The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-09-30
FINANCIAL and COMMERCIAL.
WALL srRHBr, /
THURSDAY. Sept. 29-6 p. NJ. I


THE FARRAGUT FUNERAL.
The Stock Exchange at their session this afternoon
modified their action with reference to the funeral
obseouies OF Admiral Farragut so as to provide for
a session tomorrow friday should the weather be
80 inclemcnt in the morning to preclude the DOS
siblllty OF the ceremony taking place. The chair
calculated the resolutions as to have It generally
understood among the members that fine weather In
the morning will be regarded as the signal for den-
Mite postpoDement OF all contracts and business until
Saturday and the strict closing OF the Long
Room. Owing to the inability of the gold
brokers to make change in their contracts
through the Clearing House the Gold Board ad-
tourned positively until Saturday. and the WIN
be closed. The Assistant United States Treasurer
announces that the Sub Treasury will be closed
cept during the time requisite to receive and pay for
the bonds purchased by the government to-day, and
then 1t viii be open for no other business.
GOLD ExcITED-l14k A 1855 A 114S.
The important political events brewing IN Europe
are reelected In most feverish and excited condi-
non OF the gold market, the influences Affecting
which arising from domestic sources were already
sufficient to attach no little interest to Its
movements. Hence gold, in the earlier dealings
this forenoon, retained considerable OF the strength
which was impaired to 1t the day previously by the
startling reports or the attitude which Russia has
Assumed toward Prussia, and the sales before the
Board were generally at 1l4l and 114,4. The ham.
mer OF the President had hardly called the Board to
order when there was sudden rush to SELL and
great deal OF the gold bought In the movement OF
the past few days was returned to the market. II
TRANSFERRED that the sellers had early intim alton
by cable that the Bank of England directors ut
their meeting this morning had reduced the
rate OF discount to two and half per
cent The effect was decline In gold to
1131, the lower movement being stimulated
by the quotation OF 9OZ cox for five.twenties as
the first monetary effect IN London OF the reduced
discount rate, English consos being heavy Mt only
slight reaction from last nights decline. Indeed,
the decline in gold here would have been greater,
doubtless on such fiatterlng evidence OF the est.
nation Of our national credit in London had not
the scarcity OF actual gold for delivery been the
great obstacle to such q movement. The borrowing
rates To-day were for the two days Saturday, and
show for this reason a slight relaxation, although
In one instance the figure (5.e4) was the largest
yet entered on the register this present
period Of scarcity, The relaxation was moreover,
due to the further decline In foreign exchange, ana
the evident transfer here of Canadian banking
capital. Again, the specie shipments Of the week
have been trihing. These Influences were suddenly
counteracted later In the day. when, upon the report
that the English Ministry were in secret cabinet
session on the question Of armed Intervention
against Prussia and on behalf Of France, gold rose
to 1141t, the story deriving some show Of conrma-
ton from the fact that the English market tonight
closed feverish with decline In consos to 81 and
In ve-twenties to COX. Whatever the real political
movements abroad such were their influence In the
gold market today the Of which Is set forth
in detail N the tahie.-