The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-09-30
FINANCIAL AND COMMERCIAL.

INANCiAL AMI SOWWCNSsNI'
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FRIDAY Sept 2o-6P n
the stock market wavered under diminished activity
this morning. and the efforts Of the bus' to impart
buoyancy TO without any decided result At the
nrst board Erie Reading Ohio and Mississippi certi
ncates steady yesterdays second board prices
New York Central closed Il lower, Cumberland u. Mchi
gan Southern was y higher, Quicksilver H. Government
securities were heavy; coupon hve-twentes OF the old
issue Il lower new issue u.
At the open board ct one O'Clock the market 4
lower portion Of the list At the second regular
board utterly inactive excepting In Hudson River,
which closed per cent higher than at the first board
Erie was higher Reading y, Quicksilver T. Fort
Wayne unchanged Michigan Southern was x
lower, Rock Island y. Government securities were en-
tirely neglected.
AT the open board past three the market showed
slight improvement New York Central closed on the
call at s5, Erie SIX, Hudson River Ill, Read6F
1l4x. Michigan Southern cox, Cleveland and
Pttsburg 72X, Cleveland and Toledo 100, Rock
Island 1loX, Northwestern 2sk, preferred Is 81
62h, Fort Wayne 10. 81 cox, McGrcgor Western
Railroad 10, Cumberland Coal a. Afterwards, on the
street, Reading was steady and rose TO 1l6X u,
under the report that selling that price in Phia
dephia, but the rest Of the market was dull The rise
in this stock is based upon large tonnage that for the
that there be further advance Of atty cents
ton in its tolls The recent rise is, however, excessive
and too sudden TO be permanent With fall in the
price of coal in this market the earnings Of
the Reading road must diminish under forced
reduction OF the tolls, in order TO compete with the
Schuyikin Canal Navigation Company which however,
the Reading Company partially contro) the Delaware
Lackawana and Western Company, via the New Jersey
Central road, to New York, and the Pennsylvania Coal
Company the Delaware and Hudson canal, and the
Erie road Considering that Reading has mover paid
more than cash dividend, and that It has issued
twenty millions OF stock its present price hardly
considered under its real value Opinions to the
immediate future OF the market are, usual conflicting;
but the impression general that Is entirely with
outside support should anything to create dis
trust make money In the least stringent sharp
decline would be the consequence. Meanwhile
there is disposition among the holders and pro-
fessional operators to make the most Of the pre-
sent easy condition Of monetary affairs by spec
ulang rse but there little confidence felt in the
stability Of present prices.
Petroleum stocks rather dull to-day. At the first
board webs:er closed 12c. lower than at the
time yesterday, Oil Creek roc Germana SC.
higher, Buchanan Farm &c At the second board Web
ster &c. lower closing at 81 Co., Germania &c.
higher closing 40c. Buchanan Farm &c, closing at
81 49, Oil Creek &C., closing at 81 rs. Pithole Creek
sold at So OIL Consolidated 6Oc, Bonehof Run S12 so,
Rynd Farm s5c.
The gold market was very nrm under a brisk demand
for duties The opening price 1881 from
which there was an advance to 1444 The supply for
delivery easy.
Foreign exchange is steady, but not very active.
Leading drawers continue TO ask 1927 no. but very
little business is done ut 10Dx.
Money little more active to-day and there
fair demand from bouscs A cent There
good supply Of commercial paper Offering which is
taken at 8 and q 10 for the first and second
grades. The forthcoming issue Of fvc-twenty
bonds and its effect upon monetary affairs are
much discussed, and the measure is generally
regarded the first step towards the resumption OF
specie payments-a contamination devoutly be wished
but which the best That will create
little perturbation In both financial and commercial
circles is likely; for II will go to absorb large amount
OF currency which, although interest bearing, Is
thcless legal tender It but influence,
however slight In checking that imitation Of prices which
has made such rapid progress during the last two
years. which has rendered the ordinary uxures and
comforts of life beyond the reach Of most persons
living wages and salaries 1t has been practically
shown to that 1t docs not need high gold premium
to bring high prices for the expenses Of living about
high when gold selling at ESQ.
The national bank issues every week adding
TO the volume Of the paper money anoat
and without such conservative action as Is
embodied in this proposed funding process the imitation
of prices will keep pace with the imitation Of the
rency in compound degree, and speculation in every
branch Of trade viii progress to such extent to
make bubbles Of prices and ultimately invite widespread
panic and collapse.
This years cotton crop promises TO hardly equal
the estimates Of which have been made from time to
time The accounts from Northeast Mississippi, we OBJ
serve, represent the yield very poor the negroes
being unwilling work make contracts with the
planters while report from Texas that the destruc
ton OF cotton by the army worm alarming, and that
In many districts than third or fourth Of
the crop will be gathered
The mportatsns OF dry goods this port during the
week ending September compare follows with those
Of the previous week -