The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-10-25
FOREIGN EXCHANGE FIRMER.

The lower ruling Of the gold market ana the par
tal relaxation Of the borrowing rates for cash gold
stimulated ireer purchases or foreign exchange,
particularly as there Is considerable expectation
that there VIII be a demand IN few days for the
covering OF the coupons now coming from Europe.
Experience has shown, however, that these coupons
60 back the form Of more bonds that the demand
on this account may prove trining The rates al the
close were as Misunderstanding, sixty days, CONNER
cial. 1Os 1888; good to prime bankers 1osX
1o0x; short sight, 1929 109x; Antwerp, 621A
SICK; Switzerland, 5l5 5.1sA; Hamburg, 35h
aszs; Amsterdam, 4o7s 4o5s; Frankfort, 4oH
406; Bremen, IS O 7sL; Prussian thalers, II Tx.
MONEY FOUR TO SIX PER CENT
While the general business OF the day In call loans
was at four TO tive per cent on governments and at
five to six per cent on stocks better demand was
felt after two O'Clock, and borrowers in the interval
to three O'Clock paid six per cent without hesitation.
The market for commercial paper shows no vara-
ton from the almost stereotyped quotation Of the
past two months-viz., s> per cent for the choice
grades.
GOVERNMENT LowER.
The decline In gold by reducing the currency
value Of the interest on government bonds pro-
duced lower quotations for the principal the market
being at the same time rendered sensitive by heavy
sales supposed to be speculative account in con.
nection with the general movement at the
averaged about quarter per cent. but
was confined more particularly to the active specu-
lative issues At the close the market was steady,
with the following street quOtatiOns:-Unlted States
currency skies, ll1h 1l1h; DO, 1884, registered,
1l3X ia; do do, coupon, 1857 ia; DO. I'VE.
twenties registered May and November, 1885, .
1osX; do. do, 1852, coupon, do, 112A ll2S; do.
do, 1894 do. do, 1111s ll1k; Dc. do, 1885, do.
do, 111T 112; do. no., registered, January and
July, lloss 11oh; do. do. 1886, coupon, do. llOX
q l10h; do. d0 1857 do. d., 1909 11eh; do.
DO, 1888, do do, 1I0 l1ot; Dc. ten-fsr1es. regis
tered, 1085s 1O8sl; DO. do, coupon, 1861 1864.
sTOCKs ACTIVE AND DECLINED.
The stock market was active and declined about
one per cent The prolonged struggle OF the "bulls"
and bears'' has resulted 80 far In q decided vic.
tory for the latter, who have displayed brilliant tao
tics and stubborn courage In fighting down the
obstacles or easy money, improved railway earn
ings the generally prosperous and Duoyant state Of
trade and business, the decline In gold and other
facts conducive to the interests Of the specu.
lators for q rise. The war Of the ciques has
made business very brisk, and the brokers,
who desire active MARKET whatever tho
are delighted with the violent fluctuations or the
past few weeks The character OF to-day's transac-
tons may be gathered from perusal OF the follow
ing record or the highest and lowest prices or the
leading speculative shares the fact being borne In
mind that the lowest were made towards the close
of business In the Long Room, when the struggle OF
the day wound up with final brilliant dash OF the
"bears,i:-