The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-16
FINANCIAL AND CoMMERC IAL.
THURSDAY, Oct I6-o n. M.

FINANCIAL AND COMMERCIAL.
->~~~>~>>-->-~>-~~>~~~~
THURSDAY Oct lisp. M.
the gold market has been without any decided
feature to-day the fluctuations having been nmieo
% u per cent-namely from 1874 10 lss1l, with the
CLOSING transactions prior TO the sdournment OF the
board at three O'Clock at 13s, against lo7z al the
opening. Following this there was no material
change, and the latest quotation on The street was
f3TH q 13s. The borrowing demand Tor coin was &C
tive, ana loans were made at 532, 3-l6, Y, 1872 y,
pos, TEA, 5-e4 l-e4, 1-l6 and l-32 per cent per
diem. and two per cent per annum for borrowing
the volume OF business large. but less than that
OF yesterday, owing 10 diminished excitement. The
gross clearngs amounted TO $780, 4so, 000 the gold
balances 10 81, and the currency balances to
$slo2ss' The sub-rreasury disbursed $o,s7A in
coin in payment of interest the public debt The
Treasury sold another $500 900 in coin the bids
which aggregated s4,26o.000. against 81, $50, 600
yesterday, While the price offered ranged
from 1904 TO l37 $500. The National
Currency Bank was awarded S25o,oOo and
Nessrs Turner Bros. $4,000 at 1877 ss-l0o The ad-
vanced rates OF foreign exchange had a tendency to
discourage operations for fall and the rather high
rates OF interest paid for the OF coin operated in
the same direction. The tide OF speculation in favor
OF the bears therefore received check; but brokers
were busy in making quick turns for rise and
faiI alternately, and the bears were more disposed
TO cover their shorts than to extend them The
price varied at intervals us follows:-
10:l5 A. M.......... 1919 3P. Mo-. l3s -
liza +. M......... 1897 $3.50 p M...... 1879 isS
The eject OF the recent republican successes was
further apparent during the day in the increased de-
mano for United states stocks for investment and
the steadily upward OF prices. But TO all ap
pearances this IL only the commencement OF q
fresh popular movement, which will ultimately
carry them higher than they have ever
been before, both at home and abroad.
On the Stock Exchange there o strong and &C
tive market for State bonds and railway shares
Erie, in particular, to 5o7s but later in the day
10 declined to asa without any apparent cause. The
fall brought In fresh buyers and at the close ass
was bid for large amounts, the indications being
that the party that promoted the advance also caused
the decline, and that their object now is to cause
rapid movement against the shorts thereby forcing
many Of them to cover their contracts. Since the
opening of the transfer books q very large amount
Of this stock has been transferred the names Of
foreign houses preparatory to shipment. The rumor
that more new stock is to be issued is officially de-
MED, and doubtless had its origin among the bears
for the company can only issue such in exchange
seven per cent convertible bonds, and no one would
convert bonds into stock within thirty per cent OF
the present price Of the latter. Money was in
good supply to first class borrowers among private
companies continue to ask seven. There is no per-
ceptible drain of currency westward or southwark
and the fun effect OF the Western demand to move
the crops has probably been felt that no further
disturbance OF the money market at this centre Ia
probable. All talk OF fresh attempt to make
money artinciany scarce may be accepted
without foundation In fact and designed merely to
excite apprehensons in the market for government
securities and the speculative stocks, and to de-
press prices. After their last fruitless effort the
bears are not likely to renew the attempt for could
not fail to eventuate in similar fdSco. The dry
goods auction sales rather thiny attended to-
day and the bidding was less spirited than earlier
m the week. Except for heavy woollen goods prices
were somewhat less satisfactory than yesterday but
the former were firm and In demand.
Government securities have been very strong and
active all day. and the investment demand has been
much heavier than IL was yesterday, the orders to
purchase coming by telegraph from all parts OF the
country. The city savings banks were also buyers
The supply OF bonds In the street is smaller than
usual, and there is q good borrowing demand for
shem from the ''shortsn The heaviest transactions
were IN the vetwenties Of 1867, which, allowing for
The accrued interest, still two per cent lower
than they were before the Democratic Convention
met. The Assistant Treasurer here has given assu
RANGES to some OF the principal dealers that he will
not be seller Of bonds, his currency balance
being sufficiently large to enable him to dispense
with such sales. Prices at the close fraction
below the highest point OF the day in instances;
but the market was strong at the following quota
lions, and there were no bonds onerlng:-Regis-
tered, 1881, ia q 114ia; coupon, ll5A . ll5K;
S-2o's, registered 1854 q JOG; do, coupon, 1862,
lI3ss 1915 do. 1854, 1l1h 1l1s; do, 1865, lily
sIllx; do, new, 1885 looal 10; do, 1867, 1oe7s
lilo; do, 1885, loA Ill; l04o's, registered lo41s
lo4H u; do, coupon, 1866 q 1864.
Al the commencement OF business the stock mar
ket was active aud strong, and at the early session
OF the open board Erie advanced to AK Rock Island
105k and Pacific Mall 126. Afterwards Erie sold up
bo, but at the first regular board /, reacted to 49A
although the general market was strong and very
setlve, especially FOR the state stocks, Tennessee
Eixes showing an advance OF Ia, issue B. North
Carolina skies ~ and new issue y. Government
securities were buoyant at an advance OF "a u per
cent ON thecall New York Central closed a higher
than OF the same time yesterday, Erie IL. Reading
q. Michigan Southern "a Cleveland ana pittsburg
Ia Cleveland and Toledo u, Rock Island 4, North
western ], Fort Wayne Ia, Milwaukee and st Paul
n preferred 2, Ohio and Mississippi Il, Western
Union Telegraph u and Mariposa preferred u. while
Northwestern preferred was u lower and Qucksil-
yer IA. At the open board az one O'Clock Erie sold
Down TO 49,, white New York Central
was steady al 1921. and other stocks were
slightly lower than at tine previous board. At the
second regular board the market was active but
somewhat dropping, and New York Central closed
lower the cali than at the hrst regular board;
Erle =, Reading y, Cleveland and PIttsburg y,
Cleveland and Toledo y, Rock Island 4, Northwest
ern preferred =, Port Wayne =. Ohio and Missis-
nppi =, Western Union Telegraph y. Tennessee
skies, new issue y, and North Carolina SKIES u,
while Michigan southern 4 higher. Marlposa
trustee ten per cent certificates in active de-
mand at 66ia Government securities were strong
OF y further advance OF 4 Il per cent. After the
CAL Erie broke 20 4sS 49,, but al the open board
Of half past three the sales 4sA 4Sa, while
fort wayne active and advanced to llSa. Rock
Island sold at l07s4, Northwestern s5A, preferred
g. = and Pacific Mail 1861. During the remainder