The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-10-07
FINANCIAL and COMMERCIAL.
WALL STREET, [
THURSDAY. Oct. 6--6 r. NJ. !
~sax-xx .sA..us rnrvn

Thursday Oct. % r.
MONEY MORE ACTIVE
The demand for money on call loans was quite
active to-day, and borrowers were running about
until quite close upon three O'Clock. The demand
was readily met 1T SIX per cent however and the
government dealers were, a. general thing, &C.
oommodated at nve per cent. There was no fresh
business OF four per cent, though some small bal.
ances were suffered to lie over ct that rate It IL
said that few Of the stock houses were compelled
to pay seven per cent inferior collaterals but II
30 these cases were entirely exceptional and the
transactions hardly quotable. There was no change
in discounts. which ranged from ~ to Sx per cent
Tor actual sales OF strictly prime double name ac
ceptances.
FOREIGN EXCHANGE DULL.
The foreign exchange market was very dull The
leading bankers asked 1904 for sixty days sterling
and ITO for sight, but sales on the street from
second hand were fully quarter per cent below
these figures. Commercial bills were In better sup
ply and quoted 1881 1857. Gable transfers were
made at Ito. r.
ToaN. GOLD STRONG.
The cable brought the news to-day OF further
sharp advance In our nve-twenties In London, tue
o2's opening at 91H ana subsequently advancing to
91x which Is within quarter per cent OF the
highest quotation ever made ON the other side Of
the Atlantic. The rise abroad Is due to the more
widespread intelligence Of the Treasury ope-
rations, a. exhibited In the reduction OF the
national debt, the intention Of the government
to redeem In gold the loan falling due January /,
1871, and the intended purchase OF at least eight
millions Of bonds the current month. Taken with
these facts Is the present plethora condition Of the
Treasury, which now owns about $751; 600 600 In gold
and nearly 5000 900 In currency. The effect of
the advance In hve-twenties In London was to
weaken gold to 112zs from which point the market
eventually reacted to 1885, on the defeat OF the Prus
slams in the latest engagement near Paris. The
feeling Is growing in the Gold Room that the Prus-
sian arms will for the future find the struggle with
France no easy one, and hence there is some
disposition to discount the probable influence
on the German financial markets of o
less victorious, not disastrous future
for the Prussian armies IN prosecuting the
war. While the English money market remains
30 easy. however, 1t is certain TO exhibit the first
effects OF any depreciation in American securities in
Germany and receive the first nstaIments Of bonds
which, in the process of realization, may be sent
from Berlin and Frankfort-assumIng, meantime,
that in such reversal OF the Prussian career our
bonds In the German money markets will undergo
depreciation. The first few weeks Of the war in
Europe distributed our bonds into strong hands, ana
II Is extremely doubtful whether, In case OF
change TO defeat in the future OF Prussan military
operations, there would be more than q slight
temporary decline 1t Is true. Of course, that the
abandonment OF the blockade Of the German
ports by the French navy would permit
Frankfort to realize upon our bonds by
exporting them to London and New York;
but the main argument is still against the probable
ity OF such movement. The different matters thus
presented Tor the digestion Of the Gold Room
Gull and strong market at the close, the tempta-
ton to sell for decline In response to the advance
IN fve-twentles being checked by the really more
important aspect OF the situation regards the
ability OF France not only to maintain the defensive
but possibly TO assume the offensive, the testimony
being concurrent that Paris now contains 60O,O
men who are steadily improving In drill and dlscl-
pine, and who may at no distant day change the
siege Of Paris to pursuit Of the Prussians. 1t was
the contemplation or such contingencies that caused
the upward movement In the Gold Room this
afternoon, not that such cause Is O.
all logical; for the greater the embarrassment
OF Europe the greater viii be our gain; but Wall
street has fallen into the other way Of thinking and
s disposed to accept Prussan reverses as the signal
for higher gold The short interest in the market Is
stll large as shown by the continued hgn rates for
tthe use OF cash gold IN making deliveries from day
0 day. The course OF the price IS shown in the
table,