The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-10-07
FINANCIAL AND COMMERClA
wepygspAY, Oct. o-oP. N.

WEDNESDAY,, Oct Cd p. ~.
Tho anomalous ease In the money Marker Is
curious contrast 10 tie activity ana stflngency
which prevailed not more than week ago. MOI
only Ia very little money leaving tho CITY, Dut some
al the hangs report the receipt of funds from tho
west where the arrivals OF wheat have been 30 ight
that debts due the East have to be settled by ship
,oents OF currency instead of produce We have IN
ms sltaation OF AFFAIRS another OF the many egaces
ofthe recent gold speculation. The utter demoraliza
non Of the gold market has left the street with large
amounts OF god hand. the inability TO dispose Of
when retains the premium far below the figure
from which the late movement started. TIE
question is, win the farmers OF The West sell their
produce at the lower prices brought about by the
fan IN gold or viii they hold back into the winter,
as they 10 with some varieties, and as they have
done IN few Instances IN former years with view
10 create rise In pricesP Whatever decision they
shall arrive at city IS just now enjoying the al
vantage Of IN easy condlton Of the money market.
The impression Is 80 general, however, that Tue re-
taxation is not natural but accidental and may at
any moment give way TO strngeuey, that few opera
tons are based upol IL. The Sub-Treasury
has received ana discussed large quantity OF
fractional currency, but the small denominations OF
gTeenbacks are not forthcoming treasurer spinner
sends word that rho Department cannot get them
ready for few weeks az cast IL - SAID That at the
meeting OF The Clearing House Association on Tues
day the point was made and seemed to meet the
GENERAL approval OF lie nank officials present that
ms dishonora1e FOR bank 10 demand. on the dag
me caeck il drawn, currency on the certified check
81 another bank The custom is for all checks 10 lie
considered as good until settlement or the differ
encca between the banks are made the next day at
tile Clearing House. The rate on call to-day ranged
from Fix 10 seven per cent, at which accounts were
nearly al made UP % two o'clock. Tnose VINO had
money over had difficulty In placing balances even
ii lower than these figures. The easier feeling ia
money leads to q better demand FOR commercial
paper, bat buyers outside OF the banks, where the
rae pomlpay seven per cent hold FOR a discount
III. the way from niue to atteen per cent. A good
ued OF prime paper sells IL the vicinity OF eleven
Per cent Foreign exchange was not so active to-
Gay, but rates were nominay at yesterdays quota
tone, out OF second hands prime bankers sixty
aay sterling sold at 1925. The supply OF bills was
be;ter ana the demand less. It was however, after
Tie Wednesday steamer. The government market
opened with great buoyancy in the general serenity
waica characterized early perations at the STOCK
Exchange, and 6l's sold at lis. Alter the govern
meDt purchase, where the offerings were
nearly ten millions Of bonds the whole
market gave way again and prices went back
10 nearly the lowest made since the panic.
The lowest price at which the bonds were offered
was 1906 aud the highest lis, which are usual,
ex coupon General Batterlela adyertises to, night
that, by direction OF the Treasurer OF the United
states, the Treasury VIII invest $751; $50 $780,
near that amount as can be adjusted, IN 1ye-twenty
ponds in addition TO the regular purchase
OF one million announced for tomorrow.
Tie amount viii be added TO the awards
at he opening. The additional amount is for the
siaking fuud and is representative of the accrued
interest on the bonds which have been already pur-
chased for the sinking fund. Southern securities
were without special feature. In the Gold Room the
transactions were still limited but the market
was 1rm The price rose to 1904 and then
leu OIL TO 1905, after which there was a sharp
advance TO 13l. This figure brought out sales OF
''loasn gold from those yet anxious to get from
nn9er tile load o. the late break AMI the price fell
Oil once more, when the market became dull
While tie speculative leelmg Is not strong its ten
ocncy Is ia favor Of lower prices and hence the
demand for cash gold Is quite active. the borrowing
n some instances beng fat, While for carrying the
range today was from seven 10 two per cent.
Tie course Of the market to-day is shown in the
table,