Year: 1871

l


MONDAY Jan. 16-8 r. M
On 'Change to-day wheat was In better demand
and nrm. The cotton market was active and higher,
with Tree purchases for the home and foreign mar
ket and on speculative account. The speculative
inquiry was noticeabiy active and buyers took hold
quite readily. under the impression that the lowest
prices for the present crop have beeL seen.


MONEY MORE ACTIVE.


The speculative cliques at the Stock Exchange are
faithful their promises made last week. that they
would render the money market stringent, In order
to conummate their plans OF buying back stocks at
lower prices. To-day they started an inquiry at an
early hour. and made the rate on call loans full
seven per cent before midday. Toward the close of
banking hours seven per cent gold was the general
rate, and some borrowers paid sixteenth per cent
In addition to seven per cent currency for accommo-
dation over night. After three O'Clock an eighth
per cent was bid for money on the street,
but any transactions occurred at that
figure the lenders were careful to keep them
secret, through fear Of incurring the penal
ties OF q violation OF the usury laws.
number of prominent and reputable firms were
charged with being concerned In the operation OF
locking up the money employed In the movement
which produced this stringency. 1t ia puzzling to
understand how they consummated their scheme,
inasmuch IS the banks have been plentifully sup



drawa Of money TO meet certain Indebtedness OF
the city-amountng to about &c. 100000, ON which 1t
Is reported they had principally calculated
to assist them-t0ok place few days since,
and has therefore ceased to have its in
fuence. Either the amount locked up this
time Is enormously 1arge-more than the
reported capital OF the combinaton-or the brokers
have Deen too apprehensive, and In stheir eager
ness to make sure Of getting money helped to make
the stringency. There will be anxious inspection
of the statements az the Clearing House tomorrow
morning to discover which Of the hanks has been
used to assist the clique. The high rates above
noted were confined to loans stocks. the rate on
governments not having exceeded seven, while
some OF the leading dealers In these securities were
supplied at as low AZ six per cent Commercial
paper was slower OF sale under this activity, but
rates OF discount not higher, buyers having no
confidence in the permanence OF to-day's rates on
call.


FOREIGN EXCHANGE.


The better supply OF commercial bills drawn
against shipments Of cotton and produce last week
weakened the bankers rates for foreign exchange,
especially as money was In better demand. At the
close prime sixty day sterling bills were offered at
109k and sight at no. but sales Of the former were
made on the street at 109h.


GOLD LOwER-11OA 110k.


sharp advance in fve-twenties in London
where the 62's advanced to 90H against 90h, the
previous days quotations-started selling move
ment IN the Gold Room and great deal Of long
gold came out Of the hands OF operators who had
grown tired Of the obstinate refusal Of the market
to carry-the rates in the loan market sympathzing
with those in the general money market-which
fact helped the downward tendency. The course Of
the market Ia shown in the table,