The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-04
FINANCIAL AND COMMERCE.


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TUESDAY, Oct 3-6P.M
rho stock market experienced no diminution Of nc
tivty to day in consequence Of the official announce
ment Of the nrst portion Of the two hundred million
funding loan and the bulls rcsolutey resisted its
influence by buying everything that was offered ana
bidding up prices with the view Of inspiring conf
dence in their stability and concealing tho uiti-
mate tendency Of the process Of contraction which
Chi inauguraies They find themselves 20 far
involved the for a risc that II would bo
runous backward and they must therefore con-
lnue to steam up quotations in order that they saay
have a profitable market 10 sell out on. The bull in
tercst preponderates bear interest in extent
and temporarily the aided by the present case in
money may control the market; but 10 not difficult
oresee that the narrowing Of the circulation pro-
grcssg prices must diminish in the same ratio.
At tho first regular board New York Central closed
the second board yesterday Eric u, Hnd
son River u, Reading =, Prairie du Chicn ~ Ohio and
Mississippi certificates r. Quicksilver was unchanged
Michigan Southern ~ higher, Cleveland and Pitts
burg NJ Cumberland 2 Pacific Mail sold at go 2l5,
and scrip eos Government securities dull and
coupon fvct wenties sold l03 November coupons;
Issue l02 In considering the price Of these allowance
must be made for the absence Of interest upon them till
after the i Of November the interest up TO that date
being payable to the holder of the coupons Tenfores
were steady at o. One year certificates sold at9sH.
At the one o'clock open board the market steady
AT the second regular board less active. Hudson
River closed 4 lower than tho first board, Northwest
4, Ohio and Mississippi certificates IS. New York
Central Michigan Southern and Cumberland were lower
Erie \, higher, Reading ~ Cleveland and Pittsburg
u Rock Island 81 Quicksilver a. Missouri skies, Pacific
Railroad ISSUE sold at TN Government securities
inactive, but steady.
AT the second open board quotations were about 4
higher. New York Central closed at 061a, Erie sSA,
Hudson River 10Y, Reading 1l7sS, Michigan Southern
TAX, Cleveland and Ptsbar- II, Rock Island l09A,
Northwestern 2sa preferred 81 Cleveland and Toledo
no. McGregor Western 214, Ohio and Mississippi 2sN,
Canton AK. Cumberland 47 Quicksilver 4s1z, Central
Coal 60 Afterwards, the street, the market
steady
Petroleum stocks moderately active at the first
board. Ham Mcclintock closed Csc. higher than at
the time yesterday, Excelsior &C. Buchanan Farm
was zoe. lower Cherry Run 1c., Germania &c, United
States S5c At The cond board Webster advanced &C.,
closing at 95c United States o0c, closing at $50 TO-
Buchanan Farm sold at 81 Is, decline OF Sc. Gcrma
a7c PithoIe Creek 81 s5 Manhattan 32c, Oceanic
1,c, ri Urrcn - ~, ny.s Farm 81 C5
The gold market struns nndcr n
disposition to ''5uli' 1t among the brokers',
b. way Of showing that the funding loan was
rather adverse than favorable the credit of the
pl,ced upon IT, which every and honest man will
scout The same parties trying to make believe that
the effect Of this saiutary will be to lower the
price gold bearing securities abroad and induce
their return extent. The contrary IT, however
more likely 10 be the case SO soon as European
capitalists perceive that have begun TO contract the
currency by the funding process increased confidence in
securities will he the natural result But the ui.-
mate effect upon prices at home will be far impor-
klnL An eectual check 20 the further imitation OF prices
will be established by the proposed gradual withdrawal
Of interest bearing legal tender notes from circulation.
The prcbabes in favor Of the whole fifty millions
being taken up with compound interest notes. the in
duecmcnts TO fund the Eve pc. and cerG.
Gaifs OF Indebtedness being less than the other
The amount q and two years five per cent notes
outstanding s2 $50 23o and OF certificates s62 000
The statement OF rational debt just issued pre-.
sents very favorable appearance, although consd
bic allowance must be made for the large receipts Of the
Treasury from The sale Of public property rendered use
hess by The termination OF the There
IN tie total Indebtedness compared with the highest
statement Of SIP al sl5. The in which the largest
decrease Is shown is certificates OF Indebtedness,
which has undergone reduction OF $22 1884, 900 The
'amornt OF coin in the Treasury shows decrease CT
$l2 Ce4 es3 which is doubtless owing 10 the deduction
Of sioG2s, S45-.the November interest the five
Tie amon, Of currency the Treasury has increased
from s42 Ts2 2sS August 81 to $50 o36 AL Sep
t,mter ga gain Of SIS 154 l5s There noticeable
or ss2l 600 IN The Snt OF five twentes out
r'andirg, heh may DC s,..iLa..e to Tie discovery Of
IN nacclrsty IN fo,mor statements 's:iraSs-
The opcunr Trce OF gold ia =, from which these
a steady advance isSsa, al which the market
eicsed Leans made II a per cen, IN currency,
the supply beng oqusl 70 nc wants If borrowers.
Foreign oxchaH.e quiet a. 1925 iC97i fer sx,y
days bis, although loes los7s asKod by leading
drawers.
Money easy, and ca loans made 1t ror
cent while commercial paper continued 10 Pass ut 10
There j evcry prospect q the any IN iiions of five
twcntics tong rapidly absorbed, alSgt Fifteen millions
o CONF III interest noits bong ready or
IN lis ely atone The SubTrcas5..y no; pre-
pared the to-day, yet the following cub.
r,uptions, among oihcrs, entered thcre:--
First National rauk OcO 600
National Commercial Bank ................ 500 coo
Bank o. 5oOGG0
E. RAY Observation-Disclosures. 1880
Bank ACKNOWLEDGEMENTS. .O00O
Trevor Colgate 2rC 600
Mechanics Hauk. NEUTRALITY-SUSPICIOUS.. geo 600
= r. Egeufo,han Observation-Disclosures. 900
=. & BiaGdon Observation-Disclosures. 2sOO
!. IS gElwcndcn. NEUTRALITY-SUSPICIOUS.. 7G 600
7. - l4fkafn. :.-.-.... tNDVO
Bank Commerce. Observation-Disclosures. DOT 600
Cnon sank. OBSERVATION-DISCLOSURES. 2d0oe0