The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-17
FINANCE Il AND COMMERCIAL.


The ola msrtat has shown declining tendency
al y Nv and the fluctuations were from 1917 at the
W eninu to 1s7Z with the closing transactions
prior 10 Tie adjournment OF the board ut l37N, fol-
lowing which there was increased pressure 10 sen
aud decline 10 1877 was the resu tne iatest quo'a
lions on the street being l37 lS1H. Among inc
prominent sAllers were several Of the foreign ex-
change dealers who anticipate lower rates for
bills on Europe, and in view OF the altered STATE
Of political affairs It is probable that further con-
siderable decline win take place In the premium
before 6as speculation for fall exhausts ITSELF Gold
has &c present no friends. and it Is liable to be as
musA unduly depressed before bottom IS touched as
vfas unduly inflated when the price touched $50
&c = months ago. The public credit has 80 greatly
krroved In consequence OF the result CT the recent
kscctons that gold is more than ever before depend
rent upon purely financial and commercial Influences
There was good borrowing demand Tor coin bu'
IRE rates charged for Its use were lower thah lot
some days past-namey, a-32, 1-l6 3o4, l-3-' o-o'
and la per cent per dtep-while afer the hour ioi
making The clearnss transactions were reported
~'aat.n The gross cearngs amounted 10 slod' aooOo
vshe gold balances to 81, 1853 and the currency
balances to slsoll1s. The Sub-Treasury MS
-bprsed sIs6el 10 coin In payment OF interest,"
on the public debt, and offered LOT saie the
usual 100000 OF coin, the DDS Ior winch
aggregated $l16o,ooo at prices ranging from
1856 5000 to III 57-loo. or the amount sod sl2Vooo
was awarded to Frank Cans, $4,000 to Ward b
Co ana { g. 100 to the National Currency Bank. The
price warned at intervals, as foows:-
10 A. M......... 1875 p M............ 1879
1870 A. R......... i31A $3.50 Z. No.. l3I 1919
The marx ot for government securities was very ac
tive and strong at advancing prices from the open
ing TO e close the Improvement IN the ivetwenties
OF 1881 having been equal to q per cent. The
demald is largely for investment, but there
Is also considerable speculative activity n-both the
home and exportabe bonds. The upward tendency
OF iye-twenes in London and Frankfort in response
TO tie movement on this side inspires confidence
among the foreign bankers, and gradual advance,
bosh at home and abroad is looked for. 1t is sell
dom that much real animation Is witnessed in tile
dealings In United States stocks present and the
bears are in consequence more disposed to 'cover''
man 10 extend their ''short' contracts, although
from the activity the borrowing demand it is evil
dent that there IL very considerable "shortn inter-
est still outstanding. AS in all upward movements,
however, Slight reactions may be expected to occur
st Intervals. In the railway share market there
was great activity and In the latter part of the al
teHioon much buoyancy and excitement the only
prominent exceptions being Erie and New
York Central which were, on the whole,
rather heavy. The largest advance was In
Fort Wayne and Milwaukee and st. Paul,
which took Wall street by surprise. Cleveland
aud Pittshurg was also very strong in sympathy
with s connecting line, Fort Wayne, while Reading
was hardly 40. The State stocks, too, expert
enced further material advance, owing to the re-
vval OF confidence in the political future OF the
country consequent the prospect OF Grants cleo
tion and Tennessee skies OF the new Issue par
tcuarly active and buoyant. Pacific Mail moved
with increased frmness and sales were male
at 12o. The scenes, both at the boards and In the
Tower HAN Of the Stock Exchange served to recall to
mind those or 1861 for the intensity OF the specula
tive excitement manifested, the desire being to buy
regardless OF price or values.
Money was in larger supply than earlier in the
week, and the principal dealers in United States
stocks were enabled TO borrow all they re-
CURED ut six per cent, while in some in.
stances balances were left with them at five;
but the general rate ut the banks and trust
companies offices was seven, which WAS paid freely
by borrowers on miscellaneous collaterals The
tfarsactions Ia d,scounting are on very moderate
scale and first class commercial paper is taken at
seven per cent. There s some currency being sent
southwark but very little TO the West aud there
signs Of any attempt 10 produce artificial strn-
gency as yet.
At tile commencement OF business the stock mar
ket strong and active aud at the early session
of the open board Fort Wayne sold at li4Is; Clevc
land and Pitt5burg 81; Pacific Nah, 1aTjs, and MARI
posa preferred, 247s. Az the first regular board the
market continued strong and active, except for Erie
and New York Central, and on the call Michigan
Southern closed 2is higher than at the same time
yesterday, Cleveland aud Toledo \, Rock Island 4,
Northwestern y. preferred 4, Fort Wayne Ia, Nil
waukee and ST. Paul preferred ?, Pacific Mail "a,
Mariposa preferred i and Tennessee skies, new
issue, "a while New York Central was z lower,
Erie =, Cleveland and Pittsburg 4, Western Union
Telegraph Il and North Carolina skies a. Govern
menf securities were buoyant at an advance Of 4
y per cent AT the open board at one O'Clock
the demand for stocks was large and prices were
generally higher, especially for the Milwaukee and
st. Paul stocks, the common advancing to Io9
and the preferred to llls. Erie and Central,
however, remained dali ana steady. At the
second regular board the tendency OF prices
was still upward, and on the call Read
ing closed = higher than at the first regular
Board Michigan southern x, Cleveland and Pits
burg a, Cleveland ana Toledo 1si, Rock Island r.,
Fort Wayne Ia, Milwaukee ana st. Paul q, Tennes-
see SKIES ex coupon, ], new issue Ia, North Caro-
lima SKIES y and new issue q, while New York Gen.
trail was " lower and quicksilver s.. Government
securities were very active and buoyant at further
advance OF - "a. At the open board at half-past
three Fort wayne advanced 10 l1T%, Milwaukee and
ST. Paul to 113 and the preferred stock ia while
Erie and New York Central we're steady and ne
elected at 4sj. and 1884 respectively. Michigan
Southern al the same time sold at COS Of; Cleve-
land and Pttsburg, pl'S; northwestern preferred,
s73s Reading, es14, ana Mariposa preferred, 24ii.
The books OF the Msnposa Company for the CONVEX
sion OF certificates closed the 9th INST, and the
amount realized from the conversions was
about half million OF dollars, which Is
20 he employed AZ WORKING capital The
title TO the estate has been made perfect,
and the trustees hold this 70 The holders OF GER
uncates and preferred stock. During the remainder
pr fha off
particularly for Fort Wayne which sold up 10 119s:
but Erie and New YORK Central remained quiet ana
steady. with these exceptions the market closed
very strong at the following quotations:-Pacinc
Man, 12sK 1885 Western Union, S7H 37sl; New
YORK Cenlra l2eia 1909: Eric. aszk AZ: Reading