The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-09-06
FINANCIAL AND CoMMERc GAL.
TUESDAY. Sept. So p. n.

The alto q market
session of the regular board this morning, and prices
ware fraction lower than at the ten O'Clock open board
ndsr an increasing disposition TO coll shortn At the
ms time the market was vigorously sustained by the
broad street party who were free buyers Erin closed
higber than at the second board yesterday, Hudson
River TX, Reading u, Rock Island Il, Fort WAYNE n
Prairie du Chen e. New York Central was unchanged
Michigan Southern d lower, Cleveland ana rlt1spyg
n Northwestern X Ohio and Mississippi: certificates Ia
Cumberland u, Quicksilver y. There was sale Oh Mer
chants Exchange Bank stock at 100, ana Centai VA
tionai at 1855. a.
.,aoyernment securities were strong eouPon u'e
Of X, skies Of lsi issue experienced iur'ner
At the open board at one O'Clock the i,a.nst was
shade weaker and there a large amount OF Erie sol
at o. Afterwards it continued to recede, and at til
second regular board New York Central closed lowe
than at the first board Erie ~ Hudson River ~ Read
ing y, Cleveland and Pittsburg III Northwestern ~
Rock Island e, Prairie du Chien u, Cumberland ia,
Ohio and Mississippi certificates r. Government secu-
rites steady seven-thiry notes Of the second
series sold at 993I a u.
At the open board at half three there was further
depression. Erie closed O, the call at s9s, New York
Central (s.3) o. Hudson River ITO, Reading l0oh
Nfchigan Southern &C. nlois Central l24 Rock Island
a0sX, Northwestern preferred 6a1s Cleveland and Pitts
burg (s3) ", Fort wyno 97al, Ohio and Mississippi
certificates 49, Cumberland ts.S) 43H, Tere Haute and
Alton 80. Later on tie street. the market was heavy
There is very reasonably want Of confidence In the
stability of prices among the great majority of the
brokers' and they disposed to content themselves
with very small profit on the operations they make.
Tho market has been technically speaking, steamed
upu by the Brood street party and the "curbsone'
spectators who endeavor TO follow its movements The
latter for tie most part vulgar ierate, depraved
and irresponsible part Of the community who, having
neither credit industry, lead precarous existence
by following The speculative straws which float down the
uncertain tide OF Wall street They happen just to
DO 1oaded app with stock and they trust to the benign
and philanhropic genius who inspired their purchases
to lead hem on to the goal of their aspirations
better market In pursuit Of livelihood
of wealth. the may be- they are persistent in
a feverish pursuit of "ponts or in other words of
information which last, when obtained, usually Of
very questionable character and which, while 1t
times ads them frequently leads them to ruin
q bourn generally lying within very easy distance
ruin 10 Wall street man conveying but rather vague
idea of Of bad luck be followed in the future by
O run in the opposite direction
There has been great deal of talk concerning party
OF English capitalists who said to be board the
Scotia which arrived this afternoon, and whose
object in visiting this country represented to be the con-
trolling OF the Erie Railway, with view to its consoda
however if really entertained, is not likely to be at
tempted this year. although may eventually be done.
report be true, the speculative director Of the road
has secured than enough proxies to make his
election sure, and that unlike Oliver Twist, he does not
ask for more for being forewarned he forcarmcd
The only way in which the English magnates could
eect their object would therefore be TO induce him to
join them in their schemes, in which case the
stock Of the Erie Railway would be worth little
loss than half the price at which II is now
selling and which last it is needless to say, is far
above its real value But the speculative director,
1t rs rumored Is strongly opposed to the consolidation
referred TO, and 1t Is not improbable that he has the
power which he is said TO possess Of retaining absolute
control The stories about the forthcoming contest be-
tween the Drew party and the English party it is
while hardly necessary to say invented for stock
jobbing purposes with view to making the street
believe that the price would be advanced consequence
II generally safe to act upon the supposon that when
q clique is most strenuous in "buing the market
and most copious in its arguments in favor OF
rise. that then the clique is most anxious TO sell and
pass other shoulders the weight before resting its
own The stock of the Erie Railway much foot
ball, driven backwards and forwards at the caprice
of speculation to command the entire confidence Of in
vestors hence tho present has brought large
amount of investors stock into the market And most
Certainty
stock by a powerful clique, less interested
In its management, has tendency To bring
credit upon the road recommend it to the public and
IL will not until railroad directors deprived Of the
power of controlling the market value Of their own
stocks that the reforms in railway management
sary the prosperous working Of leading highways
OF traffic will be secured and the public confidence in
their value restored AT present the reputation OF rail-
road directors the United States is deservedy bad and
by tho msappcaon of the OF the roads which
they control they indirectly responsible for multi
tude of accidents and crimes which might fairly be
piatod in penitentiary
The petroleum stock market rather dull at the first
board but most of the leading shares were higher
Cherry Run improved 1c, United states &c., Excelsior
was lac lower Inexhausbls sold at 35c, Watson S5c,
High Gate 45c., Oil Creek (b.9 So So
The gold market very firm and the floating supply
was unequal to the demand. In the morning loans
made at six per cent the currency, but late in the
afternoon as much q commission was paid by the
-" shorts" The opening price was 144k, from which
there was a steady advance to 144x.
Foreign exchange steady, and bankers sterling at
sixty days quoted at 1921 ~ but sales at second
were reported at y per cent below these rates.
There was visible increase the demand for money
today owing to the enlarged volume Of speculative bust
nes but 1t freely 1--WE per cent with excep
tiona transactions at SIX Lenders however, exact wide
margins knowing that the stock market Is at present
almost entirely without outside support and therefore,
liable to extraordinary contingencies The discount line
Ia moderately active at per cent for first class
mercial paper, and a 10 for the second grade.
Il will be noticed elsewhere that Hve-twenties closed
In London the 26h Of August shade lower than at
che date Of previous adviccs, namely, esX co. Erie
was firm at 53h 53s, and Illinois Central at 1917 TO-
but the fact Of consols being only s9f seH, was
hardly favorable TO immediate improvement other
securities.
Judge Nelson has not yet rendered his decision in the
matter OF application Of certain members of the board
OF stock broka for injunction to restrain the Internal
Revenue ectors from collecting the tax on sales made
on their own account and Is not impossible that the
Judge may be dsnclned 10 place himself In antagonsm
with the Treasury Department and that therefore he