The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-11-20
FINANCIAL AND COMMERCIAL.

|
part Of last week. and marked depression in all classes
of governments; but Thursday the tide turned in
favor OF the latter ana they have undergone
| steady Improvement The hesitation which had pre-
vousy prevailed in the general stock market gave place
a confident feeling Saturday, chiefly
quenco Of the increasing in money and securities OF
, all kinds closed with strong upward tendency.
| Northwestern is IN active demand
owing large earnings OF the road, which leave
surplus after paying expenses equivalent
seven per the capital stock. The line is how
ever greatly in need Of rolling stock and the
plus win employed furnish limited period
The extraordinary management Of this has already
occasoned several surprises, and that fresh surprise
| IS likely to be experienced by the stockhoidcr rs.
tho offer OF one per cent by a prominent house
| for tho privilege Of exchanging the for
the preferred stock Of The company before the LIST
January next would seem to imply. There is a brisk
demand sprinsing up for Marietta and Cincinnati first
preferred stock supposed to be the Eng
fish railway party who recently visited this country,
based upon the largely increased earnings the road
which will shortly be completed to Cincinnati. Before
the late this used to be very active stock, but
owing the great feeder Of the road the Baltimore and
Ohio Railway, of which it is really the western extern
sion, being frequently interrupted by rebel raidns
parties through traffic diverted to another channel
and 1t left with only local trade; but now with
the gradual return Of the old traffic. its earnings
dergoing large augmentation Tie stock Of tho Marposa
Mining Company which has been lying dead eght on
the market for nearly year, also again becoming active.
| The cliqucs in Cleveland and Pttsburg and Michigan
| Southern have been quiet during the week. but both
stocks have remained firm the market The distrust
produced by the cornering Of Prairie du Chen checked
the volume Of business the Stock Exchange very
terally the being afraid sell and the bulls to
| lint 10
ing The recovery Of government securities under the
returning abundance Of money the time assists
the rising tendency Of the railway speculation
Loans made at six per cent Saturday. ana the
supply of money in Of the demand The
flew of currency from the West still continues while the
drain southwark has nearly subsidized owing the
receipts Of and the large exports Of merchan
disc from Northern Southern ports going forward The
redemption of the five per cent and adpole" notes
due the LIST Of December will also practically contri
butte the of the money market by the dsburse
ments OF compound interest notes and plain legal ten
dcrs from the balance in the sub-Trcasury which viii
involve.
At five P. NJ. on Saturday Michigan Southern
quoted at 7616 a. Cleveland and ptsburg 93ii
Northwestern 363s Marposa 14i4. Prairie du
Chen was inactive at par. The short interest la this
stock, with few riting exceptions. is probably covered
but the Injunction restraining the company from
converting and selling their common stock has
not yet been modified dissolved it Is not
likely that any sudden change will dealing with
the stock in Wall street The clique will probably hold
the stock Harlem like in preference throwing upon
the market after the Of Rock Island in 1864.
Meanwhile the action OF tho Judge concerned In grant
ing the injunction is freely criticised
involving similar circumstances those
tending the Prairie Dos' corner Is being tried in
the Superior Court in this cityta OF Carr Chamber
lain. The evidence shows that the 9th OF July the
plaintiffs borrowed from the defendants FIVE hundred
shares Of the stock of the Napoleon Oil company,
which was then selling at about TIVE dollars
a share and deposited, according custom tie market
value OF the stock-namely two iouaani five hundred
dollars. BY the 18th OF The month the took had
advanced to thirty dollars per share, and i've thousand
dollars called for by the lenders. rhe plain
tis complied, and deposited in all nine thousand dollars,
for which they demand Judgment They willing TO
pay reasonable price for the stock, bui not accept
purchase by the defendants from confederate at an
inordinatey high price, that they migh be called
upon to settle on that basis under tho custom which
allows a lender who has called in ais stock
without receiving il to buy in the same at the market
price and charge the borrower accordingly. They sot
forth that they unable TO return the stock because
the defendants had bought up all that there vas IN the
market, thus controlling the price, in order . dciraud
the pain,ns and others like .lW yhc were shor!' OF
it. The defence set up is that the plaintiffs sold the
stock the defendants at 81 IS per share seller ten
days; that Misrepresentation made, and that the
market price the time Of the return Of the stock beng
demanded was $50 per share The defendants therefore
claim that they entitled To Judgment forthc amount
OF the dsrcnce-namcly, fifteen thousand dollars.
The s'bulls' as n matter OF course, hive but little
sympathy with those who sell what they have not got
trusting fall in prices for their profit very strong
and sound arguments could he advanced against selling
sshcrt-" ii may may not be considered an egiti-
mate form Of speculation, but that IT highly dangerous
the Of stocks which capable Of beng cornered
the recent history Of Wall street has slDwn clearly
enough. But long there is speculation In stocks
there will be bears well bulls, and % long there
will DO short sales made less Unfortunately
and regardless of risk Nevertheless If TO sci hort or,
In other words try to deprecate the property Of Others
be questionable kind Of speculation the deliberate act OF
corncring stock in order force the settle
their contracts at whatever price the conering party
may choose is a much serious natter, for il
amounts to pretty much the thing playing with
loaded dice. Condemnation of corner Is not
domination of legitimate speculation for RISE All
tremes in speculation well other matters, bad
and although il is sometimes difficult to draw the line
between honesty and dishonesty in ccrttin speculative
transactions escape should exist from contracts in
which OF the parties Is operating upon certainty
OF his creation unknown to the other. Al
though the Stock Exchange tacitly sanctions 'cor-
nes" IL is question Of interest whether the rules
regarding betting a certainty might not be carried
the practice OF the street with advantage There
a time in the history Of the boardncrc than twenty
years ago now-whcn It decided 'corner' casc-and,
by the by the first corncr known in Wall street. that
Of the Morris Canal stockn favor OF the ''shors;"
but modern improvements have thrown the customs Of
those good old days far into the background and the
bears expect quarter when they find thcmscv"'
enclosed In the mcshcs OF hated ''corner."
The gold market has been dun but stesN u"''s W"
week The extreme aac'atons we're
Highest. Lorea
$50, il7X 1d6&
IA7X 1i7