The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-14
FINANCIAL AND COMMERCE.

holding Il of the Market as wen as 10 CERTAIN aoun'
~ transient dislrust OF borrowers not considered
erst class Forced sales were the result, and
stocks passed into stronger. hands at temporary
decline the first session Of the open board the mar
ke was heavy at a fractional recession from the closing
prices Of evening" at the first regular board there
was slight Improvement Of tone, and prices were
higher New York Central closed two per cent lower
than at the second board yesterday, Erie Reading X
Michigan Southern az, Cleveland and Ptttsburg *,
Northwestern *, preferred Y, Rock Island ~ Fort
Wayne 1x, Prairie du Chen y, Ohio and Mississippi GER
tiacates u, Cumberland Y, Quicksilver y. Hudson
river was higher Government securities were firm.
Coupon nvetwenties sold at 1854 u, now issue los
seven-t thirty notes OF the third series % . r.
Al the open board q ono O'Clock there was . large
amount of stock sold for cash, and the market was
further hammered with seller three's The transac-
tons Erie and Cleveland and Pttsburg were particu
larry heavy aggregating eleven thousand nine hundred
shares Of the former and fifteen thousand seven hun
drod OF the latter New York Central closed or ns
at osk, Erie s0X, Michigan Southern - 49,
.r..s.,s :. s sS' ....s... mat tho hoaS had spent
800, 80, -, g.. ,ha effect OF the sales Dy
-. .sen fully experienced and
~eaA noao,' TO rally. The improvement con-
.no n'aiA. second regular board and Erie closed Il
.s01 -ian at the first board, Reading r. Michigan
's2hern l, Cleveland and Psburg 1, Northwestern u,
Wayne unchanged. Hudson River was u lower Can
ton n Ohio and Mississippi certificates u. Government
securities quiet Coupon skies Of 1881 were lower
The rest of the list steady.
After the call there was very buoyant feeling and
prices continued in the ascendant Erie touching 90 and
New York Central l01 AT the open board at half past
three Erie sold 9l New York Central 1917 Ohio and
Mississippi certificates &c. Hudson River 1854 Reading
IFS, Michigan Southern 1871 Cleveland and Pttsburs
Roc cIapd North
H. 81 6sH
Afterwards the street. the market was slightly r-
regular and fraction lower portion OF the list The
raid of the bears has created considerable short inter-
est which will be likely to assist the upward reaction
that has only tend to increase the losses they
have already sustained The strong recuperatve power
shown by the oday furnishes the best evidence
that could be adduced of the inability Of the bears to
break it down under present circumstances The specu
latve feeling runs high and the bull element is the con-
trolling power of the street 1t matters not that the de-
for stocks is purely speculative, and that every un
duo followed by fall So long the current
OF speculation is mainly for an advance there will be
higher prices provided money can be borrowed by the
brokers carry the Stocks and the tendency Of money
Is increasing An artificial scarcity may be
created by wealthy combination for day; but there
Is too much money in the country for the satagem to
be much longer successful and those who resort 10 such
vous losses long the tide is against them
What will break down this market will be
the Generalization Of the bulls themselves caused by
excessively high prices Of their engineering But
the time for that has clearly not arrived and whatever
the real value Of the stocks may be It probable
that the fortnight will witness what is called
pant market.
The Sub Treasury has boon disbursng freely to-day,
the payments being than two millions and half In
Of the currency receipts Above million Of the
temporary loan is withdrawn daily and this will
tell upon the amount Of funds available FOR
the Stock Exchange Call loans made freely to
good houses per Discounts In active do
mand at per for the best grade OF commercial
paper
II is well understood that there is a strong
party in favor Of extension Of tho national
banking system, and q consequent increase Of tho
amount Of currency already provided for by
act Of Congress-namely, three hundred mlions
Tho whole OF this sum- and eight millions in Of IT,
apporonod and subscribed for some time ago. the
Northern States being allowed to absorb almost the
tire amount owing 10 belief the part Of the Treasury
officers that the Southern States would not be In
dtion to call for their quota for long time TO come,
and that the banks OF the Northern States would ap
ply for the maximum OF the currency to which their
capital entitled them Tho consequence Is that the States
of Michigan Wisconsin and Iowa have lot received
than third Of their quota and that the South
has received almost The banks OF the Northern
States which authorized large capitals under the
Misrepresentation that they would not demand all the
currency which their capital entitled them to- calling
for the full amount and hence the Treasury Department
finds itself quandary. Applications from the South
States coming rapidly, and the Secretary Of tho
Treasury satisfy those most clamorous and meet the
exgences OF the situation is occasionally forced
horize there in Of the authority conferred by
the act trusting TO Congress for additional legislation
90 help him out of the dilemma The southern States
which nnd themselves entirely cut OFT have good
complain OF the unequal distribution Of the national
bank currency when they that Massachusetts alone
has sixtyfour millions OF tan amount nearly treble
that which she accustomed before the act came
Into operation. From these facts II would that
the Treasury has Internationally committed itself TO
imitation beyond the intention Of Congress- and that
the force Of Giro instances may compel tho latter to a
hoze fresh issue Of national bank notes. for the South
cannot be ignored deprived Of the benefit OF the
which ia enjoyed by the Northern and Western States
We have always regarded the national banking system
a. one OF the engines Of imitation that could be de-
ys,d and It's ultimate effects win prove this to be the
case. Meanwhile the Treasury Department will do well
TO be candid and public in its exhibits Of all the author
cations and issues made under the national banking law
for secrecy will only tend create dsrust and comp
cations.
The gold market was steady, and loans were madc
without interest The opening price was 14lx, from
which there was o decline OF y and subsequent ad
vance TO 144X. The steamer Lafayette took out
t210, 300 in specie.
Foreign exchange was heavy this morning. but Il
Afterwards became shade nrmer, and bankers bills at
sixty days sold at 109H u but the leading drawers
asked 1907. The large amount Of nve-twenties and
Eric Railway shares which being shipped furnishes
. good supply OF private bills, which quoted
ct 10sk 100. About i've Thousand shares
of the Inter have been transferred for foreign account
since the books opened against about thousand re-
turned and thore every prospect Of heavy shipments
OF the stock for time should the price
tinue 10 advance or even remain steady abroad The