Year: 1870




There vas more ANIMATION In the Wall street mar
kets oday than has been perceptibe for a long
time, and while IL Is very cerlain that tho outside
public who, after ALL are the great patrons OF Wall
street, have had Their time wholly engressed In the
making OF money in legitimate channels this fall-a
fact which accounts for the duncss or the season so
iar-tne brokers look for very active season In the
winter. when the public have leisure to scan the
stock list and venture some OF the money which
they have earned III the present prosperous season
in trade. In this view OF the 1t IL dificat to
say how far the movement OF the past few
days Is q precursor OF tins expected activity.
The street has been So often deceived by
a number OF spasmodc movements this fall, eacn Of
which seemed 10 be the ground swell oil the looked
FOR rising tide that the present partial revival OF
activity regarded with considerable caution for
may or may not be the last final surge which is To
initiate the campaign. In determining the real situ
alton the street is guided to certain extent ~ the
continued


EASE IN MONEY,


the cautious ones being several grades, those who
were willing to wait the passage OF the 10th OF Sep
teabe those who thought it better to let the LIST OF
October go py and those whose doubts go not beyond
the 18th OF October. 1t win be seen that twohrds
OF these cautious people have now satisfied them
selves that 1t VIII be impossible to tighten money
tRis fan IN a manner rs 10 hazard their ven-
lures, and hence the market has received the sup
port OF these two classes. The rate call loans to-
day was four % Eve per cent on government bonds
and i've 10 SIX per cent OF stocks, the highest rate
mentioned being paid less frequently than usual OF
late. TAe signs, indeed. favor i've per cent as the
rate on stocks WITHIN a few weeks II the movement
10 the Interior does not assume different character
under the more active European demand for
wheat and Dreadstufs, Tor the operations OF
the Treasury are calculated TO keep the
market aoauaantly supplied. That no strlngency
is expected by many prominent capitalists. who
were waiting To employ their funds at hign
rascs oiintercst. is shown the better demand for
discounts, which more current Than lhey have
been since midsummer when money was lying
drug IN he banks, aud are absorbed quite readily at
seven and half 10 eight per cent for prime paper.
At the same time the leading foreign bankers show
more Willingness TO draw exchange IN the process
Of transferring English capital 10 TINS market. Sixty
day sterling bills were sold to-day at los7t. It
even con- lectured that the Bank OF England may
further reduce The rate OF discount tomorrow, FOR
the street rate As represented 10 be iuy to
and a nalf per cent below that at bank. These
facts VIII explain tnc further


WEAKNESS IN GOLD


TO-DAY, the market being decidedly heavy and only
restrained iron a sharp decline oy The continued de-
name for cash gold, the use OF which over night
commander considerations averaging about l-32
per cent, the borrower being allowed no interest, OF
course, the currency collateral. fhe transactions
were thus main .aned at ll3 1l3h all day, tho
only exception being at 1884, when the announce
ment was maQe tina, at


- THE 6ovERSMEyT SALE OF GOLD


there were tIirtysix bids Tor total OF 49, $40 000
one large house oiering llS.lo--the high
est price submitted-ior half the amount
70 be awarded. The lowest bid was 1l233
and tue million was disposed OF at
1l3 1l3.ioa very fair price, considering the mar
ket pnca prevailing and showing the admixture OF
legitimate with the speculative demand for gold
which now exists. Another cause operating against
an upward movement was the light shipment or
specie, the export being less than a quarter of a
million Tne course of the gold market Is shown In