The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-11-09
FINANCIAL AND CONNER GAL.

market was unsettled al the opening VI ouot-
nes this morning. and the bear raid organized yesterday
made further progress the bulls assisting up to certain
bolnt when the rush to sell suddenly succeeded BY
rush TO buy Erie which had sold as low as 81 Y pre-
vously rose to s5 while the rest Of the list advanced
In nearly the sameyproporon the large short interest
which had been created adding materially 70 the strength
or the reaction. The upward movement OF Erie vas
however closely contested by those who had sold It
s'short" at the decline. Nevertheless Il continued the
most active and buoyant OF all the railway shares,
and closed with q strong upward tendency.
There was also q moderately brisk demand for
the Northwestern shares common and preferred and
Michigan Southern the decline having brought In fresh
buyers There can be no doubt that the break has
added greatly to the strength Of the market and
nswa Of the excitement Of last week seems probable
with Erie again the centre OF attraction
The farce Of active money Market which the bears
took part in yesterday was popularity speaking,
pleely played out" to-day the supply Of currency being
10 excess Of the demand at Eve per cent notwthstand
Ing all the efforts which made by the operators for
fall on the stock exchange aided by one or two Of tho
banks to advance the rate TO six per cent and produce
impression Of scarcity at that rate The sxcep
tionA transactions government colaterals at four
almost a numerous as those at six miscella
ueous securities 70 weak houses There Is slight
increase In the Of commercial paper Offering Tor
discount but 1t Is freely taken at ~ per cont &C.
cordng date There prospect Of any other than
very easy condition Of monetary affairs at this centre
FOR Indefinite period to The banks here have.
with the exception Of half million drawn some
time back allowed their twenty.fv millions OF
Temporary deposits represented by matured Clearing
House certificates to remain intact and In these they
have ready at any hour. The Sub-Treasury
holds more than fifteen millions Of legal tender notes,
exclusive of Noional bank notes and coin and the
Treasury Department at Washington holds Of
fifty millions Of greenbacks to be Issued in redemption
OF these certificates whenever necessary. There q
tendency towards further accumulation Of money in
all the Western Cities and increased is reported
Tho drain southwark is at the time not Of suf
nciont magnitude to be perceptibe and the Eastern
markets troubled with plethora Of
TO apprehend any approach to stringency under
such circumstances is to cherish delusion To look for
a commercial revulslon irredeemable paper money
basis Is likewise equally absurd The currency Is at high
tide and there is open financial for the ship of
State to sail In and will continue to be for years
At the open boord at ten O'Clock New York Central
sold at 100 Erie at Sly Il, Reading at 1853 a y,
Michigan Southern at COZ, Northwestern preferred at
ys4 ~. At the first regular board there slight
improvement In prices but the OF the market
not sufficiently settled to induce general disposition to
buy New York Central closed lower than at the
2, Illinois Central l. Cleveland and Pittsburg IN Rock
Island u. Northwestern 1x-preferred IL, Fort Wayne
Ohio and Mississippi certificates q, Pacific Mail 4,
Atlantic Mail "a, Quicksilver u, Western Union
Telegraph u. Hudson River was strong and
showed an advance Of V. Among tho State
stocks Missouri skies were the most active and
advanced 81. Government securities were dull and
barely steady Coupon Of 1881 and hve.twentos
Of 1884 and 1855 were lower At the o'clock
yons the market strong and Erie sold at s3N. At
tho half-past two board very nrm especially for
Erie As compared with the FIRST regular board New
York Central closed y higher, Erie 1x, Reading y,
Michigan Southern Y, Illinois Central X. Cleveland and
Pittsburg y. Cleveland and Toledo X, Rock Island ",
Northwestern preferred X, Fort Wayne y, Ohio and
hissssppi certificates u, Quicksilver r. Western Union
TelsgrsphK. Governments steady, but neglected
At tho last open board the market was steady and
Erie sold up 10 81 Michigan Southern sold at OAK,
Northwestern q 5e. and the preferred stock a 7ox
subsequently, Erie was In active demand, and rose to
esk. A. halfpast I'VE the following quotations were
ourrsnt:-Eris sSx y, Michigan Southern o2x u,
Book Island ll0f n. Northwestern STA u, do, pre-
fsrsd 7sk y. Fort Wayne looX . n. Ohio
and hisnssipp certificates SAX ~ Quick
silver Ssk 4. Compound interest notes were quoted
thus:-June. 1884 llox III; July, 11sx X.
August. llbX 1lo; October, 11lxa 1l6; December,
ilsk ia; May 1885, ll2k l12K; August, 11ox
Ill September, 11ok n; October, losx ITO
Tho gold market opened at llo,<, decline Of from
the closing price last evening, and after advancing TO
ll6k receded 10 l4o Il afterwards recovered 1AoK
and vbrated between this and 146k during the after
noon, closing at 16K The supply OF coin for delivery
was In Of the borrowing demand and loans were
tnade without interest," and at a PER for carry
Ing At private session OF the stock exchange held
yesterday the question Of reduction OF the COM
mission for buying and selling gold was discussed,
whom q majority vote registered in Its favor;
but - II was unequal TO two thirds II failed carry
che measure. The rate, therefore, remains one.
eighth Of per cent higher charge than the nature
OF tho business justhe onesxeenth being ample, and
n the gold exchange voted to reduce It's rate this
would probably result largely increased amount OF
commission transactions
Tho foreign exchange market is dull. and rates have
shown slight tendency TO yield, but IL has firm under
tone. Bankers bills England at sixty days were
quoted at 109x II, ut threo days 110x o "; com.
nsrcial bills los 1oSIS; francs at sixty days 1sI
siik, At three days $40; Berlin 70 TAX; Bremen
W TX, Frankfort 41k AN, Amsterdam 40st
At, Hamburg s6h a u, Antwerp 61sx 6lek
Tho statement Of The national debt for the month OF
October, which has at length made its appearance,
shows tho total to have been on the LIST instant
y, ,o35, p6o, exclusive Of the amount in the
Treasury, or sle9la,74a less than on the
urst OF the previous month. II, however We compare
Tho two totals leIs the In tho Treasury we End
the decrease 10 be s2o 02e s3a The currency shows
reduction Of slssoe5l7, seven millions Of which is in
compound interest notes exchanged for nvetwenes or
We new Issue Of 1885, technically known az candy
Johnsons," and ss.eee,5i7 In United States notcs
which form part Of the ten millions authorized TO be
cancelled during tho six months ending with October
Hsnceforwsrd act Of Congress provides for
The reduction Of the currency at a rate not exceed.
ing four millions o month. For the compound
interest notes Withdrawn from circulation the Secretary
OF the Treasury has the power TO issue an
equal extent occasion may require. 1t win be
that tho Treasury holds nearly hundred millions Of
con and floating reserve OF nearly tbirty.one millions