The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-09-27
FINANCIAL AND COMMERCIAL.



TUESDAY, Sept 26-eP.N.
me stock market duh and senswhat depressed At
che early open board this morning. At ~ nrst regular
board IL opened without spirit; but n the call
progressed and subsequentytt becane mare acvs and
stronger New York Central closed lower than 1t the
second board yesterday, Erie y, Hudson River u,
Michigan Southern NJ Cleveland and Pits
burg u, Ohio and Mississippi certificates y.
State stocks Arm. Missouri skies were active ana
advanced from TEX 70 Tx on the call Government
securities shade weaker at the opening put Do
came nrm, and coupon nvstwsnties OF the new issue
improved y. M
AZ the open board at one O'Clock the market was nrm
with moderate degree Of speculative activity At the
second regular board reapssd into is previous dull
meas Rock Island was lower than at the nrst board
Michigan Southern Ohio and Mississippi certificates,
Cumberland and Quicksilver were unchanged Reading
was higher Fort Wayne u, Prairie du Chen r. Gov
eminent securities were steady but inactive
Al the open board at hakpast three the market was
fraction lower portion Of The list and steady on
the rest NEW York Central closed q az, Erie s7H
Reading 112x, Hudson River 100, Michigan Southern
COX, Rock Island ll2k Northwestern preferred o2x,
Northwestern "a 81 %, Fort Wayne sok, Prairie du
Chen d. o. 81, Cumberland Ux. Canton Il, McGregor
Western Railway lsk, Central Coal cox.
AnesEards, on the street. Eue weakened to s7K 4,
notwithstanding the by the Cuba Of the advance OF
the stock 70 5sH 4 in London on the 10th inst The
stock has Lost the spasmodio buoyancy which expe
renced for . short time yesterday after II was
known 70 have risen to 81 abroad, although there
three partes vigorously striving 70 "bulp It
This ID partly 10 consequence Of unfsvoable construc
lions placed upon the terms Of the loan which u sup
posed 70 have been recently negotiated in England, by
which the company will have TO pay six per cent
Aollo
which sells for three and half millions Of dollars the
principal being also payable in gold At the expiration Of
that time In view the uncertainties attending the
future price Of gold this negotiation s regarded less
favorable than anticipated Moreover. II is gene
rally understood that the seller forty" contracts
which were put out few weeks ago. when Erie was at
90 and higher enable tho sellers send to Lon
don for the stock In the interval and that the demand
created has contributed to the recent advance there
Petroleum stocks heavy at the first board. and
Phoe Creek closed 15c lower than at the same time
yesterday, Webster &C., Oil Creek Sc Oceanic was
&c higher AT the second board United States sold at
32s Pithoio Creek s. 20 Is 81 Webster e. 10Y 81 40,
Benehon Run $1s TO- Buchanan Farm CSC, Excelsior
74c., Germania 25c., Heydrick Bros ~, First Ma
tonal 2lc.
The gold market was firm and loans commanded n
$40 per day, the coin disbursements Of the Sub
Treasury being insufficient to exert any material nflu
In increasing the floating supply, while the demand
for duties continues heavy. The opening price
was 1885, followed by decline Of and subsequent
advance to IA It then relapsed 143x and finally
closed at 143X.
Foreign exchange was in fair demand this
morning for Wednesdays steamer, but there were
no considerable transactions above 100x for the
best bankers b lis at sixty days In the afternoon
the demand abated, and sales made second
han dntIO MT lint tha 1aadn drav con
tnued TO ask 109X lilo. There wide disparity Of
views among both importers and bankers to the fu
ture OF gold and exchange and this is mainly
owing the different estimates placed upon the produce
OF the South next year and subsequently It is argued
and believed by the great majority of the mercantile
community that the cotton crop next year will aggre
gate from two and half to -four millions Of bales
and soon rise to I'VE millions more-the standard Of
$780, but this impression shows that consideration
has been given 10 the important question Of southern
labor and capital The opinion OF competent judges is
that from present Indications the cotton crop Of the
entire South, in 1885, will not much, II at all,
exceed half million OF bales; and this belief Is
shared by a few Of our. better informed merchants,
who have facilities for obtaining the best information
the future prospects Of the South The great obstacle
the way Of planting will be the want Of capital and 1t
therefore becomes question Of moment whether some
Organization like the Csda Foucsr of France should
be formed at the North for making advances to planters
psrdoned sufficient To enable them to raise
. crop, condition Of q certain portion
OF the being pledged TO the lenders in return for
the money loaned The planters could, in that way and
otherwise give ample security while the investment
would DO highly lucrative and the virtual control Of
eouthcn agriculture would pass into Northern hands
An impetus would at the time be given TO tho
yval Of Southern trade which nothing eso could we'll
and speedily secure. with nominal capital Of nfty
millions, I'VE per cent and paid up the stock Of such
chartered company headed by Of undoubtsd credit
would probably be at par within nve years.
Tho money market Ii . shade active, but quite
easy There is nothing doing in discounts under 7as
Per for first class paper and worry little under six per
cent for call loans
Tho adorned meeting OF bank officers 10 hear the
report Of the committee Of nne met to-day at the Clear
ing House, and agreement 10 operate in the pro-
posed plan Of country bank note redemption was sub
mted signed by thirty nine Of the atty three members
Of the Clearing House. The remaining fourteen, although
they have not yet given their assent TO the proposed
measure expected do after further consdera-
ton Of in details committee Of has been
appointed 70 discuss and arrange tho latter and the pro-
jsct bids fair 10 be carried into effect previous 70 which
couple OF months notice will probably be given 10 all
the country bankn $500 ucffaH fes
Tho Ninth National Bank admitted to the Clearing
House Association at this meeting BY unanimous vote.
Tho aggregate value OF the exports exclusive Of spec
from the port Of New York to foreign ports during the
wcek ending September % was "a, 500 $40.
custom prevails among some sharp nnanciers BY
which the government tax notes Ia evaded The In
formal Revenue law requires stamps TO be placed oil
notes. the rate OF MY cents per thousand dollars In
order 70 ev~ds this tax borrower Of say hundred
thousand dollars instead Of giving his note for the
amount with nfty dollar stamp upon Il, draws check
which calls only for two cent stamp and passes the
check with The coIateras the banker thus robbing
che OF nfy dollars less the two cent stamp
The business u the Sub Treasury to-day - fol.
Receipts for customs. ACKNOWLEDGEMENTS. 1l2S 900
Total receipts 220o 00T
Payments ACKNOWLEDGEMENTS. 6,O85,l73
Balance NEUTRALITY-SUSPICIOUS.. II, SOS Se2
oubsrriutIons "a aov orn1nont loan ........ 6OOm