The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-11
FINANCIAL AND CONNER GAL.

S.rrRp.y Oct 10-6PM
The gold market has been sctive to-day under
heavy operations for a fan, and The result WAS
decline from 1854 al the opening to 1885, al the adj
tournament Of the board at three O'Clock; following
which there was a further yielding 10 1871 a los
under false rumor that the Treasury was To adver
tise for bids for five millions OF gold on Monday, and
this WAS tire latest quotation on the street. There
was an active borrowing demand for coin, but the
supply was larger and the rates OF interest consc
quenlly lower than yesterday. Loans were made at
BB4 le S-32 36i, l-64 and 1872 per cent per diem,
and at q a per cent per annum for borrowing
well without interest. The gross clearings
amounted TO s94 0oo the gold balances to 2Sl6
1913 and the currency balances to 81 043 $685. The sub
Treasury dsbursed 5,73l in payment OF interest|on
the public debt The gold market has been largely
0versold in anticipation Of the result Of the Pensyl
vkna election being in favor OF the republicans,
and the probability therefore is that whep this ex-
ectaton Is realised the present artificial depression
will be succeeded by upward reaction, the event
being already fully discounted. Moreover, the ad-
vance in the rate for prime bankers bills on England
NJ sixty days to 109h ia calculated to give firm
Undertone to the premium. Wall street Is, however,
searsh on gold just now, and 1t will try to sell
Il down until it finds that 1t cannot be got any
lower when win change its tactics and rush to the
opposite extreme by putting it as much too high as
II before put 1t TOO low. The speculators are the
only gamers by these fluctuations which work great
injury to trade by unsettling values
The stock market strong and active during
the greater part OF the day, except for Erie which
declined sharply in the afternoon from 4Szs TO 47,
without any apparent reason beyond the absence OF
support and the prospect OF large amount Of cash
stock being thrown upon the market Immediately
after the annual election on Tuesday next This is
held for election purposes by the present direc-
t0rs and the recent rmness Of the stock was owing
In part to its withdrawal from the market. What
the result will be when 1t 10 returned remains to be
seen. Pacific Mail was steady and dull, its nuc-
tuatons having been from 1917 to 100
Money was in moderate supply to first
class borrowers at six per cent during the forenoon
notwithstanding that nearly all the banks and other
lending institutions asked seven, and as q rule OBJ
tanned it, for moderate loans advanced on the pledge
OF miscellaneous callaterals Towards the close there
was quickening OF activity however, and trans-
actions were reported below seven This gave color
In some minds to rumor that another monetary
'squeeze' IN to be engineered by the bears week.
The discount line Is quiet, but firm, and the best
grade OF commercial paper at three and four months
Is quoted at the legal rate.
The statement Of the associated city banks for the
week Is much less favorable than was anticipated.
The deposits show decrease OF S. $685. $780, the loans
OF $685. 2s6, the legal tenders OF $235 1851 and the
specie OF $241l,2Ss, while the circulation has in
creased $685. 297. The totals OF the present and last
previous statements are as aubionpd.-