The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-10-29
Ii FINANCIAL AND COMMERCIAL.
THURSDAY, Oct. 2s--a z. M.

THURSDAY, Oct 2S--6 Z. M.
There was more activity in Wall street affairs
Today The general character OF business Is
at Il dull and Sluggish For week the total tran
factions IN tue market have hardly equalled
good days pu8ue3s IN toe period before the panic
Tie fact demons rates how cautious operators nave
become. TINS lull LED TO aeayincss IA the market
which to-day eyentaatei in decline, holders OF
,tocks becoming lnh tent and reluctantly letting
10. There was organized bear movement but a
slow decline Ia prices quotations falling al eighth
per cent at time, falyiag = few points and then
going or again. The amount OF stock soid how
ever was not large FOR the more hopeful possessors
are enabled hy the in money TO Withstand the
eurtailmept OF their mafgins 1t ID this very ease IN
the money market which 80 puzzles the SPECTATORS
for a rise. To-day the rate on call ioans' ranged
from four per cent exceptionally to seven per cent
exceptionally with the bulk Of business at i've and
six per cent on government and stock coiiaterals.
As to the influences Affecting the course OF the cur
rency movement there Is nothing new to note The
market continues 10 present the same unvarying
features from day to day OF quiet, steady demand
from the South and slightly nuctuating interchange
with the West. Is Is tnls continued ease which
prevents speculative combinations either way In
stocks Tho ''Dears are AFRAID to SELL us they
always wish the assistance Of stringent money. On
the other hand tie 'oulls' viii not buy, the
standstiH IN money evidences paralysis ia railway
freights. Increasing railway earnings are essen
tia to q 'bulp', movement. For these rea-
sons the marKes Ia LETT to itself, and
gravttates to lower prices from pure
duness- The grain problem OF the West Is one
which greatly exercises the mind OF Wall street.
Whether the Western spectators VIII submit TO the
decline, brought about by the lower price or gold,
and thus let the crops come forward In their fun
abundance, or vine her they VIII Keep up the fight
for better market are questions which influence
speculation just now. Should the grain come for
ward 1t would produce an active money market; IN
" hich event the "bearsn would sell stocks and the
t'bus buy them, the former trusting to the dearer
rates OF interest for carrying stocks as an influence
IN their favor, and the aCer TO an increase of freight
earnings as reason Tor an Improvement IN stock
quotations. With the brokers this is n censumma-
ton devoutly wished; for their business in the
present apathy Of both sizes Is not enough 10 pay
current expenses. The decline to-day was greatest
IN the interval Immediately alter the last session OF
The board the falling oil beng most marked in the
Western railways, ST. PAU touching 81; Il and North
western 69sl. Iii Lake Shore there were numerous
transactions below 81 aud down as far as 933, While
Rock Island sold down 10 l044. The Vanderbilt
stocks were the irmesf, although New York Central
touched 1sS m0mentafily. Late In the afternoon
Central and Hudson became active and rose TO 1DtA
10, the former 1884 tor the latter the effect OF
which was rather encouraging 10 the rest Of tue list
aid occasioned rally OF quarter 10 one ana
quarter per cent, st. PAU selling up to 6794, North
western to 702. and Lake shore at %. These were
The chief features of the day. The extreme nnctua
tisns Of the leading speculative stocks are shown
tuthe table further on The recovery Lake shore
WAS more especially due to the circulation OF the
allitors report showing an increase In earnings
dlrlng the past year OF $780, amount Sufficient
twas urged to meet all the losses resulting from
tle failure OF Lockwood Co. corrected return OF
tib net earnings OF the Reading Railroad, just re-
cdled from Philadelphia, gives the total for the
pas year as s25oo,o0o. against $I,4oo, 900 in the
previous year-an Increase OF sI.1oo,9oo Instead OF
X $L4,0 900, previously stated Tho speculation in
the gold market continued toe downward move
Ag-nsn inaugurated toward the close OF business on
I Wednesday. Before the board this morning sales
Nee made 1904 but the first recorded transaction
4 wal at 1895, from which tiere was an eventual
define to l28al, although the greater number OF
saes were made at 1881 129I The approach Of
ghelst of November, when the government Is TO dis
puEe twenty millions OF gold interest," Is the primary
ease for the weakness aud decline In the premium
bu the large cotton crop and correspondnsy heavy
shipments have much TO DO with assisting the down.
wrd movement In the loan market holders PAID
Akr,m Ave to three per cent to have gold carried,
Mue many transactions Tor borrowing were made
kAout interest wnich seems to show that the
kusoulgtors have also entered the Gold Room, ana
!, hsye been selling for q fall. Government
:. R,ds were weak and declined. in sympathy
18th gold and some OF the large dealers
Rere heavy sellers for the account or moneyed insti
l&utDns who have become uneas5 az the hcaviness
Hoe the market and apprenensiye OF stlll lower
X|nri,es The CTS declined to li6&. Toward the
oaose the market rallied fraction and became
uruer but remained dull. Southern securities were
without feature, except in the North Corollnas,
which, upon the publication or telegram from
oovernor Holden announcing that the State would
nay all Its debts and particularly the interest on its
Nonca manifested an upward tendency, which,
Aowever. was counteracted by contemporaneons
Kilograms that civil war was Imminent and that the
legro militia were being put under arms
: b suppress the disturbances. The Tennessees
we're heavy and fractionaly lower. In the market
DOR commercial paper little was done except ut high
tstes, and for prime end good notes the discount
Hanged from nine to fifteen per cent The foreign
bxchanges were heavy, but the tendency to decline
WAS checked By the cheaper price OF gold, which
INUNDATED rather free purchase OF bills the range
n the market being fo!Iows:5terng, sixty days,
hpmmerclal los q 1857; good to prime bansers,
4B% 1881; short sight, 1904 Ioe3s; Paris, sixty
1.1ys, 622h 5.171s; short sight, 6.l0A a 5.i5 Ant
'Vorp, b.22H a 6.l7t5; Switzerland, 5.22A 5i71s;
hamburg, 351. 35%; Amsterdam, 4oA 4o3s
srnkfort, 4o4 a 4e54; Bremen 1874 7S14; Prassian
+. :.sers 7oha71H.
lie receiver OF the Gold Exchange Bank, through
k:sE.Acunsel submitted to-day his statement to the
as weine Court from which the receivcrship ena
100 The capital OF the bank was 100000. The
tuition preserves $3.50, 900 out OF its capital ana
n ,rs. 1t has claims against brokers for s17f,o00
ncn amount 1t Is estimated 100000 are good
xssss unsettled or disputed claims against the bank
sa,ch in tho opinion OF the receiver cannot be main.
~r!aaned in law, amount to about $4,000.
q sAt the last session OF the stock Exchange the
SSSiiowing were the closing puotations:-Canton, 52s
aHI; Cumberland, % a 2s&; Western Union, 38x
At6x; Quicksilver, lax a Ia Mariposa preferred,
<neJz 10Y; Pacific Mail, sos a 6oS; Boston Water
4 Yower, Ia a I4x; Adams Express, 80; weils-rargo
10 hid. American Exnrras az.