The New York herald., 1865-10-16
FINANCIAL AND COMMERCIAL.


SUNDAY Oct. Is, 1896.
The stock market was Arm. with an advancing ten
dsncy during the early part Of last week. but after the
Hrt session Of regular board on Thursday raid was
made upou II by few houses suddenly calling in
all their loans and borrowing much money as they
could 20 as to withdraw from the and create
artificial stringsncy Al the same time they bought
stocks regular and sold them for cash. and hammered the
market with seller threeA This was kept up t about
two O'Clock on Friday, when the bear movcment ex-
haused ITSELF Meanwhile tho overloaded bull houses and
operators felt the monetary pressure severely, and many
Of them compelled to relieve themselves BY heavy
sales Of cash stock. The brokers who were under no
urgent necessity sold portion Of their customers
socks and some Of the 'bull operators did likewise
assist the fall with view 70 baying In at lower figures
The consequence thn many OF the brokers shor"
against their will otherwise OF their customers stocks
and larger interest probably exists than has been
known for two three months
First class borrowers found little or no difficulty in
getting their wants supplied seven per cent; but weak
houses, In not few instances paid commission be-
Sides and found It hard 70 get all they required at that
On Friday afternoon the market, which had proved
itself remarkably slow TO YIELD began to react,
and the improvement made gradual progress up to the
close OF business Saturday the speculative feeling
having apparently derived fresh strength from the ex
perence Of the previous days The bear movement
intended break the whole market proved failure ana
resulted In loss to the engineers rather than gan Tor
nearly all the list sold about high Mt Sat
urday's one o'clock board Thursday morning be-
fore tho market broke Although prices gave way very
little and tho market developed nn unusually strong
rccuperative power nevertheless evident that had
not the bull houses and their customers been car
rying stocks than their resources made prudent
the break could hardly occurred under such crcum
stances The temporary loan disbursements of the Sub
Treasury week and general causes promise TO restore
ease the money market, and with the present strong
disposition of the speculate for rise It pro-
babo that quotations will continue in the ascendant.
That money is in much more active employment than
usual is however, shown by the increase in the
OF the daily exchanges at the Clearing House. the
rage during the past having about sls 900
per day against about $75 900 per day daring the
previous month. The demand for discounts has been
great that the supply Of funds available for the
Stock Exchange has been necessarily curtaed; but
there is plenty Of money in the country to be had at
seven per cent, and this rate drawing fresh capital
into Wall street
The gold market heavy throughout the week under
surfeii OF coin and diminished demand for customs
duties which ranged from $685. to $500 per day.
the aggregate for the Elk days being s2060000 Both
the import and export trade experienced increase
during tho week. but the general merchandise markets
easily accounted for, goods having passed
into bond than the during previous
weeks There further cause for the depression
Of the premium in the advanced quotations for fve-
twenties and Erie and Illinois Central well cotton
brought by the last English steamer consequences Of
which fresh shipments Of these securities have been
made while an impetus has been given to the outward
movement of the great Southern staple and the rates of
foreign exchange have been temporarily lowered to 109I
a Y for bankers sterling at sixty days
The receipts OF cotton during the week have been
heavy the aggregate import since the 1st inst being
Al 48 balls The sales for the last three days amounted
to 25 COO bales. and the price of mddng
advanced after the receipt Of the China's from
about SO to 6l g. It will be by the following
from Liverpool monthly CIRCULAR dated the
1st inst that the in that market Of 4sd in
American not unexpected or without cause. There
time when such strong inducements cul.
exist at present.
London but 304 900 bales against 900 year.
Of sa against h'as se oolcs whereas VI se he
consumption Of this country and the Continent
tho corresponding time last year. and the scale prices
Is about the The only set of against this the
large stock held by the trade In the last five weeks
they have taken the average 900 bales per week.
and putting their consumption for this period at - COO
they must now hold STOCK OF lu,OOO But " must DE
remembered that they held literally nothing when the
free buying commenced and could not afford TO part with
this surplus white deeply under contract II is OBJ
vious that nothing but large and liberal supplies
from America at early day from drifting
into q cotton famine and all its accompanying disturb
to trade; and II IL matter Of much regret in the
interests OF commerce that supplies from America
forward so tardily.
The extreme quotations OF gold for the week
Highcst Lorcst
Monday ay........................146 .146x Ii5A
Tuesday y........................14 .145ss lax
"Wednesday y.....................145I 14iI
Thursday y......................145 145X 1l5M
Friday ........................144X 14fM
Saturday y........................1i4 .1i4X 1s4k