The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-10-21


FRIDAY. ACKNOWLEDGEMENTS. l4la 144
SATURDAY -.................... las5s l43l
Efforts we're made during tho week by come OF the
principal dealers in securities depess the
market for them, with which view large amounts OF
nve-twsnty bonds and soven-thirty notes were sold
short" and, assisted by slight decline fve.twontios
abroad, quotations forced very low comparison
with those current about the middle OF last month
Towards the close, however, there was an evident do.
sire to cover outstanding contracts and Saturday
the market became 1rm at advance Of per cent
the lowest prices previously touched but at those
then current It would have been impossible to buy any
other than small lots. Governments now the
cheapest securities in Wall for the interest they
YIELD and fve.twenties Of the issues especially.
Those Of the original Issue Of 1852 three
Per cent higher than those OF 1866, al
though tho latter part OF the
loan and both have foreign market This difference
between securities equal in all other respects, except
that the sixtyhves have three years longer to run,
which Is positive advantage tho sxty-twos, will
cease TO exist when the former become largely
hold in foreign markets, and meanwhile the demand
likely to moro in favor OF the bonds of 1865 than
those Of 1852, anticipation OF this equalization The
coupons on both are payable on the LIST OF Nay and
November respectively, and, deducting the accrued
interest on the sixty nves they selling at only
AZ a ~ above par in paper money which is too low
for stock bearing six per cent interest In II
look TO England wo ind consols which bear only
three per cent per annum selling at e3l in specie
When six per cent in currency, railway
stock, like Now York Central, sells for Ill a ia
and Hudson River similar stock sells 100 1885, it
remarkable that tho gold bearing securities tho gov
eminent are low, allowing for every doubt that
been thrown upon their ultimate redemption
project which is by means alarming have
supposed, for the country would not be likely TO sane
zion fresh issues OF paper money for the purpose 1t
20 be regretted that Of the active dealers govern
monts should at TO adopt the tactics OF the cliques
In railway shares in their transactions in the public
funds ard tina, those who tried to .'corner' tic old
nvetwenties q few weeks ago should now DO heavily
'short OF nearly everything the government list,
aad consequently using all their influence to produce
artificial depression at the expense or all who hold
governments for investment both at home and abroad
At the close OF business Saturday tho following
the quotations, and the tendency OF the market up
ward coupon 1881, i11'S 1ll1s; nvc-twenties
of1s62 lll7 1925 issue or 1864 1854 a1o9 issue OF
1855, 100 1927; Issue of 1867 1853 1861; ten
forties. 100 looA juno sevcnthirtes 1o44 loI7s.
Tho foreign exchange market depressed through
out the week. owing mainly 10 the efforts OF OF the
prime banking houses lower for sterling
with view, 1t is supposed TO buying bills at the decline
At tho time the natural tendency Of the marke,
was downward owing 10 the limited mercantile demand
and the distrust with which commercial bills and par
siculary those drawn against cotton regarded The
market DOW at very low point, considering the
duced price OF and the large indebted
meas Of the country Europe, and reaction from tho
prevailing depression win probably be experienced
shortly. Continental bills remained comparatively nrr.
AT the close bankers bills England, at sixty days
were quoted 1855 losIS; At three days, looX .
1904. Commercial bills los 1854 Bills Paris, at
sixty days. see 5.174; at three days, 1873 a5164
II is stated that the governmen. Of donin
has recently negotiated railway improvement loan in
London which hni been guaranteed by tho homo gov
eminent in sccord iuce with tho act constituting the
dominion. The en- ,oun. IL three millions and half
sterling, shout e. 100000 in currency, and the
Bank OF Montreal tho ascsl agent q tie gov
ernmcn, said to already drawing through 10 New
York agents against "a Re loan
The letter Of the Comptroller OF the Currency
demning he practice national banks receiving from
ihe parcels Of unknown vSue for safe keep
Ing the ground that the banks liable for The se
return OF too and q at thereby they Incur grave
risk warranted ~ 4 % provisions Of tho National
Currency ac is likely xert considerable influence il
lettering these ins;ita, from continuing the
practice now in vogue among them. The Comp.
troler thinks the latter q very hazardous one and
threatens proceedings again banks persevoring IT,
for tho violation OF their chat crs Tho letter in cues
tion called forth by question put to him on the
sunjec. ty some Baltimore bank presidents, who
Gently held meSSslg to take aio consideration the
tent or tAs obligations incurred by banking institutions
for the safe keeping trunks xes and other packages
which ara commonly let IN ths!r care II IL proper
that tho national banks should nat assume as thoy do,
any risk, or this kind, hlch arc not incurred In ihe
ordinary course OF their business and for which they
receive no compensation; but the Comptroller OF The
Currency has no authority FOR his threatened proceed
ngs sgsins, banks which ca 70 receive their Gus
tomers veluabes fer the Nat onsl Currency act contains
provisions against their 80 doing aud, therefore, 90
far The OF the Law concerned, IL optional
with bank ocers whether they take heed Of the Comp
air OF q man dressed in a little brief authority" and
determined 10 make the most Of H. although his motive
n doubtless good and not intcndcd 10 benefit the
6roproof eafe manufacturer Which Ia calculated 10
DO. novostheless nssn ~ wind ,hst blows nobody
good.
On the stock Exchange the movements on the bull
oQu,s have been interesting il the early par, Of tho
week they made buoyant market, aud took Advantage
ofHby selling largely, following which ~ began TO
croop and continued dropping to the close Of business
last evening" when the following quotations were cur.
ren,-New York Central, ITO lloH; Ere,
eo1 coz; Reading, 90 WI; hienlsan
eou:hcrn. 5eI q T9A; Cleveland ana mus
burg, 81 a So; Rock leland, POS so;5; fon
Wayne, esKa ssH; Northwestern 40 4e;s; 90
preferred. CO a6eX: Pacific Mail, 1893 ls1; ONO
and Mississippi cerncstss 26E; Western Union Ielo-
graph, 33is 1857. Trom Tuesday 70 Saturday the
market gradually Loaf 9upport pndsT the growing