The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-11-19
MONEY MORE ACTIVE.

MONEY MORE ACTIVE
There better demand for money, but Dor
rowers were fully supplied at six per cent, and the
transactions at five per cent were only less numer-
GUS than usual OF late. There was no new business
among the government houses at four per cent but
loans standing with them at that rate were not
called.
Foreign exchange was unsettled except for sight
sterling bills which were firm at ITO i1OX for
prime BANKERS. Sixtyday bills irregular, the
contingencies OF the next two months being
tremely prObematlcal. The ordinary houses were
willing to draw at 1O9 but some OF the leading
houses asked. 1093S. The actual business in prime
was. however, at 1885 1904.
In commercial paper there was no essential
change. The market is comparatively bare of first
class paper ana such as is now the street was
quoted from q per cent discount.
GOVERNMENTS WEAK.
The sluggish response OF gold to the violent nuc-
tuati0ns and decline or hve-twenties IN London pro-
duced an unfavorable effect upon the government
list which depends for Its strength this crisis on
the greater currency value OF the gold interest
presented by the attached coupons. The decline
abroad, therefore, directly operates upon the
principal In TACT, 1t would prove o curious
result OF the present complication OF
the financial situation If the depression Of FIVE
twentles abroad should result in decline in the
gold. Not that such result would prove that our
bonds are intrlnscally worth less than they were
month a week ago, but there are watchful men,
bankers with connections both sides Of the
Atlantic whose eyes are constantly upon the mar
ket here and in London and who, operating through
the cable, ready to take advantage Of the least
difference In price either way. Hence, II deprcs-
sion In London forces unnatural decline
there, and the market here holds up,
these lynx-eyed bankers buy there and sell here
almost In the same instant. Hence. II gold will not
respond to the decline abroad and make domestic
quotations for bonds equal with the London market,
follows that the pressure of sales Will force them
down despite the intrinsic merit Of the securities.
These influences seemed TO be the operative cause
for the weakness OF governments to-day. At the
close Of street business the market was heavy at
the following quotations:-Unted States currency
skies, 1IO76 Ill: do 1884, registered, 113s l134;
do. do, coupon, 113is 1i3a; do. five-twenties,
registered May and November 1863 1o7; do. DO,
1852, coupon do, 1914 1878; do. do, 1864 do.
do 1868 1868: do. do, 1865, do. do, 1082l
1907; do do, registered, January and July, 100
1094; do. de 1866, coupon, do 1885 100; DO. do,
1867 do no., 100 1895; do. do, 1868, do do,
1895 a 1o91a; do. ten-forties. registered, 1865
1868; do. do, COUPON 1865 1855
THE STOCK MARKET WEAK AND DECLINED.
The ''bearishn element at the Stock Exchange
gained the upper hand to-day, alter persistent
and very vigorous fight the part OF the ''bulls,
against the depression, which, logically ogi-
cally, has originated In the excitement abroad,
While money has continued easy, and while the
normal situation presents constant arguments
against speculative sales, the weight Of the move
ment in the Street has been against the bullsn TO
the brokers these sudden fluctuations are entirely
satisfactory. To the spectators the market is more
ma
of an army. They prefer excitement, even il at
tended with risk, TO monot0ny and safety.
AS to the altered current OF prices to-day 1t seems
to have been the result rather Of speculative sales
than OF the unloading oil real stock. If such he the
fact then a very lively campaign is at band II the
war cloud overhangng Europe suddenly dis
perses, the oversold condition OF the market will
produce panic among the ''bears' and lead to a
rebound in prices, whose force will be all the
greater for the present depression. On the other
hand the overadeA bulls, forced carry their
burdens through market which Is to be subjected
to the dIscouraging news from abroad, will find
themselves gradually abandoned by their weaker
and more timd partisans aud left to their fate,
be that what it may. The price or gold
to-day seemed curously enough to lose its influence
in affecting prices, which were heavy throughout
the course OF business. The chgues in .milking the
street, have met with an unexpected obstacle in the
foreign news. They are concerned now more for the
main point OF their speculation than for the trnng
Intermediate stakes which they played for In these
1amilking' operations. The extremes OF the market
to-day are shown in the following table,
Highest. forrest.
New York Central consolidated. S2ss 9lK
New York Central scrip. ........... S7id SO
Erlc. @1sA ~
Reading. Observation-Disclosures. 1914 1909.
Lake snsre. ....................... % ss9s,.
Northwestern ................... 7eii rs
Northwestern preferred. .......... S91s SIS
Rock Island. ACKNOWLEDGEMENTS. 112A ll0st