The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-10-08
FINANCIAL AND CONNER ClAL

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NospAy. Oct. 10 p. NJ
ne sold market stronger in tone to-day than at
As close OF week, the range having been
Nom l445S to ls5 with the laesi transactions in tho
room at the highest quotation Afterwards on the
street. there were sales Al l45, notwithstanding the
publication In some OF the evening papers OF letter
from Mr McCulloch 70 private individual re,errlng
the prevailing political agitation tho subject OF
eAysng or the gold barring deDt legal tender
In this he says hat too much importance attached
ahe SUBJECT but how does he know that such is the
CASEY He that hs considers the Of the gov
srnmsns pledged to pay the hve-,weny bonds, when
they are pad IN COIN but what Is his opinion worth
wien Congress aud tho pec9,o viii have TO decide
What he writes in tals relation Is entitled 10 more
weight At this stage than what any Other person might
gay. IA an officer OF the government, he Ramts snf
asserts that the isiaal understanding that the
eonds should be rsdeo ned Ia coin but 10 has no au
shorty to redeem them ia coin II 10 had ths
means We not gazing 20 discuss The mon's OF the
question, and refer to this later merely % show hat
Mr.. Eccuil0ch has in the poiiticohnan
sial question OF paying on the hve-twenty
lcan in legal tenders than an other citizen
Of tho Ua..ec States The manner IN whcn
he blows his trumpet q the conclusion
Of the epise referred to IL amusing 10 saws that the
policy of cor actiug CircGiai on OF United States
adopted be Congress and being steadily pursued by
the Secretary should u itself satisfy holders that i've
swe,t bonds VII not be called in and paid before ma
turity in a deprecated currency What has this.
shoud like know 10 With the matter in hand. ami
rs there not some connection between the prs,nt
traction Of legal tho proposed plan of adding
hundred millions 70 the volume OF national bank note
Il not tbs contraction OF the former designed to
facilitate tho accomplishment OF the latter, so
that the power or The national banking poll
heal engine may be Increased? Those questions future
events will probably in the affi native Cash
gold In superabundant supply and loans were made
~ per cent per annum, ana l-s2 per cent
Per diem for carrying The gross clearnss amour ed TO
$40 53s o0o the gold balances TO 500, and the
currency balances 10 81 29o, $50.
The market continues under the control CT the
bull combination which supported 1t tn ough tho recent
monetary spasm, and Ne~ York Central and Eric arc in
particular being forced upward regard to real
values. Tbs annual election OF the latter cora pany
takes place 10 morrow, when recousr c.ion OF the
board OF directors is likely to take place the De"
party BEN Il understood defeated Mr.. brow tells
his friends that be indifferent election and hs.
he the power OF the two rival parties winch have
combined against bin owing 70 the tTeacAery OF one Of
his directors solicited proxies for him and then
turned them the enamv. II Il not improbable
however, tha, speculative director vii be in ludcd
Of saairs. Stocks rising in tho face
Of adverse monetary current, AMI the
present movement cannot bo long srs'ained
IN view o. which We advise all who 'long'' OF
stocks to wa.ch lie market closely and stand from
under before lie inevitable fall comes. After being
ertaciay depressed /, Is being ariiaciay inlted
and dangers Of stock gambling becoming great
a. tha, of gambling tho faro table. The 'shor,'
interest considerably increased towards the close Of
last week by Efforts or hrolcrs IL 'tnrR' their
tome stocks ia order get the c1s, and the result
has been st unpleas for III sn 10 cra3lae.
The money market active per cent, and
m not few Instances aa private bakers asked and OBJ
tanned this In con Owing TO the enlarged volume
or business the Stock Exchange tho demand from
shs Is large; but It is understood that several of
the bul houses borrowed heavy for eixty
days before the advanced 10 per cent by
paying higher rate Of Interest and IN this the
bull combination at work has provided itself with
She sinews OF war Discounts st;l dillcui; Oh.
tain but first class commercial paper quoted At
. per cent Tho drain mentioned Ia going forward
steadily; but that souhvard, the cotton crop,
"a as yet light aud spasmodic.
The statement of tho associated city banks for the
week ending the 9th inst shows decrease OF
S3sst $50 in loans s127 500 in specie, 1921 6ss In cir
cula,ion and e. oe oSS net DEPOSITS wh, the legal
tender show increase Of Ss62 $50 The totals
NJ tho last ~ statainepts stand fo,oya.--