The New York herald., 1862-10-23
FINANCIAL AND COMMERCIAL
WEDNESDAY. Oct. 22-6 P.
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WEDNESDAY, Oct 22-6 P. NJ.
Money is worth about per cent on CALL with
out much activity, except in the loans on gold
Banks are generally lending par on gold. Mercan-
tile paper sells ut 4 per cent for choice names
certificates Of public Indebtedness at 90.
The Board OF Brokers this morning, by very
large majority, decided not to allow transactions
within the board in gold or demand notes after
Monday next. The action of the Board had been
anticipated IN 1ae nERxI55 Of this &orning; but
still it seemed to take the spectators by SURPRISE
As soon as the vote was known, gold, which had
risen from 1872 to l34, fell to 129. At this figure
everybody rushed in to buy, and the price rose
steadily to 1870, l31, l32 and 1921. The
last price Of the day was 1927. Demand
notes 1uctuated about as rapidly between
l27 and l29. As for exchange, it is i'm
possible to give quotations for it. Bankers bills
sold this morning at l4s, and all the way from
that point to 1472.; when gold began to fuctuate
2per cent minute, as it did all the time, bankers
declined to name rate. The action Of the Board
of Brokers, in striking gold from the list, has
given rise to considerable discussion, and many
censure the proceeding as On attempt to lay un-
any mistake has been made. If speculation in
gold could have been checked otherwise, il would
have been far better to keep the traffic in the
article in the open daylight Of the Stock FIX.
change instead of consignipg it to the darkness
of the back parlors Of a few bullion brokers.
But experience has proved that so long as official
quotations of the rapid fluctuations in gold are
published twice day by the brokers, and
the purchase and sale Of the precious metal is
rendered as easy and as simple as the purchase
and sale of Stocks it will be the favorite fancy of
the day, and the operators of the street vii, con.
tinue to gamble in the ruolic Credit to the vast
injury OF the country, and probably to the ulti
mate ruin of the government. Excluded from the
Board, gold will fuctuate like money and ex-
change; but its fluctuations will not be placed
twice day before the eyes Of outside spectators
to tempt them to operate in it, and it will only
be bought and sold by few houses in Wall
street, at whose mercy the spectators will be-
Under these circumstances it is pretty clear that
the public at large will not continue to speculate
as actively as they have done in the precious
metal. The temptation will be wanting on the
one hand; and on the other, to speculate in gold.
when three or four houses hold the specu-
lators at their mercy would be hazardous
in the extreme. For while it is pos
sble that gold may continae to rise. AS it
will not be struck from the Board lists before
Monday, merchants and others who want to buy
in open market, as to guard sganst q combna.
tion of bullion brokers, will probably do so this
week. But the chances are that within q couple
Of weeks the traffic in the article will have so
materially diminished that the premium will
merely represent the actual public estimate of the
depreciation Of the currency.
The stock market was active to-day, and prices
as rule were higher. Eric old and preferred con-
tnue to lead the advance. The former touched
63a4 to-day closing at about 63 the latter sold at
921%, closing at 9ls1. The announcement that the
company will pay off all the outstanding assess-
ment scrip on the lst of November convinces
even the most skeptical of the prosperous
condition of the concern, and encourages invest
ment in the stock. The preferred is now con-
sidcrably higher, relatively, than the old stock,
and the latter is likely to be selected as the more
promising purchase by spccustors. Other rail.
way shares are still comparatively neglected: but
commencement Of speculation in the Western
shares was developed to-day in the purchases Of
the Michigan stocks. Central Michigan rose per
cent, and was in active demand at the advance;
Southern old rose "a This speculation, like that
in Erie, rests upon the basis Of the large traffic of
the roads. Michigan Central is expected to pay 4
per cent this winter, and is fast following Erie pre-
femed over the 90 point. Rock Island was steady
at an advance Of u. In bonds there was little
done to-day. Governments were dull at a small
decline. At the close the market was firm, the