The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-09-12
FINANCIAL AND COMMERCIAL


ally and otherwise, but the stock market was steady
and late In the afternoon manifested an improving
tendency the undertone being very frm Tho present
bsars hst exp Giant buls arc not confident enough 10
continue selling short and those who hold slogks in
large amounts are too determined yield the res IN
Is semi ,iaenaon profitable 10 neither party Mean
who he interest account against The bulls and the
bears ind that they cannot their contracts with
out ioes Tins peculiar eond Ion Of the stock market Il
due almost entirely speculative distinguished from
natural causes ana I, involves trial Of patience both
sides Like hIicswbsr the bears hiuk that is human
AFFAIR." ohangsfu something may ultimately turn IN
to their advantage while tie balls believe that they vim
nnaIiy BE- compelled to their contracts al higher
Frses, ~ which they intend themselves to reap ,hs
prca. ana every reason for supposing thai Il
butts W. 30 successful
Al the early session Of tho open board the market
opened steady At the closing quotations OF lac. evening
Al the first regular board The speculative feeling vas
rather tame but prices showed Improvement although
with the exception OF Elle which was !. higher
thoy were generally lower than at the same time
yesterday The decline in New York Central was u
Reading y, Michigan Southern 81 Rock Island 4,
northwestern 1s-preferred Il Fort Wayne Il Ohio
ann Mississippi certificates 4, Marposa preferred j.
western Onion Telegraph 4. Gosernmen, securities
were steady, excepting coupon hve.twentles or 1ss2
which advanced and those OF the issue Of 1855 which
wore Z lower seycn-ihirly notes were unatercd
STATE stocks were steady. The principal activity was
connod TO Tennessee SKIES Those tho new issue
ciined 4,
AZ The O'CLOCK ions the market was steady III,
quiet A. The halfpas two board Erie was the strongcs,
OF the railway shares, closed X higher tan ii the
nrst regular board New York Central was i higher,
aud Northwestern y. Reading was 4 lower Michi-
gan Southern u, Fort Wayne u. Tennessee
sixos OF lae new issue adyans -, selling II. Ns-
tora securities inactive blt steady aud coupon
lyeivsniias Of the Issue or 1856 advanced a.
At She orcn board at hslspa-t three the market was
shade arsngr and Eric sold up 10 ~ AS the transfer
books arr. according to annsalceshnt be closed on
Thugsday nex me l4.n instant me demand for, and
consequrai sivancc In the stock attributed 70 TINT
faoh. Tue deliveries to-day made somewhat rrcg.
iariy, and rc geucray reported scarce. New York
Centra spd ~ l0t under the effect Of a rumor which i
entiiey anaatLen,icaied thu the latter company pro-
posed iang tile Hudson Rive and Harlem railways And
rho circulated fmed erten, that soma Or
the siockioters had served upon the company m IN
Junction res,ianing Il from matns any such arrange
ssss, rherc il doubt that IL he managers Il Tue
Now Yor Zen. raj Company had been fully alive % Tie
interests Of the road ny would have bought 40 the
Hudson River line fcw years ago. when i could have
boon done .. very low price compared with what 1.
could nov but it is very questionable whether a. the
prcson: iqe such purchase lease could be effected
IL such way TO prove probable to tho New York
Central Company.
: The mTeet finally closed firm tho quotations carr,n,
hsifpust being as sab,oined:-Now York Central
ioa1s * Erie 7lss AK Hudson 1919 I22, Reading
uts.a y Michigafsouthern ss1s a u, Cleveland aad
rttshure $50 So, Northwestern s5t4 y Northwest.
ern preferred $50 CO.., Rock Island 100 VI Fori
Wayne ioi'l io5, Cumberland 40 ~ Quicksilver SIX
20 Il
siarpcS, preferred % nax Compound interest notes
were quoted as under:-Jan4 issi, ll5H a X; July,
1861 liiI Ji5h; August 1894, il4s.a q; October
1894 has Is; December, 1854 ll2ss E May, 1885,
iio's = August, 1895, 1861 alooH; September,
lsdb. 1881; October, 1865, 1914 1857
Ihoro Is no change 70 In tho state OF the money
market, The demand being light and the supply larSe
Heavy amounts are offered Tor thirty days -four per
CENT, br exceptional loans 70 stock houses are
made At Eve Al tho same time some
OF ths pr,nclp dealers In national securities are ensbed
10 supply themselves mainly At three s,t,oaas e,,..
iin' The sight Increase q So change Fins, class com
49,. oassss AZ Ia * psr cent, and the second
~. :, a : and some lenders prefer the risk Of IN.
Sr ssunrrcs for the Fske n the higher rate Of inter-
es There X probability hs, 'he Treasury will before
long pay per cent temporary deposits known
Clearing House certificates and this will INCREASE 10
some little sxtsnt the supply Of cureacy In
actual circulation by Withdrawing from The !
Treasury vaults. Az. however, the certificates
arc paysbls on demand, and legal tender al |
the Clearing House, the process viii tuaily be lke,he
sxchsug. of Bank Of England notes for gold al The Ds
or like ,hs cashlng Of cheek bank here The banks
nav uss these certificates part o. their reserve 0t
the latter IL generally ecuslderstiy In excess Of Tn
aroan, rsanrcd by law and proportion as y = ihA
ioanabc resources q the banks would be In
cresssd by holding currency in their steal The !
banks would, however, ptefr 20 retain THIS IN
srsst dnsng portion o. their reserve oai
the government has no longer an excuse
for MOI pny.ng OF the Whole Of us temporary
dsrs,.,s: for notwithstanding that It's maturing obsa
t,,o. la, month aggregated more eighty millions,
the balance In the Sub Treasury hero this evening %
ss74Ii 3gi which OF courc includes coin
Tito ysla market has been vigorously hammered, and
,be pce secned In consequence from l40ls at the CON-
rneuccmsrt OF business u l45t, from which poat o.
ssurusscr Il recovered 70 laSI and finally closed a.
iso The surpy o. for delivery was easy ana leans
were mat At ITO I-si per ccs, per diem In favor Of
the early IN tho dav. bai afterwards without in
,sr.s. TIE bcls assisted tie Gears In depressps 'he
premium for the doubic purposs Of increasing Toe
,.-aort- interest and buying Al The decline
There hss been moro scfiNe demand for fore ~ e.
change thau usual Of hate ara have become trmsr
B.nass. ,is on England =. sSts days were quoted Al
losa =. three days, 1904 1918. Continental his
were rae. n Under rfsnen 1875 Tx, on Berlin
uhaicrs, co., soA, % rFansicr 10 v, On Amsscr-
dam 10 . 10 on Hamburg a. - on Paris Gong dh's
81 .ps = 81 CO. three day. s. 27c. ad 29c
tue reduction Of the Dsrs Of England rate Of as
eouat 10 sx and subsequently 70 fvc or cont h proving
vsry favorable 10 the Of 10 reserve both n
bolton and notes, and TIC bank row In an anosuay
xoca POSITION The effect o. TIE removal OF the resirc
tons imposed by the pcr ceni rate affords practical
cvIdeoce chat national laws arr better tran an
nciai measures IN regusi rs everything tfaiins
20 monetary arairs. ~ Pe'ia act hn ans
the circulation Of the hank was repealed
would be step In ne riah direc,on and with he pro
cross % enlightened opinion upon financial question:
n "a nkely tina, The bank Il to lst 10 manage IA own
-. A., "A. assn cav vxstteut pa "A esrontarv tured