The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-09-28
FINANCIAL AND COMMERCE.
WEDNESDAY, Sept. 27-sP


latIve activity and considerable nrmness this morning
At the first board Hudson river closed y higher than at
the second board yesterday, Reading Michigan South
ern n. Cleveland and Pttsburg ,s, Northwestern V,
Fort Wayne y, Prairie du Chen q Cumberland y.
Rock Island u lower Ohio and Mississippi certi-
and Quicksilver unchanged Western Union
Telegraph advanced to rs State stocks in good
demand Government securities were steady.
At the open board at O'Clock the market was
active and strong with the exception Of Erie which
duh at ssk At the second regular board Hudson River
closed higher than at he first board, Reading Mich
igan Southern " Cleveland and Pittsburg u, North
western a. Rock Island X, Ohio and Missssipm certin
Gates u, Cumberland u. Fort Wayne unchanged.
Governments dull, and coupon hve-twentes were
q lower.
At the open board half past three the market was
somewhat irregular, being weak on Michigan Central
Reading and Erie and strong Hudson River Pitts
burg and old Southern. The latter closed call
TO- Cleveland and Pittsburg tax, New York Central o5
Ere $50, Hudson River 110K, Reading 1l4s, Michigan
Central 49, Quicksilver ASK, Ohio and Mississippi cer
1cates 2sx, Canton Al Cumberland 46A.
Petroleum stocks dull at the first board Webster
sold at 81 20, or "a. lower than at the same time
yesterday; United States $2s 20, &c. lower;
Oil Creek 90, or &C. .ower Buchanan Farm 81 o. or
15c. higher Pitbole Creek sold at e. 10y So Is,
Southland CSC. At the second board Webster sold at
81 %, Northern Light 81 25 Liberty 3lc, Buchanan
Farm 81 o. Excelsior Toe, Bergen l6c, First National
22c., Germana 29c, Heydrick SOc., Oil Creek 81 95,
Oceanic Soc, United States $27.
The gold market remains Arm, and loans
: are made at 1-l6 u per cent per day.
The opening price was l44]S, followed by an
advance of H aud a subsequent decline to 143sl.
1t then reacted to IA, and remained ut that point
Till the close OF business. The export Of gold by the
steamer Kangaroo about 100000. The Boston
steamer took out specie
There were noteworthy transactions in foreign ex
change but quotations remained nomnaly the
yesterday.
The money market shows increased activity under the
brisk demand for discounts and the accession Of specua
tive business the Stock Exchange. Call loans COM
mand in most six per cent, although there still
exceptional transactions at FIVE
The stock commission business has for some months
past been so extremely duh the brokers have hardly
earned their Office expenses aud hence their determined
and tied effort to bull the market their own ac
count now, while money easy and considera
Die interval has yet to eapse before the meeting Of Con-
gress the OF which the outside public will of
be to buying stocks than they
present There has been considerable talk the
street to-day about the forthcoming issue Of ivetwenty
bonds for funding six per cent three years compound in
notes. five per and two years notes and
tation that it will very shortly be announced. OF tho
compound interest notes there were S217,024, l60
outstanding on the 31st of August of
the and two years notes, S33,954, $780,
and Of certificates of Indebtedness, SS5, 093, 00O
making total Of $3.50 OH 500 1t is probable, however,
that the FIRST issue of bonds will be for limited amount,
perhaps only fifty Millions and the indications favor
able to their being rapidly absorbed
The effect Of this funding process that the govern
ment no longer active borrower cannot fail OF being
highly sautary II will be the first step toward that
tactonwh is necessary to place the finances Of the
country beyond the dangers which they yet
posed Unless there counterpose to the imitation
produced by the National Bank issues still in progress
we shall have to suffer under worse monetary derange
ment and higher prices than have yet experienced
The demoralizing influence of inordinato speculation
stimulated by excessive volume Of irredcemabe and
consequently deprec ated currency, will permeate
tire system, and lead TO worse financial, COM
mercal and social results than overlook the people Of
England In and antecedent the great panic Of 1925
for the imitation already experiencing is infinitely
greater than any known in that country and at the
referred to the expansion and crash occurred ON
specie basis We have huge paper money balloon and
very little hard cash to ballast 1t with. and object
should reduce the pressure OF gas upon IT, to
keep II within control while the power remains with
1t is encouraging, under these circumstances, to
that the Secretary Of the Treasury proposes to pur
sue policy calculated make the best of the situation
The business at the subTrcasury to-day fol-
iows:-
Receipts for customs. $500 900
Total receipts .................. .io 300
Balance. 10 5y4 II.
Subscriptions To government loan. 1l20o0
Eastern manufacturing shares have become somewhat
dull aud quotations generally have receded The sales
N. pocifr
200; fremont 600; Portsmouth Steam, !. Some Of
the closing quotations were follows Bates IFS 1s3;
Boott 125 LIS Boston, $50; chcopee, $50; Dwight,
790 Franklin 100; Great Falls, ZIG; Hamilton 1000
lo2o; Lawrence, SIS; Lowell, e25; Lyman, 1o3 10;
Manchester Print Works, loo; Massachusetts, Cotton,
1000 a IO75; Merrimac, 800 a 1926; Nashua, s00
Nsumkeag, ZIG; fremont, 900 a925.
Spurious Ave dollar bills the Merchants Bank Of
New Bedford, old ISSUE raised from ones arc In circu
lation In the genuine bill the name of the bank is
curved above the vignctte, while in the spurious is
below and In n straight line.
The receipts of the Racine and Mississippi and North
ern Illinois railroads. during the week ending September
a. amounted sls5l2 which is an increase Of "a a2i
over the earnings for the time in 1854
At the annual meeting OF the Boston Board of Brokers'
held on Monday, the following named officers were
chosen President Henry w. Pickering; Vice President,
James Beck George C. Lee, declined; Treasurer,
Nathaniel Tracey Secretary, William C. Fiske.
The cash balance In hands Of the Assistant Urea
surer In Boston, the close Of business September 49,
was 1856 e. increase Of $45i 679 as CON-
pared with the close of the preceding week.
An Injunction has been placed the American (Na-
tonaD Bank Halowe. Ne, by the Supreme Court, on
complaint Of the Bank Commissioners Of that State Re-
oevers have been appointed to settle It's aalrs and
notification To blhoders and other creditors will soon
be giyen 20 present their claims
Two national banks may be stricken from the list,
viz: the First Of Atca, ~ " capital $4,000 and the
American Bank Of Haowe, Me-, capital $4,000
meeting of the trustees Of tho different savings In
stutlons Of Massachusetts held at Boston on Tues
day action In regard to the tax assessed by thu
United under the hundred and tenth section
Of the act OF 1864 committee was appointed tc
memoriaze Congress or TO take whatever action in the