The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-10-05
FINANCIAL AND COMMERCIAL.

ms and subsequently declined la41 but from this
sclst there was steady advance TO l45A, and the
clo-ng quotation ia tho room at hAf-past three was
l1SsSa i!5K Afterwards tho street. however. thers
~ss rsanss 70 tt&s I4s, owing 10 Apprehensions6f
iurtaeg difficulty carrying gold the supply OF which. 10
largely 10 Of the current demand Loans nade
q, rates varying from 10 10 per carryrg ana
even SEA por cen per diem paid in one inriancs-
sufficient INDIGESTION OF the spasn which Ssit the
mouty market The activity Of business wss shown In
the amour, o. the cisarngs-rsmcly sol osl ooo The
geld balances Ga and the currency balances
81 sos, $50 Tho armnsss OF tho market for gold
severely tested by this moInsntay plnch and may DO
safely assumed that when lhs premam toes no, mate
ssily decline cndo such !, is very uryssitng
indeed Moreover this pressure largsy aggravated
W heavy casa sales OF gold borrowed from the foreign
hsnkers I1ock oe,serals BY Tho bes on the Stock
Exchange Tor tho sstr OF tho esrrency.
The grsa topic sg conversation all day hos heen the
sxrems monsy and the remarkable hrmnsss
o. the stock market notwishsiandig Such stubborn
moss the face 81 such stngency seldom or never
ssen in Wall before and eu combustion Of no
ordinary strength evidently prepared beforehand
cr resistance 1t liz that towards tbs close the ad
engineered early in tho afternoon was lost but Il
y saying much prices high .; six O'Clock
a the commencement OF business. when
minded that 80 gresi scarcity q money IL usually
associated with panic the Stock Exchange The bulls
directed their efforts mainly TO tho support Of Eric, Nav
York Central and tie Chicago and Northwestern shares
and accordingly the strongest Of the railway
sharss Much stross laid upon he increase of the
earnings OF tho latter road but considerable msappre
hsnsion prevails TO the cause, proper Allowance
not being made for The increase In the
aun0sr Of miles OF rosd operted now
compared with this time last year In ordsr to illus
this have only mention that during the frat
eight months OF the present year the company oper
sed miles az road and earned in gross $40 oe
vhte during the corresponding eight months in 1868
sniy 800 miles operated and the earnings were
g. 7o4 5ss. Here have increase Of 81, 72o, us
and yet the gross earnings per mi,s were little
1851 shan in 1865 these having been S. $50 IN
the present year aud 5T5 in 1868 This expectation OF
the bulls Is that money Will become easier TO morrow
after the national banks have made up their quarterly
returns, wniia tho bears argue that there will be
10 material abatement OF activity. The bulls are
likely 90 DO disappointed, except 30 far al
removal Of the exceptional pressure, arising mainly
from the calling il OF loens which was felt
to-day, concerned This will give partial rcicf TO the
Market but in vev OF tho drau OF currency, present
and prospective, westward aud southwark. We are
likely to active por cent market for
Two months TO come, and such market 10 liable to
spasms, like the present, both from real and ar
uncal causes. The strength Of the Stock Ex-
shange Is mainly on the buil side.
however. and otter happens thai where there's will
there'ss way, although operators for rise viii
counter Formidable obstacle In what has harassed
them much day. But as the outside public is not
represented in Wall street at present. II matters IL
s except the brokers and other professional specu
htors, whether railway shares GO up or down. The
probabilities In favor Of very unsettled market for
some weeks to come.
The money market very stringent and nrst class
houses IN many instances offered 10 pay per cent
IN gold for ioans while In others per cent in
rsncy paid In addition 10 . commission Of q . 4
per cent II was, however, difficult to borrow after
twelve O'Clock nj any price, the banks and private
tenders having, "a role, no unemployed funds 70 dis
pose Of. Borrowes in their extremity. resorted TO
various e1pedients to raise the wind, among
which borrowing gold on stock collaterals
and selling Il for cash, aud borrowing govern
nent securities railway collaicras and seiliag
likewise for cash. In this mauner large
smount OF borro~sd gold sold for ready money
Discounts OF even prime commercial paper asked IN
vain, except in instances by favored OF
the banks applied to; and the whole such sirngsncy
felt to-day has rarely been experienced in Walt
street. The decrease OF seven millions in tho Sub
Treasury balance yesterday owing partly to dis
sursements OF thirty notes purchased
and remitiances made TO the SubTressurcr Boston,
and TO other points aud psruy 10 tho DEDUCTION from
The balance Of sevon-i thirty notes 70 Washington
cad previously counted as essh.
A. the early OF the open board IN. stock
lst was dropping. Erie sold at 6i1 a6s1; New York
Central lo9. loo,s Northwestern, 49, A2s4. and
90 preferred e6I 6o-s. AT the nrst regular board
The market became nrmer under strong bul" support
New York Central closed Z higher than al the same
time yesterday; Northwestern "a do. preferred 4
Eric IL lower; Reading " Michigan Southern
n, Cleveland aud Pitlsburg =, Rock Island u. Fort
Wayne ~ Pacific Mail IL, Atlantic Mail Y, Quick
silver y, Western Union Telegraph y. Government
securities heavy, and at the call nvetwenss
Of 1862 closed lower issue OF 1864 ~ issue Of 1865
=, OF 1865 r. ten. fortie.. coupon, x 1910
sotss second series s. Tennessee SKIES, new. declined
IN, and North Carolina sixes l.
Al the o'clock open board the market continued
srm. and there material change in prices.
Erie sold 1t e4x az; New York Central. loo,l .
Michigan Southern, 81 slH: Northwestern, Az a
SsH; do. preferred, 81. After the call there
sharp advance In all the active specula i've stocks
which, In vicw OF the monetary strngency, took the
street by surprise At tee second regular board the
kst strong the advance particularly for York
Central and Erie New YORK Central closed = higher than
o. the FIRST regular board Erie IN. Hudson Rivor y,
Michigan Southern y, Cleveland and Pitsburg a. Rock
oA"' y, Northwestern \, do preferred Y, Fort Wayne
=, hh~s,kee snd - Paul preferred y. western Union
e'ost-Pn ~. Government securities we're nrmer but
Hsehso fVet-~nty coupons, 1882 closed X higher;
issue o. 1868 '; tsn>rty coupons 4. Tennessee sres
sew, advanced y, and No.h Carolina sires declined l.
AZ tie open bospd at hat cast three the market
weakened. Ere sod At s4's esi.; New Yark
Central 10 iioh; Reading, inlsx: ycni.
gan Southern SIX ASK; clevsis~a sni Toledo 1877.
Rock island, 1925; Northeastern. as. Az. are
serred, coz E6T: Western Union Telegraph So Sob.
sequen,iy the market became stli weaker tone and
fsversh in its iuciuatons and at six O'Clock !, closed
unsettled At tho following qaotsi ana:Nsw fors o'a-
nai, IooH 1861; Eus, az tSs; Hudson River,
i2s a i20; Readlpg. i0i4s ioiH; Mchisan southern
oYasi: Rock island, 1927 nfi Fort "syne
soX alooll; Norsh~esiOrn, s2s 42ssi do preferred
yxa6ss1; Pscac Mall, is0s l4oiIs; ONO sad Ms
r.rt,aralan Qa a % Wel Nn lnIon loln