The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-10-29
FINANCIAL AND CONNER CIAL.

MosDAY, Oct 2S-6PM.
The European news favored the bulls in gold this
morning and before the formal opening OF the market
sales made high 1427. but the earliest trans
actions in the room at 142st from which there
was steady decline 10 ls2 followed by recovery to
l423 the closing price, subsequently,, on the street.
however, the quotation declined to 1925. The general
opinion OF the spectators against serious trouble
between France and Italy, or any other government.
growing out OF the Garbad movement and this was re-
fected in the declining tendency OF the premium during
the day. The Sub-ireasureT commenced the payment
OF the November coupons at eleven O'Clock although no
previous notice to that effect had been given and those
who had sent In their schedules lost no time in drawing
their interest," gold still being in active borrowing de-
mand At rates In favor OF the lender The consequence
was that loans soon made on easier terms
The latter ranged from $40 to 1-64 per cent
per diem for borrowing, and IN few instances loans
were made flat and at per cent per annum for carry
ing. The gross clearings amounted to Sos o0o the
gold balances to $1,000 $50 and the currency balances to
$246sse The imports OF specie at the port last week
amounted to SOS S75 The 'short" in the market is
very heavy and its undertono Is moderately firm.
The stock market devoid Of animation during the
day. Notwithstanding effort made ~ time by the
bull clique in New York Central TO advance The price,
with the view OF nusng strength into tho speculative
railway sharcs generally The street is bearish
than bullish in its tendencies and there is almost
entire absence OF support from the outside public
The bull clques have, therefore, bard road TO travel
although the present abundance Of money is in
their favor. The movements Of the market have
been very cccentric or late. however, in con-
necnon with the supply Of money. It fell into panic
when the rate first advanced to per cent al
though the supply easy next 1t became very
strong ard vanced steadily, when money became ex-
tremey active per cent IA gold, aud no. II Is
heavy and inactive, Notwithstanding the return Of an
unexpected degree Of monetary ease. Some Of the
weallhest spectators In the bulls but they
from necessity rather than CHOICE and It would
be surprising any time If they renewed their Of
forts to make which to sell out a portion
OF the heavy lead they are carrying. Tne
fact that Erie and Northwestern common
the two nrmest stocks tho list shows
how artificial The character OF tho support the market
Is receiving. The dividend paying stocks in some
instances worth what they selling for; but the casa
is the reverse VITA most OF the non-divdend paying
securities and substantial rise be expected in the
latter while the former are dropping The nanpulators
Of Erie and Northwestern in common will consequently
have TO sustain the stocks OF undoubted value
before they can hope 70 DO much with them With any
certainty OF ultimate success. The depression trade
the low prices which government securities
selling operate seriously against the market for the
=
sell them 'short' buy them just nov, for The
ciques have still the power TO .twist whenever the
short interest large enough TO make IL worth their
while. and the bears entitled to no sympathy.
Money in abundant supply to stock houses at
0 I per cent, and the amount offering government
securities at the lower than fully equal TO
the demand Notwithstanding the increased ease, how
ever tho banks very cautious granting discounts;
what little they passes at per cent, while
outside the rate is still psr cent higher for the
best grade OF names.
The OF the associated banks for the week
ending the 18th inst shows increase Of 81 036I1
in legal tender and decrease each the other
items WIN loans STAB 1913, specie $li5,s4d
circulation SOS 37o aud net deposits $37l247 These
figures reflect easier condition Of monetary affairs,
and afford hops Of relief from the stringency which
has prevailed for the last two months 10 the discount
ue The Of the present and previous statements