The New York herald., 1870-09-27
FINANCIAL and COMMERCIAL.
WALL STREET, /
MONDAY, Sept. 26--6 Z. N. !
THE FARRAaur oBsEouIEs.

THE FARRA0Ur oBsEQUIEs.
by an amendment TO the resolution passed last
Saturday the Stock Exchange decided to-day to
make close holiday of Friday next, and the Board
VIII accordingly adjourn from three O'Clock on
Thursday TO tho morning OF the ensuing Saturday
DULSEss AND MERRIMENr.
The dulness OF the markets to-day necessitatlng
employment OF some kind for the active tempera-
ments OF the brokers, there was "a sudden carnival
OF fun Initiated in the Long Room, ana, on the prin-
cple that idleness Is the mother OF mischief" the
amusement took The shape OF wholesale
war on the high hats worn by the
crowd, the partisans ra!lying under the re-
spective coors OF white and black. The destruction
OF beavers and tiles OF Doth lines, would have re-
iolced tas IL doubtless VIII rejoice) the hat making
community IN general. Estimating the fun from
financial standpoint tas money writer cannot nelp
dong,, 1t Is fair presumption that II cost the par
tcipans at least five hundred dollars. We give In
our city columns detailed account Of the latest
war.
MONEY EASY.
The bank statement of Saturday produced no
favorable effects upon the money market, which was
monotonously quiet at former rates, vlz.:-Four to
live per cent governments and 1ve
TO six per cent stocks. The experience
OF the past few years having shown that
with tho first days OF October the bank reserve
begins to recover from its lowest level there
was renewed confidence all sides that we shall
bridge the next few weeks without any undue strIn
gency. II we analyze our current domestic trade
we shall ma tnat our dry goods and produce mer-
chants are shipping to their customers South aud
West In advance OF the receipts OF cotton ana wheat
This is more particularly the case in trade with the
South, section which has been enriched by the
cotton crops OF the period since the war, that her
merchants are now buying their goods In New
York before the market OF the present cotton crop.
Usually the movement has been the reverse.
This state OF things also encourages the expectation
that the domestic exchanges far at least as the
South is concerned, will be In favor from this
time forward. II has been season Of curious sur
prises to every one in financial circles and this last
feature OF the currency movement Is not the least
novel one. As the case now Is, the South and West
Will have TO snip large quantities OF their merchan
disc to ms 10 settle the balance which stands against
them. The demand for commercial paper is not re-
axed, but 1t is yet hardly active aud hence rates
continue steady at seven TO nine per cent for the
choice grades
FOREIGN EXCHANGE WEAK.
The market for foreign exchange betrays the su-
perabundan supply OF bills arising out OF the sales
OF the Canadian banks. The principal houses have
further reduced their rates. but doing little or no
business at their quotations Prime sixty day ster.
ling sold to-day at 1926 ana sight at 1l01I, but the
nominal quotations were foliows:-Sterling sixty
days, commercial, 1854 1Os; good to prime bank
ers' 1895 lo9X; snort sight, 1l01s ll01s; Ant
werp, bankers, $50 5l3x Hamburg, do, a59.
a 35.
GOLD sTRoNG-113A A 113h.
The decline In our bonds at London, reported by
cable early this morning. led to sales of gold at as nigh
as 1l3k before the Board. But during the session
In the Gold Room the price fell or to l13h on the
really weak undertone OF the market, due to the
financial prosperity Of the government and the fall
In exchange. But as the hour for making deliveries
at the Clearing Rouse drew great scarcity OF
cash gold was developed. the rate for borrowing
which had dropped to Hat IN instances, ran up
TO l-l8 and Il of one per cent for the
use OF gold until tomorrow. Even with this
scarcity the price advanced only TO Il3tk,
The scarcity is due 10 the demand from the mer-
chants to make their customs payments. No other
cause could operate obstinatey against the food
OF bills Of exchange. 1t Is to be hoped that the
Treasury Department VIII on Wednesday make q
larger disbursement Of gold than advertised, and
also adopt for the future the pan suggested I'm this
column, Of buying bonds with gold and currency
alternately. Such course would insure the money
market against stringency beyond peradventlre.
STOCKS STRONG AND DULL
The stock market opened with buoyancy and fair
activity, promising decided revival of business.
Later In the day the activity changed to duness,
but the market remained nrm TO the close. Despite
the confidence in easy money there s general dis.
position TO postpone engagements until the fall is
so far advanced that there can be no reasonable
probability OF stringency. On this ground only do
the brokers account the deferment OF that actv-
ity whicn was expected TO accompany the present
easy conditlon or the money market.
GOVERNMENTS STEADY.
The government list was n fraction lower, In
spouse TO the decline abroad but there was little
pressure to sell at the lower quotations, and the
market was inactive but steady.
HIGHEST AND LOWEST Prices.
The following were the highest and lowest prices