The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-18
FINANCIAL AND CONNER GAL,

SATURDAY, Oct. Id p. NJ
me gold market was heavy during the early part
Of the day and after opening at 1904 the price oe
elined to l36k, but subsequently there was an au-
vance to ls7h In consequence OF purchases 70 cover
sshort" contracts influenced BY an advance III INC
rates Of interest paid for the use OF Rod' Inc I'M
proyement was not sustained, however, and the
closing price PRIOR TO the Adjournment Oh the
board. at three O'Clock, was 1877, following which
mere was no recovery, and the latest quota
ton on the street was I3eH 1877 There was very
active borrowing demand for coin, and loans were
made about noon as high as one per cent until Mon
Aay the squeeze being evidently, TO q great ex-
TINT artificial; but after the clearings were made
sransactlons were reported "nat" The rates paid
sor the use OF coin until Monday varied as follows
s6s lilo 564, 7-6i, y, $50, 3l6 1882, 1872, Y, u, Y,
Y, Il and Il. The volume OF business was large,
and the speculative transactions were almost en-
tirely the bear side. The gross cearngs amounted
20 $ll70S oo the gold bala TO and the
currency balances 10 $6,443,c4s. The bids for the
$3oO,ooo gold sold at the Sub-Treasury aggregated
S. 900 prices ranging from l36 to 1877 l5-l0o
and Lounsberry 4 Fanshawe were awarded the en-.
tire amount. The high rates which the belrs are
compelled to pay for the use OF gold with which to
make their deliveries has tendency to check spec
ulation for fall, as unless the premium declines
from day to day TO greater extent than the per-
centage paid for borrowing there is clearly pront
for the bears, the rate which loans command being
equivalent to corresponding advance in the pre-
MUM. The price fuctuated as follows At inter-
vals:-
1000 A. M.... lssx l:2s P. M..... 1917
lo:J6 A. Ann. 1861 500 P. M...l365. Q 1877
The demand for government securities continued
unabated oil day, and prices experienced further
advance The altered aspect Of political affairs has
strengthened confidence In the public credit and tn
duced those who before held back to enter the mar
ket as buyers. There is great scarcity Of regis
tered bonds reported and the dealers are In conse-
guence compelled to send coupon nve-twenues OF
the later issues to the Treasury be transferred to
the registered list On the Stock Elk
change there was . somewhat irregular
ana excited market, especially for the
railway shares. which have advanced the most
rapidly during the last few days. Milwaukee and
St. Paul reacted sharply downward, and Fort Wayne
ruled from one to three per cent lower than at the
close last evening. The latter fuctuated between
lleA and 116 and the former between Ia and l0s.
These stocks are being manipulated by a well known
Wall street capitalist who ID director OF the Nil.
waukee ana St. Paul Company, and hence to
great extent their recent rapid advance.
The quotations OF tho morning were
not sustained In the afternoon. and an unset tied
SELLING succeeded the previous buoyancy The State
stocks, anu especially tennessee skies, new, were
strong and active at u further advance. Money was
In good supply at six and per cent ana In ex
eeptonal instances the leading dealers in govern
ment securities had balances left with them ut 1--WE.
The banks and trust companies seven per cent,
however, and as they have only limited amount
Of funds at their disposal they are inlisposed to
make loans below this rate The discount line
mains unchanged first class commercial paper, with
from four TO six months TO run being In moderate
supply and fair request at the legal rate.
The statement OF the associated banks OF this city
Tor the week shows decrease OF sl3,s,229 in legal
tenders, $95l,447 In loans sl59,477 In specie and
fl73,4ll IN deposits and increase OF s25,sl5 In
circulation. The totals OF the present and last pre-
vious statements ~ subjoined:-
II.