The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-10-27
FINANCIAL AND COMMERCIAL.
WALL SrREr
Oct. l1--.8 ~

rho cotton market was aeayy to-day ana nr,cos
declined The recent advance more . ,an re,t mace
with the rise III Liverpool, aud 80 G. ,eakea The OK
port demand. At tile same time ~ receipts AZ the
ports were reported more aDGn' <ant. Under sheso
circumstances lower prices <eyu,led In bread
stafs there IS stil firm II AgSet Tor iii Kinds. but
more especially for Inc exT essable brands OF hour
MONEY ACTIVE AND IRREGULAR.
The uneasines' Gomez Assng the money market led
20 an aclVe oemaE' . aad borrowers commenced
Their inquiries quite carly In the forenoon. Seven
per cent was seel Yaia IN currency, ana in great
many instances n gold, the activity continuing until
toward qua f.er OF three o'clock, when lenders
were Ia inc : Iajouty, AMI loaus were made 1T SIX
70 seven per cent the two rates being paid
a. the same tune In different portions OF
tho str Get. Some accounts were not made
up u'xtl after banking hours, despite the
grea er ease at that time The course OF the market
see <ss To jasiIfy the suspicion OF attempt by Tie
We OF araGcal means to make money stringent.
IN tins connection IL was discovered that the Bank
or New York creaisor at The Clearing House to-
GAY Tor about S. 3D. 900, which. co.nbaei with the
1act ttat one oil the Montreal banks keeps It's ac-
snIlt at thai Institution has coaIrned Tue sispl.
c,on OF a speculative movement TO render the
money market stringent. IL Ii not known that
the locking upn programme has been extended
eavend the simple retention oil fana5 from the
sareet 1ne banks not willing, Of course, to run
me rsk OF infringing the law OF Congress prohloit-
tng The lending OF money on greenbacks, waich was
she original method making money ught SO that
inc power OF the combination alleged TO be wording
against an easy market i limited TO the nct capital
which they possess. Their own funds Withdrawn
fo the their power OF further injury ceases.
The Tote brokers seem sSeptical OF the continuance
OF activity in call loans for they did not change
their rates for discounts, which range from 81
per cent Tor Lie choice grades OF acceptances.
FOREIGN EXCHANGE FIRM AND HIGHER.
The continued scant supply OF commercial bills
and good demand for exchange led TO further
advance in rates by the leading bankers. ltremans
% be seen, however, whether these higher rates,
conped with the decline in cotton viii not bring
more commercial bills the market, for the latter
two facts will assist the fulnlment or orders
for shipment OF the staple. AS 1t a, how
ever, the market closed strong this evening
at the following Understanding, sixty days, COM
mercia, 1851 l0s7S; good TO prime bankers, 100
ls95S; short sight l09s1 no. Antwerp, 521,4
&lsA; Switzerland, 6.15 q 6.l3H; Hamburg, 35R
q So; Amsterdam, 4o2s Al; Frankfort, 4o's Al;
Bremen, 1874 7SA; Prussian thalers, II a71A.
GOLD sTRoNG-11lZ 1927.
The stronger tone OF the foreign exchanges and
the active competition for the government gold at
the Sub-Treasury, where total OF $4,237, 900 was
hid for prices ranging from 1l075 TO l1ls6 pro-
duced a reaction In gold from the recent decline,
although II was evident that most Of the purchases
were to cover outstanding contracts,
which gold at 112 allowed handsome
profit. The lowest price was 1l1Z, from
which there was an advance to 112H, the
latter price being maintained In tho dealings at the
close. The gold loan market was quite unsettled in
transactions for the Clearing House, and the rates
varied between two per cent for carrying and 1-32
Cor borrowing All the business ex Clearing House
generally aC three per cent for carrying to nat
The disbursement OF the SubTreasury to-day IN pre-
payment OF the November interest was Sale, 400,
making total prepayment so far OF 81 92i,lo7. The
course OF prices today is shown IN the table,