The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-11-24

ngafe' Tne WIDE margin betwe IN buyer and seller, as
so"A " ING aoo'o - Ae, 10, in ed, conclusive against
- Aa'y u uo Arket. It appears quite likely that
1o Ho0 currents American securities in London are
Ao"'' brokers partly 10 advertise themselves
ana party 70 feet the stock market here.
me Aona money market the 9th rather active,
anu 'eie tendency toward higher rates for money
ing .s~c~six seems satisfied that the turning point
money market has been reached and that the next
Ange the rate of interest will be an advance Here,
to-oay, find evidence Of any change in the
value Of money but exchange Europe for the steamer
Of to morrow is more active and higher Several leading
bankers have been asking l0ss for sterling bills, and
there has been fair business at 1921 We quote
arcs at SICK 5lsa some Southern bills have been
done at $40.
Tie irmncss noticed yesterday in the stock market
continued to-day In the absence any favorable acct
deut and in the face OF diminished business the rail
ways the Improvement must be ascribed the opera
tons of street spectators who eDdeavorng TO corner
the hsas This theory derives confirmation from the fact
that the most prominent Of the ances which advancing
Fre stock and bonds. Tho unsecured bonds sold to-day
at Al and AZ, advance Of per cent within few
weeks and the stock nearly reached the point which
sold during the late burst Of speculation OF course il
need be said that the Erie improving con-
don Next March its second mortgage bonds come due,
ana the President has formally notified the holders that
they viii not be paid. On the very bonds which have ad-
vanced ten per cent above mentioned two interest oou
pons overdue and unpaid The business of the road
like that of all railroads. has been very poor throughout
the year for many months passengers and eeht were
carried loss in order compete with the Central the
prospects for the winter Of the gloomest kind No
one expects either that dividend will again be paid
the stock that the holders of the unsecured bonds will
fare better year than they did this In word, the
T. ic fyp nf hrrLa dovn iucoi a'.ec
helpless corporation; yet is the most worthless of the
representatives # this property namely, the unsecured
bonds and the stock which have been selected by the
SPECTATORS OF the day to purchase and initiate The move
presents one advantage affords TO holders Of such
property opportunity to realize and considering every
thing tho clouds which overhang the political horizon in
connection with Mexico and Cuba the certainty that
hardly any Of the roads will income this winter,
the probability that roads heretofore cassed dvi
dend paying under all crcumstances-as the New York
Central for nsance-may be compelled to pass the dvi-
dend this winter and the chapter OF accidents generally
it would though the part of prudence for the
public present hold any railway stocks all
The business done at the morning boird was small,
but;prices of dividend paying securities well
tanned Mssours reached 9Oh, which is said to be 4
per cent the price at which the State willing to
sell. Tennessees also "a higher. In railway bonds
there were transactions, and change of price
| Hudson River thirds were Il higher and much in
CURED for. Bank stocks dull, and prices rule in
favor of buyers, though there is very little offering for
sale New York Central opened at advance of = over
yesterdays closing price, and to SAL 81, but soon
relapsed, closing shade yesterdays closing
rate The Western stocks after being higher during the
business Of the morning, lower in the afternoon
and closed at a decline Galcna fell off al Rock Island
| per cent Toledo, y, Michigan Central, a. Reading
| was prctty steady all day. Illinois Central inn
proved u, private accounts from England, il
| is said Panama steady, and Pacific
| Mail The closing prices Of the day were-Mssouris
9o,s u; New York Central, s31 y; Eric, TX y
| Hudson, 3il4 "a; Reading, 52i4 "a Michigan Central
52s4 IS; Panama, 12l y l22; Illinois Central, 1919
So Gaena, 7sI 70; Rock Island, 62s IL Toledo 81
n a; Pacific Mail lo4's y The market closed weak.
The following the business Of the sub Treasury
to-day