The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-10-11
FINANCIAL AND CONNER GAL,

THURSDAY, Oct. l0--6 P. M.
The money market continues dull. Five is the
true rate for call loans, though parties who have
to go in search of money often pay six, and some
lenders who go in search Of borrowers are COM
PEELED to be satisfied with four. An active bust
ness was done to-day in per cent Treasury notes at
99s4 "a. The day has likewise been an active one
at the Sub Treasury, the Sub Treasurer having re-
mbnrsed the banks nearly million and a half aud
having received large amounts on account of Trea-
sury notes from the various private agents, all of
whom are now directed to pay the amounts they
receive into the New York Sub-Treasury weekly.
Foreign exchange opened without any strength
for Saturdays mail. Bankers ask 1917, but sell
at LOT. Good mercantile bills range from log to
1867, and documentary bills from 1861 LOG. 1t
is understood that the supply of bills will not be
large tomorrow, the weather having interiered
with shipments, but the demand is pretty sure to
be light.
The reaction so generally expected on the Stock
Exchange began to be felt to-day, and prices tell
from to TX per cent all round. This is perfectly
natural, and shoald surprise no one. The con-
sol" OF our market at the present time is United
States 6's; whenever the fancy stocks advance in
disproportionate degree to United States 6's the
advance may be set down as speculative, and not
reliable. We have placed on record ample rea.
sons for general advance in stocks this season
But this advance must be led by government
stocks, which are the most solid and substantial
securities on our market, Any movement which
leaves - IN out should be watched with SUSPICION
for it /. riectly evident that if there is not
enough competition for government stocks to
cause them to advance, the public cannot be an
| active purchaser on our Stock Exchange. BY the
time that United States 6s-whch have only risen
about 6 % per cent since Bull run-range from 95
to 96, people will be ready for another smart adj
vance in railway shares. The most active stocks
of the day to-day were New York Central
which fell "a per cent, with very large
transactions; Toledo. which fell "a; Rock Island
which fell ~; Michigan Central, which fell /, and
Erie which fell l. The quantity of stock in the
street has increased considerably within the past
day or two; the rise, as usual has tempted opera.
tors to realize profits and stockholders to sell out
their stocks These reactions are incidental to all
upward movements; their duration and extent de-
pend upon accident. State stocks and govern.
ments less affected by the decline than rail.
way shares. Mssours and Tennessees fell off.
however, "a 4 % per cent. At the second board
the market was variable; at one time there seemed
to be a tendency to rally prices but at last the
downward movement prevailed, and stocks closed
weak at the following quotations. United States
6's, registered, 1884, 92A 92l; United States es,
coupon, 1881, s22s 921a; United States SIS 1874.
slA 81; Indiana SIS, so a; Virginia 6's. Az
4s1s; Tennessee 6s, 42l1a 42ss; North Carolina
6's, 6oN 81; Missouri 6's, 4s 4314; Pacific Mail,
9OA oOsS New York Central, 7759s Tx; Erie,
% 1875; do. preferred, AZ 40; Hudson River,
&c q 3614; Harlem, ~ llLs; do. preferred,
274 2s; Reading. So 361s Michigan Central,
AT Az; Michigan Southern and Northern H.
diana, 1873 II; do. guaranteed, 36a 81 Pana-
ma, lie q III; Illinois Central, coz 661s; Ga
lena and Chicago, 6924 20; Cleveland and Toledo,
s5H 35'4; Chicago and Rock Island, Az q AK;
Chicago, Burlington and Quincy, 6S a 6314; Della
ware, Lackawana and Western, 67 a ~; Milwaukee
and Prairie du Chen, Isl. 10; Illinois Central
bonds, re, 50 q s914.
The following was the business of the Sub
Treasury to-day
- or castcfhs'.. ACKNOWLEDGEMENTS. q 900 90