The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-05
FINANCIAL AND COMMERCIAL.


under the efforts Of the bull clique 70 corner the
stock AT the first regular board New York Central
closed x higher than the second board yesterday,
Erie IN Hudson River l. Michigan Southern 90, Cleve
land and Pttsburg 2 Illinois Central !, Northwestern y,
preferred 2, Fort Wayne y, Ohio and Mississippi cor
tihcates " Cumberland 4, Quicksilver \. Atlantic
Mail sold at l40 Government securities were rather
heavy and inactive. Coupon ten-for,ies declined "
AZ the open board at O'Clock, the market con-
nued strong and animated At the second regular board
active, but slightly irregular Now York Central
closed higher than at the first board, Erie " Michi-
gan Southern IL, Cleveland and Pttsburg u, North
western ~ do preferred 2 Ohio and Mississippi certi
fcatss I r. Hudson River y lower, the heaviness
being attributable to declaration Of dividend OF four
per cent instead OF Hvo some were led to expect.
Reading was lower Prairie du Chion y, Cumberland
X Quicksilver n The transactions in Ohio and Misss
spp certificates unusually large aggregating five
hundred thousand Government securities were drmer
Coupon hve-twentes advanced y u, now issue y.
AT the open board, At half-pas three, the market
showed increased buoyancy Erie was in brisk demand
under the influence of foreign advces confrmatory OF
the report that the agent the company had negotiated
tho sale of $500 worth Of six per bonds The
price which they sold, rather borrowed upon
by one authority f70 by another at ELS
per fl00 They said for ten only instead OF
twenty years, and to be convertible at any time
into the stock Of the company ut the rate OF I'VE
shares of bond The terms Of the loan pro-
vide that no new Obligation shall DO contracted by the
road without provision being made for the prior payment
OF the principal and interest Of the present one
The stock sold at 90 the call, but afterwards ad-
vanced rapidly till 1t touched %, and then re-
acted to 91a Y. There is large out
standing sshortn interest In the stock, and
the bears seem poweress to stem the upward tide.
Thp mi rkatc efr0U
Erie was quoted at 81 u x, Reading 117H u, Cleve
land and Pittsburg TO- Northwestern 81 preferred 6S
Fort Wayne 9sh a q Ohio and Mississippi certificates
3O& x, Michigan Southern SO. The latter stock is
very the street. and it borrowed with diff
Guilty this afternoon 1t y u per cent per day.
Petroleum stocks moderately active at the first
board and Webster loscd higher than at the
time yesterday; Buchanan Farm &c. United States soc.
Excelsior &c. lower Gernana &c., Oil Creek l0c
Rynd Farm 12c. AL the second board they steady
Pithoe Creek closed at 81 95 Tack Petroleum 30c,
Bennchon Run s12 49, Buchanan Farm 81 IS. First Ma
tonal 27c., Oil Creek 81 20, Rynd Farm 81, United
Stats $50 70.
The gold market took strong upward turn the price
opening l44 and advancing steadily 1869 at half
past two II then began TO react and closed at l464
"a The supply for delivery is easy and loans are made
a 7 per cent. This sudden advance in the face of
the favorable exhibit made by the Treasury Department
and the conservative policy indicated by the funding
loan just placed upon the market, is source of
some surprise to many, and the almost involuntary
question put each 9th is, ewhat is putting gold
up2" There are, doubtless few in the Gold Room who
believe that the funding process referred to will have
tendency dcpress yetwenes abroad and induce their
return to extent But Il is not this erroneous in
ference which Is stimulating tho gold premium. 1t Is
the fact that while imports range from five to
nearly eight millions week In gold value,
exports at the rate Of three millions less
per week in y're, those for the week just
ended having been on g. 4ls,52 Nor is there any
immediate prospect of in seaport trade
or dminution in Imports. The prices Of all the
leading brcadstu!s and provisions range higher in
this market than at Liverpool, and cotton hardly
allows of profitable shipment. Moreover,
have superabundancc, yet, offering at
the seaboard Under these circumstances IL is
pay tho difference between the credit and debit sides of
foreign accounts II is that the amount of gold
in tho banks Of this city and the Treasury large ths
amount in the latter September 80 having been
$50, 740 7SS, After AZ IL TO be Inferred, deductng
$ls AIS for the payment OF the November coupons
and that the banks hold than thirteen and
half millions But the amount elsewhere in
the country is small, the private boards
having been to great extent absorbed The funding
process begun however, promises to counteract the
effect Of the national bank issues and ultimately to
lower prices and improve the credit Of the government
The very prospect of this result meanwhile gives
fresh impetus to speculation for a rise; for 1t is
sufficiently remote TO allow Of intervening
period OF naton and Of this the SPECTATORS, who
all the infatuated in consequence of being menaccd
by danger eager avail themselves. On the Stock
Exchange this is particularly the casebusiness having
been extremely dull for long time previous to the
and the necessities OF weak houses and professional
spectators having become urgent Even there is
very little outside support to the market and prices
already above real values But history has taught that
prices not the criterion Of real values in paper money
times
Foreign exchange arm at 1929 q, second
board for bankers sterling sixty days The drawing
rates arc, however, y = higher The steamer Aus
traasan took sl2G 500 specie The fractional adj
vance Of nvctweniies 20 6s, 80 may induce further
shipments OF these securities
The money market active than OF late,
owing the increased demands OF the stock Exchange,
aud the rate call was six per cent, with
very few exceptions. Tic discount line continues fairly
tive II Is noticeable that the demand for money in
the Western cities has recently induced considerable
sringency, which, however partly owing to the call
ing Of loans by the ona banks order that they
might improve their exhibits Of cash in hand in their
quarterly statements made up TO the I'd inst.
The Persia advces show that consos continue dull at
s9h A. and that there very little speculation In the
English funds. Erie active and there every
likelihood that this stock will be strong demand
in England owing to the reports Of the English capital
lists In this country.
The First National Bank has bee admitted into the
New York Clearing House by nearly unanimous vote,
and the National Currency Bank has declared quarterly
dividend Of fifteen per cent and added ten per cent
10 its surplus.
The following Is comparison Of the principal items OF
the public Indebtedness according the last pub
lshed statements Of the Treasury
August 81 September 30
Debt bearing int In coin 81 $40 19l s1,1665s i9l
Debt bearing interest In
lawful moncy........ 1,27447S, l03 1,260, 00g 100
Debt on which interest