The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-10-19
FINANCIAL AND COMMERCIAL

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FRIDAY, Oct ls-6P NJ
me gold market strengthened BY the European
news this morning, and the opening transactions
MlaAt, following which there was an advance to l44
At this point there heavy sales Of both shortr
and qong gold, and the price gradually declined to
ia but Afterwards recovered TO l44 the closing quo.
tation In the room subsequently the street. how.
ever, the bears hammered the market vigorously and
hs price nominally declined 10 1884, but ct this figure
would have been impossible to buy any considerable
amount Doubts thrown upon the probable occu.
patton OF Rome by the French aHd the fractional i'm
provement In consols and American secur /.
sies on the London stock Exchange, report
I'd by telegraph, assisted the spectators for
decline in their operations. The short Interest out
standing very heavy and tho borrowing continue
high Loans were made at y, Lilo, y, $40, $780, S-o4
snd o64 per diem respectively in favor Of tho Of
he coin, and also without The gross cearngs
amounted TO t772740Oo the gold balances 10 $3.50 900
and the currency balances to 54oo The further
Weakening Of the market for foreign exchange operated
In favor Of the bears In gold but the former was owing
chiefly TO . speculative movement on the part OF a
Wall street house with English branch and more.
over, commercial entirely ershadowsd by
political ones in the gold room. VIVA. gold is worth
commercially and what IL Is worth politically are two
distinct considerations.
future course OF the stock market which cqued
that oil experience goes for nothing in forming an
opinion. 1t is however, generally conceded that II the
props which now sustain Withdrawn there would
- breakdown OF than ordinary force and mag.
Aituda The bears would gioat like vultures upon the
wreck Of the present bull movement and II would be
long before the debris would Do cleared away preparatory
70 another such launch the Of speculation But
She bull clques hold their stocks with bloodhound
tenacity and they deserve credit for their pluck and
perseverance,. They combine the qualities OF Drag and
Holdfast in remarkable degree tho Stock Exchange
vortex which swallows up the boldest and skill
Kul - we'll a. the most tmld Of the navgators who
sure upon It's eacherous tide and jus. the bulls
IRE exposed to no common danger from the growing
Scarcy Of money The bears will do oil they to az
Sravate monetary activity into stringency in order to
embarrass the operations OF clquss and the position
OF the latter will before long become almost II not quite
nntsnabs. To-day the market been devoid OF spec
uative animation and the In which IL gave way
Late In the afternoon Ia calculated weaken it's support
from the street and correspondngy strengthen the bear
element The cliquss have still the power to rally the
market but II IL liable to become hopssssy dsmoraized
at any time.
The money market was active but less 50 than yes
tsrday, owing mainly to the reduced volume Of bust.
ness on the Stock Exchange. There full demand
Tor all the capital Offering, however, at per cent
cali. The pressure for discounts continues and the
banks, In view Of their contracted resources
fusng all bus small portion Of the amount submitted
70 them The Western banks very urgent in their
applications for rediscounts Of produce paper but
these nevertheless complied with only partially,
the aggregate offered being far larger than that taken
Tho city merchants complaining Of the difficulty Of
obtaining the usual accommodations, and much ncon-
vsnisnce in the transaction Of legitimate business is the
auuIt fo-,
those offering Il keep their accounts Is seven cont;
bat the outside varies eight per osnt,
while for lower grades there 10 little or no market
The Treasury Department has made . written demand
for reclamation through the Assistant Treasurer here
upon the dealers in government securities from whom
received the alleged counterfeit thirty notes Of
the second series. The dealers concerned have made
formal response the demand YETI but they have
decided not to comply with Il unless the legally
decided against Thorn. and they will proba-
bly, notify the Assistant Treasurer to this effect.
The department claims that the understanding
= that securities bought converted BY Assistant
Treasurer here elsewhere as the risk OF those
from whom the latter received them until they are
finally examined BY the departm ent At Washington.
This argument unsound howe ver the Treasury stand
ting the relation of principal to his agent in the matter
and Il Ii we'll established principle that for the legal
acts or the latter the former responsible ID pro-
upon whom demand has been made the Secretary Of
She Treasury will legal opinion upon tho merits OF
che question pending further proceedings The specua
tive efforts or few OF the dealers In governments 70
depress them were continued to-day but there
pressure sell from outside sources Tho market was
rather heavy during the forenoon but closed duh and
steady at the subjoned quotations -Regisered. 1881,
HI coupons, 1884, Ill 5-2os, registered,
is02. 1881 114H 52o's, coupon 1852, 1llh 1llAi
B-2os coupon 1894 1857 l0S5s; sos coupon, 1906,
losk IOss.; do do, January and July, loe1s lo6k
s2os coupon, 1867 1897 1o6K; Io4os. registered,
100 IoOh; 1o-4os, coupon, 100 lOox; Juno 1905
HOAX . lo4N; July 1905, lo4h 1o4sl; December
compounds, 1864, 1lsK: May do, 1906, ll7i4 ll7k;
August do d. 10Y lleI September do. do, llsZ
O 11o; October do. de-, 115% 1l5xs
The stock market was duh but firm ~ the commence
msnt Of business and at tho early session OF the
board New York Central sold at ll2k 1l2s; Erie.
91x; Michigan Southern, 81 . Sly; Cleveland and
Ptttsburg SAY 50; Rock Island, PIX; Northwestern,
AoT do preferred SIX e7s Fort Wayne. 100 ID. 81;
Pacific Mall las; Western Union Telegraph, s4k
A the first regular board the market continued
duu and the previous prices wore barely sustained.
New York Central closed y higher than at the Same
slime yesterday, Erie ], Reading y, Michigan Southern
J. Cleveland and Pittsburg u, Rock Island y, North.
western A. do. preferred r. Milwaukee and s.. Paul
preferred x, Ohio and Mississippi certificates n wes
tern Union Telegraph Ia Pacific Mail was lower,
s Atlantic Mail y, Quicksilver IN Government secur.
tiss were heavy Coupon nvstwentiss Of 1852 closed
X lower Of 1855 w. coupon tsnforses u, seven
thirty notes. second series. Is; third series, "
AZ shs open board II o'clock the volume Of bust
mess very light, and prices we're slightly lower.
New York Central sold at 112A; Erie TX ~; Road
Eng, 100k; Michigan Southern, 81; Cleveland and Tos.
-. 1907 txd); Rock Island e7k s97; Northwestern,
1sH . ak; do. preferred e7x.
Al the second regular board the market dull and
.suiihout iuanroxamant Nau York Canfrsl ciosad II