The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-09-24
FINANCIAL AND COMMERCIAL.

Central was unchanged. Hudson River was u higher
Reading "a Rock Island a. Ohio and Mississippi certih-
Gates u. Government securities were steady. State
stocks were firm Tennessee skies sold at SD 81 Mis-
souri, SKIES at 76lS 76a4.
enabled the States of North Carolina Tennessee and Mis-
souri, to address themselves the question Of their nan-
cial position They have gone far already be de-
vising plans adjusting the unpaid interest Of four
years and half with view to resuming regular half
yearly payments The effect Of this is seen in the re-
steady advance the market price OF their secur
ties Omitting the Hannibal and St. Joseph issue Of
Missouri bonds and the s1o00O 900 Of debt which the
Comptroller Of North Carolina reports incurred during
the warthe former because the road has paid the inter-
est, the latter for different but obvious reasonthe
Of six per debt Of these three States is found
to be as folows:-
North Carolina. go l2o sos
lenhessee lo,vtSUv
'ssouri |A'@7"Vo0
Total .................. s44. 34l sos
On the whole Of this amount there overdue four and
half years. interest-twenty-s per cent-which
again carries average interest OF two years and quar-
This unpaid interest arranged and payment
sumed with fair prospect Of regular continuance the
bonds would be again the security which they five
years ago Tho adjustment will most probably BIO effect
ed by funding the coupons in arrear-a compromise
has been the with railroad bonds similarly situated
1t is therefore important holders consider what
price the bonds will sell when circulating
without overdue coupons and with a reasonable certain
ty of regular payment OF interest In the future. On
this point the experience gained before Ithe war
hardly applies. The immense mass Of United
States securities negotiated since 1861 has pro-
badly made it impossible for State bonds to sell
well they would otherwise do. But there is a
guido at hand in the market price of the Hannibal and
St. Joseph Missouri bonds excepted from the above
list On these bonds the road has flrnshedor by its
agreement 1t bound flrnish-the money to pay
the interest the State bonds lent to H. and in this
condition they worth so to So IT, therefore,
the settlement OF back interest should place the den
quent bonds in the same position with the Hannibal
ISSUE holders might look forward price Of nearly so
for any Of their bonds that the bouds issued in lieu
OF unpaid interest would accrue TO them Us clear gain
the market price at present Accordingly IL Is Tor
holders give ali facilities to the three
their arrangements for settlement such will
be requested by advertisement But, at tie best such
will take considerable time, aud there is
nothing present Justly any further immediate i'm
provement
At the open board at one o'clock the market was
rather heavy New York Central closed at 1914 ts3 Eric
SIX, Hudson River 100 Reading l09I, Michigan South
6S1S Cleveland and Pit,sbg II, Rock Island 1924,
Northwestern s3) 27zs preferred Gls, Fort Wayne 9s%,
Prairie du Chen a. Ohio and Mississippi certificates
2sa, McGregor Western Railroad Is, Cumberland (b3)
451s, Quicksilver 3 4s%, Canton Company 404. Five
twentics OF the old issue sold at 1885, Afterwards
the street the market 4 per cent lower; but the
recovery quick, and especially in the of New
York Central winch at halipat four had advanced to
94A 95. Eric at the same time quoted at s7ys,
Hudson River 10s Michigan Southern So, Reading 1929,
u;nc;c Doct Nnrth cforn
g. Prairie du Chen 81 and Cumberland ASK.
Petroleum stocks were rather heavy the first board
Pthole Creek Csc lowcr than the time ycscr
day, closing at So Is. Webster closed at 81 g. New
York and Newark 81 so, John Anderson 81, Central
$40 Excelsior &c. Germania 24c, Mount Vernon Soc,
Montana IS 80, OIL Creek So Is, United Petroleum
Farms 2ec, Tack Petroleum 3Sc., United States (b15
$27 10.
There is a little activity noticeable in tho money
,arket owing TO the brisk demand for discounts which
IRE made at and 10 per cent according to grade.
gall loans have been made at per cent, and there
lro more the latter than the former rate
In the gold the premium experienced further
decline The opening price 1881, from i'h there
was steady sion 1884 at which stood a; four
p NJ This Is doubtless In Part due to the moral more
than the material effect Of the anticipated interest on the
coupon fvetwenty bonds. Although those who desire
may thor and after Monday morning
the 25th inst IL is probable that a few will fail to
avail themselves OF the privilege while the greater part
OF that due to European holders will not be drawn for
several weeks to come, in consequence OF the
absence coupons which win no, be sent forward
in most cases until the anticipation OF the inter-
est becomes known the other side Of the Allan
tic. Again, much of ina, drawn by local holders
will not find way into Wall street immediately; but
much as does will tend the supply Of cash
gold which il now sufficiently for loans TO
mand 132 per day, Notwithstanding the absence Of any
considerable amount OF speculation outside Of the
Groom The shipment OF specie to-day aggregated
S3lO $50 of which the America took out 1850 and
the City OF New York s223 900, making for The week
se4e,oi2 The steamer New York from Aspinwsll
brought loss, ST. in gold
Foreign exchange dull at yesterday rates
There Is still strong disposition TO defer rentanccs
among importers. This Is owing to two causes, Of
which is the profitable uses 10 which money be
applied In legit mate business this side, and
the belief IN foreign exchange being largely in
our favor in the future. But II must not be for.
gotten, that although have survived the with
wonderful degree OF apparent prosperity, that u Is,
nevertheless, to fictitious II has inya-
rsby been the case that In oil paper money eras ap
pearances have been 10 great extent deceptive, and
that reyulsons have been Of frequent and always ud
den occurrence A British historian, writing OF the
imitation which preceded the panic of 1928 in England
thus speaks Of the manner in which the foreign
changes were Affected
This advance Of prices, and as mos people gnoranty
deemed IT, OF prosperity, went ON unchecked
oil tho autumn OF the memorable year Of 1925. The
enormous quantities of manufactures forced by specua-
tors abroad balanced, nearly balanced The imports,
great they werc up 10 that period About the mont
Of July however the exchanges became nnfavorablc,
ana thesc symptoms becoming stu more vruent The
bank drsc;s became alarmed at length, end by means
Of private sales Il sxchsdY ps began 70 drsH in Their
notes. was late however, 10 avoid criss, aud
perhaps tho most perous that the system had yet en-
countercd The enormous surplus Of imported goods
10 be paid for For this surplus bills Of exchange
could not by possibility be obtained. The draw.
OF bills Wy trade exhausted,
tho bills drawn against exports were all RENTED
and for the balance gold Of necessity 10 for the
foreign loans Being In great part rem'cd In silver the
country In 1928 and 1894 pretty well sisprcd OF
that metal AZ soon the demand for gold became
Marked decided and pro.r seve the bank, In aar m,
.rai a.. - "a 49,. L.. ... III. e. ~ s.ari