The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-24
: FINANCIAL AND COMMERCIAL.


prices were fraction higher than at the close OF business
ON saturday Al the regular board there further
advance which lost as the call progressed New
York Central Cleveland and Ptsburg and Illinois Gen.
trail were the strongest stocks the list the latter
mainly in consequences Of the advance IN Ledon TO SO
ssh Erie weakened under tho declinc In London
TO IS a5sI. New York Central was ia strong demand
from parties supposed 10 be acting for well known and
influential capitalist who is looking forward TO the control
Of the ROAD, and closed IL higher than at the first
board on Saturday, Erie 70, Hudson River l, Reading l,
Michigan Southern e, Illinois Central a. Cleveland and
Pit,sburg "a, Northwestern y, Roc Island ~ Fort
Wayne ~ Prairie du Chen ", Ohio ana Mississippi Ger
fihcates Il, Cumberland Ia, Quicksilver l. Govern
ment securities heavy aud inactive. Seven
thirty notes, OF the third series, sold at
o. The quotation Of 6Sk CO FOR hvttwentics in Lon
don ,cndd deprcss the gold bearing stocks At the
open board at one o'clock prices recovered portion OF
the decline which took place after the first board and
subsequently the street. there WINS good demand for
stocks Al tho second board tho marke, very firm
and active. New York Central closed n higher than at
the first board, Erie n Reading III, Michigan Southern
r. Cleveland and Pttsbur "a Northwestern preferred
a. Rock Island x, Fort Wayne l, Prairie du Chen a.
Ohio and Mississippi certificates q, Cumberland n
q cksiver " lower Government securities were
shade Grmer. Coupon hve.twentes advanced u.
At tho open beard halfpast three tho Improvement
cont nued New York Central closed on the call a, 81
Erie $751; Reading ll5Ji, Northwestern 3o4 preferred
oi;., Michigan Southern Tx, clcvsland and Ptburg
7SH.
The market continued bnoyant Till the close Of bus'-
ncs ASP. b. New York Central was quoted at 97il,
Erie S6h, Cleveland aud Pittsburg 1884, Northwestern
o. Reading li5ys, Rock Island 1887. The offer
OF tho latter company 70 purchase the Mis-
s,ssipp and Missouri river road for FIVE millions
and half is under consideration by
the stockholders and creditors OF the last named,
and meeting OF some Of their nunbc upon the subject
was hid on Friday last This was OF course purely in
formal, and owing to the difficulties Of getting the MS
ssspp and Missouri bondholdcrs agree upon scale
Of monetary division 1t is doubtful whether the ncgoti
ton will be completed The bonded debt OF the road
aggregates 26%ol, $50 Of which 81 600 coo seven
per cent first mortgage convertible bonds 800 COO
second mortgage sinking fund; s6ss,550 rst mortgage
oskaloosa DIVISION So Cl2ooo lt Immigrant mortgages
s6si 900 second do. Tie following distribution Is
ported 10 have been agreed the meeting rcfrred to-
the event Of the offer Of the Chicago and Island
Company being aeccpted:lst Mortgage bondholders,
Eastern division, including income bond and also inter-
est up to Jolly l, ls05-par I'd. Mortgage bondhod
ers, Eastern divson-SO per cent on S4oO 900 bonds
oskacosa division bondlolders including income bonds
and scrip-s2.. per cent. Land grant bondhod-
ers, ncuding income bonds and scrlr--.o per cent
Coilstructoh OoLdlQlicrs-J0 per cent.
Stock--l6 per- cent
The money market has worked with greatly increased
cas- on the $40 Exchange ,o-dsy, aud there was
confidence shoAn aEiong lenders than has bcc visible
during the last fortnight Borrowers obtained all the
money they required upon ordinary margins at
per cent, and there complaints OF sirngency
The recent fall in prices combined Win the Withdrawals
cunt 0. the temporary iron, he Sr Treasury
and the high rate Of interest," has had very favorable
effect upon tho market, Tho ia;or attracting capital
for employment towards t!s point and al tho same
time j. no, ceabie that The drain west
ward and southwark IL aba.ing The European news by
the Hlbernnn, which, In accordance with prognos
caticn, "a Ia 10 bFas adsanc. In the Bank Of England
rate Of disco NJ, exercised soothing inancnce upon
financial aud coinmcria alta RS, and parcuarl, in
sequence of the rnness OF the Liverpool market,
the staple having advanced I'D during the week prev
oHs - The steamers departure.
The haus sGatearnt although indicating BY its figures
the en- string nrr, favorable than IL was
generally sarrosrd u weu;d be. The IT, oa6
Ia dcpoa;s q mainly traceabe 10 the Withdrawals of
currency for transmission westward and southwark and
10 The drafts nr the Treasury upon Tie national banks
rhc comparatively HIGHT crcase &C s. 80 40 in the
legal tender line u owing The receipts from Tic Sub
Treasury account % temporary deposits Ths DIS
b.nuents Of The latter to-day rcgard 81 COS ooo Of
which 100000 In Redemption OF Clearing
Hossc crrtacsies The withdrawals since and
iacl svc OF Tho 9Th inst, have amounted 10
about twelve millions and the balance In tho sub
Treasury has declined from sos 10i $40 h 5tii
10 got a.J $40 To-day the rsy ncs nj the sub Treasu.
~ have exceeded. the receipts b. nearly mill
Tho bank hams sa5il, COS, which is
light in comparison with the reduction OF deposits
The demand or discounts IL less urgent bn, the vol
Of commercial paper Offering Is Indicative OF the
-
7as, and second best at 10 IL per cent There a
sensible abaenens OF the monetary s,rngcncy at the
West ami Eastern exchange at Chicago. Cincinnati and
other Local centres has advanced IRON Il discount
par with full dcuioud.
The derangc meat az tho past fortnight in the money
market furnishes lesson ah.c. oagh, not TO be lost
upon ITO Secretary Of the Treasury. While he
correct in hts views recardin. the adyi-ablity OF
returning specie payments ~ n- bcen made apparent
tnat tho contraction which must ircccds II should be
80 gradual M 70 avoid nlicting any shoe, upon the
sds industry % the country II took Great Britain
elsh, years from the me Of the battle % Waterloo to
resume spec rayrncls and even then discovered
THAI thc resumption had been unduy FASTENED, aud
rirs of vocui monetary mcFci commissions
che consequence and not I'll 1850 thai England
escaped fot her financial difficulties coneequcnt upon
approaching The currency to par. We have more na,u
raj advantages than had 70 assist in restoring the
carfoacy "a a soGnd baa.s bat, nj present while tho
trade nr the South anu The rest Of the country 10 recu
pcratng from the prosirang effects Of the late war. tie
currency ought ~ 70 be contracted more u one quarter
Il il expanded In another Thus the national banks
are adding the volume OF the paper money alost at
the rate or than three millions week, and they
have hundred mIEons moro TO issue, while u highly
probable that Congress will authorize another two or
three hundred millions OF national currency. to be
pioycd 10 the creation OF banks at the south This
dret inaatian and cognterposc TO II should exist
this form o. gradual funding Of al amount OF tho In
rest bearing equivalent 10 the amount OF the new
-ronry issues but This world result In The
me OF tho currency being kept nj present level,