The New York herald., 1868-10-29
FINANCIAL AND CONNER CIAL.

nj rates VARYING from seven per cent per annum in
gold TO :. per cent per diem IN currency athough IN
some instances lenders refused 10 receive more than
the legal rate In currency as mauer OF princlpe,
but the useessness OF the usury laws IN preventing
more than fixed rate from being charged for
money is very apparent At the Clearing House this
morning the Bank OF the Commonwealth was creditor
90 1oa COO the Metropolitan $472 600, the Tenth Ma
fiona s2So0Oo the Third National s351 900 and the
Central National $4,000, while the Bank Of New
York was debtor $SIT000 and the Commerce $685. O0O
ana these changes indicate further locking up OF
currency, so that the purse strings are apparently
being drawn closer LAY by day Thus 1t is that not
withstanding the receipt Of money from Boston,
Philadelphia and other points, the supply of loana
BILE funds at this centre Is being gradually curtaed
1t is somewhat remarkable that the money market
Ill over the country should have passed from con-
dition OF extreme case to one OF extreme activity,
and artificial influences are insufficient TO account
for the change, except to very limited
extent, while the Western cities where the strin-
gency is very marked, may be supposed to be pecn-
Marly free from these The Cincinnati and Chicago
Journals express apprehensions that the movement
of the pork crop almost simultaneously with that OF
the cotton crop will intensity the pressure felt IN mat
section. The demand for discounts Is fortunately
light as commercial paper, even OF the best graue is
hardly negotiable, although It Is nolninaiiy
quoted at eight to ten per cent per annum Tho con-
version OF three per cent certificates into currency
by the banks can be source OF no great relie as,
although it gives an active for dormant legal
tender does not increase the reserve OF the banks
while il involves a virtual contraction OF the volume
OF legal tenders outstanding and at the same time
reduces the currency balance in the Sub-Treasury,
thereby making necessary for the latter to replace
the amount by sales of gold. There is considerable
monetary strngency in Boston, and journal Of last
evening, published in that city, thus refers to the
condition of affairs
The money market has been decidedly tighter to-
day and borrowers whose ants were urgent have
had to run about pretty lively to accomplish their
DESIRES The banks are all poor, as rule, and many
OF them are borrowers themselves and unable to do
anything in discounting even for their customers.
This stringent condition or affairs is largely IN
sequence of the monetary disturbance IN the New
York market, a good deal Of money having been
drawn there from this centre to the great reduction
Of the Boston bank reserve usually held at New
York. Where so little is doing rates are seconda-
~ consideration. New York funds continue In &C.
tive request.
The gold market opened weak at 134L and soon
declined to 1857, but from this point it gradually
advanced to 134as and the closing transactions prior
to the adjournment OF the board at three O'Clock
were ct l345s, following which the latest quotation
on the street was 1S4tl 134T. There was a brisk
borrowing demand for coin and loans were made
"dat" and at 1-64 1-32 per cent per diem and a
cper cent per annum for borrowing. The gross
clearngs amounted to ssa 63o oo0 the gold balances
TO ST. and the currency balances to s 1O6
The Sub-Treasury disbursed s1,744 in coin in pay
ment OF interest the public debt and sold $4,000
In coin the bids for which amounted to $780, OO0 ut
prices ranging from 1e4 to l34 26l0o and the whole
being awarded to Messrs. Henry Clews 4 Co. The
steamer Russia took out $lss, 700 in specie. The
nuctuations during the day were as subjolned:-
10 A. M............ 134k 1880 A. M......... 1s4H
lo:4l A. M.......... 1885 3P. M............ l43s
The stock market hos been very feverish all day,
and although 1t rallied strongly in the afternoon, the
Improvement was afterwards lost and II closed
weak ana demoralized, the downward course
of prices being accelerated bv reports OF heavy
fall in grain in the Western markets, and sympa-
theiically to some extent on the Produce Exchange
here. New York Central after selling up to 1854,
relapsed TO l23, and Erie which had rallied to 40x,
fell back TO 39 these being the most yielding OF all
she railway shares. A large amount OF borrowed
Erie stock was returned in new certificates this af.
ternoon, and this quickened the demand for money,
while the supposltlon that the funds re-
ceived from this source will be withdrawn
from the banks or otherwise I" locked upu
exerted anything but . reassuring erect.
u
Will carry the rest of the market with It. and money
lenders are consequently pursuing as conservative
course as they possibly under the circumstances
Government securities show great nrmness consider
Ing the difficulties IN the way OF carrying them and
prices improved u a = per cent during the day;
but afer four O'Clock the market was hammered and
fractional decline took place. After the Presidential
election however, these stocks wiz advance whether
money becomes more abundant not, for the invest
ment demand will be quickenei both by Grants elec-
fonand the disbursement OF the November interest
the public debt, amounting to nearly $4,000, 600 In
eoln The dry goods auction sales held TO-DAY were
well attended and the bidding moderately brisk,
although prices were not In all cases fully up to
those OF last week. A few lots were passed, while
others were duplicated and on the whole the resu;
was satisfactory.
The stock market was weak and unsettled at the
commenc ement OF business but at the early session
Of the open board Il was more steady ana Erie sold
mt s0is New York Central 124ts and Fort Wayne 49,
At the first regular board prices were slightly higher
and on the call New York Central closed Ia higher
than at the same time yesterday, Eric ", Reading
u, Michigan Southern q, Cleveland AMI Pittsburg
19s, Northwestern -, Fort Wayne 2, Milwaukee and
st. Paul preferred 2li, Ohio and Mississippi y,
Pacific Mail a. Quicksilver y, Tennessee SKIES, new
issue =, and North Carolina SKIES, new Issue, Z.
while Rock Island was N lower, and Missouri
mixes l. Government secu rifles were inactive but
rrner. AZ the open board at one O'Clock the mar
ket became weak again, and Eric sold at 397.. New
York Central l2it, Rock Island 1855, Northwestern
eo and Marpoaa preferred co. At the second regular
board the market rallied strongly, and on the call
New York Central closed K higher than at the first
regular board Hudson River Z, Reading x, Michi-
gan Southern 4, Cleveland and Pittsburg T. Rock
Island =. Northwestern IL, ohio and Mississippi e,
Pacific Mail !, Quicksilver <, Tennessee skies, ex
coupon |, and issue x, while Cleveland and
Toledo was "a lower Fort Wayne Z and North Caro-
rna SKIES =. Government securities were firm at
m advance OF = q =. At the open board at half.
past three the market was barely steady and Erie
sold at 20; New York Central 12j's; Reading VIZ;
Fort wayne. 1l271; Rock island 1866; Northwestern
o.; do preferred. sIit Milwaukee and st. Paul 1Ol: