The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-17
FINANCIAL AND COMMERCIAL.

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MONDAY, Oct le-0 r.. L.
ma stock market opened steady this morning, but
without spirit owing TO the uncertainty regarding the
supuy OF money and the anticipation Of an unfavora
bile hank statement At the first regular board prices
declined fraction Erie closed higher than at the
same time Saturday, Northwestern u, Rock Island
u, Prairie du Chisn y. New York Centrh was lower,
Hudson River i, Reading y, Michigan southern y,
Cleveland and Pittsburg r. Cumberland ~ Quicksilver
u. Northwestern preferred was unchanged Govern
mont securities were heavy Coupon nvetwentiss de-
cnsd X, skies OF 1881 y. Seven-thirty notes Of the
third series sold at 971.
At the omen board at O'Clock the market was dun
and fraction lower At the second regular board II was
steady Reading closed higher than at the first board
Illinois Central y, Cleveland and Pittsburg q. New
York Central was 4 lower Erie u, Hudson River ~
Michigan Southern Y, Northwestern Y, preferred ~
Prairie du Chen IN Ohio and Mississippi certificates y
Quicksilver was unchanged. Central American Transit
Company sold at 81 Government securities were rather
weak. Coupon fve-twenties declined u
At the open board at halfpast three II was heavy.
New York Central sold at 90, Erie elx, Reading lloH
Michigan Southern 65x IRnois Central 1885, Cleveland
and Pittsbarg TN, Rock Island 1851, Northwestern
8lK, preferred o. 81 o57s Afterwards on the street,
Erie declined TO co., and the whole market was
unsettled.
The leading stocks were hammered freely by the
hears md some OF the bulls forming new combinations
the decline for the purpose OF buying al lower
figures At the same time few Of the bull operators
on narrow margins became timorous and sold out
There was an active and in part ARTIFICIAL demand Tor
money ut seven per cent but tho wants OF houses In
fair credit were freely supplied at that rate
The bank statement generally regarded as more
favorable than it really is The decrease OF $685. 567
I'm the legal tender notes almost entirely owing to the
payments into the Treasury OF compound interest
notes on account of the fifty million funding loan, and
this therefore, indicates nothing that can affect the
money The contraction Of the oanabe resources
Of the banks is, however, shown in the decrease Of
s6l4o $50 in deposits The Western banks have
been drawing their balances rather closely OF
late ewing to the partial srngency which prevails
in their section, and the Treasury has been doing like
wise upon its national bank depositaries In order to in
Its reserve in preparation for reduction OF the
Temporary deposits The Treasury balances still remain
ing with the national banks very small and the dis
bursements Of the sub-Treasury are going forward
RAPIDLY The payments on account Of the temporary
loan to day were large and will continue during the
week The increase of Gil In specie is traceabe
to the recent sales Of coin by the government The de-
crease OF S97ss43 in loans is consistent with the de-
crease deposits and less than generally supposed
The demand for discounts very active and only strict
ly first class paper passes per cent the latter be-
ing the most rate. Ordinary good is quoted at
IL and doubtful names meet with little favor. There
is nothing however in the condition of monetary affairs
create dstrus warrant any uneasness the tenden-
cy being towards greater case
Tho gold market frmer under the European ad-
vices reporting the Of the Bank Of England rate
OF discount to five per the ID nst and six per
Co.. on the 5th. 1t is argued that should any monetary
pressure ise abroad the price Of fvetwenties there
"ouia ethef decline, In common with other
securities, or fail W advance and that in either
case the inducements 10 ship them from this
side would rather diminish than increase and that
should the export Of securities receive check gold for
which they have served substitute would require to
be shipped instead. II is not to be ignored that the
advance in the bank rate from four per cent
on the 2sth utmo which day It was i'd
vanced to AZ, is rather sudden, but the NOME
tary signs there forcshadowed such an advance. The
brisk demand for discounts which has led to these
advances reported have reduced the bank reserves
70 80 low point as when the rate was eight per cent
ana the former Is attributed TO the speculaons IN
domestic and foreign produce, cotton of course being
Of the leading articles The effect therefore, OF the
Bank Of England putting the promptly will be
10 check that speculation and reduce the demand for
money although il may reduce prices in degree
and retard exports from this port The operation is
always highly conservative and affords ground for
apprehension OF monetary disturbance but II docs exert
influence in fastening remittances from other
tries and hence the increased frmness of gold and
change to-day. The opening price OF tho former l45
from which there a steady advance TO 145i. q at
tho close of business
The foreign bankers generally advanced their drawing
to 1921. this morning under the influence of the
slight decline in tye-tWenties and other securities
the London stock exchange aud the other affect
ing gold importers unwilling to buy AT IT, and
II declined to io9ii q during the afternoon Francs
participated in the improvement owing to the Bank Of
Trance having advanced its rate OF discount from three
tfosr per cent, and they quoted at SIT BIS.
The following figures compare the last weekly state
meat q the New York associated banks with the
turns ofthe previous week.
oct T. Oct a.
10osr ssl