The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-10-16
FINANCIAL AND CONNER CiAL.

FINANCIAL AMI COMMERCIAL
MONDAY Oct 16-oP NJ
wall street has been agitated to-day by variety OF
,umors improbable themselves but nevertheless not
vnbout influence upon tho markets both gold and
nlaoks one that hvetwenties were "a u IN Lon
don and another that the Treasury was selling CON-
while third modified this last an intention TO SELL
and 10 continue selling The remaining reports
which we're circulated is needless 10 enumerate The
direct effect OF those have mentioned was felt in the
ssd room but indirectly extended the Stock Ex-
change by exciting the minds of the credulous
Of more active demand for currency 70 pay for the
aod which government to sell With respect to
thts last it is only necessary TO state that the
Sub. Treasurer here denies 1t and there is
no present likelihood that any sales Of gold
will made by the government that the payment
Nc November coupons will be anticipated In any
event. however, advise Mr.. McCuloch as he values
his reputation not 10 resort 10 sales OF gold
allow Of the holders of the coupons referred
payment for them while the of public
are debarred that privilege More particularly still
warn him against selling at all for there is a sufl-
Client supply in the open market 10 meet the require
Of merchants and others who need for the pay
OF customs duties and other legitimate purposes
and therefore for repetition OF the
great blunder Of last May which brought of
Sally recovered We that the bears IN gold
are urging upon Mr.. McCuloch acceptance of No
yeniber coupons instead Of coin in payment Of
customs duties, but finance minister would
DO justified in accedng TO such request and we know,
loo that the ''beas the Stock Exchange equally
urgent that he should something tighten the money
market-lhey care The duty of the Secretary,
however IS ignore all appeals from Wall street, and
loave the gold market TO be regulated by those natural
laws against which he do nothing that will exert
than very influence; Tor these laws
immutab and will assert themselves in spite Of ali gov
ernment measures in opposition.
only natural that gold should have reacted from
The high point which at the end Of last week.
bat tins tendency stimulated this morning by
mentioned, and after opening at 1881 u IL de-
clined rapidly 10 1901, following which there
covey to 1914 but this improvement not sustained
and the price gradually dropped, till at four o'clock
touched 1879, and subsequently there
sales Us low 149h Loans were made
lie 1872 per in favor of the lender without
interest Some Canada gold is finding It's way here
consequence Of the legal tender act having into
force in that PROVINCE but is not probable that the
supply from this will materially affect the pre-
MUM, and what most essential to the interests OF
trade and the country at large In the latter stability
oven high premium, provided 1t be steady one being
preferable to violently ucuating standard Of values
In addition TO the before mentioned rumora which
huced sales to realize profits the staemen; of the
assocaed banks Of this city for the week ending on
Saturday regarded unfavorable, because it re-
nected tho increasing activity of the money market
and this operated in the same direction. The
return shows " increase OF s2,23a,05s in
loans, and Of fs74,556 in circulation, while in
all the other tems> there is decrease
namely, In deposits $1,e2s$7a in legal tenders
$2,lto,2a7, and in specie 1927, cd there nothing
however, in these figures to o. con-
anuance Of monetary at this centre The dS.a9
tho present and previous statements UNDER
October 0. Cctobo IS
Loans ............... S274 2l0161 $276, AS, ZIG
Specie. ..................,. 6203,69s 5,6766o2
SSarual,s 29S asa S?0 aSS AKA Sss
Legal tender .............. Sb,339679 SO, $780, 40
The clearings for the amounted TO $770 9os
against Ss29, 75e for the previous week.
The demand for loans from the Stock Exchange is
Directly met at per cent; but owing 70 the activity
Of business the volume OF unemployed funds is some
what smaller than Of late. The prospect however
Is adverse active market higher rate Of
interest than per cent for months to come.
The stock market was buoyant at the opening, and
prices we're bid up the first public board with the
obvious purpose the part Of Of the clque OF
unloading tho advance New York Central sold at
Usk Fort Wayne lllx. Northwestern preferred 7eH,
Hudson River 126x, Erie S4A. At the first regular
board there pressure TO sell throughout the list
and large done at declining prices Even
u the decline however hey were generally higher
IMAM at the same timo Saturday. Thus
New York Central closed higher Erie u, Hudson 3k,
Reading y, Michigan Central u, Michigan Southern ",
Cleveland and Pt,sbrrg u, Rock Island ], Northwest
nu preferred x, Fort Wayne x, Alton and Term
Haute preferred y, Atlantic and Pacific Mail III West
4
Cleveland and Toledo So, Northwestern I, Toledo,
wabash and Western u, Alton and Terra Hau,e y,
Ohio and Mississippi certificates X, Harposa preferred
r. Among the State stocks Tennessee advanced
n Government securities firm under the reported
advance OF ave-twenties in London. Coupon skies OF
1881 showed advance Of N lvetwenties IL 1864 and
1890 u ten-forties r. Scvenhiry notes OF the second
series were * lower
At the one o'clock sessions the market heavy and
prices wore lower throughout the list At the second
regular board was rmer New York Cs1ral closed u
than the first regular board Erie u, Hudson u,
Reading y, Michigan Southern r. Illinois Central y,
Cleveland and Pittsburg ", Cleveland and Toledo !,
Rock Island Y, Northwestern z-preferred u, Toledo,
Wabash and Western / Atlantic Mail X, hsriposa pre-
fsrred y, Western Union Telegraph I. Fort Wayne was
n higher Government securities neglected and
heavy IN tone AT the three o'clock open bpard the
market suffered relapse and during the rest OF the
afternoon continued weak, but at the close 1t was
steady at the decline Al o'clock the following quo
tasons were current Ere being the nrmes the
Ist-New York Central ny x, Enc SAY y,
Reading 10y a y, Michigan Southern soa y, North.
western 44h %-prcferred IS az, Fort Wayne ITO
Y, Western Union Telegraph 5isax.
will be OF interest just compare the prices OF
this morning for railway shares with those Of 1854,
nanely:-
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