The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-11
FINANCIAL AND CONNER cIAL.

TUESDAY, Oct. 10-6P. II.
The stock market was strong the first session OF tho
open board this morning but at the regular board IL was
somewhat eversh and lower the weakest stock on the
list being Michigan Southern, winch closed at decline
of 2Z from yesterdays second board price Cleveland
and Pittsburc receded u Northwestern Y, preferred
" New York Central was u higher, Erie u, Hud-
son River y, Reading Il, Rock Island y, Fort
Wayne 1, Prairie du Chen 81, Ohio and Mis-
sisspp certificates y, Quicksilver Il. Pacific Mail
scrip sold at 207 Atlantic Mail lat, Marposa Mining
II The latter company commenced paying the coupons
OF its first mortgage bonds to-day in certificates receva
BILE for preferred stock at the rate Of las for gold Gov
eminent securities stronger Coupon nvetwentes
Of the old issue advanced u. skies, OF 1881 y.
At the open board at one o'clock the market was
steady at fractional decline. At the second regular
board remained steady, and New York Central closed
lower than at the first board; Erie X, Hudson River
y, Reading u, Michigan Southern \, Northwestern 4,
Rock Island ~ Fort Wayne " Prairie du Chen 4, Ohio
and Mississippi certificates u, Quicksilver l. Govern
ment securities experienced further improvement
Coupon nve-twenties x higher, SKIES Of 1881 r.
The advanced quotation for fvetwentes in London Is
impang considerable strength to these bonds on this
sde and they in brisk demand, in anticipation OF
higher figures The advance abroad followed by cor
responding movement here, will have the effect a.
stimulating subscriptions to the nifty million funding
loan. Tho subscriptions already recorded amount 70
about fifteen millions only but this is partly In conse
quence Of the whole Of the month being available for
the conversions many Of the banks intending to sub
scribe the loan not yet having made up their parcels
At the time there strong indnceinen 10 fund
compound interest into ve-twentes at 103 while
the latter selling below that point in the open mar
ket But the fifty millions offered will be taken not
wthstanding.
At the open board at half-past three the
market was quiet and shade lower. New York
Central sold 103 Erie ooz, Hudson River 109 Read
ing H. Michigan Southern IS, Illinois Central l34S
Cleveland and Pttsburg s2s Rock Island Ill, North
western d. 81 3o% preferred 65'1 Fort Wayne 102, Ohio
and Mississippi certificates 29a Afterwards, on the
street. the market rather dull The disposition to
speculate for rise, however has undergone abate
mcnt. but the cliques have been quiet to-day.
There was good deal OF talk about the active demand
for money, and this had effect in checking opera
tons for rise but there is nothing In the present
or prospective condition of the loan market to
the slightest apprehensons Of strngency There
is a rather active demand from the Stock Exchange,
but there is no difficulty in tho way of borrowing at
seven per cent call, although the discount limo is
absorbing q larger amount of funds than usual. The
subscriptions to the funding loan viii deprive the SUBJ
scrbng banks of the Of the amount or their sub
scrpons between the time OF lodging their interest
bearing notes or certificates and receiving the
bonds in return; but the amount subscribed
will be widely distributed the country, and 1t can
hardly exert any perccptibe influence at this centre
Nevertheless the process the beginning OF policy OF
contraction the development Of which will, however,
involve long period OF time The current rate OF seven
per calculated TO attract large amount of capital
from other points, and hence gradual increase OF loan
ahta n pAS ia ikpIy In
tho demand for discounts will probably diminish. The
rate for first class commercial paper varies from to
per cent and from 10 TO IL for the second grade.
The gold market heavy and loans were made fat
The opening price 1455S, from which 1t declined
70 l44X, and then recovered TO 1851 finally closing at
Ia5X
The demand for foreign exchange to-day was light,
and bankers bills at sixty days sold at recess
sion OF 4 u from those OF last Friday,
but leading drawers continue TO ask 1929 Is. I'm
porte defsrrng their remttances in the expecta-
ton OF increased supply Of cotton bills soon but the
effect OF these Is probably estimated In referring
to the sharp advance Of fourpence hafpenny English
money the price Of cotton in Liverpool yesterday we
were made hy misprInt, 70 speak OF the advance as
lSSc instead OF AID, the English penny, as all know,
being equivalent 10 about rcckoned in gold
Petroleum stocks little less active ut the first
board First National closed &c. higher than at the
samc time yesterday OIL Creek 3sc United States 7oc
McClntock and Mount Vernon were unchanged Bu-
chanan Farm Sc. lower, Excelsior SC. AT the Sec
ond board McClintock Soc lower, closing at IS so;
Empire City Sc, closing at SOC Oil Creek 25c, closing At
81 S. United States 20c closing at SO TO- Pthoe
Creek l0c closing at 81 75 Buchanan Farm closed at
s5c Germania 34c., Knckerbocker &c., First National
800, Rynd Farm 81 o.
The business at the Sub Treasury to-day was as fol-