The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-10-23
FINANCIAL AND CONNER ClAL.


TUESDAY Oct 22-oP.M
The pacific tone Of the European had little
effect this morning in depressing the gold Market and
che opening transactions l43H l43s following
which there gradual decline to l43h, and subse-
quent recovery l43H, the closing price, The failure
Of the Royal Bank Of Liverpool with liabilities to the
amount OF e45Oo, ooo. eXerted perceptibie eject
upon the premium or the price Of cotton, which goes
confirm the statement that the American cot
ton trade connections OF the bank were un-
important although antecedent to tho war
they large Within the last few years
has been Identified with East India credits to grea,
extent and during the financial OF year
rumored that would be compelled TO stop payment ;
and this would not mprob ably have but for
the timely assistance OF its London correspondent
Bank OF England. The peril in which il was placed at
that time has undoubtedly operated against it ever
since and accelerated its nnsi downfall II is mentioned
n the despatch announcing the failure that tho
directors expect to business shortly but this
hope is almost invariably held out In similar cases and
It nearly often proves Elusive There was brisk
borrowing demand for gold and loans were made at
ak per per annum, and 49, l-32 and 3-6a per
per diem In favor Of the lender of the COIN The
gross clearngs amounted TO only $40 Ole ooo which In
dcates the diminished speculative activity In the
ket The gold balances ss52 632 and the currency
balances 81, 237, 1903,
ALTERNATELY
and weak and on whole unsettled Notwithstanding
the fact money 10 abundant supply than
yesterday loans having boen freely to stock
houses per call The bull cliques are
manipulating to get out OF their stocks street Is
unwilling TO take them so that whenever the cques
cell largely prices fail Tho bearish feeling is
growing among the brokers and professional
SPECTATORS, and the market lacks outside support
Money very stringent outside OF Wall stree. although
1t is comparatively easy in it. and trado unusually de-
pressed for the season. particularly department.
OF dry goods, where foreign manufactures are selling
Tor little than the OF freight and duty and
importers arc consequently postponing remitancss
pay for them This condition OF affairs Is antagonistc
70 high Prices for railway stocks Of extremely
value, Ike Erie, and Chicago and North western,
especially while government securities paying six per
cant interest in gold unusually cheap, and selling
considerably below their real value The bull cliqncs
may be strong but there DO buyers these
fancy railway shares out OF tho hands Of cliques
In order to sustain the market for long
time together. without this eItraneous sup
port tho ciques would become powsrless and
the circumstance OF the street being already bsarh
than bush not in their favor Nevertheless is
still great danger in selling hort for out OF the shorts
the cliques make most OF their cfptai. There is no
relief experienced the discount line. and banks
hardly be said 10 bo buyers OF commercial paper
sven Of the best grade They, however, quote it at
per cent but borrowers would ms, ances
be willing to submit to 10 q IL per discount on
prime paper.
There q brisk demand for government securities
~ the counters Of the leading dealers and prices
vanced per cent for nvswenties OF all the Issues
although those OF 1852 old 1855 issue were the
strongest owing TO the foreign market which is open to
them. The recovery from the recent artificial de-
preston would still more marked in view OF
the improved quotations for hvstwentiss abroad but
for the failure OF the Royal Bank OF Liverpool and the
Tear this side that il may involve other failures but
- yet tnerc arc reports OF further trouble and
She gold market is good barometer of the state
H feeling in such casss Five-twentiss advanced
m London to 69's. The market for governments
, largely oversod, and some of the active
dealers are heavily ''short" The demand from the
Foreign bankers is raining upon nvetwentes OF
1886 than those Of 1862 for the that the former
three per cent above par and every respect
Dquai Of the Others excepting that they have years
longer TO run, which 10 positive advantage Al tho
Sose of business the market strong suboined
quotations -Registercd, 1881, nix a lllh; coupon
1881, llS nix; 52o's registered, 1862, 1857
n&H; sos coupon, 1852, lI2S q MY; s-2o's,
soupon 1884, lo9H lo9k; S-2os, coupon, 1865 1922
} lo9s; do do, January and July, 1864 loe5S;
L2o's coupon. 1867, 1861 . l07; lo-4o's, re.
yisterod 1905 . 1905; lo-4o's, coupon, looL a
toox June 1906 lo4Ts los; July 1905, 1o47s |
, los: October compounds. 1854, -; December |
10. do. llsi1 -; May do, 1865, ll7,. 1l7s; |
August do. do, 1867 neg; September do. do, l5s
llo October do do, ll5K l1Sk.
The bull clques manipulated the stock market at the
announcement OF business make It strong and
excited and At the early OF the open board
FORK Central sold at 1928 ll21; Erie 7sH Hudson
River, l27h; Reading 99't; Michigan Southern, s1$
nA Cleveland and Pttsburg, s4,s SAX; Rock Island,
~; Northwestern. ok a97,s; do preferred, 671.;
Fort Wayne. ssx; Western Union Telegraph 34k.
At the nrst regular board the improvement not
hny sustained, but on the second call Erie recovered
rom TAX to 73S, and the OF tho marke, became
kn In sympathy, although the volume Of business
nher light New York Central closed higher than at
be same time yesterday, Eric tx, Michigan southern
K Rock Island y, Northwestern IL, do. preferred u
Fort Wayne y, Atlantic Nail X, Western Union Tele-
rsph y. Reading was lower. Government securities
strong and skies OF 1881 closed higher coupon
lvetwenhss OF ls62 ~ issue OF 1854 - OF 1865
issue of 1867 " The old nve-twentes Of 1865
especially strong demand Tennessee skies, new, de-
Gincd y and Missouri siIes wero a higher
AT tho open board O'Clock the market
sas dun aud slightly lower. New York Gen.
raj sold at ll2S; Erie, 72Is T2A; Reading, 9s&;
Rock Island, esI; Northwestern, AK; do preferred.
,esS; Western Unon Telegraph s3x ID. TO-; Ohio and
Mississippi certificates, 2eA; Cleveland and Toledo los
erd) A;er the call thcre pressure to sell,
md Erie declined 10 7lz 71, but At the second reg
sar board the market experienced partial recovery
Reading was however, weak, under a bear attack. and
declined the caiI from esA to ok. New York Gen.
closed lower than the first regular board Erie
l. Reading 2 Michigan southern /, Rock Island !. NORTH
western y, Fort Wayne u Ohio and Mississippi GER
naoa.es X, Pacific Ean a Western Union Telegraph H.
Government. securities strong and coupon sizes OF
1884, hvetwsnss Of 1865 aud 1867 asd seven thtes Of
Me second series Z higher. Missouri skies ad.
RANGED l, while Tennessees wore steady.
At the open board A. half past three the market
snsottled and slightly lower During the OF the
afternoon Il was rather nrmor and sir O'Clock the
following quotations current:-New York Central,
III nix; Erie, TX 7lZ; Reading sey9 a 81;