The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-09-30


Government securities were rather heavy and closed
weak, owing to pressure TO cell small and moderate
amounts by parties In need Of currency the West and
sisewhere There Is at the time corresponding
demand from the public, and the principal Dealers
view Of the tendency Of the Market are bears. The
Donesary activity which has prevailed Of late is unfavor-
sbie to rise, because 1t compels borrowers TO pay
seven per cent for money these alike with other
coaterals Operations for fall In governments should
however, be discouraged by all respectable dealers in
them as far as possible
The railway share market was extremely variable dur
ing the week. On Monday and in the early part Of
Tuesday was unsettled to the verge OF panic aud the
lowest prices OF the touched, Erie selling
sswn to 5Sx, and other stocks somewhat in the same
proportion New York Central excepted which was very
stubborn in yielding But the Of all the specu-
iarve shares was Cleveland and Pittsburg which was
expected 10 be among the nrmest 1t fell from s9 ex-
dividend, 70 75h, apparently under pressure TO SELL
sor the transactions in 1t were very light scale and
she bears who had been before afraid 70 soil IT, re-
GREETED having missed such good opportunity. What
has become Of all tho Cleveland and Pittsburg ana
Why per cent stock allowed to decline fourteen
Ter cent in few days without opposition is little less
Chan . mystery. On Wednesday afternoon there
was . sudden diversion ON the bull side when
hchigan Southern advanced from Is 70 IS s6
owing 70 panic among the bears, caused BY the opera
nons o. clique dosirous Of taking advantage Of the
"saovt" interest The movement sharp ana decI-
sssc and carried the rest Of the market with for the
tno bong the bears became frightened and rushed in
n their contracts al tho stocks they were
short Of The bears lost their prestige BY this unex
pcred turn against them and during the remainder Of
che week. although the market nuctuated fsvershy the
general tendency In favor Of the bulls Meanwhile
money In active demand at per cent even on
government securitie& On saturday very decided
Improvement took place consequence OF change for
better In the supply Of mohey together with more
favorable bank statement than generally expected
Erie vas in particularly active demand. with sales Is
hien - e5, owing to an impression on the street
chat the Great Mogul Of the company ID .
kuver Of the stock. Whether he Is or not It
would BE- difficult 10 say for he sometimes
suims In very deep water. that Is easy matter
- keep him in sight. The market Ecosed strong six
o'clock at the following prices-Nsw York Central,
iosx 1885,; Eric, s4x 64,s Hudson River, l2sK
. 10; Reading, 1oih loiN; Michigan Southern, SLY
. s2l: Cleveland and Pittsburs FOX 80; Rock
Isasd. lo2k q 1903; Fort Wayne, lo2h lo25s; North
vsssrn az 423s; do preferred. CO.. 663s; Pacific
Nan l3ex 14o; Ohio and Mississippi certificates 2sx
~ wss,srn Union Telegraph, SIX . IS; Atlantic
Nail, 111x; Quicksilver, IS q n; Milwaukee and ST.
Paul preferred. e4il ae5.
Tho future course OF prices on the Stock Exchange
VIII depsnd, considerable extent upon the degree
o. monetary activity which may be felt and.upon this
important point opinions are usual divided. Its
suspected by the bulls that money will be In moderately
brsK demand per during the remainder Of
shs year but thai tho supply OF this rate viii BE- equal
- H. The bears. on the other hand. argue that the
honey market will be stringent, and that holders Of
sock will be forced Ito sell them for want
u the 70 carry them, and the Quss-
sson- vital 10 spectators, arises. which view
- the correct onef There IL probably truth on
18th sides o, the argument The drain westward last
week heavy. the amount cf eurreacy conveyed by
express from tbsccntrs having bosn about
IN millions. while 10 Ia estimated that nearly half
nsiilon the South. This drain westward and
souihward viii continue until the end OF the year. and
solhng less than per cent market DO looked
Tor while II will De liable 10 occasional plnches, which.
whether produced By artificial otherwise will
be adverse 10 speculation FOR the STOCK Ex-
change The condition or the oty banks Is about
sbs u . week ago In point OF reserve, the
isgA notes having decreased during the
the amount OF sl,7oo.ooo the deposits s4ioo 900,
and the loans s2,s7s,oo while the specie has
Increased ssis,ooo. The banks arc, however,
not In q position 10 extend their loans, and
they may contract them. and hence there
much encouragement for the bulls far bat cheap
and stagnant money market did not stimulate specus-
lon materially before the fall 10 stocks and brisk
bull movements have been Witnessed active money
market The Indications that neither the bulls
the bears will have smooth sailing for scme weeks TO
come, and that the stock market viii nuetuaie fever
sshIy under variable supply Of money and the contend
Ing forces OF speculation
Tho transactions In foreign exchange we're on very
moderate scale daring the week. aud the rate at lrst
asked by leading drawers Of sixty days stcrnsnamey,
icsx--was not sustained, sales having been generally
made at los but At this figure there fair demand
for bills and the further declne OF cotton in the Eng
fish market impaired hrmness closing rates which
were as follows: Baker, bills on England at sixty
days 1oDH ioes; at three DAYS. loek 1925; COM
rnercal bls 1857 100; bills Paris 1T sixty days,
sIsk ss1sI; at three days, $40 a5.l5l. Other bills
were rated thus