The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-04
FINANCIAL AND COMMERCIAL.


bArURDAY, Oct SO r. u.
me gold market was somewhat steadier in tone
man for some days past, and the fluctuations were
nsm lssx to llok. with the closing transactions
prior 70 the adjournment OF the board at three
e'dIock ct lao against ll0K at the opening subse-
Snently, however, there was an advance to lAoh .
1A0K, and the latest quotation on the street was
14oH 140x. There was an active borrowing de-
mand for coin from the bears and loans were MADE az
BAtes varying from two to six per cent per annum,
md ct Lea 364 per cent until Monday Tor borrow
ina ana without interest 70 either borrower or
FENDER, while In few instances AFTER the hour
Sormaking the clearings transactions were reported
q three per cent for carrying. The Sub. Treasury
lAsbursed sos 4o2 in coin in payment or interest ON
me public debt 1t Is understood that the Treasury
sold no gold during the day. There was . marked
abatement OF the monetary stringency OF the last
sew days In the forenoon, and no dilculty was ex-
Derienced in borrowing at the legal rate
N currency while In the afternoon there
was surplus OF funds offerng at six and
seven per cent and towards the close large amounts
were rendered at three per cent to the principal
dealers IN government securities without finding
takers This affords conclusive evidence OF the
artificial character OF the recent stringency, and
shows that the efforts OF the bear combination to
make money scarce have been suspended. single
stock house lodged more than four millions to its
credit at one OF the banks this afternoon; and
shs Of itself will contribute largely to re-
store ease But 1t is obviously In the power
Of the bears to renew the pinch whenever they
choose although not to the same extent as we have
inst witnessed. The banks will doubtless endeavor
70 sustain the rate OF interest at six and seven per
cent as long they but this viii not necessa-
my interfere with the course OF prices the Stock
Rschange, II we may Judge by the record Of the
present week. The returns OF the national banks
ere practically made up already, and thus fnan-
cal nuisance disposed OF for another three months
n there was no other objection to the system of
quarterly returns, the fact that 1t gives unprncipled
Spectators an opportunity to make money artncaly
stringent Is sufficient to call for . change. The
principle adopted by the Clearing House Of this city,
which requires weekly returns to be made, Is the
correct one and 1t should be applied by the Treasury
Department to all the national banks In the country
As 1t they enabled to prepare for and "cook"
their quarterly accounts and the latter therefore
calculated to mislead rather than to enlighten the
public as to their real condition. The stock market
was firm from the opening to the close, and mode
1ately large business was transacted.
The statement OF the associated hanks Of this city
Sos the week ending to-day reflects the recent
monetary spasm In the various changes which 1t
shows. The deposits have decreased $7,14o, 1877 the
legal tenders s3347,l29 and the loans $1,71o,6
The specie has decreased $S4s1ss and the circula-
non has increased $1o4,035. The totals OF the pres
ant and last previous statements are as under
stated