The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-19
FINANCIAL AND COMMERCIAL.

Southern X Illinois Central x, Cleveland and Pittsburg
~ Northwestern ", preferred u, Rock Island ~,
Fort Wayne 1, Cumberland u, Quicksilver ~ Ohio and
Mississippi certificates e. Western Union Telegraph sold
at 10. Government securities heavy Coupon i've
twentes declined y. The issue was y higher
AT the open board at one O'Clock the market was
steady, with buyer threes about equal 10 the seller
threes Afterwards the street. its improving tendency
was maintained but second regular board 1t took
q downward turn, and New York Central closed Y
lower than at the first board, Erie v, Reading u,
Michigan Southern y, Cleveland and Ptsburg x, North
western " preferred y, Prairie du Chen u Govern.
ment securities dull Coupon fve-twentes OF the
new issue declined u, seven-thrty notes Of the third
series " closing ut 97Z The latter is the lowest point
yet touched and indicates that these notes largely
held by bankers and brokers in need of money
At the open board at past three the bears made
fresh raid the market, and there general fac
tional decline New York Central closed at 971s, Erie
o0%, Illinois Central 1873 Cleveland and Pittsburg 76
Fort Wayne 9SA Reading 1863, Prairie dn Chen (b3
o2x, Michigan Southern 741s Rock Island 1885, North
western 30x, preferred GAN, McGregor Western 30S,
Ohio and Mississippi certificates 2s, Canton A. Quick
silver 49, Cumberland 49, Afterwards the street, the
bears aided by the bulls who have recently realized and
who are forming new combinations, continued to ham
the market vigorously, under which prices submit
ted TO further fractional decline
The money market has worked easier than yesterday,
but there has been special activity in weak quarters
Brokers in good and fair credit have obtained all the
funds they required at per cent on CALL and pro-
mnent houses have offered to turn stocks for thirty days
for quarter per cent The bears continue to talk Of
strlngency and they doing their best to promote it,
It is reported that one Broad has
between and twelve millions TO be withdrawn from
the banks, and the loss Of 81 900 900 on
hy Of hasa with vvhic
speculative house present the bear interest keeps
its is significant OF the extreme that
rosorted to to further speculative interests The
borrowing of money by those who have for it is
Of those dog in the manger tricks that used to be
performed with temporary advantage by Jacob Little,
but speculation which has to rely for its upon
fictitious representations can hardly be called legitimate.
The banks have been heavily drawn upon by their West
cn depositors and at the time large Withdrawals
OF current funds have been made BY the bear specua
tors referred to- and the demand for business purposes
has been unusually great. There is large amount or
cotton provisions and breadstus here held specua-
tive account upon which the holders have borrowed
money, and there is flow southwark in particular to
bring forward cotton Should the latter forward in
sufficient quantities to break down its price and
age exports number OF loans would be Immediately dis
engaged; but meanwhile the cotton speculation alb
serbs considerable portion OF the current re-
sources OF the banks. In this connection
1t may be mentioned that the cotton sold yesterday
government will not be ready for delivery till
next week. and that consequently it is not likely to be
paid for until then The aggregate OF twenty-five mil
lions of Clearing House certificates has not been dmin-
ished we find upon inquiry at the Treasury; but
this is owing to the certificates cashcd hypothecated
by banks in need Of currency having been bought up by
other banks not belonging tho association The
re m dov
Yesterday $454 900 Withdrawn and to-day $780,
422making ST. 600 since and inclusive Of the 9th
inst
The stock market has not been hammered with so
much pernacity at any time during the last two or
three years during the last week The consequences
that the market is largely oversold and II likely
take bound upward at any time, provided money is
easy. Tho short interest is daily accumulating, and
nearly the whole regular board OF brokers have become
bearish Tho drmness OF stocks under the ordeal to
which they have been subjected is surprising and shows
that the bull operators feel great confidence in their
position.
Although money is stringent at Chicago, the ware
houses loaded. The Times Of that city says that
there Is stock OF q million bushels OF wheat there
Atty 1--we thousand barrels Of -four thirteen thousand
bushels OF corn two million bushels OF oats and be-
tween three and four hundred bushels OF and barley
besides hides wool and other property the whole proba
bly, representing value Of six millions OF dollars. All
this indicates unhealthy condition OF trade.
Tho demand for discounts continues active, and there
Is very little commercial paper taken under ~ per
cent. while good names submit to II per cent.
The gold market firm, the opening price being LAG
and the closing one 1854 Loans were in most cases
madc nat The steamer Persia took out 100000 in
gold and the Edinburg $4,000.
Foreign exchange steady at yesterdays rates 1t
Is noticeable that tho demand for short bills has In
creased owing the advance in the Bank of England
six per and the consequent uncertainty OF
getting the long bills discounted The depression the
Produca Exchange notwithstanding the rmness Of the
gold premium shows the active demand which prevails
for money In commercial well as financial circles.
Bankers bills at sixty days are quoted at loek Vi
three days, 1927 11oX.
The growing disncnaton TO advance further on pro-
duce Chicago shown by the statement Of the Tribune
OF that city that "the bankers refused TO advance
single dollar grain money unless accompanied by
shipping bills, and then IL is difficult 70 obtain the
necessary accommodations The bank rate of discount
thereis per cent and outside borrowers for The
most part muctcd in two per cent per month.
Petroleum stocks showed increased activity at the rss
board. Shade River closed 25c higher than a the
time yesterday; First National &c. Pithole Creek
&C. owcr, Buchanan Farm &C. AT the second board Pit
hole Creek sold at 81 40 Bcnnehon Run d. $3.50 Blu
channn Farm 75c, Germania &c., Manhattan 23c, First
National 44c.. Oceanic o5c Rynd Farm 95c., Southland
$50, United States 32s IS.
The business at tho subTreasury to-day was as fol-
lows
Total receipts. IS OH 500
Payments... 9605,5l2
Balance. g15,52l
aor s - ,., Loan $500 ~
Stock Exchange.
WEDNESDAY Oct 1910 30 A. NJ
$4,000 US os's1,c be l07K SO shs Mich Cen RR 11sk
5000 1000 Us esooreg ,o w. 40 40 40 5000 i iis