The New York herald., 1872-12-07
FINANCIAL and COMMERCIAL.
Excessive Stringency in the
Money Market.
One-Qaarter to Three -Eighths Per Cent
for One Days Use Of Money.
ARTIFICIAL INFLUENCES AT WORK.
The Gold and the Stock Cliques
in a Common Conspiracy.
DECLINE At THE STOCK EXCHANGE.
A Tumble of 8 Per Cent in Rock
Island and Pacific Mail.
w..E sav ----
TIE GOLD aCoRNER" A FIZZLE.
The Gold Pool in Desperation Run the
Price Up to ll3 3-8.
Gratifying Falling Off in the
Foreign Imports.
TIE GOLD aCoRNER" A rIzzLE.
The Gold Pool in Desperation Run the
Price Up to ll3 3-S.
Gratifying Falling Off in the
Foreign Imports.
Government Bonds Firm-A Further Advance
In Tennessees-The Financial Ques-
tion in Congress.
WALL STREET,
FRIDAY, Dec. 6-6 p. M.


tIaY WALL STREET
HaEa1 FRIDAY Dec. 6-6 r. M.
On 'Change to-day cotton was in less demand
but steady. Flour was dun but unchanged.
Wheat and corn were quiet and about steady.
THE DRY GOODS IMPORTS.
The total imports of foreign dry goods at this
port during the week ending December s. 1872,
were 1891 3ls. The amount marketed during the
same period was $676,s7s.
rF4e THE FOREIGN MARKET.
The London quotations this evening come almost
precisely the same as last evening, and private ad
diti0nal advtces say that the market quite dun.
The only change Of note is in Eries, which went OF
to AK and closed at AZ, equivalent to 52i in this
market.
FOREIGN EXCHANGE STEADY.
The foreign exchange market was steady, but
business was restricted in consequence OF the
agitation In the gold loan market. The following
shows the range OF rates:-Sterng, sixty days
commercial, 1903 losas; do, good to prime bank
ers'. 10Sk q 10Sx; do, short sight, 1927 a 1l0h;
Paris, sixty days. 5.aaal 5.2sa4; do, short sight,
62t 6.23K; Prussian thalers, 7Oss a ~; Ant
werp. 6.3lk 6.261&; switzerland, 53l1 a 5.25 !;
Hamburg, 94k a 95; Amsterdam, 39I a 4O14;
Frankfort; 4ok 4oN; Bremen s4ls os.
- TnE FfszSSi1E 15tEsffSS MOO N CONGRESS.
It will be seen by our reports OF the proceedings
I'm Congress to-day that Senator Cole has intro
duced bill providing for the substitution OF
United States notes grcenbacks in place of
national bank notes. This measure is what the
country requires. The substitution would save
the people about twenty millions of taxes an.
nualiy II the paper currency were all green
backs the government could buy in and cancel
$3.50 900. 600 OF the fve-twenties and save the in
terest. On motion OF Senator Wright the Finance
Committee were instructed to inquire into the ex-
pediency OF further issue OF United States notes.
MONEY STRINGENT.
The money market was stringent and the brokers
were compelled to pay extravagant rates for
balances In order to make up their accounts at
bank, many Of which were kept open for fully half
an hour beyond three O'Clock. The lowest rate on
call was seven per cent, coin among the stock
houses, accommodation ar tnat rate being con-
sidered quite favor even among the government
dealers. Towards two O'Clock commissions of 1-32
% Lie were paid in addition to ! per cent and as
much a. x per cent was allowed for the turning
OF Pacific Mali over night. In the usual furry at
quarter to three O'Clock, when the crowd on the
sidewalk grows desperate, as high as 4 was paid
aor money and u per cent for turning Pacific
Mail. This was the climax, the rate subsequently
recediag. until at quarter past three O'Clock
money was offered quite freely at l-1s.
THE ExPLANATIoN
OF the activity the past few days is thrcefold. In
the frst place the Pacific Mail pool have worked
that stock into much odium by instructing their
brokers not to lend money upon it that they have
made IL heavy to carry and reduced its borrowing
capacity to the extent OF several mons-the
edFect OF which is virtually to lock up much
money. Again. the 'bull'' cliques in general are
squeezing" money in order to get stocks out OF
weak hands and load up for the january rise.n
Aud lastly, the pool in the Gold Room finding there
was little or no ''short" interest In that market,
were compelled to lodge their gold with the insur-
ancc trust and other outside institutions and some
OF the banks and pay heavy 'shaves to have it
carried. The domestic exchanges are in favor OF
New York. and the normal tendency Of the money
market u to ease and abundance. This fact would
be soon demonstrated were there cessation
OF the artificial influences now Affecting it.
GOLD sTR0NG-l127s A 1885.
The gold clique endeavored to make their corner
In cash gold this morning. but being unsuccessful,
fell to and bought gold in the regular way with
view to tempting ''short interest to be squeezed
tomorrow. The small extent OF the interest on
the 'tshOrt" side was complete surprise to them.
They had counted on quite haul oil victims when
they drew the seine; but the fishes in the net
too few TO pay the expenses Of the undertaking.
Their operations to-day were defeated In part by
the light return OF foreign imports for the week,
the amount Of dry goods brought in being only
4so0.OOO The '.corner' was SO loose that the
,foretgn exchanges were unaffected and remained
steady to the close. Alter three O'Clock the pool
bid up the rate Tor
THE USE OF GOLD
to morrow, and as high as 5.16 was paid by some
borrowers The steamer took out $780, 900 in silver
bars The sub-Treasury paid out $1l5,O0o on ac-
count Of interest and sS3,o00 on account Of re-
deemed hvetwenties. The course OF the market
ts SHOWN in the table e:-