The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-09
FINANCIAL AND CONNER CiAl.

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THURSDAY, oct. e-oP.h N.
me gold market has been the scene Of aeuse
sperations on the part OF the bears all aay' .s
these were based mainly upon the le'ter y. ~
van Dyck published In some Of the morning. Jour
nails which was supposed to foreshadow iur'ner
sales Of coin by the government The nuctua"ons
were from 1884, at the opening, TO 1854, WIN .nc
closing transactions prior TO the adJourhnen' VI o
board at three O'Clock at 1926; iohowins "nioii'
however, there an active demah" 70 cover
sshort,, contracts under which sales were naue
as nigh as 1885,, and the latest quotaton on
tne street was 1897 1895, while on eighth per
eeut pcr diem was offered for the use OF gold TO-
morrow. AS may be inferred from this the borrow
,nylemand for coin was active and loans we're made
hefore the hour for making the clearings ut rates
VARYING from I32 TO Is per cent per dlem the inter-
mediate being lilo, 304 $780, 7-8i and 5-e4 per
s.em and seven per cent per annum. The gross
xlearngs amounted 10 1884, 900, the gold balances
20 $40 and the currency balances TO 49, 6io6l1
The Sub-Treasury disbursed SIS o2o In coin during
the day In payment OF interest the public debt and
the steamer Union for Bremen, took out S12,soo in
specie. The indications at present are that the mar
ket gold has been 80 far oversold that the bears
wiz force reaction against themselves.
Mr.. Van Dyck's letter has been the theme Of con-
versaton In Wall street. and the expressions OF Opn-
ION which it elected were by means 1attering to
that gentleman. AS defence against the charges
brought against him and Mr. McCuloch 1t
b regarded as most lame and lmpotent
and 1t would have been better for their
reputation had he preserved golden silence,
seeing that he had nothing better to say than he has
said. He evades all that he finds 1t unpleasant to
answer and goes back to the time when he assumed
ONCE to tell the public OF the wonderful achieve
ments of the Treasury In funding the debt matters
pntfr aytr tn no Mt
charges that the Treasury sold both ivetwen-
ties and 20 just before the artificial strngency was
felt; but upon this point Mr.. Van Dyck ID singu-
larry silent, although fhe statement OF the
public debt for september shows that moro than
$500 900 of new bonds were issued In that month.
He tells that he sold 81 800 900 OF gold between
the 22d and the 3oth OF September, but he gives
satisfactory reason why the sale made just then,
when the national banks were preparing for their
quarterly returns, and when clique was known to
be at work making money artiacially stringent.
His letter Is to certain extent o TRADE
against the press for its recent criticisms
OF the policy OF the department ut this
Nacture aud on similar occasions previously,
ana he Is evidently smartng under the lash OF public
opinion, for Is sheer Misrepresentation for him to
attribute the popular indignation which prevailed on
tis subject to ''bull' shear" interests or preu-
dices; and when he says that In any event he would
have been censured by the public prints, or Wall
street organs, as he ~ pleased TO call Them he
sumes what is not the fact. He evidently considers
himself and Secretary McCulloch much injured ndi-
viduals, entitled to the gratitude Of nation for
which they have done and sacrificed so much,
nd he cooly asks for the confidence and support OF
r&bfmtnded citizens however much he and the
Secretary may share In the denunciations OF the
selfish and venal. We VIII enlignten Messrs. McCul.
l0ch and Van Dyck this point by informing them
that the most reputable and dsinterested members
81 the financial and mercantile community were
m loudest In their expressions Of indigna-
ton over the course pusued by the Urea
sury, and that their own cause il by no
means strengthened by this attempt to dotract
from the character OF those who etigmatzed their
conduct as q public outrage. When we called upon
me President TO susQend Messrs. McCuoch and
Van Dyck from Nice ant order an investigation into
Me Affairs OF the Treasury we expressed the sent-
nent only OF Wall street. bNe the whole business
community. and II Mr.. Johnson had acted PROMPTLY
IN this matter his course would have met with mn.
sualined public approval.
:" ""nndant supply at six per cent on
a.oHey wac Al.
ssn among iirst class stock honsas although few
transactions were reported seven this rate being
generally asked for small amounts on mixed col
hterals. There ID very little currency being sent
West, and the receipts from various sources nearly
Offset this drain. In commercial paper the business
u limited and the best grade passes ut seven per
cent discount, which includes dry goods paper ct
tour months, the amount Offering being about
equal to the average Of late years rt
this season. This has been quiet day on
she Stock Exchange, and prices, with few exccp-
Gons mad = dropping tendency. Erie declined from
s99& SCAT the opening to ASK 1874 at the close;
but New York Central advanced In tho early OF
An. fh-eo <Iknn
the fact that carrying freight eight dollars per
ton from, New York to Chicago in competition with
Che Eric, q rate which does not cover the running
expeu Aes. Pacific Mail was neglected but steady,
and Se Learn upon good authority that the Pacific
May Company has purchased from Mr.. w. II. Webb
the. steamer 0regonian for the amount she
Ist and that the rest OF the line has been withdrawn
And is TO be laid up, thus terminating the contest
rwnile,a the settlement has been perfectly amcabe
one there Is no chance OF competition OF any kind
from this In the future. The market has been
largely supplied since the recent rapid advance by
sales OF stock hitherto beid out OF Wall street as
well by sales TO realize the part Of SPECTATORS
and hence the comparative depression under which
Is has labored since II touc he'd 13l.
Government securities, ten-forties excepted, de-
eline1 u q u per cent in sympathy with the weak
ness Of the gold market the exportable bonds being
Tie most Yielding these being more sensitive than
the remainder OF the list to changes in the premium
There was only limited inquiry for investment, but
a. the same time absence OF all pressure to sell
was noticeable. Ten-forties firmly supported
1T the advance OF yesterday. There was general
disposition shown, especially among tho foreign
bankers, TO deer purchases pending irmcr market
Tor gold. and hence the dulness which the pre-
vailing feature OF business during the day. At the
close at five O'Clock the quotations were as SUBJ
jeined-Registered, 1851, I12ai ll3; coupon, 1851,
ll3% III; 5-2rs, registered, loil lo5; 62Os, cou
pom, lso2 1l21 ll25s; do, 1894, 100 1loA do,
1895, 10Y iloaG; do, new, 1865. 1857 10sA;
do, 1867. 1883 l0S9l; do, $685. 1ogH 1924
lo-4o's, registered lo3N lo3x lo-4os, coupon lo5
slo5T.
At the commencement OF business the stock mar.