Baltimore daily commercial. [volume] (Baltimore, Md.) 1865-1867, 1865-10-21

Gold Wa more active to-day than for some days
past. but tho market for il weaker than yes
terlay. the sales for cash showing decline Of to
Il per cent There were al.p some large sales at sell
cr's option u. l. and 20 day, at decline of y TO
per cont. on thr rates obtained regular way which
would indicate Il II Some parties least believe il
lower gold market. Tho saleS to-day were made at
tj lal4G regular way 81 seller 10 and IS days and
lij erlcl 81 days Tho sales at both Board. foot up
about Sj2gi of which :9Utp was sellers option
As above stated.
Fiyc-Jwculi... were lower again today consequent
il is pre- fuJj upon the adyicc5 Of further decline
abroad aud If abe advance Of the rate Of interest by
the Bank oi England to per cent. which advance
it is stated. caused a general decline in the funds
The effect oi the foreign news upon The market has
market has not been fully developed but it can
hardly fail to affect 20. which arc held very largely
abroad. unlavoraLIy. and they closed to-day quite
heavy. The new issue sold at lo /. and the old at
ly5' these figures being decline of to u per cent
on Yesterday rate: old is~uc closed at lN} bid
l03'. asked, and "a i.il. bid. 1919. asked. In
1905 there was no material change lst series selling
at ~, and ID at 81 there were no SALES of 81
series. bat they CLOSED at the second Board at gti
bid. Territories sold at o. decline Of :. One year
certificates were tirncr lot of $4,000 selling nj 9Sis
an advance Of 4 on the price lid yesterday,
There was some movement to-day in Maryland and
Baltimore city Is; Maryland is selling at IUO for
1895; and Baltimore d nj 90 for lS15s and 10Gtsa
tod Tor 1905 but nothing done in other State
stock. OF in railroad bonds For railroad share, there
some uarjry and We note sales Of 81 share, Bal
i;morc and ohio nj Sl1$ at which figure II was held
firmly NJ the close. The only transaction in Bank
stock was ale of21 shares Franklin $Il@s. Bank
crs and brokers' Telegraph was weaker to-day it
being offered at So with only Slla- hid.
Of the Mining stocks Bare Hill was the only one
that N all active. but in this there was Il heavy
business done, the sales reaching l. 800 shares The
market Tor this stock took another turn to- day ami i
large advance was established in it, 1t opened ut
$3.50, and sold from that figure up 81 N5a} lO-thcsc
figures being advance Of - to- on yesterday.
closing price. Baltimore Chrome also advanced u
cts, selling at $50. Mineral Hill sold at 81 25 Mary
land Copper Al 20 cts and Pennsylyania oil at 81 cts
The demand for money is more active and rates
favor lenders and if the present state of things con
tinues for any great length Of time an advance in
the rates i inevitable. We continue to quote per
cent the rate for first class paper but the range Of
the market is from 9 to l. per cent.
In New York yesterday gold bearing Govcrnmout
stocks, under the fall in London, Were cheaper and
the close of the day were quoted U3al0i for old
SOS The 1905 continue To be pressed for sale and
buyers have the advantage of the market The gen
cra stock market IRREGULAR, and, under q con-
tinued active demand for money. was lower The
pressure Of cash stock by weak bulls was steady
loaded. For lcgal-tender notes there is good in
curry. and many banks in no condition to extend
their loans in any direction. Commercial paper j.
quoted per cent for best SAG for fair and lUa2 for
a large list. The produce markets all lower and
buyers actin" with much prudence. The con
traction in currency is having its effect upon prices
and will continue to do so until much lower stand
ard prevails. Some financial theorists are sure that
the volume of currency has little to do with the price
hut bn, hnn,, tl,,,
of merchants during the past week.
The return of the Bank of England for the week
ending October gives the following results when
compared with the previous week
Rest q S2} 042.. Increase III SOL
Public depo:ts,,. 6S9l,gO...... Decrease. 1875 100
Ohter deposits. b. 79S 5SS. Increase m $500
On the other side of the account
Govenm't securities. tlo.3Si,2O9 No change
Notes unemployed. 4,662,l25 Increase. i,9i3S55
The amount of notes in circulation is f22 72S 100
being an increase of and the stock of bull
decrease Of &IIG9S2 when compared with the preced
ing return.
The London Economist of the It'll commenting on
the bank return and the advance in the rate of in
tcrcst. says:
suddenncSS of the increase i'll the private securities
On the 18th September they had risen q 200 0O0-on
the 4th October Il6OU0 mOTe-t.2 500 600 in a fort
night. In like manner, the circulation rose II 800
900 in the same tortnight-transferring of course
under the present law, so much treasure from the
banking to the issue reserve. The banking reserve
fell in the fortnight from g 10000 TO s5l0OO66-or
say. very nearly one-third In 1864 the banking re-
serve was IG,3O00DO and the rate of discount wa.
per cent. il is perfectly clear. therefore that the
last three elevations OF the bank rate have been quite
unavoidable The directors had no choice hut 10
raise the rate swiftly and largely.
"Thc chief cause Of this sudden change from thc
quieudc of the FIRST half Mt least Of Scncmbcr to tho
high rates of the present time Is 10 be found in ih
remarkable revolution which has occurred in the
Liverpool and Manchester markets during the last
ten days. 1t has been discovered that the future
supplies of cotton will be less than had been sun
posed, and that the stocks of manufactured goods on
hand and speedily available will be inadequate to
meet the demand
The London Times city article thus comments on
the advance in the rate of discount to per cent:
This further movement on the part of the Bank
England was not expected The facts, however, that
from the continued, and it may now be said almost
inexplicable, absorption of notes and gold by the
public the reserve has been brought to a point much
lower than at the corresponding date of last year.
when the charge was per cent, and that the bullion
IS at about the amount at that time are Suf
ficient to show that decisive measure had become