The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-09-23
FINANCIAL AND CONNER cIAL.


~~->~~>~~,~>-~ NJ tt
FRIDAY, Sept. 22-SPM
There was increased activity In the stock market this
morning and at the first regular board Erie closed y
higher than at the second board yesterday Reading r.
Michigan southern H. illinois Central n Cleveland and
Pittsburg ", Prairie du Chen ", Ohio and Mississippi
certificates n New York Central r. Cumberland y.
Government securities steady under renewed do
mand for export from importers, who prefer shipping
securities to RENTING bankers bills drawn against gold,
whenever there is prospect Of getting exchange
cheaper by that Coupon hvetwenties advanced
xaK, new issue u n. State stocks were firm. Ten
nessss skies sold at 49, Missouri skies 49, North Carolina
skies sou th@
At the open board at O'Clock the market firm
and active and the demand for Erie continued in anci-
patton OF the closing Of the books tomorrow. At the
second regular board 1t reapsed into comparative in
activity and Ere closed y lower than at the first board
Hudson River Y, Prairie du CHEN r. Cumberland u
New York Central and Rock Island were unchanged
Reading higher, Michigan Southern 4, Cleveland
and Pttsburg y, Northwestern ~ Ohio and Mississippi
certificates r. Government securities less active
Coupon hvetwentes OF the issue advanced q, ten
forties e. as
At the open board at half past three prices were
higher. Erie sold at ssx. Michigan Southern osh,
Illinois Central l2SK, Cleveland and Pitsburg 71I,
Ohio aud Mississippi certificates 2S Afterwards on the
street the market steady. a
The facility with which stocks are carried, owing to
the cheap and abundant supply OF money, avors specu
Iation for rse but the movements Of the market are
to considerable extent feversh and spasmodic Tran
silent strength is not inconsistent with inherent
weakness and, In the absence of outside support,
all prices beyond certain point bubbles blown by
speculation upon brokers' Market and the greater the
imitation the greater the subsequent collapse Ncverthe
less the disposition operate for in the street is
generally the precursor Of the rise ITSELF but the latter
is eventually lost under sales to realize speculation
for fall and they the losers who lag behind in the
race to buy sell when the tide The loss Of
is the gain Of another, and vice versa, and If
the whole body Of spectators Is composed
only of the brokers and professional operators stands
70 that their aggregate being conn
ually exhausted the Of their personal expenses
The losses OF the general outside public in Wall street
contribute TO the aggregate Of its wealth and replcnish
the Golfers OF those who make business OF speculation
ana IL were possible copne operations the Stock
Exchange to the brokers and professional specula-
tors now there, the result would be that within
long time they would have eaten up their own SUBJ
stance and that the prices Of stocks would decline in
something like the proportion IN which their combined
means OF carrying them diminished. The argu-
Prices may be forced higher, but unless spccu
Iators or investors come forward to share the
burdens OF the street and recruit the ranks
Of those who are alternately quilting
and ''bearing' the market, quotations must
finally sink, and especially under any pinch in the
money Market which they, in any case, will do when
ever the latter is felt Meanwhile speculation may run
the market up and down and up again; but is for in
vestors to consider whether they would be acting wisely
in buying stocks at present prices when, however
much higher they may go in the interval, they are
certain 70 be much lower before the year closes.
Petroleum stocks generally higher at the first
board than at the same time yesterday Webster ad-
vanced lc Watson 12c, Buchanan Farm loc, Oil Creek
&C. United States 40c. Pithole Creek was l0c lower,
First National 1c. At the second board Phole Creek
rose sOc, closing IS 20 Montana closed at s. IS,
United States (blo, SGT TO- Webster 81 S. Buchanan
Farm &c. First National 22c, Oceanic Soc, OIL Creek
81 %, Hcydrick &c.,
Loans at call made freely at a per cent but
the demand was brsker, and in the discount line there
considerable activity at and 10 per cent for
nnst and second class commercial paper
The gold market was friction lower than yesterday,
partly under report that tho payment OF the Novem
interest the vetwenty loan would DO anticipated
on and alter Monday morning next To-day the Sub
In this city made an Official announcement To
this effect The effect wil however, only DO felt in the
increase Of the floating supply Of CON- which will exert
but slight and temporary influence upon the premium
The amount to dsbursed Is SIS, 1877 0s5 The opening
price was I43x, after which it advanced u, and re-
NAMED steady at 1881 during the rest Of the day
Fore;n exchange was weaker, and bankers bills at
sixty days offered ut l09x l09X
Tho mporations o. dry goods at this port during the
week ending September q ompare follows with those
Of the previous week.