The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-09-26

FINANCIAL AND COMMERCIAL

FINANCIAL AND COMMERCIAL
~N~~~~>~~~>~>~-~~>~~~-~~~~~
MONDAY, Sept. 25-oP.M
Tns stook market was dull but nrm this morning. At
the first regular board New York Central closed
Y, Michigan Southern Y, Cleveland and Pttsburg "
Rock Island x, Fort wvne ~ Cumberland y, Quick
silver v. Ohio and MissssippI certificates we're I'M
changed. HUDSON River was x lower, Prairie du Chen
y. There was sale Of Erie reported in the
list, but the selling price SIX y, the
latter having been tho q9otatioq ep ~ ean -
the ten O'Clock open board Government securities
nrm Coupon uye.twentes OF the old Issue advanced r.
ZEN forties declined r. After the call the receipt Of
later European reporting Erie At 81 Lppdop-ap
advance Of Sk upon the previous quotations
rush for the stock under which II to ssx 1t the
open board at O'Clock The whole market was at
the same time strong The large rise ~ Erie abroad 10
doubtless based upon the Of the Ave million loan
negotiated by the agent OF the company, who
went TO England for the purpose. Foreign advices
state that the loan 10 believed TO have been made
upon the sale Of swentyyear six Per cent bonds q
seventy, the Interest we'll the principal OF which
Is payable In coin This will make the loan actually
for three and half millions This negotiation ~
supposed have becn favored time since by the
speculative direotorof the road 10 whom the company
is reported indebted the OF 81 900 for
loan seventy.nve the security Of twenty Weight
thousand shares OF hypothecated stock, the said
director being anxious to get his money back This
is the stock that said TO have been purchased
by him some weeks ago, and which has been made the
base for number Of abrcations In the interest Of the
Eric clique The contend that In addition TO
the debt referred TO- the company has floating debt
and outstanding acceptanoes TO the amount Of two mill
iions and that the two amounts combined will nearly
swallow up the loan, leaving nothing worth men
tioning for the compilation Of the double track
the loan especially designed. sHeDG
The bulls the other hand that there Ii likely
be steady foreign demand for the stock, and that
the present price Of the shares in London Ia equivalent
to 90 here earnings Of the road very large
and likely undergo further increase, and that the
market being rising one Erie must with H. despite
the efforts of the bears f1 .lt rs. aA Ae li
At the second regular board tho market inactive
but firm New York Central closed 1S higher than at
the first board, Hudson River ~ Reading ~ Michigan
Southern u, Cleveland and Pittsburg v. Cumberland
was u lower, Quicksilver X. Erie sold at SS1S u
Government securities neglected 2fol tiablsp|
At the open board at half past three tho market
fraction lower Erie sold the call at ss, New York
Central o5H, Reading 1llx, Michigan Central 1loX
Michigan Southern (b9 69A Cleveland and Pittsburg
70, Rock Island 113x Northwestern 2s, Fort Wayne
2sX Afterwards on the street Erie u lower, but
New York Central rose n The rest of the market re-
NAMED steady. ia9 p lA3 ai 81" ~ w
Petroleum stocks were very dull at the first board
Pthole Creek &c. lower than ut the time 4
Saturday. closing at So TO- Oil Creek advanced 1Oc to
So 35 Webster was 81 SO, Ham McC1intock 81 90, |
Buchanan Farm (b5 S9e, Central $40, First National
2lc Oceanic 4sc. At the second board there only
single stock dealt in-namely, Oil Creekwhich sold at
81 10. nfHts iei5f,a s1 % s1ie-1 b.ara I'd
The gold market was strong and under scarcity Of
coin for delivery the price steadily from 143H at
the opening to l4SZ at the close A difference of u
u was paid for cash the regular rate There is
ctive demand for customs duties which, together |
with the sshortn interest created in consequence
OF the anticipation Of the November interest,
accounts for this condition OF the market.
The disbursements of the coin interest BY |
the Sub Treasury which commenced today will tend TO
the floating supply 70 some extent but as the
coupons belonging to foreign holders are with few ex
cspons still Europe and as bonds with coupons miss
ing cannot sold at the Stock Exchange much Of the
interest will remain undrawn for some weeks TO come
Foreign exchange continues heavy and the best oank
rs, .scrns At sixty days has been sold at 1923, but the
,adine drawers ask 1904 r. The dulness OF hve-
wontes abroad at 6s likely to discourage IN some
oeroo further immediate shipments OF these securities
,substitutes for bills drawn against gold =
marc ia full demand for discounts, and little or no
pacr IA taken under per cent, whhe the exceP
t,os At eight are becoming more numerous Although
lbenarket for money is still very easy at this point
noticeable that throu ghout the West and elsewhere
acty, and in some instances stringent Business
ia evevwbere reported To unusually brisk, and money
ia actively emp,oyed in the various branches OF trade and
commerce The Chicago Tribsme on Friday In speak
ing Of money! remarked: The market rs comior'apV
c,ose though not stringent" and similar reports are
gcuer.l Under these circumstances the tendency Oh
capital IA to find its way away from this centre, wnere
the rate OF interest is low, towards other po'n's
WHARF money being in more active demand the rate OF
interest shigher Hence the supply OF currency Is De-
ginning to diminish here and distribute itself over the
Interior West South and even East, to move produces
and nav for manufactures The bank statement Tor the
wee shows no important changes but already the out
ward flow "a observable The deposits show decrease
s1so o4s and the Loans Of 1857 the
specie decrease Of s3s2 0s7 but the legal ten
dcrs have s>creased 1886 $40.
The following ogures compare the last weekly state
Of the Now Yo.s Associated Banks with the return
of the previous week. Iva
Loans s2l5 1881, 3s1 $21,y22Ce2
Deposits. ............... 1715ol, 735 54,0ls47s
Specie. ............ ~, ooA]o e,2es, S06
Legal tenders fcturns Of the previous week
o', TS. nsy,a.ious frop r.oleF Va v.ba
ma, folows:-.' 1881, 078
..-...o A, is,osIts 1s0, $40
ISccrrass spcss. 3S2 097
D. m loyal tenders Observation-Disclosures. S65, $40
DesSe In circulation. 100 266
40 transactions Of the Clearing House last week
tnpare as follows with tho business Of tho previous
eek t ID 'r 80 hs.tIlH. w ..rt. >
<u