The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-11-01
FINANCIAL and COMMERCIAL.
Important Announcement from
Washington.
ALLEGED NEW ISSUE OF GREENBACKS.
The Additional Legal Tenders Counted
in the Debt Statement.
Discussion Of the Reason and OC-
casion Of the Issue.
AN Advance in the Gold Premium
and Stock Market.
Reversal of the Movement in
Northwestern.
STRATEGY OF THE RIVAL POOLS.
An Attack Upon and Decline
in Rock Island.
PACIFIC MAIL BACK TO IS.
Money in Active Demand, Closing at Z
Reversal of the Movement in
Northwestern.
STRATEGY OF THE RIVAL POOLS.
An Attack Upon and Decline
in Rock Island.
PACIFIC MAIL BACK TO IS.
Money in Active Demand, Closing at
Currency to Z Gold.
WALL STREET,

THURSDAY. Oct. 3l-6 p. N.
On Change to-day cotton was in moderate de-
mand, but hc per Id. easier for lots on the spot
and from &c q nc per H. lower on the remote
market. Flour was active and 1rmer. Wheat and
corn were In good demand and higher.
FOREIGN EXCHANGE LOWER
There was further decline OF an eighth per cent
In foreign exchange, the result of the continued
heavy export Of cotton to Liverpool, the English
market having recovered its activity under
the easier feeling In the money market.
With the decline there was good de-
mand for bills and active dealings, the fall
In gold having enabled the execution Of good
many orders from the importing merchants. The
following were the rates at the close STERLING,
sixty days commercial, 10S a 1885,; do, good to
prime bankers 1881 1857; do, short sight, ITO
11oh; Paris, sixty days, 5.33A 5.2sa1; do, short
sight, 524H a 6.23&; Prussian thalers, tx q ny /;
Antwerp, $50 62aA; Switzerland, 6.2sA 5.221s;
Hamburg, s5,s S5zs; Amsterdam, 39a< o 4o14 |;
Frankfort 4o% 411S; Bremen, 94A a 959S.
These figures still further remove the chances Of
specie shipments. With sxty-day sterling at 1885
bills are much cheaper to send than gold.
meH THE BANK OF ENGLAND
did nothing with the discount rate, which was suf
tered to remain at its minimum OF six per cent,
although the bullion reserve Of the bank shows q
gain during the week Of f405,000. reduc-
ton is all the more probable, therefore, nat
the next meeting OF the court OF drec-
t0rS, II not at an earlier date. The street
rate In London for money is quoted at 5h o
bX per cent. Our bonds underwent further i'm
provement OF u u per cent to-day, but the CTS
subsequently fell OF to the opening price, the ten
f0rties and new fves holding their advance. Con-
soils were on an eighth per cent, as II through dis
rate. Fries were u lower. In our comparative
liable yesterday the second line of consols should
nave read "consos for ACCOUNT
c. MONEY s A PER CENT.
The money market was active, but without the
extremes and wide fluctuations OF the earlier days
Of the week. the lowest rate on call having been
per cent and the highest gold, equivalent to ~
per cent In currency This closer and steadier
working or the market is interpreted as an indica-
ton that the stock clques loading up again for
the s'new departure" in speculation, to begin with
the reelection on Tuesday OF General Grant and
the present administration, although some little
perturbation has been Occasioned by rumor that
Secretary Boutwell, will be displaced to make way
for ex-Commissioner Delano. This can make little
difference, however with the success or failure OF
THE "NEw DEPARTURE
because the bond-buying, gold-selling and debt
reducing policy Of the Treasury Department was
inspired by General Grant and will be continued, no
matter who holds the portfolio of the Treasury
Becretaryship. Indeed o change of policy which
should reduce the debt at slower rate and leave
the money In the hands OF the people for reinvest
ment In trade and the expansion of industry would
be really more beneficial to the country than the
present hasty honesty which c0mpels the govern
ment's creditors to take their money before they
wish It, much less ask for 1t. In this connection
reference must be made to report ola
/ NEW ISSUE OF GREENBACKs,
contained in Washington despatch asserting that
the November debt statement, made up
for publication tomorrow will show, that the
outstanding egaltenders are "a, 500 900 more than
the amount stated on the LIST of October, implying
that there has been an extra or new issue to that
extent during the past month. 1t win be remem-
bered that the HERALD alluded few weeks ago to
the appearance of large quantity OF new green
backs In Wall street. which were traced back to
the Sub-Treasury, but were supposed to have been
emitted In exchange for returned mutiated cur.
Tency. II the facts are as represented in the
Washington despatch, there seems to be no doubt
shat the Treasury has issued SO much Of
THE RESERVE OF $44,O00000
which Mr.. Boutwell, and his advisers claim has been
but temporarily retired, and may be issued when
ever the interests OF the government OF business
may require. II the new issue has been used to
cancel an equivalent OF the three per cents, no
objection will be made to the exchange OF non
Interest bearing obligation for one bearing in
terest especially as this was the purpose OF the
creation Of the original $5o,ooo,o0o Of greenback
reserve. But II the new notes are an extra con.
tributton and an addition to the amount OF legal
tenders In circulation, popular opinion win hold
Mr.. Boutwell, to strict account for an unnecessary
and unlawful increase Of the public debt. We
shall await the Treasury statement with much in
terest to see whether any explanation Is given.
THE RAILROAD BONDS.
The following were the bids for the railroad