The New York herald., 1873-10-31
TIE M0nEY MARKET SERCNCER.
Fresh Designs Contemplated in
Telegraphic Circles.
GOLD STEADY
Stocks Lower and Feverish-A
Downward Tendency.
No Change in the English
Bank Rate.
WALL. STREET.

Bank Rate.
WALL STREET. I
THURSDAY Oct. 30-6 II. NJ.
Neither abroad nor at nome is the financial con-
dition one which just now warrants favorable
comment. As nation we shall win In The long
run, because solid iacts are all in our favor We
have not lost anything. We are so strong as 10 be
able to afford contraction without permanent weak
ness Cur real substance-our crops, our manu-
Iactures our productive power--athough mate
rIally affected by our present monetary condition,
possesses strong reactonary energy, which, at the
proper time, viii make itself influential. We are
for the hour, however, suffering from speculative
depression-that sort OF speculation which applies
to intangible and imaginary values, TO which it IS
impossible to attach specific price. AS a conse-
quence the market is upset by any rumor that may
obtain; operators are misled in Judgment, and
loss gain becomes mere matter OF guesswork
We concede that from
THE PRESENT OUTLOOK
there is much ofgoominess Europe is disturbed and
q Thousand millions OF American dollars are hang
ing In the balance. We cannot count upon twenty
four hours OF peace Financial entanglements are
impending. Banking establishments strongly lden-
titled with our securities have already gone down
and from this distant point of view it is impossible
To measure the struggles that are being made, not
alone for the purpose Of sustaining American
credit, but that which, from foreign standpoint
constitutes the soul and essence OF financial power
general credit More serious complications than
those already reported, therefore, may occur, and
In the reflex action from across the water we may
discover much danger. Our home matters are
likewise significant. Fresh complications crop
ping are out in commercial circles. The
failure OF Hoyt Sprague, a great dry
goods house, said to be connected with
that OF A. Il W. Sprague, OF Rhode Island, was
nounced to-day. This means that the sharp ieeers
81 the recent crisis are extending their search
beyond Wall street; reaching into new element;
stirring up new powers and possibly creating fresh
financial problems with which the country Will
have 10 deal.
ANOTHER FEATURE.
II is reported that on account OF the decline in
western Union Telegraph stock, a new combna-
zion has been formed, consisting OF all the antag-
0nisflc telegraph companies In order TO take adj
vantage OF the situation. Practically these already
possess the same power and ability as the corpora
tion named, and could with a certain arrangement
Of mutual strength produce the same gwen re-
suits. IL has also been demonstrated that de-
spatcbes can be sent throughout the country
almost as cheaply as private letters, ana
shat IL Is only necessary TO effect such
. union as that to which allusion
has been made in order 10 secure this object
Some OF the wealthiest and most enterpusing men
Of America are interested in the project, and IL is
alleged that Ii will not be many months before the
entire country viii be bridled with a new system
OF telegTaphy and new connections be established
with Europe. IL IS doubtless the PRONUNCIATION Of
this Idea, and the knowledge that certain business
men are working on the development OF the plan,
which makes Western Union stock at the present
time cheap among the fancy footballs OF the street.
THE MONEY MARKET.
The large failure OF to-day produced an uncer-
sam feeling in all commercial circles, and
hanced DOUBT. Hence quote some changes in
She money and other departments. The rate
ranged from per cent currency and gold, to x
Per cent on call loans, with closing business at Z
az. Discounts were effected at IS A and &c per
cent, gold paper at IL per cent. Foreign exchange
closed weak, with prime bankers % days ster-
hing, at LOG l06i4, and sight at los 1857. Com
meIcial paper was dun AT 104a4 a 1867. The sys-
tem OF the Clearing House in adjusting balances
by means OF loan certificates will terminate to-
morrow. The leading banks said 10 be paying
sut greenbacks in large quantities.
GOVERNMENT BONDS.
The market in government securities was weak
with an exhibition OF less business tnan yesterday
AT the close the market heavy, and we
Quote:-United States SKIES 1881, registered, II2;
do. do, coupon, ll24 49,; do. fve-tyenties,
1862, coupon, 1061s do. do. 1864 do, 1919 1Os
do. do, 1865 do, los; do do, 1865 do new l10l4
coupons, 1867, ll214 a 1l21s; do, 1865 H.; ten
forties, registered, l05h; do. co. coupon, 1867
1o7; do fves, 1881, coupon, 1861 lO7; six per
cent bonds Pacific Railroad, 1887 l0ex.
THE UNITED STATES TREASURY.
The balances in the United States Treasury to-
Gay at the close OF business were :-Currency,
e. coin ssl O0o certificates S27 600;
in leUa top N mn aacra
Of sl1s,ooo since yesterday. The Assistant Treas
urer paid out to-day $3.50 on account OF interest
and $1,000 in redemption OF 5-20 bonds The Treas
nry paid out $3.50 in silver coin to-day. Advices
from Washington state that Secretary Richardson
win neither sell gold nor buy bonds next month
The receipts from customs to-day were s2oo.ooo
she internal revenue receipts to-day were s270l7a
THE GOLD MAREET.
The gold market offered no teaturee for cono
ment The LATEST sales were 1851 1855. The
rates paid for carrying to-day were l.s2 3-s4 lIs
and per cent gold, the anal rate being AGA nor
cent The operations OF the Gold Exchange Bank
to-day were as follows:-
Gold balances Il KAT oe-
CuIrency s''...''.'............. 1ss1, ,455
GrOSS Ciearances.. 80, 600
CLEARING HOUSE STATEMENT
Currency exchanges 742254
currency balahces.. ...................... 243S,6l5
sold exchanges. ....................... 4,l6l,5el
b0ld balances. s663s2
THE FOREIGN MARKRT.
No details have been received concerning the
recently reported financial trouble In Vienna.
From Amsterdam we learn that American securi-
nS are steady. In London Erie closed at 3sA 80;
New YORK Central at 73k. In London the failure
OF house dealing in Erie is announced. The Bank
OF England rate OF discount has not been changed.
The bullion OF the Bank OF England has increased
1lGooo during the past week. The amount with
drawn from the Bank on balance TO-DAY is $4,000.
Ine specie IN the Bank OF France has increased
100000 francs during the past week. Paris de-
spatches quote rentes at 57l c5c.
SOUTHERN SECURITIES
were Gull. Missouri skies fell on from se,x 10 &c.
The latest bids were as follows Virginia skies,
Old, 81; VIRGINIA sixes, new. a5; Yirqina sixes