The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-15
FINANCIAL AND COMMERCIAL.

SATURDAY, Oct. 1A-eR n
IN. nocx market opened with firm tone this morn
ing and a. the first Of the open board the I'm
proyement Of yesterday afternoon was fully maintained
Reading sold at III, New York Central lolH Eric slh
Hudson River 1884, Michigan Central ll5H, Michigan
southern 7e,1, Rock Island 1o94 Cleveland and Pitts
burg 7s1s, Northwestern SIX, preferred o5X, Fort
Wayne 1914 Prairie du Chen 641s, Canton AZ, cumber-
land 47 Quicksilver 50 At the regular board prices
receded fraction on a portion Of tho list, Read
ing closing e lower than at the second
board yesterday, and Cleveland and pittsburg Il.
Erie closed y higher Hudson River l, Michigan South
ern l. Northwestern preferred Il, ROCK Island "a Fort
Wayne IL, Prairie du Chen T. Government securities
were nearly steady Coupon hvc-twenties Of the new
issue declined ~ seventhrty notes OF the second series
u. There was a sale Of the third series at 9SH.
After the call there general advance which
well supported at the o'clock open board. New
York Central closed at l0lh, Erie ga, Hudson River
lOS Reading 117l4, Michigan Central 1853, North
western 3lS, preferred co.'s, Michigan Southern 77,
Cleveland and Pttsburg 79, Rock Island lo9i Prairie
du Chen e5s, Ohio and Mississippi certificates 2e5s,
Cumberland Al, Quicksilver 494 Afterwards, on the
street, the market closed steady.
There was much less monetary pressure and hehter
demand for money to-day than either Thursday or
Friday call loans being made freely to houses IN far
credit per cent? and next week the continued dis
burscmenis of the subTreasury account Of the tenn
porary oan will be likely restore the money market
1t this centre easy condition But for the machna
tons of certain interested parties with view 10 Great
ing artificial stringency the pinch would not nave
been severe upon the overloaded weak houses ana
operators who were in most carrying about three
times much stock prudent regard for their own
interests would have dictated. These stood up with
great mnes considering the pressure that was brought
70 bear upon them II should however, not be without
ling M IN brOk arc
and spectators seems to BIO moro decidedly "bullish"
than il has been since the present speculative activity
set in and with the monetary ease which may be ex
pected there is every likelihood Of their acting upon
their opinions TO extent which will stimulate rise
unwaranted by the real values of the stocks dealt in,
and hence there is danger Of speculation like vaulting
ambition overlapping itself and inviting reco which
will carry prices below their real value Stocks are
doubtless cheaper than commodities, but the latter are
too hgh and because they necessare and therefore
must be obtained for use, matter what their price
may be- that furnishes absolute why stocks,
which necessares should participate in the gene
raj rise which speculation and other causes have COM
bined create for il it did IL would be the principle
that two wrongs make right 1t is not 10 be concealed
that the price OF every leading article of domestic pro-
duction has been advanced by speculative combinations
far Of the depreciation Of the currency the
supply but the spectators who unduly advance
prices will be the real sufferers in the end speculation
only succeed when anticipates real values Railway
shares have advanced with the paper many times al
though not TO the extent; but they already
FOR the most part selling for than their present
worth Their prospective value is, however, much
greater and there is doubt that ultimately all the
dividend paying railway securities in the country will be
bought up Tor investment This OF course affords
basis for speculation and strong argument in favor Of
every But II must not be overlooked that before
the leading speculative stocks withdrawn from Wall
street they will experience very many mutations in
value prices being great extent speculative and
varying with the inconstant tide Of speculation.
All this is however, Of no interest to the great majority
Of the Stock Exchange outside operators Their chief
about the OF cliques and the state
Of the money market whenever strngency threatened
They nothing whatever for the real value Of stock
promises 10 reach higher figure that by buying
day they sell at aproGt another The only
object q siockjobbng as q matter Of course is mere
moneymaking. Hence, regardless Of real values,
fever Of speculation for a rise has broken
out the Stock Exchange, and after a long
period Of dulncss the old symptoms which
marked the spring OF 1864 again appearing the
surface the disposition bul stocks 10 strong
With easy money market. therefore, stocks
can hardly rise till the bull movement exhausts
itself when the bears viii rush in to undo the work. and
sack.
The upward movement in the stock market will be as
sisted temporarily by the short interest created during
the last three days Many Of the 'bull' brokers
have sold customers stock and hence they
IN same position the sbearsn for the time being
There large amount OF stock borrowed during the
day, which gives cue to the state OF the market.
The gold dull and barely steady and where
loans were not made Fat interest paid for having
coin carried The opening price was 1445s from which
thtfe Vas decline TO l44,s - at the close OF business
The export Of specie aggregated 36o1 s2s, Of which the
steamer Allemania took s43l 4el and the City Of Wash
ngton $170, i37, making for the week $50, no.
Foreign exchange was quiet The renewed shipment
OF nvewencs Erie and other stocks, is creating good
supply OF merchants bills which selling l0ss 100
The amount Of cotton bills offering is at the same time
argcr than usual It estimated good authority that
twenty thousand bales will be shipped within the next
fortnight which, calculated at Gao per bale, will
mako 100000 Of exchange. Bankers bills at
sixy days arc quoted at 1895 1901. The import
Trade shove revival The gold value OF the imports for
the ending yesterday having aggregated 50 ei2
gold This neutrazes the effect Of the increased
pors going forward.
Petroleum stocks were moderately active al the first
board and lc soc higher than at the time yes
terday, the largest advance being In Brevoort, which
closed al sl3 Pthole Creek closed at 81 50, Webster
81 o5. Shade River 81 20 Bcnnehon Run ST. Buchanan
Farm &c, Bradley 81 80 Excelsior s0c First National
sec., RyDd Farm ~, United States %. 81 $40 90
We have received the following communication In re-
ion TO the circulation Of the old OF country banks
IN this locality. We inform correspondent that
sbe evil, " such be, viii pass away as the state
hank rapidly giving place the notes Of the
national banks and in year two the old bills will be
curiosity
HrRALp
Won would render great service TO the community "
you would your powerful Influence 70 do away with
ahe circulating Ia York and Brooklyn % the notes
az country banks except those OF The national banks
The loss the community by the circulation OF these
nstcs very great because nearly all the countcrfeits
ere those Of country BSnk notes II We do away with
thc circulating Of these the profits OF the councreers
will small VI the circulation OF these