The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-24
FINANCIAL AND CONNER cIAL.
Friday. Oct. 2S-6 p. n.

FINANCIAL AND CONNER CIAL.
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FRIDAY, Oct. 2s-e N.
Yne gold market has been weak to-day under Gun.
tinued heavy operations for Q fall and q iur'neI
decline to 135 took place, the nuctuations na'"s
been from this point to 1885, with the CLOSING
tons prior to the adjournment OF inc poaiu -
shree O'Clock at 1856 against 1857 az tue openinK'
The borrowing demand for coin was more acti.
than yesterday, in consequence OF 'ne iasso snsrt
interest and loans were made az nigner Rates
namely 1s4 1872 l1e Il 3-64, 564, $780, S-1r, and u
per cent per diem and two per cent per aD.num for
narrowing and in exceptional instances '.nat.n The
gross clearings amounted to $l32, 1oA 900 and the
mold balances TO $5777,92o. The Sui Treasury sold
100000 in coin, the bids for Which aggregated
$s5o,ooo, at prices ranging from 1856 s4lO0 to
1875 4o11oo. The Assistant Treasurer is prepared to
Issue gold checks in payment of interest on regis
tered and coupon ve-twenty bonds Of the issues Of
1882, 1854 and CNovem'oer 1866, on applica-
ton. 1t is reported from washington this
afternoon that the Secretary OF tho Treasury
viii order the practice OF selling the gov.
ernment gold openly to be discontinued after
the 25th inst, the re ason assigned being that the
Treasury does not re ,alze as high price for that
now sold In proper ton to its market value as when
sales were made ecrely This however, furnishes
no sufficient excr for returning to system which
has become desc rvedly odlous and which opened inc
door to corrupt The practice OF receiving seaed
p'ss IS we admit, less desirable tnah saieS
10 the high est bidder by word OF mouth,
because tho, interval elapslng between the
time OF mi king the bids and their acceptance
or rejection prevents the competitors from bidding
the Iuli ma fket price in all cases; put there Is ho
good reasf IN why the government safes shouia hot
be made by auction In the Sub-Treasury, allowing
one OF u &c clerks OF the department 10 act as tue
auctone err and we trust tina; Mr.. McCuoch VIII nave
the goo sense TO make the change suggested, and
by all means avoid a recurrence to secret sales,
which would only expose him TO fresh suspicious OF
comp deity with spectators in the manner, time and
int OF such sales. The price Of gold varied as
folio ws OF Intervals
10 !. NJ. .......... 1854 LAS ?: M..."...... l35
III IS A. M.......... 1875 3P. M..-........... 10
ihe stringency in the money market showed no
al atement to-day, and loans were made at seven
er cent, with commission OF lie u per cent
sdded In instances but strictly first class lend
ers, rule, refused to take more than seven per
cent although interest at that rate in gold was freely
offered by stock brokers. After one O'Clock, alike
with yesterday there was diminished pressure to
borrow felt, owing to the majority Of borrowers hav-
inc supplied themselves earlier In the day, and this
gave rise to rumor that there was "let up"
In the Market but it is fair to say that
there are yet no indications OF such being the
far as it Is dependent upon the discontinu-
Of the efforts of the clique to produce artificial
stringency. The banks, however, report that cur
yency is being attracted from Boston and other
points, owing to the high rates OF interest
here although they are not sanguine Of much relief
nom this source the more particularly as the Sub
Treasury has been absorbing about 100000 OF
greenbacks daily for more than week past in
exchange for gold sold, which is so
much drawn ont of the banks and temporarily out
Of circulation Also Much Indignation Is expressed
with such Of the banks as are supposed to have
favored the docking up conspiracy on the part Of
the bears, and where they are really guilty Of the
charges imputed to them their conduct cannot be too
strongly censured That some Of them have acted
in completely with bear combinations on former
sions to produce similar state OF things to that
existing there is little to doubt and what
was true then may be true In the present instance.
Proof in cases Of this kind is, however, always
difficult to obtain, but when 1t can be got the Of
tenders ought to be at once removed from the posi-
ton Of trust they occupy. The Bank OF New York
creditor ut the Clearing House this morning for
about 81. 300 ooo making nearly 81, 100000 IN three
days; but with this exception there were no very
important changes ON either the debtor the
creditor side. The question here arises. do
the of1cers Of this bank know than
they should OF the causes at work to
produce these violent changes in its deposits
the latter as they may be, owing TO circumstances
beyond their controlS The speculative exdircctor,
long associated with the fortunes OF the Erie Com
pany, is said to be OF the prime movers in the
combination to make money scarce, and the efforts
made in this direction have been practically assisted,
II is understood by the withdrawal OF 100000 by
the Erie Company for remittance TO the West to buy
grain for the sake of making freight the through
Western trahc having fallen OF largely since the
farmers began to hoard their grain in anticipation
OF higher prices.
The railway share market was unsettled and rather
heavy during the early part OF the day. but It AFTER
wards became stronger and prices improved slightly
throughout the list. Late In the afternoon, however
there was sudden break in Erie from A. to Az,
and the excitement was intense Government Sc
curties dull but steady until near the close,
when they yielded slightly; but there was no
pressure 10 SELL and the disposition among the gene
raj public Ia to buy, United States stocks being rela
lively cheaper than any Others in the market.
At the commencement OF business the stock mar
ket rather heavy ana at the early session OF the
open board Erie sold OF Az AK; New York Gen.
fral, 1919; Pacific Mail, 12sA and Marposa pre-
ferred "a. At the 1rst regular board the market
was firm and on the call New York Central closed
Is higher than at the same time yesterday, Erie y,
Reading ~ Michigan Southern IL, Cleveland and
Pittsburg u. Cleveland aud Toledo =, Rock Island
~ Northwestern 2l4, 40. preferred rs, Fort Wayne
11, Ohio and Mississippi =, Pacific Mail y, Can
ton /, Western Union Telegraph T. Tennessee skies
lex coupon) =, new issue II. North Carolina
skies i and new issue Y. Government securities
were steady al the prices current last evening.
At the open board NJ one O'Clock Erie
sold at al; New York Central, 1919, and
Reading, esH, the market being steady
at the prices and the speculative feeling tame. At
the second regular board quotations were without
material change, and on the call Hudson River closed
IA higher than at the first regular board Reading
~ Rock Island a. Fort Wayne K, Ohio and Mssls.
sippi a. Tennessee sixes, OK coupon, =, and new
issue u, while New York Central was J. lower Eric
X, Michigan Southern r. Northwestern preferred X,
Pacific Mall y. aud Western Union Telegraph -.