The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-20

The market for government securities opened very
strong and active and prices at tho first call were
about Z per cent higher than at the close Satur
0ay After this the investment well as the specu
lative demand quickened and at the call there
was further advance Of u x per cent but at
these prices there were speculative sales to
realize under which reaction OF x q
per cent took piece and at the quarter past two
call there were further sales to realize ana
efforts were made by the bears to promote
Q decline, but without material success Suisse
Quently there good demand for all the issues,
and especially the fve-twenties OF 1867, and prices
experienced fractional recovery in some instances.
The indications are that the present activity In
national securities is but the commencement Of o
steady upward movement In them growing out Of
IN improved investment demand based upon In
creased confidence in the public credit. The
reaction experienced this afternoon was quite
natural after the recent rapid advance, and 1t
has strengthened the market for fresh upward
turn. 1t is gratifying to ind that fvetwentles in
the foreign markets respond quickly to the advance
N quotations on this slde and that the Investment
demand for them In Germany hes quickened since
the result OF the recent elections was telegraphed
Tho 1ve-twentes Of 1887 are the most actively in de-
mand both for investment and on speculative
account, and there is also . brisk borrowing
demand for them. The inducements to invest
In United States stocks are strengthened
by their cheapness In comparison with
MI other securities which relatively very high,
railway shares being especially inflated and heavy
fall in them is already imminent prices being far in
excess Of real values. reaction from the rapid adj
vance Of last week set in this AFTERNOON, when the
actual weakness Of the market became apparent and
prices yielded with readiness calculated to inspire
fear among the bulls Erie showed especial weak
ness, under rumors OFFENDING sales OF large amount
Of new stock, and sold down to An, and Reading
and Rock Island were also particularly heavy,
while semi-pancliEe pressure to sell was felt in
the lower hall between five ana six O'Clock. There
danger OF very heavy fall In most Of the specula-
tive railway shares, Ms the latter are carried mainly
upou margins which are liable to be swept away at
any time In which event they viii be thrown upon
the market for sale regardless OF price, and 1t is
side OF Wall street.
noon at Six per cent; but afterwards the demand
auickcncd and at the close 1t active OF seven,
and reports circulated to tho eject that
bination Of bears was about to Its efforts to
produce artificial sringency. Attention is directed
20 the fact that the banks Of this CITY, according
their last quarterly returns, held only about eleven
millions OF United States stocks-an amount largely
disproportoned to their capital-from which it is
Inferred that they will have to become purchasers OF
che same or, ct least that they are not in position
10 be sellers. The dry goods trade to-day was dull,
but prices were steady.
A comparison OF the statement OF the associated
banks Of this city for the week ending Saturday
hast with that for the corresponding week In each OF
ne three previous years shows the following
ohanQes:-