The New York herald., 1863-10-21
FINANC AL AND CONNER ClAL
TUESDAY, Oct. 2O--G Z. M

l.
TUESDAY. Oct. 2O--G T. M.
The money market is without change, notwith-
standing the large accumulation of money in the
Sub-Treasury. At six per cent brokers in good
credit get all they want; some lenders who tried
pretty hard to-day to place all their money at
seven found it impossible to do so Oh satisfactory
| security. Spectators are paying seven per cent,
and some Of them, who are not able to give 20 26
per cent margin, find the market active enough.
When the Secretary of the Treasury ceased issu-
ing legal tenders some months ago. there were
s35, 900 900 of these notes in the hands of the
gravers in various stages of completion. Some
time ago the order was given to finish
them, and they are now being forwarded
to Washington at the rate Of million or two
per day to be registered and paid out to
the creditors of government. The government is
getting money so rapidly under the recent nego-
tatons of Treasury notes and from the subscrip-
tons for $40 bonds, that some heavy payments
have been and are about to be made TO depositors
on CALL and the prospect is that the total disburse
ments during the next ten fifteen days will be
the heaviest ever made since the war began.
Gold has not been active to-day. The price
has ranged from lac 10 l50 at the close dropped
to A7H. Exchange is very dull. We quote
bankers sterling at 164 lG5, with few transac-
tons. No specie export Of consequence is LOOKED
for TO o-morrow. and less confidence is expressed in
the advance of gold than was the case before the
positions of Meade and Rosecrans were understood
aud the elections in Ohio and Pennsylvania had
taken place
change came over the stock market to-day
greater. in reality than the quotations reveal
For fortnight or more the great operators have
been letting the market take care Of itself, A few
have been selling stocks short; but the bulk Of
them have been content to stand aloof, in the hope
that stocks, thus left in weak hands, would gradu
ally settle down, and enable the levatbans of the
market to load up anew at lower figures. This
calculation has been realized to moderate cx
tent. Stocks have settled down somewhat, but
not as much as was hoped. Meanwhile the volume
Of money has been steadily increasing, railway
traffic has continued to develop, public con-
fidence in railway property has continued to
gain strength, and all the influences which
have carried railway stocks to their present
prices have continued TO operate To-day il
looked as though some ct least of the great
operators had come TO the conclusion that
these causes would lead TO another speculative
movement, with or without their assistance,
and, somewhat tired Of inaction. had begun again
to lay in parcels OF stocks. This was especially
the case with Pittsburg, which sold at tho first
board at l04 against lOl yesterday; New York
Central, which rose Q per cent at the same board.
and Erie which rose per cent. Harlem, which
is the most lively fancy Of the day, sold at rs be-
fore the board Mt 81 at the board, and at SO imme
dately afterward--the advance Of IL per cent
being simultaneous with the announcement that
Judge Hogeboom had decided the Broadway Rail
road case against the company. Most brokers are
sick Of dealing in this stock and decline to receive
orders 10 buy or sell It, A meeting Of the direc-
tors is called for tomorrow, to determine course
of action. Cumberland rose ~ per cent on the
belief that Lee will attempt raid into Maryland.
Hudson also advanced per cent and Fort Wayne
l. The greatest advance Of the morning was, how
ever. In guaranteed, which rose 10 per cent This
sharp advance has been ascribed to an intention
on the part of the directors to pay the holders Of
the guaranteed the 60 per cent back dividends due
their stock. twill. however, be presently dis
covered that it arises from much simpler cause
viz: the scarcity OF the stock. When guaranteed
was selling al lis l20 it was the cheapest stock
on the list and was quietly bought up by people
who knew all about the company. Wall street
operators, knowing nothing of this, undertook to
sell it short, and now they having good time
in trying to get the stock for delivery. The hold
Of the guaranteed are not at all disposed to
leopard the 10 per cent they are now sure Of
by commencing a doubtful lawsuit for back
dividends they will not oppose the 3%
per cent dividend on the common stock,
which will probably be paid in February. Gov
crnments were firm to-day; the skies Of 1881 sold
at Il advance. With the coupons Of 1881 at 1927.
the $40 bonds ought 10 be good purchase at par.
AT the one p. NJ. call the market was steady. In
the afternoon there was no material change in the
general list Harlem sold as high as 90 dropping
sfterward TO 50, and sshs at the public board.
The feature Of the afternoon market was violent
bear attack on old Southern, which was hammered
down from sc to SO in about an hour. No pQlnt
was given for the movement. II is pretty well un-
derstood that the idea Of nstituting legal proceed
ngs against the company for paying of 81 100000
OF debt by issue Of 81 100000 Of stock at lOs
has been basioned, and the probability is that
the sellers simply followed Zach other blinily,
without knowing my ground fcr their action. At
the -four +. NJ. call the decline in old Southern sf-
focted the whole market. which was q "a lower
oil round. The following were the closing quota
TONS
Us os. 81 res. 1917 a los Harlem pref. .lo1 ioIx