The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-14
FINANCIAL AND CONNER ciAL
TUESDAY, Oct l3-eP.


TUESDAY. Oek ls-sP.M.
me gold market has to-day shown more steadiness
than usuai OF late, ana the fluctuations were from
ls7 to lss, with tho closing transactions PRIOR TO
The adjournment OF the board 1t three O'Clock at
ls7x, following which there was an advance to 1914
and subsequent decline TO ls7,S, this being the
latest price on the street. The decline was tn
auenced by reported republican majorities in
Pennsylvania, although previous advices "a
vered democratic successes In the State.
There was brisk borrowing demand
for coin and loans were made at l-S2. l64, Lie and
SSa per cent per diem and a 10 per cent per annum
for borrowing. The volume Of business was large,
but speculation hesitated In Its course, owing 70
NE uncertainty attending the result Of the elections
IN Pennsylvania. Ohio and Indiana. The gross
eiearngs amounted to ooo the COLA balances
TO $l342o5 and the currency balances to s2257osl.
me steamer Hammonia took out $4,000 In spece
and the Sab-Ireasury disbursed e0o65 in coin IN
payment OF interest on the public debt dur
Ing the day. The further advance In the
rates OF foreign exchange excited no materlai
influence In the Gold Room owing 10 the great mass
Of operators being committed to the 'snort"
interest and therefore disposed to ignore as
FAR possible everything calculated to promote an
advance In the premium. Tho first sales OF the
Treasury under the new arrangement viii be made
ned checks for three per cent Of the amount OF their
bids. The mosa direct way Of selling the govern
ment gold, however, would be by auction, allowing
OF The Sab-Ircasury clerks to act the auction
Ger. The price OF gold varied at intervals as fol-
lows:--
10 II. ............l371 2:l6 P. M..........13I's
Has A. M. ........13S $3.50 p. 1919
Tile stock market was on the whole strong and ac-
tive, and the Western shares experienced further
oAx Erfa hafxr 4-f<
and the result OF The annual election Of the company
had apparent effect upon the course OF the stock
Il having been fully anticipated. There was much
animation IN the dealings IN some OF the miscellane
Gus shares, and Mariposa preferred western Union
Telegraph and Quicksilver In particular; but
Pacific Mail was quiet and steady. Mr..
Bsrant, the Vice President Of the Union
Pacific Railway Company. has written q letter
to tue President OF tho United States, protesting
against the appointment of q special commission to
reexamine the road, unless all the other roads in
receipt OF government subsidy are also re-eAen.
Eed by the same commission. This protest was to be
expected IN view Of the charges which have been
made against the company for its manner OF build
ing tho road and Its deviaLlons from
she proper route In laying the track in
order to avoid obstacles and lengthen the line,
for the greater the number Of miles the larger the
amount OF the bonds received from the gov"--,ment
and consequently the larger th amount authorized
= De issuei Dy the Company That the Commission
yrs 'aed II me proper performance Of their duty
!. accepting the various sections Of the road al
ready built the evidence OF Oil dislnterested persons
who have travelled over tho line 60 to prove,
and The fact that the President has ap-
pointed this special commission to reexam-
me it confirms the representations which
have been made on the subject through the press
and otherwise 1t Is OF great public Importance that
this national highway between the Atlantic and the
Pacific should be well built, and that the distance
should not be heightened unnecessarily for the
sake Of 1lching larger amount OF bonds out Of the
government than the company could otherwise COM
mand, and the President has done right in appoint
ing this commission. which. it is to be hoped, Will DO
its work without fear favor and make oil the facts
In relation thereto public as soon as possible.
Money was in abundant supply at seven per cent
ct the banks and trust companies but among private
lenders the general rate was six to arst class bor-
rowers. There are no indications Of any attempt to
create artificial stringency, and the drain Of cur
rcncy westward is imperceptibly light. In COM
merclal paper there is . very moderate business
doing and the best grade Is In request at seven per
cent Tho general trade OF the city shows slight
falling or owing in part to the decline In gold and
the absence OF buyers from the States in which
elections are now being held. The dry goods auc-
tion sales to-day were fairly attended and the bid
ding was satisfactory at steady prices the general
opinion being that there are likely to improve
than to decline from their present point.
There has been Q strong market for government
securities all day, and the outside orders to buy were
much larger than usual. At the same time the deal
ers were reluctant to reduce their stocks in view Of
the probability Of higher prices after the result Of
the elections becomes known. The nve-twenties OF
1851 were in particularly active request and they sold
largely at 109k. At the close prices were about Y
Der cent higher than at the same time yesterday the
following being the acknowledgement, 1884,
11s 113K; coupon, 1881, 1l4x l14x; sos
Registered, 1882 1o4x los; do. coupon, 1882 112x
Q l13; do, 1884, 11ox Q ll0s<; do, 1895, 1l0X o
III; do, 1885, January and July. 1854 losys; do,
lss7 100 a lo0h; do, 1868, losX 1o9k; 1o-ao's,
registered, 1o3H l03X; do, coupon, 1861 lo5K.
At the commencement OF business the stock mar
ket was firm, and at the early session OF the open
board Erie sold at AK 4s1t. New York Central
l2sk, and Mississippi preferred 2sN. At the first
regular board the market was strong and active ana
on the cali New York Central closed u higher than
Ct the same time yesterday, Erie ", Reading III
Michigan Southern /, Cleveland and Plttsburg IN,
Cleveland and Toledo ", Rock Island u, Northwest.
ern o do. preferred az, Fort Wayne a. Milwaukee
and &. Paul preferred Il, Ohio and Mississippi, TX,
Nariposa preferred IA Quicksilver y. West
ern Union Telegraph u, and MISSOURI skies u,
while Pacific Mail was Il lower. North Carolina
skies 4. and new issue Y. Government securities
were strong at an advance OF u x. At the
open board at one O'Clock Erie declined to AK, and
Marposa preferred, after selling at 237[, reapsel
10 22A. At the second regular board there was no
material change In prices, and on the call Reading
closed x lower than at the FIRST regular board, Mich
gan Southern r. Fort Wayne u, Milwaukee and ST.
Paul preferred x, Pacific Mail Y, Marposa preferred
AZ and North Carolina skies, new issue, u, while
Northwestern was u higher and preferred u. Gov
ernment securities strong at further advance
ofxax. At tho open board at half-past three
raid was made on Marposa preferred which declined
a 81 hut soon afterwards 1t recovered to 23Z.