The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-10-16
FINANCIAL AND CONNER clAL


was l431 1857. Loans we're generally made Without
ntarast rhs gross cleaunSs amounted 10 s5055loo0,
IN. eo,a balances SIPS 7d and the currency balances
"a a 4os 52A The volume 81 speculative business
h, thu room has largely diminished during The last lev
s.y, and the oppression in the British
cotton trade and The probability OF more failures
resulting thsrstrom. together with the troubled
stats OF Italian Affairs, the premium remains
barely steady II has nrm underlone how
ever, and With advance In ths rates Of foreign
exchange wsaia rise ~ alphabetically. The fact thaa
very large portion OF the twealysix millions OF coin IN
teresl on tue pubic debt tue Is, OF November
viii have RENTED foreign bordholders against
any dsclae either specila Otherwise, arsns from
she disbursement Of tina, amount
The stock market dropping until after tho last
omen board which The lowest prices u tho day were
touched when 1t rallied SHARPLY, Eao recovering rom
Tx 10 1874 but at tho close us tendency vas asain
downward Il Is vers evident that .he bnll clques sold
largely yesterday while they pretended TO ne buy
Inc and the course OF prices Today SHOULD at q.
warning not to repose much confidence 10
these chaaes which may break % pieces al any time
nnd lsayo all olssde the 10 boar tho brunt OF
the ineytabe fall nhich will attend toe withdrawal OF
tho present artificial support. Inc man who buys
stocks now dgurativeIy speaking pats his head into
strange lions mouth and the possible gain arising rm
the operation does not compensate for the risk H.
any one who value for MS money buy such
oures as he Of the chicago and Norta
Railway Their present nigh prcei And what temptation
nyesor pay la for per cont stock
Ike New York Central whom he buy ten per
stocks for considerably less money including Cleveland
and Ptsburg which ID only s5f Ino market is 50 for
cliqued THAT tho rise been un forn whine
some stocks moderately cheap others ridicu-
lousy high like Hudson RIVER which Ia puppet 10
hands Of monopolst aud a few OF his stock jobbins
friends. II Hudson throsn on ths market
tonorIo IL would probably sell at nifty per cent be-
low ts price to-day and that which much upon
the life OF q single individual the does is dangerous
TO hold The object OF The bull chdues To rally The
from depression day and get sireat
70 up higher prices and this way they hope
relieve themselves of their burden preparatory 10
bear movement, in which they will endsavor to artd
caly depress prices much they have iatery done
70 ariihciay initiate them Tho outsider plays against
loaded dice whether he operates for rlso or
fall, and in OF this fact. aud tho demorazlug
Influences OF speculation generally, he will consult hs
interest by carefully avoiding the Stock Exchange,
Ill arguments 10 the coa,rary notwithstanding.
The compound interest notes Of October, 1864, ma
tured to-day but OF the original issue OF mil
lions there outstanding tho 2sth Of September
less chan fourteen millions and since that time con-
siderable amount has been exchanged for the three
Per cersiacaes or the notes maturing December
semlofncsIiy stated tina, slss 600 oustand.
ing at the beginning of the present month.
There has been a active demand for money than
there yesterday and although first class houses had
no dificuy in borrowing nil they required seven per
cent, loans made in instances a, this In
geld The limited OF tho banks and the de-
pressed condition OF trade, which last inspires
dtstrust OF credits cause discounts TO be made
sparngy and only the best grade OF commercial paper
receives consideration, the ratio for which IL
nominally per cent, but borrowers
generally wiling TO submit 10 a 8. The
pressure for red from the Western banks
tnues undated, aud the indications favorable 10
active per cent money market during the re-
maAder of the year, varied by short Intervals If
parave and srngeney, according tne real and
ARTIFICIAL causes VII ca may influence IT,
There besrsh feeling in the market for govern
mont securities aud house in particular which had
hammered them yesterday, continued It's operations Tor
further decline, selling ''shor freely, bosh at the
board and the Tie pressure to sell and con-
vert scven-thirty notes tue part OF the puoio
IA inhabited, aud the effect OF this Is or iise.
depressing although tho announcement that the
Treasury prepared give nvo-tweuties Of 1867 in
exchange for seycn-thirty notes, the TO DO
charged the bonds and allowed on the notes up to
the time OF conyor1on rcassurng to the noteholders
The Treasury has aken further action relative to thu
demand for reclamation from those from whom rat-
coisei The spurious scyenhiges, and II Is graeraily
supposed that toe soyernmeut wl not press no matter
bot should. the dealers coacernedfooose 10 moot
the formal demand x--tthn- denial OF liability and
litigation WI probably be the result They
claim >6M the Treasury, having received and
cancelled the alleged counterfeit notes, can
not reclaim from tho innocent holders from whom
u received tnem-tns rule being cavsat smpo Or, ard
srnmoDI They quote 10 Wheaton, Sj3, where IL is
ruled that payment received on forged paper Is not
good whom there been negligence In the Parts re-
csving Il yet principle does apply payn
made Iona 6de o bank OF Its notes whicn
pscsvsd by cash aud alters ards discovered to BIO
forgei.n After being weak all day tho market closed
dull, but nrmer At the suboined
lssl. Ill NIX; coupon. 1884, ny ui4; 52os,
registered, 1902, llSx ll44; 62os, ccuppn, 1862,
lllx l1i5s; eos coupon, 1894 losh al0i Z S-@o's
coupon, 1855. 1855 los7s; do do, January and
July I06,S 1861; 5-20's coupon 1851 io5I 1864;
lo-4os, registered 100 a lo0x 1o.4os coupon, 100.
look; June 7.3o's, l04s io4ss; July 7.SOs, loix
. 1oia: October compounds, 1864 1875 December
do. do. 1lsS llssi; May do, iS65, il7is "a u1as;
August d.. do 40 ll63s; September 40. do, lI5
. 49, O tober do. do, ll5i4 1l5L.
AT tho comu,eno ,ueut of business tile stock market
heavy and there somo pre- 10 sell 'Ionsp
stock Al the early session OF tbs open board Now
York Cen-si sold Ut 1i4H 1lsh Ere, 1879 -;
Michigan Southern, ss'S y. Cleveland ant P,.s6nrg,
49,; Cleveland and Toledo, 1885, Rock Island 9s1,
osS; Northwestern 49, 46s; do. preferred, osa4
Ohio and Mississippi certificates, 26s 2ois; Pacific
Mail i4si Western Union Telegraph. SS'l 3J9..
A. tho frs regular board the continued do
cline and Erie and Northwestern were especially weak.
New York Central closed Ia lower than ct the same
time yesterday, Eric Ia. Hudson River IS, Michigan
Central y. Michigan Southern IL, Rock Island Ia.
Northwestern Ia, do preferred r. Milwaukee and 81
Paul preferred ~ Ohio and Mississippi certificates u
western Unou Telegraph n Cleveland aud riusburg
vas y higher, Pacific Mail q. Government sc.
curities wrc weak, and sevcn-thlrty notes
were pressed for sale in larger amounts