The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-10-09
FINANCIAL AND COMMERCIAL.


FRIDAY. Oct sd n.
The prevailing ease In the money market II In
surfing contrast to the experience In Wall street
for the season Of the year. Money st continues to
accumulate at this centre. while the crops remain
unmoved at the West The one will not move with
out the other The Western producers have been 30
accustomed to the war prices Of grain and wheat
that they not easily induced to part with their
crops at present prices The demand for money
from New York Is therefore light At the same time
the usual fall trade the city Is in progress. and
money Is coming here for the goods which country
msrOhants bought in the summer and early
tali. How this situation OF affairs will be
remedied Ii Q problem to the solution Of which
many wise minds are directed. 1t is . deadlock In
the legitimate commercial movements Of the coun-
try which must eventually lead to great harm. To-
day money was to be had at as low as two per cent
on oAll loans. OF course this Is not quotabe rate.
but the transactions at It were long before the close
OF banking hours. The regular rate was five to
SIX per cent on governments and six to seven on
stocks Those who had balances over at half-past
two 0clOck-and their number was many-were
willing to lend at ans rate they could get 1t in
che pressure OF such loans that money was offered
Two per cent on governments as above noted. The
contrast to this time lastyear 10 quite remarkable,
for then, IN the uninterrupted movement OF the
crops, money became scarce IN New York and loans
commanded the full legal rate. with commissions
added. The redundancy Of money Is not . good
sign BY any means. An active money market at
this season would really benefit the community,
The ease Just now is unnatural, and will lead to
reaction, near remote. However, the merchants
DO not complain, for in tho general abundance Of
FUNDS they iiud better disposition shown toward
dlscountlng their paper, and rates to-day
exhibited marked abatement. few
primo acceptances sold as low US to per
cens although the extreme range yet up to 10 per
cent for some makers Of excellent standing. The
banks arc quite freely dealing in paper, the late
panic having warned them out OF the stock market.
the Comptroller Of the Currency has issued cir
cuaR to the national banks asking for statement
showing their number and amount OF loans and
discounts and average time for which tho
loans were granted, average rate Of dis
count or interest charged for the year CON-
mencing OCTOBER I, $685. including September
J. 1869; also the expenses amount and rate Of tax
u0n-Unted States and State-and amounts OF
profits for the same period. The information is for
his annual report TO Congress.
The gold market Is without excitement and the
absence or a clearing house checks the spread Of
speculative operations. The dealings which used to
gather the brokers In crowd at the centre OF the
Gold Room are conducted quietly on the adjoining
platform The contrast Of few weeks Il
q suggestive one Il IL said that the
Gold Bank L. slowly drifting to elucidatlon Of it,
accounts and that BUSINESS VIII be resumed without
loss TO dealers. Doubtless IL was this improved
prospect that led the broker who yesterday bid ~
for the stock to elevate figure to 10 to-day The
few spectators who have pluck and capital enough
left to continue their ventures on the SPEAR"
SIDE In the borrowing OF gold for their deliveries
they were content to allow only to 2 per cent
interest the currency c0llaterals and even were
compelled IN some instances to borrow
snatn Foreign exchange was firm on the
basis OF 1O9H for prime bankers sixty day
sterling. Government bonds were less sensitive to the
influence OF the reported oer OF the Rothschtds to
lend tho government money than might nave been
anticipated. In che noon buOyancy at the board
CTS sold at 1lsH-an advance Of quarter per cent
a. compared with the best price OF yesterday, but
afterwards fell on. the news is 80 unofcial that 1t
receives little credence. The offer would hardly be
made until the Secretary Of the Treasury had Con-
gress In session ready carry out the transaction
Southern securities were nrmer, especially the new
bonds of Tennessee and the special tax bonds OF
North Carolina.
, Tho stock market was dull but strong. The short
interest Ia extensive that few purchases easily
induce upward turn. The short interest Is based
upon the facts set forth above with reference to the
deadlock between Eastern capitalists and western
producers In the fear that the latter Will be forced
to sucoumb to reduced prices for their crops there is
little disposition to '.bulp' the Western railways,
which are 80 dependent upon the marketing OF the
crops for their reghting business. fall IN the price
Of grain would necesstate q reduction in freights
and earnings. BUYERS are apathetic about investing.
The market bids fair to be dull and perhaps steady,
the short interest keeping 1t in the latter
condition 1t Is advantageously situated for bull'
clique movement, bus the cliques have been broken
rrI.s.
inaction assisted by the prolonged aud apparently
futess deliberations OF the Lake Shore directors,
who were session again to-day, and were reported
to have appointed committee. comprising Messrs.
Robinson Banker and Clarke. to adjust the differ.
ences with the late treasurer OF the road. The
meetings held with closed doors. Tonight
Il was further said the first intimation of
the result would be given to the public
BY advertisement In the papers, The stock nuctu-
ated from SAX 10 s5h. New York Central was
neglected until near the close, when It assumed
activity and to 17e The feature was an advance
In Pittsburg to 99N. Rock Island under recurring
reports OF stock dividend, rose to los1. Late in
the day Erie emerged from It's quiet, and on the
street rose to 331I. Curousy enough, the English
mails brought Herapath's Railtooy Journal, con-
tanning the following
We hear from a source generally well infor med
that the Erie Railway Company is now earning
more than i've per cent per annum dividend upon
its common stock after paying all interest rents ana
preference charges. There Is talk OF cash divi-
demo and bonus in stock for the year just closing
II stock dividend be paid the bears" will be most
awfuly picked; for In that case every holder would
be compelled send In his shares for the purpose OF
claiming the stock bonus We only give the rumOr
respecting the dividend as We hear it. as being that
current In best informed circles IN London. We
have no knowledge Of tho fact ourselves. but for the
sake Of the shareholders we shall be glad II IL 10 well
founded. and we shall not be surprised II II 10.
The range Of the gold market Is shown in the
table -
10 A. M........... 131k 2P. M............. 1904
II A. M........., 1917 3 p. M.............. 1907
1107 A. M......... 1917 4 p. M............ 1907
l2M............... 13IX bP. M.,........... 13On
1P. M............ 13II $3.50 r. NJ. 1904 1907