The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-08
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCiA
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SATURDAY, Oct TSP NJ
Inc stocK market has been unsettled to-day, aud a
further considerable decline took place In Michigan
Southern. At the FIRST regular board New York Central
closed lower than at the second board yesterday Erie
u, Reading x. Michigan Southern 81, Cleveland and
Pittsburg y, Rock Island Cumberland 1, Quicksilver
~. Northwestern unchanged; preferred declined
r. Fort Wayne X higher, Ohio and Mississippi GER
ti6cates 4, Prairie du Chen u State stocks 1rm
and moderately active Government securities dull
Coupon hvetwenties declined X. ten.fortes y.
At the open board at one o'clock the market was
steady, excepting for Cleveland and Pittsburg which
advanced l. selling $50. Ohio and Mississippi certja
SaSs sold at 2eh. New York Cs9izU Ssa. Erie ssas,
Hudson River 1919, Reading ll51, Northwestern To- %
81 preferred 90, Fort Wayne 1904 McGregor Western
23k, Michigan Southern 76ss, Rock Island llok.
Afterwards, ON the street, the market advanced Y
per cont the strongest stocks the list being New York
Ceatra and Cleveland and Pttsburg 1t subsequently
rIapsed, and q. 1--WE r New York Central quoted
NJ 100 V, Erie sox W Cleveland and Pittsburg Ssk
. x, hudson River 1osK Y, Rock Island lloX Ill.
Michigan Southern 7ok x. Al The close an improv-
ing tendency WAS manifested.
The money market fairly active at per cent but
in consequence OF It's being saturday there larger
numDoF Oh oxC6pUO0S IMAM WOulo unvV wAoe
been the case There danger Of sringency, but
moderately active per cent money market will DO
experienced. The demand for discounts is large and
very good Commercial paper submits TO nine per cent
although prime still taken at tho legal rate
The wants Of the Stock Exchange have greatly aug
mented, In consequence OF the speculative activity
which has suddenly sprung up and although there Is
likely DO general breakdown IN tho price oil stocks
before long, there ID possibility OF their gong ngsf
in the interval The hungry but aspiring crowd OF STOCK
jobbers and the young and weak stock houses are
almost without exception the bull side, and thcy
argue In favor of rise almost with the frenzy despe
ration They have been making nothing worth men
onng for long time past and they are eager TO stimn-
late speculation all hazards II is their business and
their bread and is therefore, quite natural that thoy
should to opc in" the largest possible crowd Of
outside sp cuator But their arguments are dclusive,
and they contradict themselves nearly often the
wind changes They may PIT prices higher, but values
not thereby improved; they may put them lower
without depreciating values. Market quotations have
become, indeed a parody on values, and 1t will
be until the stocks Of corruptly msmanaged railways
floating in Wall Withdrawn for investment
that market prices will be the gauge Of values At
present railway directors in the great majority Of cases
seek Their positions In order that they may control the
affairs Of railways and be enabled to manipulate the
stock to their own advantage The prospect is that
prices the Stock Exchange will go higher; and the
prospect also is that they will quickly come down
again-arer the manner OF "thc King Of France with
twenty thousand men, who marched up hin and
then marched down again" Meanwhile sthe more the
merrier' in bulling the market, and the crowd
in Broad street grows as the market rises
foyer Of speculation has set in among the brokers and
professional operators and who knows how far may
approaches "Every dog has his day." and there viii
be bears pastures Of clover then They will argue, OF
course that everything going the dogs and their
reasonings will DO OF little vaue those Of the
bulls are now. The railroad interest of this country
will be immensely profitable TO the stockholders
In the future, but speculation win not aid it
In reaching this ultimate end, and railway speculation,
as it now, will die out with railway reforms.
Tho gold market has been steady. The opening price
was 148 from which there advance to 1467s and
a subsequent reaction to 1883 Loans were made fiat
owing the increased supply consequent upon the Sub
Treasury sale Of coin yesterday The export Of specie
gated only $3.50 700 of which the New York took
$50 700 and the Etna sl50,OO0 making for the week
$4,000
Foreign exchange was dull at looss net for bankers
sterling at sixty days.
Petroleum stocks were firm at the first board There
United States and Montana, which loc, lie. and
ST. respectively, lower than at the time yesterday
Pthoe Creek closed at 81 S. McClntock s. TO- Bergen
Co. 14c Buchanan Farm, cx-dividend, Soc. Gcrma-
MIA 3sc Knickerbocker 15c, Montana 81 rs, First Ma
onai soc, Oceanic 73c, Oil Creek 81 co. Rynd Farm
35c United States $50 So Denbow Mining Company 4oc
The subject of American steamship communication
with Europe Is engaging attention. and OF the long
suspended lines consisting OF American vessels the
.rago and the Fulton, is advertised about 10
sumo running But what Is desired is line
" steamers which will compete with those now
sailing under the British flag; and in this con-
necton hear that the Pacific Mail Company intend
such a one very soon. The company has
two new building this port which intend
cd for the Chm line; but since the consolidation OF the
Atlantic and Pacific Mail companies the service can
be performed by the Colorado and Paec with the adj
dtion Of only Of these vessels leaving the other
available for tho European service Temporarily there
fore the line might be worked with OF the best Of
tho companys steamers running say the Baltic and
the Atlantic and Of those building But should Con-
gross TO the company the subsidy of $500 per
snnum which given for while to the Collins line
number Of other steamers would be built, and IL would
OF the interest Of the company make their
European line superior to any other and consequently
credit 10 the commercial steam OF the country
which has suffered severely during the last -four years
In granting such subsidy such company Congress
would have guarantee for The regular performance Of
The contract
The business at the sub.Trcasury to-day fol-
lows
Total receipts Gas
Payments .......................... 2.S4,3s.
Balance. 69, sss,62l
FOR CUSTOMS. ................... ol3VW
On account OF government loan. ............ 1900
p,,v, 10.