The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-10-01
FINANCIAL And COMMERCIAL.
WALL SrRBBr, |
FRIDAY, Sept so, 1901

l
made quite general appearance at their on1ces TO
day tn the expectation that as the morning wai
rainy, there would be q postponement OF thu
Admiral Farragut funeral ceremonies and conse
quent session OF the board. The information was
soon received however, that the funeral procession
would take place despite the inclement weather
and accordingly the committee OF arrangements al
the Stock Exchange, into whose hands the whole
matter had been consigned by the resolution ordered
the building to be closed and to remain through
out the day. Those Of the brokers who were moi
required to remain down town through the obliga-
tions Of the banking department OF their business
accordingly withdrew, and the street resumed the
quiet aspect Of o holiday. The banks and private
bankers were open, bat transacted no business be-
yond honoring such drafts fell due in the course
| OF banking hours. few loans were called among
the BROKERS and the resulting transactions occurred
at four to five per cent where money freshly bor
! rowed. Otherwise 1t was an almost complete sus-
| pension Of business.
| small group OF dealers in stocks huddled under
the portico OF the Exchange and made few quota
lions. The only prices thus produced were Lake
Shore, 92N 0S; New York Central, 92S a 9214, and
Western Union, 3711 37h.
NOT REGISTERED.
Attention is directed to the fact that In face Of the
| shares Of the Delaware, Lackawanna and Western
Long Island. and Morris and Essex Railroad com
panies are not registered at any reputable trust
company or banking house In this city.n This rule
it win DO remembered, was str1ngently enforced in
the case OF Rock Island, Erie Adams Express and
other corporations
The dealings In gold were perhaps the most
spirited Of the day. The operators congregated in
the gold alley and subsequently IN Delmonico's.
The earliest sales were at 113%-a decline from
the previous days closing price, the reduction Of
the Bank Of Holland rate OF discount to Az per cent
as against per cent yesterday, and the sharp I'M
provement in consols and fivetwenties In London,
particularly the former, which rose to OH. At the
close in London this evening the price went or again,
and dispatches received here by cable announced
formidable war preparations on the part OF Russia
there was an advance to ia the price leaving or ia
a ll41s. The dealings on which these figures were
made were very limited in amount and confined to o
few brokers and operators.
GOVERNMENTS.
Government bonds were frmer but the only
changes in price were In the CTS, which sold at
HOY quite freely over the counter and in new $685.
The holiday seemed to give an opportunity to
number OF small up town and out OF town investors
to visit the street and make purchases. The quota
ons as reported by the leading government houses,
at the close there being street market were as
follows:-United States currency sixes 111x 111K;
do, 1881, registered, 113s 1l4n; do. do.
coupon, 1857 ll4]S; DO. fvetwenties, registered,
May and November, 111A 1l1H; do. do, 1862, cou-
pom. d., 112H 112H; do do, 1854 do. do, 11l7S
1l11; do. do 1865. do. do, 11la 11lA; DO. no.,
registered. January and July, 11ox l1ON; do do,
1856, coupon, do. 1lOA 1le7s; do. do, 1867, do.
Az IA an ia 40
do ten-forties. registered, 1865 1o67 do. do, cou
pom, 10ek 1861.
SOUTHERN SECURITIES.
There was nothing done in the Southern state
bonds. 1t will be seen by the advertisement in our
columns that the agent IN this city of the State OF
South Carolina announces his readiness to pay in
gold the coupons OF the State bonds maturing to-
morrow, october l.
STERLING EXCHANGE.
Foreign exchange was dull for the steamer and
weak. The quotation for prime sixty day sterling
was 1857 q lO9 and while that of sight bills was
109T ITO sales took place at 1o9X less six
teenth.
THE TREASURY OPERATIONS FOR OCTOBER
The purchase of,bonds yesterday completed the
programme Of Treasury gold sales and bond pur-
chases for the month OF September Secretary Bout
well is now celebrating TO the extent and char
acter OF his programme for October and the an
nouncement will be given, as usual, to the agents Of
the press on Sunday next 1t Is to be hoped that he
viii take into consideration the suggestion thrown
out IN this column to modify his plan OF operations
SO as to do away with the sales Of gold, nomi
naly at least, and instead OF exchanging his
coin for greenbacks or currency, purchase gov.
eminent bonds. The principal object OF the
Treasury movement is the liquidation Of the
national debt. II Mr. Boutwell, directs his efforts
<bta r,,yan
the fduciary officer Of the country Selling gold is
not reducing the national debt. When United
States government official exchanges dollar Of
coin for more than dollar Of United States paper
he sets bad example to the people and encourages
gold speculation by his virtual confession that the
paper Of his government is worth less than coin.
A government should never do anything which COM
mts itself to the acknowledgment Of discrepancy
between coin and national paper. But the modirca-
tlon suggested is desirable many other accounts.
1t will guard the money market against those spas
modic changes which discourage business enter.
prise and are so deprecated by the whole mercantile
| community. The movement Of reserve into the
| banks will be steady and continuous one, under
the plan Of buying bonds alternately with gold ana
| currency. While Mr.. Boutwell, is doubtless fully
| posted as to the requirements OF great business
city like New York, 1t is urged that General HILL
house, the Assistant United States Treasurer at this
port. should make personal recommendation OF
thispan to the Secretary OF the Treasury basng his
| solicitation upon what he knows are local wants
through mis- everyday acquaintance with the inter.
| nal currents Of business In the metropolis.
| Statement Of Business at the United States
Assay Once Mt New York for the Month
| Ending September 80, 1870.
Deposits OF gold
Foreign coins ACKNOWLEDGEMENTS. $3.50, ooo
| Foreign bullion. ACKNOWLEDGEMENTS. $4,000
United states bullion 420, 600
Total. $3.50, ooO
! Deposits Of silver, including purchases
Foreign coins. ACKNOWLEDGEMENTS. $4,000
L h,ily o'nnD