The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-09-14
FINANCIAL AND COMMERCIAL.

WEDNESDAY, Sept l8-o p. n
= fne stock market steady but dull, al the open
board at ten o'clock this morning 1t the regular board
however it experienced decided weakening and Erie
closed TX lower than the second board yesterday,
Rock Island ~, Reading q, Michigan Southern 4,
Cleveland and Pttsbrg J. Fort Wayne u, Quicksilver r.
New York Central was u higher. Government securi-
ties dull Coupon fve-twentes were 70 low
or. The new issue steady at 1851 Ten-forties
were lower Seven-thirty notes Of the third
series sold co. There have been large transactions in
these securities during the last few days. the agents Of
Mr. Jay Cooke Who had failed to dispose Of all they sub
scrbed for having ayaed themselves Of the present
easy condition of the money market to relieve
themselves Of what is now something Of drug
At the open board at o'clock prices were
barely sustained and after tho call they were
q shade lower. At the second regular board
the market obstnately dull Erie closed u lower
than at the first board, Reading u, Michigan Southern
u, Cleveland and Pittsburg X, Prairie du Chen u,
Quicksilver Y, Cumberland u. Fort Wayne was I'M
changed Government securities steady, but in
active Seventhrty notes Of the second series sold at
9ok There was sale of Fourth National Bank stock
stek
A. the open board lat halfpast three the market
depressed and sluggish Eric closed on the call at
eeX. Reading 107, Rock Island 111X, Michigan
Southern osk, Cleveland and Pittsburg 72H,
Northwestern preferred 6lx Marposa 1lK Afterwards
prices fraction lower Erie still remains the
Of the street. and the discounted individuals who
bought the rise yesterday have found that they
based their operations upon false assumption. They
begin TO think Erie treacherous Harlem was
and speculate vaguely to the future of the
stock Meanwhile it rests heavy load upon the
market, and, obeying q natural tendency, 1t
A Of uts Mt for
one per cent by the speculative director Will
mature on Saturday and Monday next, and it is to
the interest Of those holding these TO encourage the
decline during the interval is believed that the
Drew party bought largely in anticipation of purchases
by the English capitalists which not having taken place
they were compelled to their tactics to protect
themselves. Michigan Southern and Rock Island were
In like depressed by sales to realize both these
stocks, alike with Erie, being under the manipulation Of
cques headed the managers Of their respective roads
These naturally prefer to make money by specializing in
their stocks in Wall to attending the inter-
ess of the companies they represent and thus the way
is paved to those railway murders which of almost
daily occurrence; for mismanagement is unfortunately
more the rule than the exception American railways
The petroleum stock market rather heavy at the
first board and Webster closed &c lower than at the first
board yesterday Watson 81 So Buchanan Farm &c., Uni
ted States &c. Germana unchanged AT the second
board United States advanced ST. closing at 1927 80 Web
ster was lc lower closing at 81 6 Oil Creek 1c closing
at 81 25. Pithole Greek closed at So TO-
The gold market rather weak to-day. The opening
price 1885, from which there steady decline
10 1857, loans being meanwhile made fiat and at three
per cent interest in the currency. After noon however
the market began improve and cash gold became less
abundant that the close Of business onesxteenh
the regular freely bid for it, and
aciio NJ Opa ai0btb fnok vlara Tka
143k
Foreign exchange was quiet this being steamer day.
Bankers sterling at sixty days quoted at 1O9H
109E The shipment of specie by the Africa from Bos-
ton, amounted to and by the City OF Manchester
from this port to 500 1885, making total Of $73 1856
Money was in moderate demand at a per cent, the
majority OF transactions being at the latter rate. The
demand for discounts fully up TO the average, and
met at 6 per cent Tor the best grade Of paper
0d9 10 for the second.
a., ong the twelve banks of this city which voted
M re project for redeeming the notes of country
gafrt t. IS the meeting the Clearing House yes.
atlona oanA Bank of Commerce, the Central National
erday were the. commonwealth, the East River, the
ne BANK OF inc :. e and Drovers' and the Atlantic.
orh kiVef tho butcnei pressed themselves in favor
ONE Oh the minority nave e. hat proposed, but they
q plan Of redemption like se occasion was inop
oted AGAINST In the belief ,AAt of representatives
orune for its discussion in yhe a6ss TO the Clearing
all the CITY banks whether be;on1i. 10 Tho
louise Association or not BIT. as it rs - take
sage of the latter to allow any but m 49,; -.
art in its deliberations it is hardly prob u,,, ao,,,,o
representatives Of the banks included in II ....
rom precedent in this instance, although the e,,o..
uestion being technically withdrawn from the e
House affords ample excuse for so doing, should
leemed desirable That 1t would be advantageous to-
e the banks out Of the Clearing House send repre-
to express their views upon the matter at tho
next or some subsequent meeting OF the committee be
ore any positive action is determined upon 1t is fair to
suppose.
From the circumstance Of there having been only
forty one OF the tythree members OF the ossoc'auon
present at the meeting yesterday would seem that
fe Of the banks are either afraid TO take sides In the
question or are indifferent the result The former
the more correct inference even among those
which took part In the proceedings yesterday no h'e
umidty wasvsble The letters which were read at the
meeting from the Secretary Of the Treasury and Mr. Free
man Clarke the Comptroller OF the Currency, expressed
unqualified approval Of the measure and ny urging us
necessity advocated its adoption. The letter OF
the Comptroller entered fully into the discussion
Of thu pointed out the desirability OF carry
ing II into immediate effect while was yet possible 10
do 40 without creating any revuson which he observed
would not be the case II IL much longer postponed
The proper method be- alike with the Secretary. con-
tended OF keeping the national bank notes al par
all over the country by making them re-
doemabse at the three great financial centres, New
York, Boston and Philadelphia; and the fact OF
the country banks being required to keep balances to
their credit at these points would act as check upon
their circulation and have tendency TO diminish the
oamor which may be expected TO arise after Congress
meets for fresh Of national currency the three
hundred millions authorized under the act having been
already applied for and apporoned, although only