The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-20
FINANCIAL AND COMMERCIAL.


80, Reading 1l4Z, Michigan Southern 1884, Cleveland
and Ptsburg 1874, Northwestern ts3 3oA, Fort Wayne
1884, Prairie du Chen s3I a. Ohio and Mississippi Ger
thcates 2sx At the first regular board the market
further hammered the great majority of the members
being on the bear side but notw outstanding prices were
fraction higher than the open board The European
advices by the Scotia reporting decline in Erie TO
so X Illinois Central 50 a s2is nve-twen-
ties 90 q 694, and consols 8Ss u, together
with the advance in the Bank Of England rate OF dis
per the 7th inst, produced an un-
settled Of feeling and checked operations Tor rise
Erie closed than at the second board yesterday
Reading X Michigan Southern Y, New York Central
TX, Cleveland and Pttsburg u, Northwestern u, pre-
ferred n Prairie du Chen IL. Government securities
were heavy Coupon hvetwenties declined II, issue
" Seven thirty notes Of the second and third series
sold at 9TK There was a sale of Western Union Tele
graph at 10.
AT the open board at one O'Clock the market was heavy
and unsettled
At the second regular board general attack made
upon market and in the rush sell prices declined
sharply New York Central closed Ia lower than at the
first board, Erie Ia, Reading Ia, Michigan Southern
~, Cleveland and Pisburg so, Northwestern y, pre-
ferred Rock Island Ia Fort Wayne l7s, Cumberland
., Ohio and Mississippi certificates Ia. Government
securities were weak Coupon hve-twenties declined u
issue, N sevenhirty notes, third series, s one
year certificates, Hak.
After the call the bears continued to hammer the mar
ket and at the open board halrpasi three portion
OF the list was a fraction lower New York Central
closed 945s Erie $50, Reading 1885, Michigan South
ern 7ls Northwestern 29, preferred g. Hudson River
105 Cleveland and Pttsburg 70 a. Ohio aud Mississippi
certificates 26k, Rock Island 107, Quicksilver 4sM.
Afterwards on the street, the market weak and
excited but towards dusk recovered fraction and
closed a shade higher than at the board
The money market worked easier than II has done for
week or MORE and the large houses had currency
than they could use The rate, however, strictly
per cent. 1t is not much owing to the dimn-
ished supply OF funds available for tho Stock Elk
change the strong disposition part of most of
the brokers themselves to put prices lower that
the market continues depressed Many of these have
fIroSn their own anAleir customers stocks overheard
and DESTROYS Of buying them back again as low az
possible They also short of considerable amount
besides and the short interest already very large is
creasng rapidly The result will be llat the market
thus oversold, will reco, and there will be gen.
eral rush to "covern The bulls who assisting
the bears, will suddenly turn about and assist the re-
action. The advance in the Bank of England of dis
count will tend to the release of funds employed in
the cotton and produce specuatons here by lowering
prices and stimulating exports Many of the speculative
aolders of cotton, provisions and breadsufs in
debted to Europe and will be forced ship in order to
meet the demands of their foreign creditors This, in
turn, viii force produce forward from the West and
peTe the money there. causing return flow Of
currency towards East which the West is largely
indebted There is nothing however, in the present
condition of things indicate that the decline in tho
prices of produce will be sufficient to create panicky
state feeling either here at the West Speculation has
carried prices very high and resulted in large hoardngs
the great demand upon the oanabc resources
of the Western the consequent withdrawal OF
their balances from this points, but the spectators
afford sell at lower prices and It would In
duce healthier trade If the movement Of pro
duce FASTENED blythe curtamen, OF none
tary facilities The bears the Stock Exchange argue
that IL there is fall in produce the spectators involved
will be compelled to sell their railway securtes but
this argument has very Limited scope In
the first place, many of the Western spectators
who held railway securities have already sold them,
owing to the pinch in the money market, and only
small portion OF their number remaining hold any, and
these aggregate amount small as to be mere drop
in the bucket comparison with the existing short"
interest In the market
The government throwing its influence in favor of
monetary ease and against any sudden fluctuations Of
market values knowing that their sudden dis
turbance, either for a rise or fall, is attended
with more or less disaster. The sub-Trca.
and ready to promptly accommodate both the creditors
and debtors OF the government dsbursed s60S 900
account OF the temporary deposit line today,
$500 900 OF which upoa Clearing House certificates
That the fall u the price OF securities is not caused
wholly by monetary srngency is sufficiently evidenced
by the course Of the market this afternoon.
The demand for discounts Is active, and although
prime names taken per cent, there is more
business done at 0 H.
The gold market opened firm 1897, under the
from Europe but towards the close OF
TO l46 partly under that the Sub Treasury
going receive gold deposits, and issue certificates
therefor although what influence that exert
upon the premium It Is hard to Moreover the
Treasury Department has yet decided to adopt it,
good reason why 1t ever should The law OF
March 1s03 empowering the Secretary of the Treasury
70 receive such deposits, reads thus:--
Sec And be IL further enacted that the Secretary of
She Treasury hereby authorized TO receive deposits Of
gold coin and bullion with Treasurer any Assistant
treasurer OF the United Stacs Ia not less than
twenty dollars and to issue certificates therefor IN
denominatous OF not less than twenty dollars
each corresponding with the denominations Of the
United States notes The coin and bullion de.
posted for representing the certificates Of
deposit shall be retained in the Treasury for the payment
OF the demand Aud certificates rcpr, senting
coin in the Treasury may BIO issued in payment Of inter
est on the public debt which certificates together with
those issued for and bullion deposited shall not At
any time exec ID twenty ccntum beyond the amount
Of coin and bullion in the Treasury and the certificates
for coin bullion in the Treasury shall be received ut
par in payment Tor duties imports.
Foreign exchange stronger and in better demand
Bankers bills at sixty days quoted ut 1929 a.
The further advance IN the Bank Of England Of
discount TO seven per cent aud the absorption OF gold
and notes which caused IL, alike unexpected in tho
the English money market; and the latter was mainly
attributed in part to the disbursements Of autumn
tourists but particularly, we Judge 70 the active
alone at Liverpool during the fortnight prior 10
the Scotias sailing are stated TO have rep.
resented the sum Of twelve millions Of
pounds sterling The Of notes has inexplicably
TO some been brought down TO point much lower than
corresponding date of last year. when the rate Of