The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-11-07
FINANCIAL AND coMMERc IAL.
MONDAY, Nov. s--eP. NJ

MONDAY Nov. 6-6P n
This has been day OF great excitement on the STOCK
Exchange the leading feature Of which mas oeen 'ne
corncring movement in Prairie du Chen lug niAfAe.
opened firm the early session OF the open poai' u
Ne York Central closed at I01s the call, Erie 93H,
Hucson 1os Reading 1885, Michigan Southern 7a Rock
Island 1917 Cleveland and Pitsburg S4ss, Northwest
ern aoz< nraferred 65 Fort Wayne 104ss, Prairie du
Chien 100 Terre Haute and Alton SO, Toledo and
wabash So Ohio and Mississippi certificates 304 Canton
a. Cumberland An AT the first regular board there
was steady demand for stocks the entire list and
Milwaukee Prairie du Chen closed hundred and
thirty per cent higher than at the opening Of the first
board saturday-the largest rise in any stock ever
experienced between two morning boards. New York
Central closed u higher than at the same time on
Saturday, Erie 1& Hudson River 1,S, Read
ing 1;S, Michigan Southern az. Cleveland and
Pttsburg 7s, Northwestern 29S, preferred i1A, Alton
and Terre Haute 2k, Rock Island ", Fort Wayne 2S,
Ohio ard mississippi certificates "a, Toledo and Wabash
pACanton 81, Cumberland "a Atlantic Mail was per
cent lower Government. securities were quiet but firm
Coupon fvetweniies advanced e.
Al the open board at o'clock Cleveland and Pitts
burg was strong at go X, but the remainder Of tho list
was steady The rise in this stock seemed to be owing
mainly the shorts covering under fear OF Us being
corncred the Prairie du Chcn, the agsre
gate number ofsharcs outstanding being only
The favorable statement of the associated banks,
showlng increase OF 1881, 6o2 in loyal tenders
037 in deposits, 1915 $50 in circulation, ana Sios-
loans, impaired fresh strength to the speculation
VICE AT the second board, however, the market
yen. Prairie du Chicn closed IS per cent lower
- a. the FIRST board New York Central ~ tucson
River *, Reading Il, Northwestern preferred
~ Rock Island u, Fort Wayne Is, Alton
and Tcrre Haute !, Cumb. rland u, IAN
ton L Michigan Southern was 2S higher,
Cleveland and Pitsburg 4, Toledo Wabash and West.
crn l. Ohio and Mississippi certificates u. Erie and
Northwestern were unchanged. Government securities
were duh but steady
After the call the market took strong upward turn.
Prairie u Chen reached from l55 to zoo, and Eric rose
TO 95k The latter and New York Central are becoming
very scarce on the street. especially Central which has
BEEN largely loaned, and is therefore liable TO
DO suddenly called in At the open board
at haIl-past thrco Prairie do Chen rose to
2l2, Erie 95sl, New York Central 1917, Reading
ll5L Michigan Southern 7S Cleveland and Pitisburg
g3Z, Cleveland and Toledo 1oi1S, Rock Island 1osk,
Northwestern 231, preferred 665s, Fort Wayne l0C4,
McGrcgor Western b3 90, Tcrrc Hautc and Alton 5o,
preferred 79l Ohio apd Mississippi certificates closed st
30N Canton 45k, Cumberland 441, Quicksilver 49h.
II was freely remored that tho Erie Company had made
proposition to the Atlantic and Great Western Com
pany which likely TO be accepted, but this was con-
sidcred by some as a caaa,d Cunard Kennard 1t
was the time maintained that the acceptance of
such proposal by the Great Western Company would
not be inconsistent with tho reported arrangement with
the Morris and Essex Company.
Afterwards the street. the market closed buoyant,
New York Central selling at twenty minutes past five r.
NJ at 10l, Erie 957S, Michigan Southern 70, Cleveland
and PittsbGrg 03H.
Money generally reported easy at soven per cent
call and with the indications OF continued ease be-
fore the Market speculation in danger OF becoming
wild nd Rui hn crpn
overruns tue Stock Exchange at the present moment
a clquesm Stock after stock taken up b. combina
tons and run tip in the most reckless manner regard
less Of real values Prudent operators arc therefore,
made distrusfu and legitimate speculation is set aside
10 make for the worst form OF gambling, and not
fair gambling either for the cornerng c!iques play with
loaded dice. One house is reported to have
settled single "shorto transaction in Prairie du
Chen to-day by the payment OF hundred thousand
dollars and there is every probability Of the clique
getting the whole Of the common stock of the road
for nothing as the Harlem clique did in the spring
OF 1854 A large portion Of the short interest has
boon covered and shrewd judges OF opinion that not
than three thousand shares remain uncovered
But in the process OF making good their contracts
sovera! brokers have been very much crippled. AT
the Close Of business 125 was bid for the
stock seller three days, showing that tho cliq1e
have not yet done with stock; but their manrula-
]
OF the street, highly discrcdiiable. The new stock
which th Prairie Chcn company authorized for the
purchase Of tho scGrcgor Western Railroad to be issued
at the discretion OF tho president ought TO be placed
upon the market at this uncrc both for the sake Of
weakening the power Of the clique and securing high
price FOR the stock.
The discount line Is less active and primo commercial
paper Is taken ut per cent and the second grade at
10 a. r. with greater freedom.
Tho gold market opened at 147H but gradually re
ceded TO LII the close The bank statement shows
los 1858 in Specie which is chiAy tabc
70 withirawals for customs duties.
Foresu exchange was a shade weaker to-day Bankers
bills sixty days in slow demand at lossi 1o9
ana ITO sight Southern bankers bills drawn
against cotton were quoted 1857 and commercial at
los a 1857
Petroleum stocks generally strong and active at the
nfs hoard Piholc Creek closed 81 20 higher than at
the same time Saturday; United States doc, Webster
100 At tie second board Piholc Greek very active,
and experienced further advance Of eoc, closing at
SIS IS, BchnehoG roso 2oc., selling at si4 United
states declined l0c closing at s2s 40; Buchanan Farm
closed al s2c Bradley 81 Is Excelsior 55c, First Ma
tonai e2c Oh Creek 81 So Fec Simple 20c., Rynd Farm
o0c., Tack 25c, Now York aud Newark Soc, Webster
81 10 -
meeting OF prominent members Of tho financial and
commercial community together with the Rev. Drs.
Ward Bccclcr and Thompson, aud Theodore Tion, was
hold oday at tho Sun Insurance Office, with the consent
OF nr Noses Grnnel, for the purpose Of hearing Pro-
visonal Governor Parsons Of Alabama. the present
condition and necessities OF his State. Mr. Van
Dyck, tho Sub-Trcasurcr, hero read a letter from
Mr.. McCuoch, introducing the Governor in
which he stated that Alabama wanted loan OF a
million upon the security Of her State bonds
Governor Parzons said the present debt Of tho State
only three and half millions. Several gentlemen, in.
GLIDING Mr. Van Dyck and Mr.. Henry Cews, expressed
tho opnon that Alabama, provided her Legislature en-
dora,d tho constitutional amendment would have no