The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1873-10-07

New York Stock and Money Market.
NEW YORK, Oct. -Mornino.-Money at Z per
cent. Gold at 11Os. Sterling Exchange at 1911 q
1854.
NEW YORK Oct. 6-Evening.- The principal fea-
ture in monetary circles is the status of foreign
exchange. The week opens with a strong healthy
market for Foreign Exchange and with degree of
buoyancy in the market for speculative shares which
is remarkable. 1t must however be remembered
9hat rs class STOCKS nave not yet got back to the
ments Nothing is known in Wall street of any fur
Their mercantile embarrassments, and the opinion is
generally expressed that the pal ic checked in
time to prevent mercantile suspensions beyond what
have already occurred The action of the loan COM
mtteo of the associated banks beginning to reduce
the amount of loan certificates outstanding does not
as we understand, mean such a sharp contraction as
will embarrass merchants, for they yet need all the
facilities which the banks able to extend to them
Merchants here just feeling in their collections
the ELECTS of the block early last week in the foreign
exchange market. The echo of the blow to the whole
system of trade which dead lock in the foreign ex-
changes strikes is inst coming, it having taken the
intervening time for it to reach here. The Foreign
Exchange market, however, was soon unobstructed
80 FAR as collections throughout the country
cerned To-day foreign exchanges were stronger
and bankers advanced the rates to 1914 "a 1854 un-
der an demand len Early IN the day actual
bankers sixty days. and 0st 1853 for sight. 1t is
stated that unless sixty day bills be bought at
107 there will be loss on the importations of SOW
ereigns now arriving. The Customs receipts to-day
were $40S,O00 In the money market stock brokers'
were accommodated with call loans at z per cent
per day. There is more disposition to discriminate
in the market for mercantile paper Prime names
however are bought at from q II per cent. per
month. Legal tender notes continue at a premium
Off to II per cent. So soon the savings banks LET
out their boards which they doing to moderate
the degree by bond purchases this premium n 10
thought, will disappear. Private hoafds as is evil
dent from the stock market, ara now being reduced
by the purchase Of stock: considerable attention
comes to be directed to the dry goods and manufac-
turing interests of the city, which are reported to be
suffering from the stringency of the money market
Several manufacturing firms up town employing
hundreds OF workmen have already partly closed
their establishments, giving drouth of sales the
the reason Builders and others, 1t is also said have
been compelled to discharge many workmen as but
The following is the Clearing House statement
Currency exchanges, $62 468; currency balances
S2sS7 l46; gold exchanges. s3653,5O1; gold balan-
The Asst Treasurer paid out to-day $50 900 on ac
count of interest and $4,000 in the redemption of
500 bonds
The operations of the Gold Exchange Bank to-day
were-GSold balances, $793, 1911 currency balances
Ss56, 1877 gros receipt $2l ,S08 900.
The load certificates at the banks TODAY were re-
duced SSzO,OOO. Government bonds a II per cent.
higher than Saturday. the principal buyers being the
ring the panic and took the legal tenders Of the
treasury vaults into their own. Southern State
bonds at board were higher than Saturday, the sales
having been confined to new Tennessee at "a; Vir-
ginia consOls 49, railroad bonds were also higher
and old roads are in request from investors AT the
Stock Exchange to-day the railway and miscellane-
with some wide fluctuations, the changes covering
range from q per cent. When the market reach
ed its highest attitude to-day prices showed an ad-
Of "a per cent. the highest of Satura-
day. but portion of this improvement was lost late
in the day. The greatest buoyancy was in Western
Union, Lake Shore Rock Island, Ur lou Pacific. and
Pacific MAIL and throughout the day these stocks At
tracted more attention than the remainder of the
list: Erie, New, York Central and Wabash were the
features OF the day the weak side of the market
The London demand for New York Central has sub
sided Western Union opened at 693 rose to 734. re,
coded to 70, advanced to 7 reacted 7OR still later
sold at 724; New York Central 94a, 95, 9li; Union
Pacific 2OA, 2ls, 205.