The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-09-24
FINANCIAL AND COMMERCIAL
HONEY MARKET.

TUESDAY, Sept 23-6 r. N.
There was quite excitement at the Stock Exchange
day. In Erie Railroad stock there q active move
ment, at higher prices II opened at 90 and advanced
TO $50 per cent before the close with sales Of about
ven thousand shares The difference in prices between
cash and sellers option great 70 attract
ttention Iooks good deal a. though the spurge TO-
day was about the iast. There appears 70 be out
side clique in this movement has far been carried
on by two or three brokers' and understand that
all the operations have been on their own account.
The advance in prices has brought great deal Of
into the street. and large class Of small operators for
decline The short interest has been pretty well pro.
vided for at lower rates and the demand from purchasers
for delivery daily becoming less. The party engaged
n the upward movement have desire TO purchase Erie
M anything like present prices, long sellers option
but they compelled TO within moderate distance
Of the cash rates. to prevent, possible sudden col
lapse. The comparatively low prices at which sales were
made to-day, sellers option sixty days. showsa weakness
which warns u Of o sudden breakdown. When two or
three brokers purchase ten fifteen thousand shares
non dividend paying railroad almost entirely credit and
depend wholly some sudden call they may make for
large quantity to initiate prices they must not lose sight
Of the fact that the supply is nse times out q ten much
beyond any such demand Of the fact that advance
In the market value invariably brings in more than the
market carry When is considered that there
at this moment upwards Of fywo thousand shares Of
Erie Railroad stock In the hands Of the brokers
bankers Of Wall street. II mus. strike every shrewd
Spectator that any attempt to catch the shorts utterly
out Of the question. An active demand for any stock
however worthless, naturally initiates prices and is
seldom difficult matter to get contracts buyers option,
for large quantities. but not easy TO get rid Off at
prices paid. is not easy find buyers as sellers
and SO the prime movers in every cornerng combination
almost invariably fall. When the daily purchases OF
three OF four thousand shares Of Erie Railroad stock for
more than week nGates the market price only about
two per cent, imagine the effect when these
buyerg all become sellers
AT the fret board to-day Missouri 6's advanced 4 per
cent; Illinois Central bonds, Z; Ward Coal III Michigan
Central, Ii Erie, Y; Michigan Southern, al Illinois Cen
trail Railroad, u; Cleveland ana Toledo, "a. New York
Central Railroad declined "a per cent There very
large sales OF Cleveland and Toledo. opened at Tx
advanced to Tx and fell of TO per cent at the close
Between four and ave thousand shares sold Mchi
gan Southern Railroad was in better demand than
have noticed for time Reading was not SO steady
this morning. 1t closed heavy at SAN per cent The
ported resignation Of Mr. Tucker premature. Gale
ma and Chicago sells small lots, without change In
prices. probably will not vary much till about div
dend time Chicago and Rock Island has not been opera
ed in much for some days. Illinois Central Railroad is
well maintained 1t appears 10 BIO gradually working
back again the highest points Another active inquiry
for European would give greater start than
II has felt yet.
At the second board the market very fat, and
there not the usual activity Erie closed ct de
cline Of q per cent; Reading Railroad, x; Cleveland
and Toledo ii Michigan Southern, 4. Illinois Central
Railroad sold at lis per cent cash. Nicaragua Traniit
advanced - per . sale Of 50 shares; Ward Coal
~ Illinois Central bonds fell OF 4 per cent. There
were sales Of Erie this afternoon low 81 per
seller 90 days Towards the close Of the board sales
were made at SO, buyer 90 days. Galena and Chicago
remains Hrm at 10 per cent There small sale
In Crosse and Milwaukee this afternoon at q per cent
buyer 30 days. The tendency OF speculative stocks is
downward Tho market ID sustained by the movement
in Erie but that ID only temporary matter must
all tumble together. There was . very active demand
for money to-day.