The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-10-02
FINANCIAL AND CONNER clAL.

TUESDAY Oct 1-sr,A
The gold market has been dun but steady today, the
extreme range having been from l43. to i4sh, with
the closing transactions at 1885, l43k There was
brisk borrowing demand for coin. and loans made
without interest and at per cent Tor carrying. The
gross cearngs amounted s72597 the currency bal
TO 81 1871 3a ana the gold balances TO $72soTl
Money was in active demand, especially towards the
close but the supply proved TO be adequate at seven
per cent although there transactions below this
rate government securities The drain OF cur
rency westward is going forward brisky, and nearly a
million and quarter reported 70 have been yes
tsrday. The Western banks are pressing their CORE
spondsns here for discounts. and there Is also a
considerable amount Of city paper offering for dis
count The banks, . rule, refusing TO discount
except for their customers and outside paper has
70 md market among the note prckera The rate for
ths best grade is still nominaiy per cent at the
banks bat in most instances It has to submit TO sa9
per cent The fact Of the supply OF loanabn funds
being larger than generally anticipated at this ms
has given certain degree er courage to the bulls on
the Stock Exchange and strong efforts have been made
70 advance the price OF Erie and thus far with some
success The movement VII, however. end by those
manipulating unloading the street and then endes.
vorng TO break down again The principal operator on
the present occasion decided bear in the stock
when selling at 90, and he doubsless will be once
t suits his purpose. Meanwhile those
who either buy sell court tho consequences Of deal
fng very treacherous security. The general market
responds but feebly to the in Eris and In
view OF tho precanous supply Of money this can be
easily understood The OF the street is how
ever rather bulh than bearsh the fears OF monetary
strngency which produced panic when the rate adj
suddenly per cent having passed away
Nothing, therefore, but absolute stringency will
panic Even the bank failure recorded below
hardly excited uneasness, whereas II it had occurred
week ago Il would have occasioned great excite
ment The earnings of the railways are in
favor OF arm market for their stocks,
but the monetary facilities for carrying them likely
10 be curtaed by the gradual diminu,ion OF the
OF the banks and hence likelYto witness
feversn fluctuations the Stock Exchange during the
next two months, which will mako speculation
ally hazardous. II is important in the present cond
ton Of the money market that the amount OF currency
held by the Sub-Ireasury shoild be known are
therefore glad to learn that resolution passed
the meeting Of the Clearing House TO day appointing
committee ask the Treasurer n ne will pub
lish once week the balance in currency and
paraely For refusal to comply with this request
there can be sufficient excuse.
At the early session OF the open board the stock
kst duh and dropping Ere sold at e37. New
York Central 1os 1os, Northwestern 41S and North
pre- erred 65x At the first regular board prices
were lower bat they advanced as the call progressed
Cleveland and Psburg excepted, which declined TO Tx
Erie was the most active OF the railway shares New
York Central closed 4 lower than at the time yes
serday, Erie u, Michigan Central y, Michigan South
arm IL, Cleveland and Pittsburg 2,4, Rock Island "
Northwestern Z, Northwestern preferred e, Fort
Wayne y, Milwaukee and St. Paul Y, Milwaukee and
1t. Paul preferred \, Atlantic Mail "a Western Union
uda
mont securities dull but steady In TONE and coupon
nve-twenties Of 1885 advanced y, ten-forties u Ten
skies advanced a. The old express shares wsre
weak, and Adams declined ga, selling at S. while Mer
chants Union advanced Il.
At the open board at O'Clock prices were strongly
In the ascendant, and Erie sold at 64l 64L; North
Western, 42's 42H; North western preferred, 6e4;
Cleveland and Pttsbug 9L At the second regular
the market strong and Erie especially active
aad bucyant Erie closed "a higher than ut the first
regular board, Michigan Southern Z, Cleveland and
Pittsourg az, Rock Island X, Northwestern u, do
preferred y, Fort Wayne a Milwaukee and st. Paul
~ do preferred y, Ohio and Mississippi certificates
Atlantic Mail " Western Union Telegraph tx. Gov
eminent securities wore neglected, and coupon Eve
twenties OF 1862 and 1868 declined 4.
open board half. past three the market was
hrm, and subsequently Erie buoyans and excited.
At six o'clock tho following quotations CURRENT:
New YORK central l0sf 1855; Erie, CO..; Hudson
River, 127 l2s Reading, 1olk 1o1h; Michigan
Southern, 81. s17s Cleveland and Pttsburg, T9ts;
Rock Island, 1921 1924; Fort Wayne, 9sx q 100;
Northwestern, Az a42h; do. preferred, CO.. s6a
Pacific Mail. l4oX 14ox; Ohio and Mississippi cert.
Gates, 2ek coA; Western Union Telegraph, 49, q
S5ss Milwaukee and st. Paul preferred, o. a e4k.
Government securities we're lightly dealt in ut the
counters OF the principal dealers and the fact OF
per cent having 10 be paid for loans thcm checks
operations The market closed steady the subjoined
acknowledgement, 1881, 1loS ll0H; coupon
ISL, Ill Has 5-2o's, registered, 1852, 1o4h .
l04sa 5.2o's. coupon. 1862 1l3 1884; 62os COUPON
1854, 100 loeh; 5-2o's coupon 1855, l0s,. l09X;
eos, coupon, 1855, January and July, 1o7h 107I;
b2os coupon, 1857, 1917 1o7s; Io-4os registered,
o9H e9A; lo-los coupon, e9As s9L; June 1905,
lo6H loes<; July 1905 1867 a 1o6k; October
compounds. 1884 1I9H a 1l9a; December CON-
pounds 1854 llsH . llsY; May compounds, 1895,
l17is a11T,f; August compounds, 1885, lleX ll6sS;
September compounds, 1866, l15ss 1l5ys; October
compounds, 1885, 1i5h 1lsss
The foreign exchange market was very dull, and al.
though OF the leading drawers asked 1909. for
nerling ut sixty days. thc-transactions be-
low this rate Bankers bills England sixty days
quoted at losH lo9hl; at three days, 1925
loex. Commercial bills, los iosh; bills Paris
sixty DAYS. D. l3L g. 1877: at three days. STAY Is