The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-03
FINANCIAL AND COMMERCIAL.

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MONDAY, Nov. 2-eP.M.
There was unapated and in some quarters inten
died monetary stringency felt to-day, and an eighth
Der cent commission In addition to the legal rate OF
interest was freely offered for loans on government
securities, while In some instances brokers were
unable to make up their bank accounts, and in
many they failed TO accomplish this before -four
O'Clock. The distress for money was even
moro severe than at any time last week
nr,or to Saturday afternoon, and We.
there were no fresh evidences Of an artificial
movement to produce It, the balances between the
hanks at the Clearing House this morning alike
With those Of Saturday, being such as might occur
It any time In the ordinary course of business and
4 Is obvious that the docking upn OF greenbacks by
stock spectators has had much less to do with the
present stringency than was at first supposed, al.
Enough 1t suits the purposes Of some 70
make believe that the market would ma
turally be Q very easy one but for the
locking up operations referred TO. THIS
stringency s not confined TO New York, but extends
al over the country, and Ia attributable to great
Sxtent to the imitation Of prices on the Stock Elk.
sAange and the excessive boarding OF grain In the
West The wants Of the mercantile community, out
Ode OF the produce exchange, are fortunately light
me amount Of commercial paper Offering being
small, and the best grade is nomlnally quoted at
10 per cent No relief has yet been expert
eaced from the coin interest payments
Of the Sub Treasury, although these have already
aggregated $1S. 900. The banks ana private
bankers report that they are shipping currency in
considerable amounts to the South to pay for cotton,
and the demands Of the pork crop Will soon aggra
vate the existing stringency in the West and react
spon this centre. The extreme pressure upon the
banks here Ia shown by the fact that about three
quarters Of million Of three per cent certificates
were presented for redemption ct the Sub Treasury
lis morning, IN addition to $4,000 presented
and redeemed on Saturday. The redemption Of
these Is undesirable at the present juncture as 1t
Involves contraction Of the volume Of legal tenders
to an equal amount, the Secretary of the Treasury
having authority to the certificates these
having been issued In redemption Of compound In
cerest notes. Moreover 1t has the bad effect of re-
oucing the Sub-Treasury currency balance, and
thereby forcing the government to sell gold II its
receipts from other are not equal TO the de-
nands upon 1t.
The stock market was weak and unsettled, but
dull from the opening to the close, ana the general
tendency OF prices was downward, the Milwaukee
and st. Paul and Northwestern stocks and Pacific
Mail having been particularly yielding the first
mentioned showing at one time decline Of TX
per cent from Saturdays first board prices. New
York Central and Erie were ALEC dropping and
very uneasy feeling prevailed with regard to them,
owing to the high price Of the one and the uncer
saintes attending the other Tennessee skies,
now, were In good demand among tho
State stocks, and Mariposa preferred was
She strongest Of the miscellaneous ehares sales
having been made as high as 22h Government
securities were adversely affected by the condition OF
the money market, but 1t s than probable that
following the Presidential election they viii ex-
q aho OBJ
Nnues as scarce 1t is at present, United
States stocks being the only really cheap
enes in the country. the speculative rail-
way shares are, however, selling on an average
Tor about double what they are worth, and heavy
decline in them from their present price Is inevitable,
whether money becomes abundant or not. We there.
fore repeat our warning 70 the public to them
severely alone, and SO disappoint the cliques who
have been seeking to saddle them upon the street at
the current high quotations. For these combine
tons there Is evidently q storm brewing, and they
Will do well to take in sail before 1t is too late.
The gold market has been weak all day, and the
fluctuations from 1873 to 1885, with the closing
transactions prior to the adjournment OF the board
at three O'Clock, at 1881 against 1881 at the OPEN
ing The borrowing demand for coin, although
large, was supplied ut rates varying from three to
six per cent per annum for carrying and without In
terest to either borrower lender The gross clear
ings amounted TO $40 900, the gold balances to
$282I 048 and the currency balances to $4,30G91s.
The SubTreasury disbursed So s02 COS In coin during
the day in payment Of Interest the public debt and
hence the increased supply OF cash gold. The
Treasury not seller OF gold publicly the fun
amount for which bids were invited last week hav-
Ing been already disposed Of The imports OF specie
1t the port from foreign ports last week amounted
TO $3.50 903, making total OF $685. 58 since the
LIST Of January. Treasury warrants for ga 1885, $50
In coin to pay the November interest have been
Issued so that this Is the exact amount due the
registered and coupon bonds. Five-twenties in
Europe have fully responded to the decline In gold
and to-day they we're quoted ut 79A at Frankfort,
the highest price ever yet reached. Private advices
reported them at 74H in London, but there no
ofloal quotation, owing to this being holiday on
the Stock Exchange. The fluctuations In gold dur.
ing the day were as follows
10 a. .133H l240 P. M..........1 33
lQ:03 A. M......... 1855 800 p M......... 1881
comparison OF the last weekly statement OF the
associated banks OF this city with that for the
responding week In each Of the three previous years
shows the following changes -
Nor. 2, 1867. Oct. 81, 1868.
Loans. $247, 227,4ss Inc. s15,11s,3s1
ypecle. .......... e,Vts,o31 Inc. l,645,ySl
Circulation. 4o37,O7o Inc. 2l6134
Deposits. ............. 17s,2o9,74 Inc. 3,73s,s23
Legal tcnderp......... 67,Jy6,2Is Dec. 5,s05,330
~ Noe. 3 1886. Oct. 81, 1865.
Loans. $21l, 7yo,335 Dec. t9,444,o06
Gpocie. $500. .......... Q,lS6,025 Inc. l,433 POS