The New York herald., 1863-09-29
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Deere SO - ,l7y.472 1906 s45 s6,757
This statement shows the banks in a position Of
great strength, having increased their deposits
half million simultaneously with a decrease OF
over three millions in their loans. This statement
does not reflect the payment of $3,500.0o0 made
into the Sub-Treasury on Saturday. The decrease
OF a million in gold will be considerably more than
made up by the government payments Of interest
on the 7.30 bonds ON lst proximo.
There Is no change in money. On call the lead
ing houses are supplied a, per cent, and is al.
lowed for temporary deposits. Street SPECTATORS
pay seven per cent. There is great abundance
OF money at these rates. and no prospect, in the
opinion Of bank men, of early advance. Mer-
camille paper sells at 51 6ll per cent. Debt GER
tiiicates continue steady.
Gold was better to-day. II iuctuated oil day In
the neghborhood OF 1891, closing AT five p. M. at
1879. Exchange was 1881 "a q. few lead
ing bankers asked l54; but We heard OF no transact
tions at that figure. The supply of breadstuifs at
this point Is increasing. and an increased supply Of
mercantile bills will be the result, which may
have the efeot of checking the export OF coin this
week and the next.
The week opens on q feverish stock market,
without much activity. The Michigan Southern
imbroglio continues to constitute the chief topic
OF discussion in the street, and people are uni.
formly inclined to denounce the want Of fairness
shown by the directors in issuing 900 new shares
Of stock without notice to any one The commit
tee Of the Stock Exchange waited upon the Board
OF Direction yesterday, and obtained the informs
tion which was published in this mornings Hsx.
AID. Thereupon the committee reported that
they further necessity for inquiry action,
and they were discharged and the subject dropped.
After the first furry is over people will realize
that an operation which reany brings the stock
81 500 900 nearer to q dividend however unfair II
the manner in which 1t was effected, does
not quite Justify fall of 20 per cent in the market
price of that stock. Early this morning, before
the board, Southern old sold high as 81; at the
first board good deal of real stock sold and
some sellers options put out, under which the
price receded to 77L, and In the street Afterwards
to 781; It rallied subsequently to 79 then fell -
at the second board to 77I and closed at 70. The
guaranteed advanced to 1S7--four per cent Other
stocks were fevcrish and In the absence Of an out.
side demand were offered down By the bears. Erie
was u lower than on Saturday. Central ", and
Illinois Central u. On the other hand Hsf.
lem rose - per cent, Rock Island lI,
Gslena n, Pittsburg u. Michigan Ccntrsl
a.. Hudson River dropped to 12s, against
$50 on Saturday; then rallied y y Of one per cent.
As general rule there seems TO be more willing.
ness to sell the New York shares short than the
Western shares But 80 long as the earnings u
the roads keep mp, and the money market remains
easy, II matters little which class Of stocks be So
Iected. the bears must lose in the end After the
second board in the afternoon there was sharp
twist In Hudson River. which advanced per cent
in few minutes. Other stocks wero dun and
neglected, without change in prices. At the fsm
p. NJ. call the market was "a "a per cent better,
with a steady tone. The following were the clos
ing quotations Of the day.