The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-10-17
FINANCIAL AND CONNER cIAL

ing TRANSACTIONS we're a. 1854. which point there
9 steady recession 10 las wheu brink demand 70
.thorln contracts and recovery TO l4sk
l43 took place. with the clos ng Transactions al ls3
Is3H. Subsequently the street, however, the quo
tanon declined 10 1897 q l4S4 There vas an active
borrowing demand for coin, and were made without
Interest and at q per cent per annum and
l-o4 o Lilo per cent per diem In favor OF the
lender. The gross clearngs amounted 70 SEQ SOL 600
,he gold balances to sl2ss,s2o and the eur
sency balances 10 t2osb,s4s The market has been
largely oversod, and reaction from present artn
eia depression 10 likely to DO felt There macy
contingencies liable 10 suddenly which may ad-
vance tho premium, bat none which materially
isnucncs it In the opposite direction.
The money market was very active al seven per cent,
and in not few instances this paid 10 gold 10
tAe private bankers, although arst class houses had
httle or difficulty in supplying Themselves at the
legal ratio in currency. There sharp pressure for
discounts from city merchants and others a. well
- from the Western banks for redscounts
o. produces paper, but the banks here, 10 view
- their limited resources, prefer employing th7ir
funds on call. and very hide OF the best
grade OF commercial paper marketable. Al Chicago
abe demand for money from the gram operators 10
the increase and the banks preparing to the
wants Of the pork packers, u whom have already
commenced operations.
Tue railway share market Is IN very critical cond-
ticn. and shs bull eiques have been large sellers OF
stocks during the last three days. 1he bcoom
ing timd and the support from this source by no
strong II was al the end Of Last week Erie
and Northwestern common and preferred especially
liable to sudden break, although II the these
any other stocks largely short" induce
0eo for the bull ciiqnes " run prices up when
mcn OF the kind V the least exp cted. Sucn cks
those referred 10, and Now York Central and Hudson
River, are dsproporuonatey high and far above their
real value. What temptation Ia there buy New York
Central which pays only six per TT, at ia when five
twenty bonds bearing that rate Of interes, gold
DO bought for nearly ten per cent less, allowing
for tho accrued nteres. the latter Five
swenes arc about three per cent lower than they
In the middle of las: month"; and they, alike with ohor
government securities have been unduiy depressed by
the same artificial means which are periodically
sorted TO In tho gclera market One large house par
ticulsr known to DO heavily shor" OF the variou,
ksues and The aggregate "short' in,eres, is
nous that 1t cannot fail to defeat sei. Governments
zro just the cheapest securities Wall street for
the interest they pay, aud direct the attention o.
those who contemplate buying fancy stocks to tho su
perior attractions OF fvs-tw enties.
Tho market for government securities became strong
"a tho day advanced, and there an active inquiry
for bonds. for which there is a foreign demand and
which relatively three per chcaper-,han those
81 1902 the coupons both natur ng on the lst of
November aud while tho sixty nvss arc quoted Al 100
1905 the sxty-twos are liz 112k. Tho market
closed with IN upward tendency at the suboinsd quo
acknowledgement. 1881. ll19s lll; coupon. 1884,
1llx lil,s; sos. registered, 1862, ia . ll4L;
s-2o's coupon, 1852, liz q ll24; 8 zoe, coupon
1884, losk 100; S-20s COUPON 1865 100 a
aoex; do do January and july, 1oos 1865;
SOS. coupon, 1867, 1863 a 1867; lo-4os rs-
gistesed. 1ooa = 1907; lo-4o's, coupon, 1908.
looH; June 1905, los q lo51; July 1905 los
. Io53s; October compounds 1854, -; December
DO do. llsH A.; May do, 1865 Il7s. ll7,s;
August do. do, l1oH ile's; September DO do, lI5A
no; October do. do, ll6k ll5n.
Al the commencement Of business the stock market
vas unsettled and the early OF the open board
Erie sod at 727s 70, READING 1919 ID 81 Nich gan
Bouthern s2s s27s Cleveland and Pittsburg s4s1 So
Rock Island vs. 9s1., Northwestern 49,. do preferred
c7% q 075s. Milwaukee and St Pant preferred CO.,,
Pacific Mai l&5 l4S1.. Western Union Telegraph 50
49,
AT the nrs. regular board the market was irregular
and there considerable sales realize New Yo
Central cl sed = lower han at the time yesterday
Enc ], Michigan Southern - Cleveland and Pntsburs l.
Rock Island j, Northwestern preferred l. rou Wayne
n, Ohio aud Mississippi certificates q. Western Union
Telegraph Ia Northwestern was an i Cher Pacific
NAH " Government securities we're arm Coupon five
swentiss Of 1892 cosed y higher. issue Of 1858 x.
ssuo OF 1867 =, coupon ten-forties 4,
ssven.thirtios, second series Tennessee SKIES new
were ~ lower.
Al the oren board O'Clock. prices higher,
bot tho tone Of the market feverish The princi-
Pei transactions in Eris and North western New
York Central sold at il3&; Erie, 52ss Hudson River.
12s; Cleveland Pittsburg, SAL s5S; Rock Island,
a. En-t
Tao &c Mail 1861 III; Western Union Telegraph,
aif 3sA.
Al the second regular hoard the market was active
under pressure sell, and prces declined The cali
New York Central closed higher than At the first regu-
Lar board Cleveland ana PittsburG y, Ohio and Msss
sippi certificates x, Pacific all Michigan Southern
was !. lower, Rock Island s. Northwestern preferred
X, Fort Wayne y, lwaugcc aud s. Paul preferred
u. Western Union Telegraph u. Government secar
strong. but inactive and thirty of
zoe second sariss advanced y. FSetwcnties OF 1so2
quoted n liz ll2. and the old OF 1so5
boo a lo9I..
After tho beard prcis continued 10 decline, and Erie
soacned 7l the OF the market moving in sympa
shy hat al tho last open board thcre tendency to-
wards recovery shown. Ere sold at 'I5: Rock Island
SIN: Mort hwestern. az t0A; do. preferred, Oh
u 81; Milwaukee and ST. Paul Preferred GSss western
union TELEGRAPH, 3sk. subsequently, the market I'M
improved eighty but Il remained duh and feversh up
% slT O'Clock. when the following questions were cur
a,:--Nsw York Central, 1874 li35. Erie. .21s
nv Hudson River, i2T 1881; Reading, 1911.
lolK: Michigan Southern, six slI; Cleveland and
Yatsburg, HA sSi Rock I.lahd es 49,; For
wayne. 100 q loOh Northwestern, AZ. a 46ls; d..
preferred, cIx 67H; Psctac Mas, is11E siash Ohio
end Mississippi osrnea.ss a. 2es4 Western Ua.ea
Telegraph, s3K 49,
The proceedings at he cetsg or The MANAGERS cf tue
shrec trunk lines held yesterday informal but "a
understanding arrived at that tho Erie The New York
Central and The Pennsylvania Central charge
pro rata Of freight The fact however that
none OF those companies willing TO bind themselves
20 anything regarded as significant Of an nd.spcsiion
their part to cooperate TO the sxeut that generally
supposed the particularly as they are disagreed
sbe subject OF passenger fares