The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-18
FINANCIAL AND CONNER GAL.

rurunAy Oct lT-eP y
The stock market ives heavy ~ the ten oc'ocA s'on
q the open board apd cash sock and sal" sn
pressed for sale In large amounts ~ we -" 49,
hoard n vas unsettled and there Wa TURNER pressure
20 se New York Central closed ~ lower shan - me
second board yesterday, Erie ~, hnoson hiv6 ~,
Reading X Michigan Southern IN, Oeveiand ana F1ss
burg n Northwestern q, Fort wayne y, onio ana NJ
sissupi certificates " Quicksilver r. Government ~
curities continued 70 decline oouPon nsos"o""e' were
" lower, ten-fortios u.
After the call the market improved 4 PR cent and
then reapsed and at O'Clock open board prices
were fraction lower on all but Reading. At
the second regular board the Pressure 70 sell
abated and quotations advanced View York Central
closed X higher Reading ", Michigan Southern y,
Northwestern n, Fort Wayne y, Quicksilver r. Cleve
land and Pttsburg Northwestern preferred, Ohio and
Mississippi certificates and Cumberland were unchanged.
Rock Island was u lower Government securities were
stronger. Coupon Avsswsnties advanced H. Seven
thirty notes Of the third series sold a. s7H
AZ open board ~ halfpast three the market was
frmer Reading scld at 1loX, Michigan Southern TAX,
New York Central 49, Erie ok, Hudson River 107 Az
forwards the street. the market steady with
improving tendency.
There has good deal Of hammering done to-day
by bears and they have been assisted by Of
the bulls, who are buying for fresh upward
movement large amount Of New York Central passed
in this way from weak into strong hands, where 1t Is
being gradually accumulated with certain object In
view 1t s well understood that efforts will before long
be made by parties interested In the Hudson River and
Harlem roads obtain control Of the New York Central
but there s every likelihood that they will DO stubborny
resisted
The demand for money continues active, but tho
activity natural to the present Of the year has
been aggravated by artificial Influences Brokers
short" Of stocks have gone round to the banks and
other lending institutions and borrowed large Of
money for three and four days. and paid interest
on the same without calling for IT. The money thus
left with lenders could not be loaned to other parties
during the time specified. because the borrowers might
call for il at any moment In other cases large
have been withdrawn from the banks entirely and
lodged in the Sub Treasury and Office safes When the
made their exchanges at the Clearing House this
morning it noticeable that one OF their NUMBER
prominent institution in Wall street-showed loss OF
81, 800 O00-an unusually large sum, of course, and
directly traccablc to hear operation. Some Of the
bears reported to have offered for effect, among
themselves to pay seven per cent in gold
for oans bat houses good credit obtaned all they
quired the legal rate in currency and the market
generally found to be easier The SubTrcasury is dis
blrsng daily OF the temporary loan but the
banks are reluctant or their Clearing
House certificates than is absolutely necessary. The
loanabe of the banks limited by far the
greater portion OF their loans and discounts
scented by thirty notes, year certificates and
other government securities The Of the stock
exchange mainly supplied by the private bankers and
the brokers lending to each other and and more
| the latter are becoming their bankers.
The volume Of commercial paper Offering for discount
although considerably larger than II was few weeks
ago, nsigndcan, In comparison with that Of former
is
There perhaps division or opinion with
regard TO the actual of the loan market than there
at present and stringency being alternately met
with While weak houses have been paying seven per
cent and a commission for money and with not enough
ut that rate others have than they require at seven
and Of their six pr cent loans have been called
| In. I'll sc inequalities viii inevitably b. reduced
by shc present PRESSURE and uniform and moderately
easy per cent market may be looked for. This
high " attracting capital from private hands into the
street. and there is growing indIspoeon both here
and the West TO lend TO the spectators in produce,
| every article OF which Unfortunately high.
Geld opened Grm n 145Z and advanced steadily 70
l461s, after which reapsed TO l46 and closed at l4e
Foreign exchange arm and in moderate demand AT
lo91& u for bankers sterling At sixty days
Petroleum stocks rather heavy at the first board
Pboe Creek closed Csc lower than the second board
yesterday, Buchanan Farm &c., United States soc First
Ndtonhi AuNubCtu &C. nv tne hcConu DoaSu " WINS uui
alta decline Piihoe Creek sold at 81 60 Shade River
81 90, waison IS, BennehoG Run $l3, Buchanan Farm
Is 10 SIC, Bradley 81 49, Hcydrck Brothers 9oc, First
National a., United States $2s As.
The chief why the great majority OF petro-
eum stocks bsre either market value or very
low one that the companies issuing them organ
lied as mere speculations on plan which would give
the promoters tho largest possible amount Of money,
regardless Of the future development Of their properly
In many nothing reserved for working capital
and in Others only certain amount Of stock, which
might prove unstable and therefore valueless
most II did The lands belonging hundreds OF
these petroleum companies lying utterly neglected,
because the companies owning them are unprovided
with the necessary TO Their development The
stockholders would be unwilling 10 pay assessment
on their stock 70 furnish the latter; but NJ
the time the lands Belonging 70 q
large number Of these companies could be worked with
profit Here, thea s opportunity for joint stock
company 70 commence operations by buying working in
tercts in these neglected oil lands and developing their
resources This would give imPesus 10 petroleum
mining which would probably b attended with import
ant commercial results t
The recent disbursements Of the subTreasuy % 60
count Of the Temporary Iean exclusive or to-day,
reported ~ follows:-
October e.....- $4,000 October A.. 500 900
October 7........ 5000 October IL. llO2OOO
October p........ 522 90 October N....... $4,000
October To- 9o0 900 October Ia. l000000
october ll.:s..... l44,OOO