The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-09-12
FINANCIAL AND COMMERCIAL.


bOvAtNOttI AINS O0WiUeseS.e
WEDNESDAY Sept 1l-0P NJ
The railway share msrkc, mas been strong and excited
To-day and tie course Of prices was materially
ksied by purchases 10 cover 'short contracts, many
or the shears" having become alarmed by the sudden
ne OF the rise The advance Of Owe per Hudson
River yesterday was the preliminary step In the present
movement and Is the whole Of this stock 10 held by
Few men IL was essily accomplished and In The Same
way might bs put to 200. but buyers could not %
Found for 1t all At par was thrown On shs market
New York Central was next manpuiated Tor
She purpose Of causing ympashet'o movement
IN the rest Of the railway lta and inducing
the street to believe report which vas circulated to
The effect that well known capitalist idsatined vith
Che Hudson River nc buying IN order - secure
H control The rise in gold said to have been part
Or the tactics or some Of the leading bulls the Stock
Exchange the impression SOUGHT 10 b produced being
chat We are about to enter on new era Of imitation,
~ forsshadowsd by Peniston, Butler and others In
recent political speeches. and hs rapidty with which
She premium has shows how feverisaly sensitive
Che public mind is the influences Of the hour Tho
present upward movement is entirely speculative. and
lhs ock market Is entirely without outside support;
but the brokers and other professional spectators are
% numerous tina: they csu with the necessary capital
and easy supply Of money, engineer . riss Whether
question; but meanwhile they have the short" inter-
est TO upop and II they have courage enough they
can carry prices considsrab higher. For whose
business lies out Wall street. however and who has
anything to lose TO buy stocks now on speculation
would BE- unwise Let those run the risk who make 10
their vocation and have nothing better to do
The increased activity sp culation In the Gold Room
and on the Stock Exchanee resulted In quicker de-
hand for money than has becn usual OF lata There
an abundant supply Of capital at ave per cent
mixed securities however, and borrowers on govern
ment colae generally accommodated at four
per cent but there diminished aroant Of bust
at this rate and the exceptionally low ono
Of three per cent which there have been occasional
transactions hitherto FOR months past Five per
was however, freely paid bv the stock houses and
the tendency Of the market towards irmuess In
checked tho OF speculation. Tho drain Of cur
rency westward is light and the indications now
more favorable to moderately easy money market
during the remainder Of the year than they were
month ago. The amount OF gooi commercial paper
offering for discount Is small ami tn, banks unwil-
ang to take but the best grade which ' quoted
alta per cent. according the length OF time 1t has
% run.
At the open board at ten O'Clock railway shares were
sbuovant Erie sold at 7o,s Now York Central, 1o7N;
Michigan Southern, s3is. and Milwaukee, and St Paul
preferred G7X. At the rst regular board the market
was strong and excited. ami New York Central wa g.
peciaIly active New York Central closed az higher
than the time yesterday Fri, TX, Hadsou River
~. Reading I, Michigan Southern ~ Rock Island y.
Northwestern 1. do preferred TX Ohio and Mississippi
certificates !. Pacific Mail l. Milwaukee and st. Paul pre-
ferred x. Government securities rather duh and
Nm- Coupon skies Of 1881 and Ave-twenties OF 1902
advanced r. Coupon teu-fortes declined K Tennessee
sixes, new, advanced x and Missouri skies 4 The
~
United States Il lower.
At the open board o'clock the market continued
strong Eric advanced to 7oH, Northwestern TO A.
while New York Central sold at 1888 losA. At the
second regular board further advanc, established
although Erie which had sold just previously In the
aewer hall Of the Stock Exchange at Il, q 71h, de-
eln-d 70 H. and New York Central which mad cached
1ook 10a,f, TO 1857. NV York Central closed u
higher than the first regular board. Erie X Michigan
Central u, cleveland and Pittsbura ~ Michigan sorth
ern n Illinois Central Il, Rock Island u, North
western u, Toledo. Wabash and Western 4. Hudson
River lower, Milwaukee and ST. Pa preferred y,
Pacific Mail x Western Unon Telegraph u. Govern
mont securities were dull and steady, excepting nvs
swsuties Of 1855 and 1867 which advanced V. Among
The express shares Adams steady 81 81 67K, and
United States at e7K aeS
At the last open board the market experienced fur
cher slight reaction. Erie sold At 7ox 7o2<; New
York Central. 1osx; Reading, 1857 lo4; Michigan
Southern, s3I; Cleveland and Toledo. l2s; Northwest
srn, lex; do preferred 7lK; Fort Wayne. 1o6,S; Pa
einc Nail 1l2X 14s; OHIO and Mississippi certificates,
4sH a2sK. subsequently prices improved, and ~ six
o'clock the market was 1rm at the following quota.
tious:-New York Central. l0sx . 10sX; Erie TX
11X; Reading, 104 1o4K; Hudson River, 1881 1874;
Michigan Southern, s3x s3h; Cleveland and Pitts
burg, ssk Rock Island, lo4X lo4x; For Wayne. 7l's
. 71A; Northwestern. 4sX a 4sX; do preferred. nix
AK; Pacific Mail, l42x l42z; ohio and Mississippi
certificates. rs; Western Union Telegraph, a az.
Tho following 10 . comparison Of the prices OF the
leading stocks the nrs regular board the 18th Of
August and to-day
Aua II SIP. IL. Higher. Lerer.