The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-19

who areholding grain than they are paying out on
grain for shipment There IS consequently but
very limited movement OF currency in any direction,
orders nom the country being light and they VIII
probably continue 30 until there IL renewed ACTIVITY
In the grain movement. This semi-stagnation makes
itself felt In general business to certain extent ana
merchants complain that their collections are not
made "a promptly as they were earlier In the sea-
Hence the demand for money from the natter Is
proportionately more active. The Assistant Trea-
surer sold 81 900 in gold during the week to the
highest bidder In writing, and received about
S. 900 on account OF customs duties. The general
trade or the city and county Is only moderately
active for the season. and pending the Presidential
election dllness in nearly all departments Of trade
ana industry is to be expected in view OF past ex
perience; but this win afterwards give place to
renewed activity and there never has been time Of
late years when there was less cause for business
men to regard the future with apprehension.
The Atlantic and Pacific Telegraph Company has
made arrangements for the extension Of its line
from Chicago TO Omaha, there to connect with the
Railways to California. This of the most en-
terprising Of the new telegraph companies and also
one OF the most prosperous. 4 nis s8ty
The foreign exchange market was strong during
the early part Of the week under an active demand
for bills and limited supply, and the leading draw
ers advanced their rate for sterling at sixty days to
1904. The demand abated with the advance, how
ever ana Friday the rate receded to 109h, while
on Saturday the best bills could have been bought at
1924, this further decline being due to the advance
In the rates Of interest paid for the Of coin in the
Gold Room. The amount OF commercial bills offer
ing Is light and none are being made against ship
ments Of bonds. The fact that foreign balances are
still allowed to accumulate here in consequence Of
the difficulty OF employing oanable capital In Europe
checks the demand for bills for the time being;
but in the event OF any change occurring
which would involve either financial distrust
on this side Of the Atlantic or much
higher rate Of interest on the other, these
balances would be rapidly withdrawn and the rates
Of exchange would advance correspondingly. At
the close Of business on Saturday the quotations
were nominally as follows, the market being at the
time weak in tone bankers bills on England at
sixty days. 1904 lO91s; at three days. 1Ooas Io9;
bankers bills on Paris, at SIXTY days, 5.17A 616l
The reports relative to the new cotton crop are
generally favorable the indications being that the
damage done by rains and worms is less than was
supposed q few weeks ago. In some sections 1t is
likely to fall short of the yield Of last year. but in
others It promises to exceed It, and the aggregate
will probably not fall far short OF two millions and
half Of bales. The yield OF the various sections in
the year ending the 1st Of September last and in
each OF the three previous years was as follows -