The New York herald., 1869-10-14
FINANCIAL AND COMMERCIAL.


3INANcy cylAL AND COMMERCIAL.
WEDNESDAY, Oct 1916 PM.
<oe dulpess In Wall street seems to have assumed
4 chronic character. Until the confidence OF the
public s restored by the lapse OF time the stock
ket bids fair TO preserve the tenor OF It's way
Tne disposition Of the operators who can command
capital enough to renew speculation is to take the
bear side The consequence is large short interest,
betrayed by the active borrowing demand for stocks
The reduced earnings OF the Western railways Is the
basis for this tendency on the part OF the street.
The accumulation of money at this centre is still
exhibited in the low rate OF interest on call loans
Until the grain OF the West Is marketed this accumu
Iati0n must continue. As soon as money becomes
active we shall have the first intmation that the
crops are in motion. Then, by curious paradox,
stocks will 20 up In stringent money MARKET Tor
the reason that the strngency VIII be the sign mat
the movement Of the crops has begun and that ral-
way earnings VIII increase 1t may DO taken as an
absolute fact that the cliques win always do the
opposite or what the street does. The ciiques live
by the outside public. The latter have been induced
70 believe that we have not seen the worst OF the
panic, and that another revulsion Is IN the inmed-
ate Inture Of the Stock Exchange. The street has
therefore, gone 'short.n The capital stocks OF some
railways have been sold twice over The cliques
have been the buyers otherwise the decline nnder
many sales would have been very large one. The
Cliques, however, keep the market dsl and heavy
enough to tempt the increase OF such sales, but are
careful not to drop 1t enough to allow covering The
easy money market allows the cliques TO carry
stocks without any great loss OF interest. Money
to-day was worth from four to seven per cent The
former the exceptional rate on CALL with pledge
Or government coaterals and the latter the excep.
sional rate on stocks. The regular rates were five
Il Y,.
money the question is problematical. The price of
wheat at Chicago has not undergone panic-as was
stated on Monday-we are now assured by private
advices, the report having been originated for its
eject upon the stock market. The truth might
have been guessed from the drmness Of
the produce market here where prices under
went an advance, owing to the demand for
shipment IN funlment Of previous contracts.
In discounts there is no change. Prime dry goods
acceptances sell at from ten to twelve per cent and
second rate names at twelve to fifteen. Prime
bankers paper is quoted at from eight to ten per
cent The indisp0siti0n to buy shows the expecfa-
tiOn of lenders that money cannot remain In its
present inactivity. Foreign exchange Was firm
to-day, and rates ranged as Notwithstanding sixty
days. commercial, 1851 100; good to prime bank
ers' 1895 1904; short sight, lOosS 1ooA; Paris,
sixty days, b.221s 5.164 short sight, 5lea 5.l47S;
Antwerp, 5c2h 5.16]4; Switzerland, 5.22s 6.1o14;
Hamburg 35H a 35s4; Amsterdam, 40 40A; Frank
fort, 401s Q 4O|; Bremen, 7S 7sA; Prnssian
thalers, T0l4 II.
Heretofore the October elections in Pennsylvania
and Ohio have exerted very perceptble influence
ON the course of values in Wall street. As the days
OF the war become remote this influence seems to be
dying away, for the reason that old issues dis
appearing and the political parties Of the time
recognize the financial obligations OF the govern
ment In the gold market the effect OF the political
news was hardly If at ALL perceptible the price
remaining quiet at 1905 13o1a all day. In the
government market the same steadness was visible
until late in the afternoon, when one large
house, basng their action on the doubtful
result in Ohio, and taking the chance OF
Pendleton's election, sold two or three hun
dred thousand dollars OF bonds. The prevail
ng dulness and the large offerings to
he government at the SubTreasury purchase
rendered the market weak and lower, and prices
declined quarter to three-cighths per cent,
closing finally ON the street ns follows:-
United States currency skies, 1919 107A; do
skies. 1881, registered, 1l91 q 1907 do. DO,
coupon, li9a4 O 100; do. fve-twenties, regis
tered, May and November, lis 11514; do do,
coupon, 1862 do, 11eI 100; do. do, coupon,
1884, dO 1l9h 11e'S; do. do, coupon, 1865, do,
11915 119&; do do, registered January and July,
117A q lis; do. do coupon, 1866, do 117s4 l17ys;
do. do, coupon, 1857, do, 1172l I175s; do do,
coupon, 1868, do, 1l7A 1175s; do. ten forties,
registered, 108 10SM DO. dO., coupon, 1854 lo81.
The proposals to sell 10 the government embraced
. total Of over seven millions The purchase CT TWO
millions was made for the extra amount which the
Secretary Of the Treasury holds subject to the
action Of Congress. The revenues Of the govern
uent enable the uninterrupted continuance OF these
purchases, the net balance OF currency in the
Treasury being over ten millions. The awards were
IN the lots and at the prices following;-