The New York herald., 1873-10-05
FINANCIAL and COMMERCIAL.
Further Advance in the Prices
of Stocks.
Is This a Healthy Sign, or Are
We Verging Upon Other
Troubles
CAUTION NECESSARY.
Money Awaiting Investment, but Fright
ened by the Situation.
GOVERNMENT BONDS STRONG.
GOVERNMENT BONDS STRONG
Sure Symptoms of Strength-A
Choice in Investments.
CURRENCY GROWING EASY
Greenbacks in Larger Sup
ply and More Active.
WALL STREET.

!
SATURDAY, Oct. 4-6 p. M.
The STOCK market to-day alter yielding tempo
rarily to depression incident TO the announcement
OF one or two failures In mercantile circles, re-
sumed its upward career. and prices reached the
highest altitude OF the week. The advance how
ever, has not been attended with those symptoms
OF permanent health calculated to restore conf
dence. Actual transactions were limited, while
brokers labored very much as II they were under
instructions to give to stocks all the '1oor" value
they would stand. it is to be feared that such a
condition OF affairs is both unsound and dangerous
because If reaction should suddenly follow and
shock would not be so well sustained by half as
that through which the community have just
passed. While it is one OF the
AXIoMs OF WALL STREET
that the higher prices go the more do people buy,
1t s nevertheless, just true that the purchasing
element is at the present moment cramped and
confined and kept at bay by the threatening atui-
tude which the street always presents when the
market is purely artificial. AS we have said be-
fore, there is an abundance Of money waiting for
investment but it has been scared too much by
recent events TO trust itself in another dark hole
with small outlet. An encouraging feature Of
the day has been strong advance in
GOVERNMENT BONDS,
ply. time has rarely presented itself when SO
much profit on o permanent investment has
seemed more promising than now. This is. OF
course, due the confidence felt in this
class Of securities and the practical value
OF which they are the repI esentative. 1t is
said that the German bankers, as well
as our own banking institutions, have been large
buyers to-day at the low rates. The closing quota
tons are as follows:-United States sixes 1881,
coupon, 1l44 1851; United States ve-twenues,
coupon, 1862, 10S; United States fve-twenties,
coupon, 1854, 109; United States 1ve-twenties,
coupon, 1865, no.; United States fve-twenties,
coupon, 1865. new, 113A; United States five-twen-
ties, coupon, 1867 1l41s; United States skies, nve
twentes coupon, 1147s; United States ten-forties,
coupon. 1os21; new fves 1885; Pacific skies, 11o4
q Ill.
THE FOREIGN MARKET.
London advices by cable describe the foreign
market in American securities as strong with
abears" buying to cover short interests. The rate
of discount in the open market for three months
bills is AZ per cent or 7s per cent below the Bank
OF England rate. The rate for money at the Stock
Exchange on government securities is 2a< per cent.
Paris dispatches quote rentes at 5sf. SC. The fol-
lowing are the last London quotations :-Consos
for money, s21s s2%; for the account. o2&;
five-twenties 1868, old, 95X; 1s67's, 95%; new
Aves, %; Erie, 43.
THE MONEY MARKET
affords gratifying Indications Of a speedy return to
its normal condition at this season OF the year.
The rates to-day on collateral securities were lie
and interest, with exceptional transactions at
per cent gold, per cent and per cent currency.
The discount business was dull, in consequence OF
feverishness resulting from the one or two
failures spoken OF elsewhere. The dealings
consummated were on the basis Of
II 15 IS per cent. The premium
on greenbacks to-day was a II a per cent. The
volume OF supply, however, is rapidly becoming
equal to the demand II matters go on smoothly
from this time forward an easy money market may
be confidently expected No weekly bank state
ment was made, because OF the dif1culry OF pre-
senting the condition growing out Of the new and
temporary Clearing House system that has been
adopted, in the attempt to bridge the present DIFF
nculty. At meeting OF the Loan Committee to-
day the following resolution was passed.
Resolved, That the Chairman OF the committee
request oil banks which have taken out loan cer-
tifcates to return and cancel them from day to
day, early as practicable, that the aggregate
may be rapidly reduced.
The amount Of s., 500, 600 was cancelled to-day.
Foreign exchange was firm for sixty days. ster-
ling. which was quoted at 1914 for prime, with
active business at 107. Sight bills stand at los
i0sA.
THE GOLD MARKET
presented no unusual feature. The decline was
from 110A to 109z. The rates paid for carrying to-
day were 132 and 1-64 per cent to nat, and for bor
rowing, g. 3-64 and per cent The final rate was
per cent for borrowing. The prices OF gold to-
day were:-
10.............,.... 110 1................... no
1l:56............. IL 1927 3.................. 1O9X
large amount OF bullion was received to-day by
the European steamers. The operations OF the
Gold Exchange Bank to-day were as follows:-
Gold balances Observation-Disclosures. $9Ol, 7u3
Currency balances es..................... 1,i26,374
Gross clearances. AZ, $50, 600
CLEARING HOUSE STATEMENT.
Currency exchanges ges.................s s52 SOS, ,257
Currency balances s.........,............ 169O,O28
soof I q