The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-22
FINANCIAL AND COMMERCIAL.
WEDNESDAY,, oct. 2i-s N.


ever, there was strong pressure to SELL and de-
cline to l3e was the result the latest quotation on
the street being 1883 100. The borrow
tng demand for coin was supplied at reduced
rates-namely, a-64 Lie, l-32 and LEA per cent per
diem and two per cent per annuIn in favor or the
yender OF the con-but afterwards transactions were
reported "nat' and at a per cent per annum Tor
carrying. The gross clearings amounted 70
s92slOoo the gold balances TO ST. 800, 555 and the
currency balances TO s. $3.50, 273. The Sub Treasury
disbursed s5,s53 in coin in payment OF interest ON
The public debt, and sold 100000 in gold the bids
FOR which aggregated sl,sso,oo0 at prices ranging
from 1S6 26-loo TO lS6 o4-100. The bearish ele-
nent in the Cold Room has gained strength with
She change IN the rates for coin loans hut apart from
speculative influences there is no cause for further
decline. The price varied at intervals az follows--
10 A. M............ 1884, 2:i0 T. M........ 1861
1887 A. M......... 1855 3P M............ 1856 4
l:So r. M........... 1883 $3.50 p M. 1855 q l3d
There was abatement of the panic.like feeling
OF last evening the stock Exchange at the Open
ing and as the day wore away increased confidence
was developed, while prices advanced not
wlthstanding the extreme monetary stringency
which caused loans 10 be made largely al per
cent III gold ana In many instances seven per cent
10 currency, with commission Of an eighth per
eeBt added The Milwaukee and st. Paul stocks re-
covered four per cent from the lowest point touched
and The Northwestern about three the most marked
improvement being in these. Rock Island was very
brm and sold up to 1884, ana Erie Ialled to decline
below s57s. following which 1t advanced to AZ Among
the miscellaneous shares Pacific Mail was unyeiding
but doll and Mariposa preferred at no time touched
lower point than D. Much indignation was
expressed against the parties engaged in making
tbe money market arti6cnliy stringent. and a gen
erai wish was expressed that the banks would act
upon tue recommendation that they should
ploy portion Of their legal reserve in meeting the
present exceptional pressure and so defeat the
schemes OF the INSCRIPTIONS bear combination now
nj work 10 embarrsss borrowers ami Gre
ate panic. That some bank officers are CO.
operating with this clique there IL good
reason to believe; but IL does not follow that
because bank is largely debtor or creditor at
the Clearing House its officers are implicated in
The movement, as the firms deposnng with them
nave perfect liberty to withdraw their deposits or TO
get checks certified against them without using the
same and the bank Is helpless TO prevent this; but
where oank officers loan money on greenbacks ON
certified checks they connye with the consprators
and abuse the trust confded to them SO shamefuy
'hst they are UNIT for their position. We
he glad TO be able to saw however
HAT the instances OF such completely in
schemes Of this Kind are very exceptonal:
Int we al the same time regret 10 say that bank
Oncers do not display sufficient holiness in meeting
The demands OF the time. They could easily defeat
the plans OF this and all similar combinations by
encroacning say to the extent OF ten millions In the
aggregate upon their legal reserve, and the money
would Immediately return to them
Government securities opened weak but after.
wards advanced half per cent and remained nrm
during the greater part OF afternoon a, the i'm
novement. After hafpast four, however, the bears
began TO hammer them by Offering the market down,
but II Is evident that a strong inward rea ctinn
succeed the present depression, United States stocks
beng cheaper than any others in the country, while
Inc public credit is stronger than ii has been any
time since the termination OF the war; and the
Investment demand Is steadily increasing. The dry
goods auction sales rather thinly attended to-
day owing to the nclemency OF the weather but the
bidding was moderately brisk, and while some lines
Of fabrics were passed others were duplicated and
1air prices were realized.
with respect TO the general aspect OF AFFAIRS In
Wall street. particularly with regard to the railway
share market IL Is almost useless say that is by
no means settled as yet, and further break In
Of the highly inflated stocks would not be surprising
Al the commencement OF business the stock
kei was unsettled at the decline OF last evening
hI the early session OF the open board Erie sold al
so1s Northwestern SO, do. preferred 500 a0 Fort
Wayne 1875, Pacific Mail l26 and Mariposa preferred
r. Al the frst regular board there diminished
throughout the lIst. On the cal New York Central
closed * lower than OF the same time yesterday
Erie i Heading ~, Michigan Southern Il, Cleve-
land and Pittsburg IL, Cleveland and Toledo IL,
Rock Island Ia Northwestern preferred ~. Fort
Wayne 20, Ohio and Mississippi 4, Pacific Mail 29,,
Canton 4. Mariposa preferred -, Tennessee SKIES
ex coupon, %. issue 9, North Carolina skies
"a and new issue . while northwestern wa J.
higher. Government securities were heavy ~
decline Of = - per cent. AT the open board
st .one O'Clock there was further general
Improvement and Erie sold at 4G1., Reading
" ats, s. PAU preferred lo2. Cleveland and Pitts
burg s7k, Rock Island 100. Northwestern pre-
ferred 81 Pacific Mail 12g1s. and Fort Wayne ll3.
Al the second regular board the improvement was
sustained. and the call New York Central closed
higher than at the first regular board. Reading r.
Michigan Southern y, Cleveland and pittslmrp =,
Cleveland and Toledo a. Rock Island y, Northwest
ern J. preferred - Milwaukee and It. Paul preferred
n, Pacific Mall =, Canton x, Western Union Tele-
graph a. Tennessee skies, ex coupon. IL. and new
issue !. Government securities were active
sdvance Of Il o = per cent. AT the open board nj
half-pasi three the market was dropping. and Erie
sold at 10 I, Reading 9e5s Rock Island 1855, Fort
Wayne li39s, Cleveland and Pittsburg s71. North.
western preferred e0ts pacinc Mail 1868, and Mari
posa preferred %. During the remainder OF the AFTER
noon the market was steady, and at the close at five
O'Clock the following quotations were current, the rea.
con why dealings were not continued later being that
botn the regular and open boards concurred In
siuton this afternoon TO suspend business daily at
nve ocock:--I'aci6c Man. 1891 l2e9s: Western
Union, 3dl4 aso1s; New York Central, l2s 1885:
Ene 46s. s6s; Reading, 9eg. a 81; Michigan
Southern s61s a s6's; Pttsburg s7ls ass; Rock
lslsnd, 1864 1861; Northwestern, eot4 eOs.: do
preferred, eOs4 81: Fort Wayne, ll3Aa 1885,; Nil
wausee and -. Paul, lo4 l04. Mariposa preferred
12a22i1.
Government securities we're quoted as follows at
Sour O'Clock, bnt subsequently lower prices were
made Tor speculative erect on the street:-1ssl
coupon llo5. no; do, registered, l14 lis; 5-2os
coupon, 1862, has allSis do registered, 1907 lO,;
DO. 1894, lll% IL; DO, 1895, NIX ll2; do