The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-10-18
FINANCIAL AND CONNER GAL.



vance 70 lax, Influenced mainly by cable kilograms
reporting the London stock market dat and indicating
the possibility occupation OF Rome by the French
The price aerwsrds rslapsed however, and the closing
transactions in the were l44k, but subsequently
on the street the quotations sdsanced to l44 There
was very active demand for cash gold and loans
made At ~ Lie. ls2 80 l-64, 3o4 and $50 per
cent per diem respectively In favor OF the lender OF
The gross clearngs amounted $64 272 000 the
gold balances 70 s65s,64o, and the currency
balances 70 $l,is2,546. The steamer weser
took out $1,000 in specie. Il Is telegrsphsd
from Washington that the November in.
terest on the gold bearing bonds will aggregate
80, 900 and that the disbursement will be dis
tributed thus:-At New York. sl7, 42s sol; Boston.
s2slo. s5l Philadelphia, 2,s5s, SOL 80; Baltimore,
$685. ol6 5o Washington, D. G., s25s, 4Ss So Cincin-
natl, $ls4 1872 st. Louis, so4 772 Chicago, SIPS 700;
Pittsburg, o,422; New Oreans SIS 93T; Buffalo, N.
Y, 80, 865 80; Charleston. $305s; San Francisco.
$685. The effect OF this payment has already been
discounted and very large "short" interest has been
created Most Of the speculative brokers are operating
on the bear sde but the strong houses buyers Of
gold, and the tendency OF the premium is upward.
Speculation on the Stock Exchange is hestating In It's
course and the railway market is gradually losing
the support Of the street. The bull cliques however
show resolution in carrying out their plans and not
withstanding the existing monetary ACTIVITY, the crea
ton OF considerable .sbort interest would probably
lead 70 strong efforts beng made to further advance
prcea The bull clques appear be well supplied with
money; but the fact Of the supply the open market
being limited causes the commission houses to throw
Shelr influence, to extent against the bull move
ment both BY dssuading their from buying
and being more exacung than usual to margins.
severe break In the railway share market is gene
rally expected before the year closes. by the
bulls ~ well the bears but wide differ.
sncss Of opinion exist - to tho particular
time whom IL viii occur and meanwhile. all who are
"long Of stocks expect TO sell before the crash
comes. Il Is only . question Of time, however, and
therefore the risk attending the purchase Of speculative
securities a present prices is obviously great and this
particularly the With regard to the stocks which
are the most inflated, like New York Central hudson
River and Northwestern. The latter disproporon-
atsiy high whom compared with Fort Wayne, Cleveland
and Pittsburg and few others on the list But all the
speculative shares dear IN comparison with govern.
mont securities which yield better income upon the
investment at the current prices than any others dealt in
Oh the Stock Exchange
The money market was very active the supply being
hardly equal TO the demand. The rate for call loans,
whsther on governments mixed colaterals was
seven per cent in currency, with exceptional transac
tons this rate In gold The pressure upon the banks
for discounts continues undated but only small por-
sion even Of the best grade Of commercial paper offering
ts taken The rate IL per cent at the banks but bill
brokers are offered per cent and in instances
"a much ton per ID paid for discounts Of good
paper Tho depressed condition Of trade makes both
the banks and private lenders extremely cautious in
their scrutiny Of namea
The stock market weak and unsettled Il the COM
msncsmsnt Of business under sales 70 realize and At
the early session Of the open board New York Central
sold u 112x 112k; Erie. 71x Ta Reading, 101H
Michigan Southern S0A 81; Cleveland and Pittsburg
say; Rock Island 97,s . 97ss; Northwestern,
45k 45X: do preferred, 68x; Fort Wayne, 1Ol;
Western Union Telegraph, 33,S "a; Pacific Mail,
14sk lao.
At the 6rst regular board railway shares continued to
decline. There unusual activity in Pacific Mail,
which opened at $50, but declined the call 147k
There brisk demand for the stock in anticipation Of
the annual election which will take place on November
a. and effort will then be made to change the board
OF directors, the present management OF company
being. It 10 commended BY the opposition inimcal
many respects to the interests Of the stockholders
New York Central closed 1 lower than at the same
time yesterday, Erie y, Reading y, Michigan South
srn AZ. Cleveland and Pittsburg l, Rock Island u,
Northwestern preferred ~ Fort Wayne q, Milwaukee
and st. Paul preferred TX, Quicksilver IL Western
Union Telegraph r. Northwestern j higher, Ohio
and Mississippi certificates y, Pacific Mail l. Atlantic
Mail n Government securities were steady at yester-
day mornings prices. but y lower than those
rent in the afternoon. Ten-forties lower, and
seven .thrtes. OF the second series, e higher. The
State stocks steady.
At ths open board at one O'Clock the market was
dropping and the speculative feeling continued tame
The volume Of business rather light but well dis
trbuted New York Central sold at 1l2; Eris IL; Hud
son River, 1875; Reading, 1913; Michigan southern
S0s Cleveland and Pitsburg. s3s; Rock Island, s7a
Northwestern 46H; do. preferred. 66s4 66s; Fort
Wayne. cox Pacific Mail, 1s6a<; Western Union Tel
graph, 335s 33zs.
AT the second regular board the market was Grmer In
tone, and prices advanced tho call. New York Gen.
trail closed u higher than at the first regular board
Michigan Southern Y. Northwestern r. do. preferred
Is, Fort Wayne y. Milwaukee and st. Paul preferred
Pacific Mail ~ Atlantic Mail y lower Quicksilver
TX. Government securities were heavy, and coupon
nve.twentes OF 1862 closed y lower issue OF 1895 u,
now issue OF 1857 u. seven.thirtics second series u
New issue Of 1865. coupons. were higher Tennessee
sixss new, advanced u Owing 70 doubts Is TO the
payment OF the hafysary interest on tho bonds
Of this State and largo short" Sales tho price has
clined 10 Cox for the Issue.
Al the open board haf-past three the market was
steady New York Central sold at 1l2x %. 81; Erie
7lx; Reading lolH l0lk; Michigan Southern, s1h
Rock Island, 97x; Northwestern, 46x AK; do. pre-.
fsrsd, o1x 67K; Fort Wayne, 100 %. 81; Western
Union Telegraph, 34k SAX. During the remainder Of
ths afternoon the market was rather heavy, and
at six o'clock the following quotations were CURRENT:
New York Central, 1l2k 1929; Erie 7ls . Tx;
Hudson River, 127 1921 Reading, 1o1 . 10lx; Micni-
gan Southern, 81 SIX; Cleveland and Pttsburg, ssh
s3k; Rock Island, s7x . o7k; Fort Wayne COX .
100; Northwestern 40 4e<; do preferred, cox ae7;
Pacific Nail. l4sk 14sk; Ohio and Mississippi certn-
cstss 2o,s 26.; Western Union Telegraph, s4l .
84k; Canton, 43t< -; Cumberland, % 20; Quick.
silver, 2lk q; Marposs preferred, lex a17H
= Tho bears in government securities resumed their
operations this morning, and assisted BY lower foreign
quotations for consos and nvetwsnes prices declined
There was no pressure sell from outside sources how
ever, aud the present low quotations are inducing
purchases OF nve-twentiss for shipment by the