The New York herald., 1864-10-22
FIN ANCIAL AND CoMMERC CiAL.
rp,n.v Oct. 2l-eP. ri.

FIN ANCIAL AND COMMERCIAL.
FRIDAY oct. 2l-e n. -
The stock market was without speculative activity at
the nrst board shs morning, although quotations Tor
most Of the lending shares experienced some Improve
mont upon thos OF yestsrday rm M
The closiug ssss, compared with Thursdays second
board prices showed an advaOce II EIe OF "a Hudson
River = Resdinr I4 Fort Wayne q, Michigan South
ern " Illinois Contra x, Chicago and NorhN esern -
preferred y, chioaGo. and Rock Island "a Cumberland
Goal an Burlington and Quincy declined u. New York
Csatrai and Plalr,e d. Chen were steady. f.
Government secg-les we're steady. Coupon 1ve
twenties advanced u, coupon sxes OF 1881 u u.
State stocks wero aesvy and railroad bonds dall
After the board the market slightly improved and at
the open board, 81 ono O'Clock, ,mprov
sustained, At iha secoud regular board lhs was
on the whole. steady. Michigan Southern advanced u,
Chicago and Northwestern preferred l. Chicago and
Rock lsand IS. Fort Aayne a. New Yorx Central z,
Hudson River 4, Reading / Qsiohsver Y, Cumberla nd
Coal u. Illinois Contr I'D Ohio and Mississippi ocrti
oates were without "a pse.
Al the opcn board, hsfrast three, qusations
further advanced x PEE cent on portion Of the list
The gold market stealy qni-t TO day, and the
Variations oaly el.a TO y per cent. The
following were tss quoialiGns:-
1850 A. M......... 2o73S 4:5o 4 M.......,. 2oo1s
There present unusIa absence Of speculative
activity u the gold room, consequent upon the very linn
tied demSd for export and the favorable aspect Of the
military situation. This duness extouds TO the stock
Kxcnanee a mere sbrokers' market" is the c,nse
queoce, there heins very few ot the outside pubic
operating il, and without the puo;ic coming iu
buyers TO assist tho "bu!i' eaors Of the brokers,
no considerable or steady rise San aSe place for many
days A ieyerish aud spasmodlc state of
the marke, is, therefore, looked or TIL tbe result OF the
Presidential election decides ls future
The decision tie Sap'e,ae Court in the
OF Stiiwe Meigs although IN accordance with pre-
vious ions, has aroused of the commission
stock houses, who regard the Law relating to broker and
The OF equitable In the presen,
ton the pir sued IS 700 lost by the sale of
two hundred shares OF stock which The defendants had
bought and carried for him a margin OF Sc 500, ard
which tsey sold during the panic last sprug without
notifying him that they about TO sell. A
similar case. With similar results, was tried
al the general OF the Supcsne Court in the Second
district III ls63-namely, that of Brass Worth and
Whi,e-w hore the plaintiff only eed his original
margin. but the difference in which his stock
might have sold for when the market reached It's highest
point previous tie commencement OF the action.
Damages had previously heeo recovered under like
cumstances affecting r'edgor and pied gee 10 the follow
ing cases-Dykees Astync, reported in Hil, 4a7
Stcarns Marsh Denio 22T Wilson Little, Com.
ham, Abbott, LOG. The law that, when marga is
wholly partially exhausted, brokers bound
make demand for fresh margin, aud give formal
notice to their customers ,nat this is not
furnished they i'll sell at given place aud time the
stock wb.ch rney have bought account Of such
tomors; bat the sale ,he default cannot be
msde Board Of Brokers unless there spua-
ton that eject the that by the stpulaons
Of the board se)cs pubic. Ceases oited IN
20, m !
law 10 afford the pedgor tuaiiy 20 redeem and
10 be present at the a is fairly conducted
Court OF Appeals 1857, wheeler Newbod, 70, New
York; And oreD if special agreement mads. by
which the pedgor valves notice OF sale has been held
not a waiver o. demand of payment before SALE
twnlamson VS.. Little, . New York, Comstock.) Mere
local such tbs. common among brokers' cannot
allow cd mody ihis and other legal rights OF the
pledgor.
Nevertheless brokers always have been snd stl are n
the habit OF Strengthening their customers by selling
their stock legal notice when the margin Is 10
drger OF out aler it has run out, in which
oase expected pay the difference against
him addition the expired margin IL is held TO 10
honorable Stock Exchange to d. this, aud where
actually fallen upon the broker only fair that
he should be reimbursed BY his rriDcipai but it often
bspi ihai brokers mako speculation OF their Gus
toners long stocks by selling them early on
falling market, and, IL the market continues
70 decline by subsequently making cut .
much lower figures IN the event Of the
concerned failing to keep their margins good
II Ia doubt ul the decision OF nc courts against
the br, them from adopting their usual
practice with regard the subject Of the decisions re-
ferrcd 20 bu, the law has decided tendency TO mako
them exacng Of large margins than they other.
wise might he. Brokers bound 10 exercise due care
IN cement Of the interests OF their customers;
latter to take all the risks OF the market
30 fsr they concerned only exceptional circum.
stances would morally Justify customer in suing his
broker margin ard denages Tor 1t is The prin-
cipsl the agent whom properly belongs the
risks arising The fluctuations Of market values Bet
It be dfcu q modly1pe iaw as TO secure the
proper ais. easaon OF justice in MI cases OF this kind
ard as the kers bold the remsdy their hanGs
10 grea. extent II is better they shoud be made
10 suffer undUy occasionally rather had that ney should
enjoy entire Immunity from legal responsibility.
The moucy market continues easy call loans "a seven
per cent under the limited demand tie Stock Ex
change Tle digcoun, ine nearly s,eknsn,, and the
rates are unchanged from nine twelve and twelve TO
fifteen per cent beng current for prime aud ordi
nary sigt atures respectively
There has he n light demand Tor foreign exchange to-
day Ia preparation saturday steamer and bankers
have sdvsuccd their gold quotations tor s,erDg frec
ton; l094 asked Tor say days bills, aud iloz lioi
for three Gays bills. Merchants biis are offered at q
ak icsP. francs range IRON 5.12 TO Ia
The highest cash prices o! The leadng railroad and mis-.
cellaneous shares al the fret session Of the Board OF
Brokers day, with the quotations on Friday
OF last louows:-
Oct "a. Ocg. 81.
American Coal lCo................... Sc. rs
Cleveland and pittsburg R9......... Iv6 so
Cleveland am Tncdo Ri. ............ III los
Chicago Rock Island K.. 30 905,
Chicago ard Nortiwestera Rk ....., as 40a
thcego ard Northwestern Rk pref. 81 TAX
Cumberland Coal Co................. SIX AK
feptr.i Cual Co................... 81 Sc
Canton Co......................" 80 3iS
Delaware Cd Hudson Canal Co. -. los
Erie RR RR........................... OK esX
Erie prs erred stocE............... log 1o4
~ A.