The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-13
FINANCIAL AND CONNER ciAL'


sion and New York Central closed lower than At the
nrs, board; Erie TX, Hudson River X, Reading X,
Michigan Southern n, Cleveland and Pittsburg *,
North western Y, preferred III Rock Island y, Fort
Wayne r. Prairie du Chen az, Quicksilver Y, Cumbor-
land 4, Ohio and Mississippi certificates y. Govern
mont securities dull but rm, and coupon tenfor
ties rose ~ X.
the open board q hafpast three IL evident that
Of the bulls had joined with the bears In hammer
tho market FOR the sake Of buying stock At the
reduced figures New York Central closed the call q
loi Eric Of, Reading llok, Michigan Southern 7Sx,
Cleveland and Pttsbug s2 Rock Island l0sk, North
western 81 preferred 65, Fort Wayne 1907, Prairie
du CHEN 62k, Ohio and Mississippi certificates 29H,
Cumberland A., Quicksilver So Afterwards, on the
street. the market somewhat irregular. the vara
tions being from 4 AZ decline 70 q
advance upon the last quotation. AS speculation 10,
with few exceptions the 'bul side OF tho market,
II difficult how the bears can be successful under
present circumstances IN further depressing prices, and
hence sharp upward reaction Is not improbable II
has demonstrated during the lass two or three
weeks that it is easier put leading stocks up i've or
ton per cent than to dcpress them one.
The demand for money from good houses was brisk,
aud promptly at per cent the supply being IN
their requirements; but there were few COM
plants from firms oil some little difficulty in bor
rowing the current rate miscellaneous coiIateras
The money market showed increasing the day
advanced, and the doubts respecting its immediate
rutcrs gave place to confident feeling when It
that all the capital required could be freely
procured by good houses per cent This high
rate has caused the conversion to very limited
extent OF Clearing House certificates into cur
rency There twenty Eve millions OF those
bearing interest at the of five per cent and payable
presentation at the Sub Treasury. Thus the banks
have II in their power TO case the loan market at
any by the conversion small part Of this
The present high OF interest is attracting capital
from the country and ut Tie time the demand for
discounts undergoing slight decline, owing 70 dimin-
is,ed activity in general business A special, although
very important operated to decrease tho
abundance Of loapabc funds In the banks
,bc close Of last week--namely, the payment
oil sreenbacks for the gold sold by the
government Friday, the brokers employed declining
10 receive certified checks number OF notices have
been gwen Of the withdrawal Of temporary deposits
bearing per interest and payable at ten days
after thirty days. and with nearly seventy millions
OF dollars including lold in the Sub-Treasury there
danger Of strngcncy at this centre the ten
dency being towards SIX per cent Moreover the state
vi trady here and the West Is just now favora
biz a TOW Of currency eastward, the vaue
oil tho goods sent westward being far greater
than thar Of the receipts Of Western produce
This wii probably, however, have the effect Of
increasing the latter in this market; but meanwhile
the prevailing s,ringency at Chicago Cincinnati and
other Western centres causing the New York balances
OF banks privata parties there be kept very
low AT the former place money nrm at ten per ceut
., the Tanks and al,z per cent per month outside
far monetary facilities concerned there Is
no:hing interfere With the Of speculation
the stock Exchange the Indications being favor Of in
creasing
Petroleum stocks were quiet at the nrst board Web
ster closed lower than tho nrst board yesterday,
oil Creek l5c Shade River Sc higher, Gcrmania
lc. Uned States &c. Al the second board they were
lc loc. higher United States excepted, which de-
cned 5c, closing at 500 as; Pithoe Creek closed at
So L. Shade River 81 so, Buchanan Farm &c., Central
$50 Excelsior 77c First National g. 30) $780, Oil Crock
d. 1O) 81 20, Rynd Farm 99c
The gold market steady, the opening price being
I45%, followed by advance 70 l4S, and relapse to
145h-the closing quotation.
Foreign exchange dull at lo9% x, but leading
bankers unwilling TO draw below 1907 IS. Itmay
be that tho export Of beadstus will be stimulated to
limited after short time by the which
present operating against II. The speculation for
at tho West has resulted in extensive boarding,
which Is already beginning TO create certain amount
OF disrust among the bankers there who have
made advances; and should this result in the
calling in Of any large amount Of loans,
a forced movement OF produce eastward might
follow winch could not fail In depressing prices to
extent here and OF increasing the Inducements to ex
port The Western spectators, however doubtless have
y solid base for their operations In the absence OF a
perabundant supply
The importance of pushing rapidly with the work
OF reconstruction suggested however indirect the sug
gestion may be considered by the recent rapid Advance
In the price OF American cotton abroad. English specu
stors and cotton buyers begin 70 more plainly than
before that the political Of the South must
preccde general restoration OF in industrial pursuits
and that the longer reconstruction Is delayed the
demorazed will the condition OF labor the South be-
come and that until abor and capital adjusted agr
cultural operations IN the South must DO 10 great
tent suspended and small cotton crops will be Of the
natural consequences Now, what will most occtualy
contribute TO the resumption Of Southern commerce,
end Indirectly 70 the Ultimate resumption OF specie pay
ments 10 political reconstruction and the good work IL
making rapid progress under the policy OF President
Johnson Lot negro agitation give place 70 common
measures and shall havc tho resources OF
the south added those Of tho North and abundant
crops and cheap cotton will again be known in tho nov
devastated South .fet.s
A meeting OF bank officers was held yesterday at the
call Of the committee appointed inquire into the qucs
zion Of National bank note redemption, when plan was
smbnitted which unanimously adopted
The hoidsrs of State stocks will BE- interested
IN the following from the message Of tbs Cover
nor W the Legislature, delivered last week.
Thesnanciai CONDITION Of the State demands the early
and prompt attention Of the General Assembly While
have every confidence In the ability OF the great State Of
Tsnneusee 70 her liabilities and Of the disposition
o. hor people 10 have them met action your part
promps and intelligent acton-s called for The con-
dtios Of our finances will appear from the reports Of the
Comptroller and Treasurer, which give the details The
State debt due and 10 be provided for at once
ported BY the Comptroller, IL ~ 213,719 90. This
OF money must be raised and the credit OF tho
State sustained How this 10 70 DO rased leave IL
70 your wisdom 10 determine.
The Comprollers report will further disclose 70 you
that there due the railroad bonds loaned 70 the
different railroad companies IN the State % 100 500
This 10 the interest due upon the bonds endorsed by
tho STATE for the railroad companies, amounting 10
41o,2ll 900. For this debt the state II ultimately liable