The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-01
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL.
SATURDAY, Oct. S1-6P. NJ.
hopeful feeling prevailed In Wall street this
morning with respect 10 the future course OF the
money market and ths impression was general that
decided change for the better had taken place but
after one O'CLOCK 1t became apparent that the strn
sency was undated and 1t was all the more Sc
verely felt in consequence OF borrowers having
delayed TO provide for their wants until after this
time The pressure was more severe than on any
previous afternoon during the week, and the appli-
cations for money very numerous while as lats
a four O'Clock some Of the dealers in government
securities were oering an eighth per cent commits
sion addition to seven per cent for loans on United
States stocks over Sunday in order that they might
make up their bank accounts which should have
been made up at three. The fact that the Broadway
Bank called In many Of its loans amounting in the
aggregate 1t is believed to $1,000 900, tended to ex-
cite apprehensions OF increased stringency next
week, and various rumors were circulats in con-
nection Herewith. 1t Is generally understood,
however, that this contraction OF loans is
owing to the City Chamberlain, who keeps his
account with the bank IN question, having
given notice that he win require to withdraw
about three millions Of his deposits for the payment
OF the November interest the funded debt OF the
city and the redemption Of the revenue bonds which
mature in December, but the payment OF which IL Ia
proposed to anticipate. There were no important
changes in the bank balances at the Clearing House
this morning-a sign that yesterday at least there
was no further clock up" OF greenbacks. The state
ment OF the associated banks for the week reflects.
however a very unsatisfactory condition OF none
tary affairs. The legal tenders show decrease OF
S. the deposits of $4 800 and the loans OF
el,2lS,264. The Specie on the other hand, has In
creased $l,ose,s 4a and the circulation s5s272.
The stock market was strong early in the forenoon
but afterwards lost its buoyancy and in the after
noon reacted downward sharply, the decline
averaging more than two per cent in the
active railway shares New York Central and
Erie being particularly heavy and largely pressed
Tor sale The feeling at the close very unsettled
and prices yielded under light saes Erie at time
having sold at ssa, although at halfpast i've it
quoted at 40 4OH. Reading, Cleveland and Pitts
burg and the Northwestern shares were also very
Yielding Notwithstanding the support they received
from the bull ciques and the signs OF the times by
means calculated to reassure either money lenders
speculators for rise. It is seldom. indeed that
The aspect OF affairs has been threatening except
In periods OF actual panic, and we warn the public
30 avoid wall street until the storm which is now
brewing blows over. The open board considered
This afternoon the subject Of adopting amendments
TO it's constitution and bylaws In conformity with
result WAS not made known, although It
v believed that the action Of the old board
will be c0ncurred in The volume OF business trans
acted ut the open board Is now about large as at
tue regular board and the first Vice President Of the
former has fully laborious q task to perform as
the oncer In the latter and the organization is
fortunate in having q man Of ability and tact like
Mr.. Henriques to cope with the difficulties OF the
position.
The gold market nuctuated between 1894 and 1874,
and the closing transactions prior to the adjourn
ment OF the board at three o'clock were at 1881,
following which the latest quotation on the street
was 1857. Loans were made without interest and
~ Is = per cent per annum for carrying and
1-A per cent per diem. The gross clearings
amounted to $s1,7O5,ooo. the gold balances to
3247l,45l and the currency balances to s4,o3o047.
Ihe Sub Treasury disbursed $7l16 in coin in pay
ent or interest the public debt and sold 100000
IN coin at 1887 this being the highest bid although
Che price in the Gold Room was at the time 1S4.
Here we have conclusive argument in favor Of
yelling the government gold by auction without the
delay aud other Inconvenience attending the system
VI receiving sealed bids.
The totals Of the present and last previous weekly
statements OF the banks Of this city are sub
1Oiued--