for sixty
day aud 10 for sight bills, but allowing liberal
brokerage on these rates.
GOLD wEAK-IO9I A 1857.
The gold MARKET in the absence OF further effort
to agitate war with Spain was dull and quiet
early in the day on the basis Of 109I, with few
transactions at 109H. The confirmation OF the re.
port that formal proposal for $780, 600 900 of the
new loan had been sent to Washington and sup.
posed sales OF gold against the negotiation OF the
city OF Washington loan induced all eventual de-
cline to lOsT These were the only features Of the
market the course OF which shown In the table,