The New York herald., 1862-10-08

Il
since January Il
| 1860. 1851. 1862
For the week. .$2oel,7l7 s,ooO,s7s 2,so7 SGT
previously reported. 7s7'ea s6,oS724l 7lo,ssS
Since January l. s7l .s1s51o 90 o5s lle 100 sls 200
| This is fair export for a week, exclusive of
gold and cotton but the aggregate is not as large
as that Of some recent weeks. Produce bills are
getting scarce again, and, in order to supply the
wants OF the importers, specie bills will become
more frequent. A large specie shipment is ex-
| pected tomorrow.
| Money is abundant to-day at per cent; but the
demand is very active Several brokers are incop-
venienced by the refusal Of banks to lend on non-
dividend paying stocks, such as Erie DID, Harlem
and Michigan Southern old. Nothing can be safer to
lend on, with proper margin, than an active stock
winch can always be turned into cash in fifteen
| minutes. Intrinsic value has nothing to do with
| the matter. So long IS stock has certain mar
etprce, which can always be got for it between 10
A. NJ. and T. NJ, il is perfectly safe to lend upon
it with good margin, though in the opinion
OF the lender it may have little or no
intrinsic valne. The term fancy stocks, y which
some OF our bankers are fond of applying to the
securities OF many Of the great railway enterprises
OF the country, is mere slang. II woud be well for
al! the banks Of New York if there was as little
fancy" about them and their assets as there is
about the condition and prospects Of the Erie Rail.
way or the Michigan Southern.
Exchange rose to-day to 1867 for sterling and
4.!6 4.l2 for francs, at which prices there were
large sales. Gold opened at l23 advanced to 1891
in the morning, sold at l24 in the afternoon, and
closed l2szs bid. There will be heavy shipment
Of gold tomorrow by the steamer.
The stock market vent through new phase TO-
day. For the past month there has been no short
interest to speak of and serious attempt to resist
the rise. To-day concerted and vigorous endeavor
was made by some leading operators TO hammer
the market and cause general decline. The stocks
chosen for the demonstration were Erie and Erie
preferred, large quantities of both of which are
supposed TO be under the control of one of the
leading movers in the operation. Some two thou
sand shares Of Erie, and nearly as many shares OF
the preferred, were sold for cash, and the price of
the former was thus hammered down to Sc, against
5s las; evening, while the preferred was kno cled
down to s31l, against s41l. As was expected,
this marked decline led some frightened opera
tors to sacrifice other stocks. Michigan Central
fe'l per cent, Illinois Central !, Toledo 81, Read
ing ., Rock Island Il, guaranteed ~, Southern
old ! per cent. But no sooner had the news Of
this decline reached the of the operators out
side than fresh orders poured in and smart rally
instantly ensued. Erie common, which had been
the prominent object Of attack was bid up from
s6 to sS within the space Of half an hour:
the preferred rose ", and the Western
shares in proportion. The sellers of the
morning had no time to cover their
contracts and the only effect Of their demonstra.
ton has been TO create short interest in the mar
ket where none existed before, and to prove the
power and resoluteness OF the outside buyers
So long as our financial condition remains as il is
there can apparently be change in the course
of stocks. Pacific Mail shared the mornings dc.
cline to the extent Of IA per cent. Cumberland
Coal was an exception TO the general market and
was firm at an advance Of a per cent. The busi-
ness in bonds was large a usual. Illinois Central
bonds rose per cent; the Northwestern assented
fell a. Erie fourths sold at 1912, which is cheap
for bond as sure Of income the frsts. In
government stocks there was no change
and not much business done. State stocks
were all rather lower Between the boards
the market was very active, and stocks
were firm. There was unusually largo attend
Of outsiders in the street, all seemingly nte-
rested in the market. People already begin.
ming TO talk Of fortunes realized since midsummer
by purchases OF stocks. At the second board the
whole market was strong. Guaranteed rallied
per cent, Michigan Central l, and other Western
shares in proportion, all these securities leaving
of at about yesterdays best prices Erie old and
preferred we're firm At the rally which took place
after the frat board. Cleveland and Pittsburg,
which was very active all day, sold at AZ, an
advance Of per cent since morning. Cumber-
land was in good request this afternoon, selling at
1s These cheap stocks are greater favorites
with outside buyers than more high priced secu-
rites. At the close the market was strong, the