The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-07
FINANCIAL AND COMMERCIAL.

Y,
Pittsburg a., Northwesrn u, Rock Island ga Fort
Wayne 8, Ohio and Mississippi x. Erie was y lower,
Michigan Southern u, Cumberland u Quicksilver was
unchanged western Telegraph sold at rs Government
securities inactive. Coupon fvctwentes or the
old issue were steady. The new issue declined q.
At tho open board O'Clock the market was de-
pressed by sales TO realize induced BY break in gold
consequent upon sale Of coin by the Sub Treasury.
Afterwards on the street prices were unsettled and
at the second regular board tho market was
feysrish. New York Central closed TX lower than
at the first board, Erie 2}s, Hudson River *
following q per cent for the semiannua dyi-
dend) Reading r. Michigan Southern y, Illinois
Central u, Cleveland and nttsburg Az, Northwestern
NJ preferred az, Prairie du Chen x, Rock Island e.
Fort Wayne ~ Ohio and Mississippi certificates 1,
Quicksilver 1 Cumberland unchanged. Govern
securities neglected Afterwards the street.
thirty notes OF the third series sold at 9S a.
In regard TO the latter correspondent asks ''why il
ia that they two per below par while green
backs good for their face the security in each case
being equaf' The answer is. because the one
liz legal tender, whereas the other is not.
and seven hrties alike with other government secur
ties not legal tender uctuate with the market Our
correspondent continues:-'T, with many others, was
induced by the representations OF the government
through its agent purchase under the belief that
cents per day. but trying to my note into cur
rency found that could only get nncy-nnc dollars
and thrtyseven cents for it, interest included The in.
referred applies TO the accumulation OF interest
only and whoever wishes 10 convert securities Their
maturity must be content to do so at their market value
At the expiration of three years from their date the
thirty redeemabc in currency or con-
vcrtibc into SIX per gold stock at the option of
the holders II Is natural that some of the working
classes who have invested their hard earnings in these
notes instead Of depostng them in savings banks,
should feel disposed to complain the discount
but there Is no reason why those who in
tend to hold them should regret their Investment
At the open board at fpas three the speculative
stocks continued to give way, Michigan Southern and
Cleveland and Pittsburg beng specially weak The lat
ter sold down 10 1915, Cleveland and Ptsbarg 8l2S,
Now York Central 9s7s Erie s9s, Hudson River ts.3)
1919 Reading l16 Michigan Southern 1855 Rock Island
no. Northwestern 30 preferred 65 Fort Wayne 90, NC
Gregor Western (b10 23z, Terre HATTIE and Alton 3s,
Ohio and Mississippi certificates 29 Canton a. Central
Coal d. l0 IS, New York Guano 1914 Quicksilver a9H
Afterwards on the street. the market was steady. At
Ave O'Clock Michigan Southern was quoted at 1914 Ere
s9ss, Ohio and Mississippi certificates 29N Cleveland
and Piltsburg 50 Reading 1f6A
Petroleum stocks moderately active at the first
board Pthole Creek closed ioc lower than the
the second board the market steady Webster closed
81 Is, Bennchor Run $i2 80 Buchanan Farm 81 os,
Excelsior $50, First National 27o Oil Greek 81 20,
Rynd Farm Sac United States $50 s.
Tho gold market has been active aud excited. II
opened strong I471 and rapidly 10 49, when the
Sub Treasury began selling some OF It's SURPLUS The tide
instantly turned under general rush TO sell and the
prce fen from the highest price touched TO l46 within
hour II subsequently, reacted l474 but rcIaps,d
to 1885, at which 1t closed The sudden rise u part
attributable speculation based upon the heavy demand
for customs duties and the prospect Of legitimate
carrying the premium higher
The money market active al 8aT per cent, and
several Of the banks notified their customers they
had advanced the rate for loans call per cent
This gave courage the bears the Stock Exchange,
and caused many Of the bulls TO realize.
From the opening OF business in the morning ID
observable that the supply Of Michigan Southern stock
larger than yesterday, and that the Corner giving
way and and after the first board the bear Clique
Erie again showed itself and did considerable execution
The reaction greater than was expected 10 day,
aud desperate efforts will doubtless be made TO rally the
market which viii probably be less successful,
for the rise OF the past few days has brought in
OF outside spectators who almost invariably operate
for q rise al operators lean naturally, TO the bull sid
and is generally not until experiences has taught them
some severe lessons that they become bears" in self
defence The present prices Of most of the speculative
railway stocks above their real value and there is
no change ia lie condition or affairs Of the
roads they represent warrant the sudden rise
To argue from This point OF view however, while the
spirit Of speculation IL rife aud money be easily
borrowed would be useless The motley of stock
jobbers knows little aud cares less about the merits
den,cr's OF tie stocSs dealt in. period Of spasmodc
activity has followed the chronic dulness which rcgned
for month IN Wall street. and in the end host
al outside adyen,rsrs viii have 10 safer under heavy
burdea OF bigh priced stocks, held panicky'' mar
ket But 50rtrno the brave" says the pfovcrb
and every ncpes 20 get ont before the fabric
reared By speculation falls upon lis vctares bit in nine
81 ton ,he sins Tall shout hs ear, before
he has time 70 escape ...e. ...t...4., 49, n.
Foreign csehange was dull at iooss * ipr bankers
sterling at sixty days The leading drawers az y
The exports OF hreadstuiis and cotton likely % be-
lighter II Tho .sr,aer there i nduccment
snip auythng out Indian and oats. The stock Of
winter wheat hayira fallen about forty millions Of
bushels below theassrsgc crop II very scarce and
rose about nc per bashei TO day There y talk
on the Corn BxcAng Of importing from Liverpool some
OF the latter which exported from this side; but
this hardly likely I've further rise to-day in al kinds
OF brcadstas prov sons aud cotton tends to discourage
exports and indirectly to ADVANCE the geld PREMIUM
tho latter being both a cause All a Consequence.
The funding loan promises 70 absorbed before the
end OF the month and almost exclusively by the CONVEX
sion OF compound interest notes We lvo per cent
notes and certificates o. Indebtedness aya able a. sub
scriptioas mature carly 20 make then Inversion
valuable TO the holders
The trustees OF association intended to c,mpcte
with existing express companies, and called Tho National
Bankers Express Company, held in this city yes,er
day and completed their organization The company i
said to have 8 capital OF ten millions subscribed
The importatons Of dry goods at this port during The
week ending October compare follows with those
OF the previous week
sept 49, Oct 3D.
Consumption. Pigs. Taiye Pig, yoive.
Manufactures OF wool .2s1s 81 iaa60T s6i f795 223
Manufactures Of cotton. $50 $50 73T o3T 81 J42
Manufactures OF silk. -. 734 $50 1906 $50 5S3 12s
Manufactures Of flax, ,5lj 372, 7t 762 io5,635
Miscellaneous. ...t4t... 3ls 13J,elT 2l3 l26, 203