The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-26
FINANCIAL AND COMMERCIAL.

WEDNESDAY, Oct. 26-6P. NJ
~. stock market opened with more nrmness than
the hears who recommended their operations last even
ING anticipated and although they continued TO nam
~ !, vigorously it gradually rose against them. At the
first regular board Reading closed higher than at the
second board yesterday Michigan Southern Ia. New
York Central lower, Erie u, Cleveland and Fits
burg " Northwestern 4, preferred u, Rock Island y,
Fort Wayne "a Prairie du Chen1h Ohio and Miss ssippi
certificates X Government securities were quiet Cou-
pom skies of 1881 were u higher ten-forties ~ Ave.
twentes n Seven-thry notes OF the second series i'm
proved d.
Al the open board at one o'clock the market was
strong and prices were y per cent higher At the
second board 1t was dull and fraction lower. Erie
closed y higher than at the first board Prairie du Chen
TX Ohio and Mississippi certificates u, Cumberland r.
New York Central and Quicksilver unchanged
Reading declined u. Government securities were hrm
Coupon fve-tweHtes improved u.
At the open board at half three the market was
buoyant and Eric closed on the call at s7's New York
Central so, Hudson River loS1, Reading ll4%, Mchi-
gan Southern 7lI, Cleveland and Ptsburg 1874, Rock
Island l07h Illinois Central 1874 Northwestern 3Oh,
preferred 81 r. Fort Wayne Is 973s Prairie du Chen
6lK McGregor Western o. Cumberland 421, Mari
posa1 H.
Afterwards on The street, the market continued
strong and prices in the ascendant. AT so +. NJ
Cleveland and Pitisburg sold at TO- Michigan Southern
r. New York Central s7k a s71 Erie SIX II.
The demand for money has been moderately active at
seven per cent CALL and although one or two banks
called in some OF their loans there we're very few COM
plants OF difficulty in borrowing on good colateras5 at
the legal rate Some Of the most prominent lenders de-
clined lending parties on the Stock Exchange sus-
pected Of being in the bear conspiracy arti-
coft locly
money out OF the market for the sake Of subserv-
ing their own speculative ends will prove futile,
and in effect they may be likened TO drawing
water by the bucket from a lake Where there is a
vacuum either the lake in the money market 1t is
soon filed and the attempts of band OF desperate,
INSCRIPTIONS, and to extent irresponsible specn-
laors control monetary affairs at this the financial
Of the country instead of being seconded they
have been IN more than one instance by the banks,
ought be severely discouraged Jacob Little as Ursa
Major, used long ago to play the trick OF borrowing
when he had need Of money, and he was shrcwd
enough to borrow from those he knew the ''bull''
houses were in the habit Of relying upon, so that
the shoe might be made to pinch just where he wanted
1t TO pinch But the contracted order Of things under
which he worked in those days has gwen place to a
financial expansion which at the present lime emb races
nearly n thousand millions Of currency, and the one
reputed wearhies in Wall street would be chat
before the wind should they upon the per ous
exploit of opposing the popular current. Already
1t Is believed that OF the latter, who
boast Of q controlling influence the market,
and who regard the Stock Exchange the spiri,
wolves look upon sheepfod hare street parlance
been badly hurt and that they bad 10 settle their out
standing contracts hey world De found want
ing henceforward be numbered IN the long process
sion Of ELAINE ducks Not few drew conclusions to
this effect they witnessed certain operations to-day.
The demand for discounts Is pressing; but
very few names taken at seven pei
cent unless from regular customers The general rate
varies from to 10 for the best grade OF commercial
paper
The gold market weakened from 14s4 at the opening
70 l45s at the close. The supply is very abundant,
and 1t only be lent by the payment Of per cent
interest the currency received The heaviness Of
foreign exchange tends to its depression.
Large amounts OF Southern bankers bills, drawn
against cotton are Offering and these have been sold
l0sK to-day, while the best bankers bills have only
commanded 1887 100 second hand. The asking rate,
however, at sixty days. 1926 and 110,s at short sight,
Petroleum stocks moderately active at the first
board. Montana declined 60c., closing at 81 co. Pit
hole Creek advanced 42c, closing at SO II. Rawson
Farm sold at Soc, Buchanan Farm 75c, Bradley 81 o.
Cherry Run Csc, Excelsior 74c, First National 72c
Hcydrick 81 o. Oil Creek 81 So Rynd Farm 9oc., Tack
29c. and Webster 81 IL.
The prices Of the leading speculative stocks the
close OF the regular board Saturday and the second
open board to-day, and their variations were as fol-