The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-10-02
FINANCIAL AND COMMERCIAL.

r. INANOlAL AMI 1OMWEIt SihIs
FRIDAY. Oct. 1-6P M
The prospect in Wall street was no worse to-day,
ii, indeed 1t was not great deal brighter. The
buoyant feeling continued, especially the brokers
on the bull side in the recent gold movement began
returning the money called up as margin when the
price last Friday suddenly from las 160, the
effect OF which was to accommodate SO many stock
houses that they were enabled to enter the market
with something of their old freedom and energy.
Outside business circles are as yet without any bad
Directs OF the crisis, and the fact becomes daily
apparent that the panic is but repetition OF that OF
lSo4 which affected the stock market only, and did
not, like In 1857, extend to the commercial com
munity. Some curious truths are deduciDe from the
events of the past week. The greenback currency,
which Is so derded by one set of political theorists,
was tile salvation of the general trade of the coun
try. Had the circulating medium been gold and
silver the panic would have ended In grand crash
or all interests Another fact is also evident-the
country is growing to specie payments, and will
reach that stage all the If the currency is not
meddled wtn or. II amended at all, made uniform
We are becoming SO vast country that we shall
soon need every dollar OF paper now afoat. Green
backs are more valuable to-day than they were o
year ago. The best proof of the fact lies in the depre
citation in gold to 129a4 when the gold conspiracy
no more Gold and silver after all,
m unstable sign OF value. They have con-
Btantly 1uctuated ever since they came into
use as o circulating medium. The most sta
BILE representative of value during the history
Df the world has been corn-the word being used in
Hts general sense OF breadstuns. Now corn is from
forty TO fifty per cent cheaper than 1t year ago.
Now 1t is not intended to be inferred that green
backs are worth twice as mucn as they were
twelvemonth since. Corn has its own fluctuations
as well as con 1t is not the innexble sign OF value,
but the nearest to 1t that is known in the whole
range OF commodities that enter into trade and com
merce. But 1t has not differed SO widely the
last year. The fact remains that our currency has
appreciated as purchasing vehicle far more than
tho premium on gold shows. Hence we find that
the latter tends decline when the great specula-
zion or the Gold Room vanishes. Let anybody look
IN the latter place and the tame and quiet which
rule since the Clearing House has suspended and
brokers have to deliver the actual gold instead OF
doing so by tickets at the Gold Bank. 1t was the
vast speculation In gold which kept up the
premium. 1t was not worth 40, $50 or $780, When
1t got among these figures gold began to come this
way from Europe. Now that obstacles to specula-
Zion are occasloned by the absence OF clearing
mouse, and while speculation Is limited to amount
not exceeding two or three times the sum OF gold
Dbtalnable throughout the city, the limit in this
upon any one railway stock the first tendency is to
decline, for the premium will, like water, surely
IND the level which the relations of credit ana COM
merce give 10.
The money market was easy and the general rate
on call seven per cent Many transactions stocks
were at this rate IN coin and few late buyers for
cash paid sixteenth to eighth for having stocks
sturned." The ease was without interruption to
she close, the principal firms in the gold movement
freely paying all claims presented. Smith, Gould,
Martin Co. and William Heath & 70. were among
those making such liquidation the latter firm paying
eighty-three per cent and promising to pay the
remaining seventeen when they get their funds from
she Gold Exchange Bank, whose affairs are now
undergoing strict ana prompt investigation by the
receiver. Propositions also discussed to create
new system Of gold clearances or to have the
deposit banks undertake them The details Of these
matters are given at length in another column.
Commercial paper has not vet felt the easier
clifton OF money, and the rate of discount ranges from
ten to fifteen per cent. Some gilt edged paper sold
to-day at twelve.
AS 1t was steamer day, and as gold was cheap IN
contrast to figures at which many importatlons of
merchandise had been made, and as the late
advance int the premium was a warning that had
mot been forgotten the foreign exchange mark ct
became active and prices rose about three-eighths
per cent even upon the days transactions,
Tine range Of rates was as follows:-
Sterling, sixty days, commercial 107 1os;
bankers, los 1887 short sight 1854
1os7S; Paris sixty days, 5.274 o $40; short
sight, $50 q 6.l7h; Antwerp 5.2e4 $50;
85J5; Amsterdam, 3s% n 4oA; Frankfort, 39S
Aok; Bremen Tx 7Sa; Prsslan thalers, 20
7oE.
The government bond market was again active
and strong under the stimulating influences OF the
general recovery In the tone OF the street. In tho
rise which succeeded this feeling the '67's leo the
way to 1lsA. Subsequently the foreign bankers
were free sellers foreign account the relations of
the markets here and abroad allowing a marginal
profit on the transportation of some OF the issues
Under these sales the market again went Off declln-
lng on the whole from quarter to O half per cent
from the best quotations OF the day. Even the pub
JIG debt statement of reduction OF s7,4e7 40 for
September failed 10 revive the market. The fol-
lowing were the closing street prices:-United states
currency skies. 100 109l4; do skies, 1881, regis
tered, 10 l1oI; do. do, coupon. 11s hex; do
nyetwenties. registered, May ana November, 10
. 49, do. do, coupon 1862 do. 11o9i 1907 do. do,
coupon, 1904 do, 1l9h a1l95s; do d. coupon, 1885,
1loh l19s; do. do, registered. January and July,
Nl7a a l174; do. do, coupon, 1865, do, 11TI q
Sl75s; do. do, coupon, 1867, do, 117sl a 1177s;
40. do, coupon, 1865. DO, 1l7a{ Il7gS; do ten.
sorties registered, los1 100; do. CO., coupon 100
q 1905.
In State bonds there was quite revival OF bust.
ness. and the call at each session OF the board
ELECTED great many transactions. Perhaps the
Feature lay in the special tax bonds OF North Caro-
lima, which, upon the advertisement this afternoon
Of notice that the coupon would be paid at the
agency in this city, rose IRON AZ TO a.. The new
Tcnnessees recovered The elasticity ana prices OF the
period just before the general panic in all kinds OF
securities. The following were the closing street
prices OF the Southern list:-Tennessees ex cou-
pom, 80 a Oh; do. new, 52% 50; do. five per cent
Is; Virginlas, cx coupon, 81 54 do, new 52gs 90;
no., registered, 1890, so 5a Georgia skies, so 50;
DO. scyens so 20; do. seyens interest payable IN
Georgia, So 90; North Carolnas ex coupon 40 a 60: