The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-10-07
PRICE THREE CENTS.
FINANCE AND COMMERCE.
ornoE OF tina EvgSre TslseuAyu. /
FrIdaw Orfoknr

Friday Octohor ,.
The new bull movement in stocks is beginnind
to develop itself, and, in New York especially,
shows great strength. Thousands Of shares
change hands hourly, and SO large are the trans
actions on the street, beyond tho printed sales,
that We hear of one bear operator Who sold 10000
shares Of Erie alone, seller thirty days. Prom
this some idea may be formed Of the character
and strength of the fight now going on between
the bulls and bears for the supremacy. We think
that the heaviest artillery" is on The side Of the
bulls, who deserve success for their manliness IN
coming forward with large means 10 prevent .
panic at this crisis. OF course there are many
persons who would be glad to see financial
crisis just now, that the Government might be
embarrassed; but the vast body Of the people
would be the sufferers.
Last evening, at the Fifth Avenue Board, the
market was very stormy. Illinois Central sold up
to lls, rise Of per cent; Erie at "a, rise Off
per cent. Reading, l23l-or 6ll-and the Whola
list was firm at advancing prices Gold was
higher, selling at ga. II is stated IN well-in-
formed circles that the rise in gold lust now, IA
based upon Saturdays demand Cor European
shipment. It Is stated that some Of the German
bankers who bought our 5.2Os when gold was
selling at 275, are now reselling them here, with
gold at 1876. This would be a very nice financial
stroke for Meinheer, and we have no doubt that
to the remittances of the proceeds Of the sald
Of these j-20s we are indebted for the present
furry in gold. After this speculation, we shall
no doubt have large European orders for our
Government securities, whenever gold again
crosses 200; for parties abroad can make very
handsome operation by shipping cCsn here, SELL
ing it at the high figure, buying Government
securities with the proceeds, and when our vic
torous armies again knock down the price Of
gold, they can sell out 5-20s and take their coin
home again. very nice little gamble, which
even John Bull win be having finger in shortlys
surly as he is towards us, he loves Jonathan'e
money. .a..-.trs H
The market before board opened rampant, with
large sales of Reading at 62l, the New Yorkers
the buyers in this market, The demand for this
security grows as the price advances. and the
public begin to send in their orders TO the COM
mission houses; but as yet the principal demand
| is by the large party in the stock who take the
cash certificates quite freely. 10
In New York before board the street WAS very
much excited, and in Erie and the New York
shares the demand was very heavy for the cash
stock. The shorts are taking the alarm, and the
weaker brothers are trying 10 cover their con-
tracts as rapidly as possible, in the face Of the
ruin which begins to stare them in the face. Az
large amount Of Secesh" money is supposed To
have been employed in the effort to break down
prices, we hope the punishment will be severe.
Gold has advanced 8@l0 per cent since last
evening, opening at 1893; advanced aud sold st
l09 at IL o'clock; 2o4 at II; and 2O5 at l21, with
considerable speculative activity. si