The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-09-26
FINANCIAL AND CONNER GAL.
WEDNESDAY,, Sept. 25-eP. N.

The gold market has been strong and at intervals ex-
cited to-day the immediate cause beng the Garbadi
from Italy and the threatening aspect Of local po-
htcal affairs in Tennessee After opening at 1887 aud
declining TO l43, the price advanced steadily TO 144
from which point relapsed 143s the closing quota
ton in the room Subsequently the street, however,
1t improved to 1855 IA There brisk borrow
ing demand for coin. and loans were made at 81 per
cent for carrying. The gross clearings amounted to
SOL 900, the gold balances 81 32T 423 and the
currency balances TO $23l0 ESQ., The foreign bankers
have been buyers and there is disposition shown 10
''cover shorts under the impression that the premium
cannot be forced lower by speculative means and that
contingencies may occur at any time TO advance Is.
There is partial restoration OF confidence on the
Block Exchange and in the money Market OWING NANNY
70 the supply OF funds having been somewhat larger
than yesterday The rate for call loans was however,
ssrctly per gold on government securities
and the demand was active. The drain westward shows
NO abatement but an impression prevails that the Treas
ury "a in some way going TO keep the money market
easy enough all practical purposes The great ma
Jory OF the bears are supposed to have
covered their ''shorts" and be rather favorable
rise than otherwise and that this s the the alb
sence pressure sell since yesterday goes to prove.
The sudden upward bound OF Michigan Southern,
tneess, took both bulls and bears by surprise, and
various rumors as to the secret Of it were put in
circulation; but the truth probably Is that clique
formed it up the shorts +" and the opera.
Non both sklfully designed and executed The
street is now befogged as to the future OF the
market aud 1t is difficult TO find a dsinerested man
who is either decided bun a decided bear feeling
Those who are 'long' OF stocks however,
thusiastc in predicting a the bears few
days ago in predicting fall If Spectator wishes to
decide whether he should buy sell order to
make money he had better up penny and abide by
ma Tbe haara tora fha bat IN tattar
Is late Tuesday morning. and the bulls
avAilug themselves OF Its oversoid
dion wreak vengeance upon their adversares II is
inmaterai to the outside pablo which side gains the
advantage but the spectacle which the Stock Exchange
has presented during the past week is very demoraz
sng one 1t reduces jobblng the level Of
PLAYING With respect monetary affairs, there is
doubt that tho demand for money will continue
active until the quarterly returns OF the national
banks made up; and bank officers say that,
although comparative ease may follow, II will
DO only Temporary the drain westward
move breadstuIs will be swelled by the pork crop,
while tho crop will call for large amount of
currency. II the stock market becomes largely
sold, however, as ct present, the bulls can lend their
stocks TO a considerable extent money require
correspondiugy reduced while the opportu.
nifty presents itself for a sharp cornering operation.
Bot low stocks just now, advise the outside
Oh
way in which a man may be feeced Of his money than
by speculation the stock Exchange
At the open board ten O'Clock there a decided
change for the better shown In the temper Of the stock
Market and prices advanced Eric sold at CO.'S Michi
gan Southern 77, and Northwestern 30. At the first
regular board the market strong and active. New
York Central closed ~ higher than at the time
yesterday Erie "a, Hudson River 3al Reading q,
Michigan southern l7s, Illinois Central a. Cleveland and
Ptsburg 81, Rock Island /, Northwestern do pre-
ferred IL, Fort Wayne l. Toledo, Wabash and Western
l. Milwaukee and ST. Paul Z, do preferred i, Ohio and
Mississippi certificates g, Pacific NAH Ia, Canton ~,
Western Union Telegraph IL Government securities
were steady and moderately active at the call
Coupon vetwen,ies OF 1864 declined ~ while the issue
Of 1867 advanced u.
At the cpeu board at O'Clock the market firm
ut the advance and in the case OF Michigan Southern
there advance OF 2H the stock selling at so
Subsequently Michigan Southern became very active
and excited and the price to So S. the bears hav
ins become frightened by active bidding for tho stock
At tho second regular board the general market
stroug although Michigan Southern reacted to s2H.
New York Central closed = higher than at the first
regular board, Erie 81, Reading i, Michigan southern
81, Cleveland and Pttsburg go, Rock Island u,
North western "a, do. preferred Ia, Fort Wayne u, Mil
waukee and ST. Paul . do. preferred ga Ohio and Mis-
ussppi certificates az Canton u, Western Union Tele
graph 1. Government securities dull and barely
steady tone. Five twenies OF the issue OF 1865
declined y. Missouri skies advanced l, and tennessee
six s. now, a.
At the hsl:-pas, three open board the Improvement
made further progress. New York Central Sold at 1857
sIOSG; Erie. ga 626; Hudson Ryer, i2sX Read
ins i0lE; Michigan Southern S3tf S4,<; Cleveland
and PitsbGrg. sOH; Rock Island, 1917 1917; North
western. 4i3s a4l1s do. preferred, 65k 651s For.
wsyre iOe; Milwaukee and 81 Paul prefesred, oS q
So; Nssera Union Telegraph. 3eZ 40; wells, Fargo
Co.'S ESuress 81 Manposa preferred Is. During the
Of toe Afternoon the market excited. and Eric
time tOached 63H, but slight reaction followed
and al Elk O'Clock the following quotations were cur
rcnt:-New York csniraL 1884, a lOsE; Erie, 62,4 a
ea5s; HUDSON River i2Ss I'D; Readns, ioi,. lo2
Michigan Southern, sSs a ss1; Cleveland and Pitts
burg, so 500; Rock Island. lOis aioia; Fort Wayne,
lols; Northwestern, AK asi% 90. preferred, 655s
&C. ohio and Mississippi CERTIFICATES, 26L . Pacific
Mail, 1885, 40; Western Uuien Telegraph, 80 q 10;
Milwaukee and g. Paul preferred, esI a65.
The abundant harvest has not yet increased the
ngs OF the railways TO the extent tosi expected
Those OF sixteen lines OF which the returns have been
published amounted in AuTus, to So 973 21s against
So6l9,65o in tho corresponding month last year
showing increase OF sS357s, about five per cent
only This tho encouraging OF the limited
crop and the oOusspondIrgy Ugh, earnings wiz, eight
per below OF 1906 OF the railways in August
last year 1--WE compare the gross earnings Of the
railways for the nrs eight months of the year with
those for the months in 1885, We End that they
show decrease Of ses9,eS7 or aboat aud n half
per cent, the amount this year benz sislis,1es
agnns: $50 sos S5S in lsco TIE earnings January
we're s5,4I34 37. against IS, avs III last year. IN
February they vera s47eseTs, assins, si.6c4,52S
In March, sS63o,60i, agalns, s5,5o3S23; In APRIL
IS SIC, 7Ss against sS475,i27; IN pay, s5,oo7eso,
against s5fO12s7; in June, t5,Sl5,s&i, aginst
se7Oe 4ss and in July, s5'5ssos against s5,s57sSo
There was consequently, "a increase in January
she sane month last year Of So 900, February OF
sl3& 4s3 in March OF S4e05s and April Of ss39, 6il
while in Nay there va decrease Of siat637 in June
of $500 7o5 asd In July OF s22osl. The iransporta
tlon hnsinoes of Tho RAILWAYS during tho lat eQ