The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-09-14
FINANCIAL AND COMMERCIAL


~ o1E III .>>~~~--~~-~~~-~~~~~~ up %
FRIDAY, Sept 1872. NJ
The railway share market has bssn unsettled to-day
'sad the reaction from the advance which marked the
three days OF the week made further progress The
I'cars have made vigorous efforts, both BY hammerng
4 manipulating The money market, TO turn the tide
o. inst the bulls; hut IL Is noticeable that the former
not very sanguius Of considerable decline at
- ut and that not few Of their number arc specu-
- rs who recently sold out their stocks and are
-, anxious 70 buy them back OF lower prices.
-. enlarged earnings Of the railways are
upon as certain lead bull movement before
san md the Importance OF those in this connection is
Nerr sat The increase in the receipts OF the roads
% Chicago Is particularly marked, those OF the
T. .Alee and st. Paul. for instance, having been
-. ol.rser during the first week Of September than
n a., corresponding week last year. Nevertheless,
-ic often run contrary TO values the STOCK Ex-
an y hat even this expectsn may DO disappointed
ar ssnt rise is Of course, not to be looked for II
Il e lace It will be speculative one, to be followed
"a by bear movement and . grand
- g away cf bull margins into bear pockets For
"a 'alept the bears have the advantage, and 1t re-
rf,te seen whether the bulls have the courage
, ',0srlnecessary to control the market
r. cent was more generally asked for call loans
o.. collaerals than yesterday, but nevertheless.
N ".t o business with tho first class houses ut
~ 10 tho principal dealers In government secu-
ri 5uspfsd At four, although there were trans
az .Ssss these at Gee. We may now b, considered to
b. cred upon . 8 8 per cent money markets and
ps Sefore the month expires the rates will DO
rui, advanced 10 g Z, but the supply IL likely
"a, H. s,undant at these ratea Tho movement 20
.nt rtLo rate TO six per cent was apparently
a'as'oa asi ana intended for speculative effect
si'y r,s. houses "short" Of stocks and the banks
employing their funds probably than OF
t0 necessity for The advance has however, hardly
- We, and 1t Is not impossible that there may
Z -npvrary relapse 70 per cent. The degree Of
Il w activity which will be felt NJ this centre dur
4, srsrelder of the year Ii dependent upon the
t. g the demand from the Stock Exchange and the
q westward, but there ia nothing in present appear
ar o'wMrxut apprehensions Of strngency. The dis
coo line affords employ ment for very limited amount
of ds and hence lenders have to rely almost entirely
UP The Stock Exchange for borrowers The best grsde
OF e numerical paper is still quoted at . I per cent
AT the early session of the open board railway shares
were dropping. New York Central sold at los 1857,
Eee 20 a 7o%, and Cleveland and Pittsburg ssK. At
che first regular board the market dull and lower
Erie being especially heavy. New York Central closed
~ lower than At the same time yesterday, Erie TX,
Hudson River 4, Reading y, Michigan Southern ~,
Rock Island q, Northwestern !, do. preferred TX, Fort
Wayne V, Ohio and Mississippi certificates Y, Pacific
Mail ~, Western Union Telegraph *. Illinois Central
was u higher Government securities heavy
under pressure to sell In the absence Of
responding demand. Coupon nve-twenties Of 1852 de.
clinsd u ten-forties 4. Missouri SKIES declined q.
The express shares were quiet Adams sold at e5k
'oeK Unned States steady at 67x, Merchants
Union with 30 paid declined TO 10 191s.
Al the open board at O'Clock the market was in
active and firm at advance of kax. New York
Central sold 1857, 1885, Erie 70H a7ox, and Rock
Island 1o4sx.
At the second gular board prices again droop
ng. New York Central closed u higher than ss the nrs
regular board, Erie ~ Hudson River Y. Michigan
Southern q, Cleveland and Toledo 2, Rock Island r.
Northwestern y. Pacific Mail x. Fort Wayne was y
lower. Government securities continued heavy, and
coupon nvetwenties OF three nrs issues declined
and the issue Of 1857 u The express shares dull
and American showed decline Of l. while Merchants
Union advanced "
After the call the tendency Of prices DOWNWARD
and past three open board Erie sold At 6ob
New York Central, 1854: Northwestern ASK, and Rock
Island, 1881. Subsequently the market continued
weak and unsettled and at six o'clock the following
quotations we're current: -Nsw York Central, 1854
10sh; Erie, cox 69H; Reading, l02z l03; Michigan
Ssuthsv. So SEX; Cleveland and Pittsburg 50 a.;
Rock ..and, 1881 lO3A<; Fort Wayne 1853 losk;
North Western, eoH 4o'<' 40 preieHeas " IVA
Pacific MAIL 14l1s 142; Ohio and Mississippi csrtin-
Gates. 27h FIX; Milwaukee and St. Paul preferred,
o.; Western Union Telegraph. 43 43x.
Negotiations are said have been concluded for the
consolidation Of the Columbus aad Indiana Central Rail-
way and the Caicag, and Grsa, Eastern Railway the
two lines extending from Chicago via Losansport and
Onion City to Columbus, OHIO. where . connection is
made by way Of steab nSis TO Pittsoarg,
The following COMPARISON OF the prices current at
this mornings board and The same time and date last
year.