The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-10-14


during the week follows
Monday. ACKNOWLEDGEMENTS. l453s lias
Tuesday ..................s.... ltosa lisa
Wedne sday ........,... ittft 80
Thursday. ACKNOWLEDGEMENTS. - i5Ss
Saturday. III. I44]s
An uneasy feeling created in the mayxet ior gov.
securities by the discovery OF VIE counterfeit
seven-nirty notes before referred 10, and thsre
rush Of holders Of thousand dollar notes of each series
70 the Offices OF the leading dealers 10 compare them
with the genuine notes. Messrs Jay Cooke d Co,
Fske & Hatch and vermilye Co. were among tho
firms that had received tho nos in tho ordinary course
OF their business and them into tho sub Treasury
fer conversion redemp,ioa and the fact that they
we're taken and paid away by these experts without be
ing detoced goes to strengthen tho suspicion In
minds that the soca!ed ooaneroit printed
from .he genuine plates dishonesty obtained in
manner yet explained THIS suspicion will nger in
tho public mind long the mystery in which tho fraud
isEt present shroudec remains unsoved. With a view,
therefore, to restoring confidence. searching invesli
cation should be 1t instituted nto the fraad by
committee composed OF ointment gentlemen moon
nected with the Treasury Department and If the secre
tary OF the Treasury fails TO take the initiative the
matter, the President should without delay talo the
necessary towards that end One result OF tho
fraud will be to the speedy sale conversion of
the June and other seven-tnirties, the Treasury
should make arrangements to facilitate this as much
possible. Messrs Jay Cooke Co. have Issued circu-
lar explaining the points OF difference between the genu
ine and she spurious notes. and Mr. Clark the Chief Of
the Treasury Printing Bureau. has written re-
port to Mr. McCuoch to the effect; but
these no, enough to satisfy tho public tina. tn
genuine plates and paper have not in some way been
instrumental In producing the counterfeit, the
bance Of which to the genuine Is dangerously close
TO hzvo led experts TO accept the for the other
The Treasury has made no formal reclamation yet
upon those from whom received the worthless notes.
and II is probable that 1t win make none; but IL It
should they will DO likely to dispute their liability, for
the principle that applies TO the individual applies to the
Gevernment-capeat smptor The market for tho public
funds was less depressed than might have been
pected and extent Of the fraud owing
She prompt OF the principal dealers and the Trca
sury brokers sustain quotations. and the close the
various issues were steady.
Money was in brisk demand from the stock houses
during the week. but the supply fully equal to
per cent, below which rate there trans
actions government securities. The drain west
ward was lighter than in the previous week. and hence
the next bank statement viii show loss OF only
e7Ss in legal tender and ST. 34I 7Ss in de.
posits The other changes unimportant, the loans
showing decrease OF slol 23s and the circulation Of
Sl95ao while the specie has increased s235, l6s Dis
counts arc made with extreme caution and very
limited scale, the banks preferring to employ their
funds on call, and consequently there Is positive
s.rnaency among borrowers commercial paper,
while there only moderate degree OF
tivily In Wall street. There Is in particular, strong
pressure from the Western banks, but
correspondents here unwilling to respond to
she demand, the Of good paper seeking dis
count re-dscount this probably not less
than ten milliona What little tho banks do for their
customers generally at per cent, but rs class
borrowers are in few instances, willing submit
70 . per cent.
The stock market active and in the ascendant
throughout the week, and particularly sitne close,
owing renewed efforts on the seq OF tho Boston
Drew clique to adyaps- u :SsSrico OF Enc.
The presen. bulls, 81 un.m were bears in the
s,ocS rbe-sscs so-talk OF three four per
cont ,p.pe.c Sitie Tong, based suppose upon tho
.sa&:csss which the Ere road Is derive from its
valuable connection with the Boston Hartford and Erie
she stock OF which is selling at TO- The clique has
bought large amount OF tho stock since the election
and s object Is to run 1t up considerably higher and
unload on at handsome profit, thus giving
lcdt TO the management, and substantial reward
OF merit each member OF the directors very muddy
SPOOL II 10 fortunate that the outside public is not
gagged in throwing ce In Wall street just now and that
she which will follow tho elimination and broax
down or this speculation for rise Will be confined
20 the street, which, Us 1t includes only brokers and
professional specnators entitled TO npathy
than the OF q faro bank. Tho speculative
element the Stock Exchange was mover moro bulish
than Is at present. although monetary prospects
against rise aud taare Ia investment demaud for
stocks but on the cotsry disposition TO sell some OF
the speculative stocks held by investors The men who
said fall In railway shares had not commenced when
Erie was selling at So few weeks ago. are now showing
thar consistency by ssi ng that the rise has MT com
menced whom Eric selling at Is. Htne market should
break tomorrow half bulls would turn with II, and
Arguments A. he same time. Wall street
mans opinions change with his own position on tho
Market and every stock has It's weatheroock To
buy sell stocks tie current prices . about as
dangerous as would " % play pitch AM toss with
pennies or thousand a1d ITO outsiders who have the
iemeriiy TO venture among Ne pfass Of tho Stock tx
change while the prevailing excitement lasts Ger.
lain snars financially the fats Of tho moth Ia The
fame, II they hover round long enough.
The Stock Exchange resumed i,s Saturday, afternoon
session yesterday, and tho open board will
BIS p NJ call next Saturday At the second regular
board yosterdsy the market some what excited and
Erie sold at 7sS; New yssk csnirsi. Hos a ll5A;
Reading lo2: Michigan southern, 81 sS,f; Cleveland
and Pi,;sbarg, slasiis; RoeA Island. ex.div, sshi
For. Wayne, lol; Northwestern, 441i coupon 1--WE.
swen.los Of 1897, Il2k subs oquenily the market
became very strong and active and at h1f-past Ave
Erie was quoted at 1914 "a; but at six O'Clock the fol-
lowing quotations current the TRANSACTIONS having
boon almos entirely confined to Erie for some time pre-.
viousy New York Central, 1855 ll5k Erie, IA;
Reading. lo2 lo2. Michigan southern, siA sssh;
Cleveland and Pisisborg sax sssl; Rock isaad, ss7s
90: Fort Wayne, 1906 iOl; Pacific HAL. l4s 1884;
Western Union Telegraph Sdiz 3ss; Ohio and Missis-
Sppi certificates, 254 q.
The trade o. the city was duh and unsettled during
The week. and In the department, OF dry goods u sas
especially unsatisfactory Tho coriiuusd decline or
cotton has increased the caution OF buyers and the
diminished demand, by Increasing thu stocks on hand,
has resulted further decline In both fcregn and do
nssiIc fabrics Goods pressed sale through
the auction houses and the ds,rus occasOnsd by the