The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-13
FINANCIAL AND COMMERCIAL,

MONDAY, Oct. l2-6 p III.
Tho gold market has been active to-day, and
during the forenoon IL was vigorously hammered
py the bears, the result OF which decline from
lssA at the opening to ls1x but subsequently there
was rally owing partly to doubts as to the result
II the elections tomorrow, and the closing transac
lions prior to the adjournment Of the board at three
O'Clock were at 13TH. Following this there was q
further advance TO 13s 1851, but this price
stimulated fresh sales, and the latest quota
ton on the street was 187A 1914. There
was an active borrowing demand for coin, and loans
were made at l1o so4 132 ana ls4 per cent per diem
ana o per cent per annum for borrowing as well
- "nat" and at two per cent per annum for carry
ing The gross clearings amounted TO &loo,oe 900,
ne gold balances to and the currency bal
onces TO 81, 767,3A. The Sub.Treasury disbursed
Ases in coin during the day in payment Of interest
On the public debt The imports Of specie at this
port from foreign ports last week aggregated $22o7o,
making total of So ,07o since the beginning OF
the year. Mr.. Van Dyck, the Assistant Treasurer,
o1cially advertised this afternoon that he will re-
eeve proposals for the purchase Of 900 OF gov
eminent gold per diem for ten consecutive business
days, commencing on the 14th inst, In lots Of not
less than $1,000 the awards to be made 70 the
highest bidders The proposals win be received from
elcven TO tVeys O'Clock on each day and the awards
win be made Immediately after noon This Ia de.
1ales ana we are glad to fnd that Messrs
AcCGlloch and Van Dyck have been sufn-
edently Influenced by the force Of public opinion to
make the change; but this new plan s not without
objections a. leaves room for ayoritism IN the &C.
leco 81 the bids while it prevents the competitors
from bidding the full market price at the moment
they send In their proposals, owing TO the delay
which must occur before their biSs are accepted or
rejected and the uncertainty attending the course OF
the premium In tcs interval. The better way would
Pc for the GOLD to be sold by auction In the
1ub-Freasury building BY Treasury clerk
o The highest bidder vfya 1904 and thds the price
then current In the Gold Room would DO secured,
while every transaction would have the fullest pub
ucity. We trust that Mr.. Van DyoK win see the ad-
visibility Of specifying the amount OF his sales Of
g0d and bonds in his daily statement OF the business
Of the Sub-Treasury, and that the new arrangements
win be practically carried out as 1t should be, In
manner above suspicion. The erect Of these sales
win be to increase the supply Of cash gold ana there
fore to enable the bears to make their deliveries
with greater ease. The elections In Pennsylvania,
Ohio and Indiana were the theme Of conversation
ip the Gold Room, and the upward reaction in the
afternoon having been Influenced by rumors Of q
probable democratic majority In Pennsylvania 1t is
ir presume that in the event Of opposite view
Of the being taken tomorrow the bears win re-
new their attack upon the market in force, the spe
oulative temper being still strongly in favor OF o
SAIL The price varied at intervals as follows
0A M.;:......... isSx 81; ,..;, 1S7x
1l:4O A. M. l31M 900 r. D.. 18TH 1871
The stock market has been on the whole active and
variable. During the early part Of the day 1t had
declining tendency, but 1t subsequently became
strong, and Erie, which had sold down to AN, ad
vanced suddenly to ASK, and during the remainder
OF tho afternoon nuctuated between AK and AK,
closing heavy The annual election Of this company
viii be held from eleven A. d. to two p. NJ. to-mor
row, and the result Is awaited with interest. New
York Central barely steady and but lightly dealt
m and In connection with this company we have to
correct statement made yesterday to the effect that
q IL carrying freight from New York to Chicago
for 90 per ton the rate being now $ll per ton by
rail the entire distance. The Milwaukee and st. Paul
and Northwestern stocks were particularly buoyant
and reached higher figures than they have ever
before touched. Pacific Mall was quiet, and towards
che close II declined slighty Mariposa preferred
was the leading feature Of the miscellaneous LIST
and advanced to % under an active demand. Money
was In good supply to stock houses at six and seven
per cent but the higher rate was almost invariably
asked by the banks and trust companies
There was Q very moderate business transacted In
Che discount line, and the best grade OF CON-
nercial paper passed at the legal rate. The gen.
eral trade Of the city, well Of the country gen.
orally Is moderately brisk for the season and is con-
Quoted very conservative basis, the disposition
% avoid overtrading and long credits being generals
while we look In vain for any marked speculative fea-
lures except among the grain operators In the West
the dry goods trade was dull to-day and there was
only auction sale held, the attendance at which
was moderately large the bidding rather spirited
and the prices about the those current last
week.
comparison OF the statement Of the associated
banks OF this city for the week ending Saturday
hst with that Of the corresponding week in each Of
the three previous years shows the following
changes