The New York herald., 1862-10-14

active transactions; al the close the leading
bankers refused 10 draw under 1870 The al
vance in gold and exchange il generally regretted
and bankers who lend gold are generally CEN
surcd for doing 40, But the true remedy for the
evil is decisive victories in the field which. by IN
suring the triumph of the government and the
restora..on of the Union, would enable the public
to see their way clear to stoppage Of the manu-
facture Of paper money and resumption Of specie
payments. . gsga Maisn 4 IS
The stock market took vigorous upward turn
to-day, e. was expected. number Of specula-
tors, who we're sellers at the high prices which
ruled last week. and helped to engineer the
decline. went In this morning as buyers,
and in the effort to replace the stocks they had
sold caused very smart advance in prices. At
bottom, even the bears Of last week are believers
In much higher figures for stocks though they
were not unwilling to become parties TO manri-
vre by which prices should be temporarily lowered.
and an opportunity afforded for buying cheap.
The leading stocks Of the day we're Erie old. Erie
preferred, Michigan Central, Illinois and Rock
Island. Erie old opened at 66. rose to 6s between
the boards and closed at SIX bid. The preferred
opened at s3H. rose to 84A between the boards.
and closed at s41< bid. Michigan Central. which
was sold day or two since at 49, rose to 81 between
the boards and closed at 67 bid. Illinois Central
which closed on Friday at 7sH, sold at 50 between
the boards, and closed at SIX bid ltwasevident
that the demand for these stocks was more active
than the spectators expected. As usually hap
pens, the first unequivocal symptom Of turning
Of the tide brought the whole street in as buyers
30 sudden and large was the 0emand that it
seems doubtful whether all the sellers of last week
will be able to replace their stocks at what they
got for them. The newer fancies of the day, Cum.
berland Coal, Cleveland and Pittsburg and Harlem
were all very active at an advance of l q ~ per
cent, and the operators in each seemed confident of
further substantial rise. In times of active general
speculation, low priced stocks often attract more
attention than high priced ones. Outside opera
tors often prefer that stock of which they can buy
the most shares for their money. regard
less of intrinsic value. Bonds were not very
active to-day, and we note no important
changes. Governments improved 4 per cent to-
day. Erroneous impressions prevail in some quar-
ters with regard to governments. People ask why
government stocks haven't risen as much as rail-
way shares and bondss The reason is very simple.
Mr.. Cisco Is prepared to sell at par any amount up
to $500 900 Of six per cent United States bonds
payable in twenty years and redeemable in fve
Assuming the difference in value between these
$40 bonds and the skies Of 1881 to be per cent
which is probably an exaggerated estimate-it
follows that the skies of 1881 cannot possibly rise
above los and interest; for the moment they tend
so to do it will be cheaper to buy the $40 bonds
Hence there is no inducement for the mere specu-
lator to buy United States skies or even 80 notes.
though as an investment they are. ofcourse. much
more desirable than almost any Of the railway
shares and bonds on the market. In the afternoon
the market was all strong. and everybody appeared
to be anxious to buy stocks. The following were