The Republican journal. [volume] (Belfast, Me.) 1829-current, 1873-10-02
The Money Market in New York,

New YORK, Sept. 29.-(Noon) Affairs
in financial circles show a most decided
Improvement to-day noon us compared
with Saturday. There is a feeling of buoy
ancN On Broad street the brokers are
anxious to have the Board re-opened
They are doing considerable business this
morning in filling cash orders for stocks.
but decline most of them to operate either
to-day OF tomorrow on Il margin, A few
houses offer to buy and sell on twenty
per cent. margin. Stocks continue to inn
prove in price and but few offered
Jay Gould was interviewed yesterday
by Il reporter to whom he gave his views
on the financial situation substantially as
follows:
II think the panic is over. have every
faith now in advance in prices and believe
| that the market Will be more buoyant than
for a long time past. Wall street has been
cleared out of a great part of its worth
less stocks and so called securities by the
| purifying process of the panic, and there
are comparatively few stocks now quoted
| except those of real value.
''ln all eases prices are now too low, and
in that of good dividend-paying stock a
very large advance is necessary to bring
them up to their actual worth. The rea-
sons for an advance are that the money
market will become easy as soon as the
| Stock Exchange is opened, owing to the
very large quantities of greenbacks which
| have been dsbursed for the Government
in its late bond purchases; that an i'm
mense amount of capital has been put in
| to circulation by the action OF the banks
inisslng Clearing House certificates which
,lisplace Il corresponding amount Of cur
rency: that England, is sending over mil
/ lions of gold which Will come into active
use Immediately on arrival and that specu-
| latou has had such a long sleep that will
! be tl the more lively when it wakes up
a@ain
Mr. Gould said that the settlement of
his house, ~ well as those of the great
| stock concerns on Wall street has been
Strengthened up ON Saturday, and that Il
combination looking to an advance in the
| prices of an extensive character had been
| formed which would be strong and COM
| plctc enough To sustain the market in any
event 50 far as Erie is concerned. Mr.
could thought that Erie was about to be
thrown overheard by Bischoffscheim, and
that ii will have to be reorganiZed by go
INC through bankruptcy before il can ever
be made 10 pay.
The amount of currency paid at the sub
treasury for bonds purchased last week
was ST., 1868, GS29}; coin paid for interest
on the same 500, 9222 total S13, 1854,
G0614, The interest on November coupon
bonds, payment of which will commence
to-day Will amount SlO, Az ,935; interest
ON registered bonds s. ,923, 1898; total Sl3,-
iO3, ops: Grand total S27 Dos ,;J33 a.
Affairs are becoming more settled on
the street. The stock market is better
with considerable doing The Governing
Committee of the Stock Exchange held
another meeting this morning to make AZ
| engagements for the opening OF the board
tomorrow
The disturbed state Of the money mar
ket has made it necessary for some large
firms in this city to discharge many of
their hands and give the others only three
or four DAYS work a week. One large
mandatory firm has closed up altogether
40 II. NJ. The advance in the Bank of
England rate and the Erie failures at Lon
don were NOT expected here The former
| did moi have the usual effect on gold
| Foreign exchange opened dull with sales
of prime bankers, 60 days, sterling l04 rs
IA 100 There is liberal supply of grain
bills Offering.
Gold has been weak and low on account
, OF the order Of the Treasury to commence
the payment without rebate of the Novem-
Der interest and the cable reports of
further large shipments OF gold TO this
port from London.