The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-15

political affairs has changed so decidedly in favor OF
the bears within the last twentyfour hours that II
will be strange If they do not push their advantage
aud force further decline in the absence Of any
new and disturbing influences. The price varied as
follows at Intervals
1000 A. M......... 1877 800 p. M........ 1874
10:04 A. M........ 1S6A AIS p. M.......... 1885,
2:49 L. M......... 1874 $3.50 p. M.......... 1888
The market for government securities was very
strong and excited all day and prices experienced
an advance OF Is u per cent, the fve-twenties Of
1857 being in particularly good request. At the close
the following quotations were current and the ten
dency of all the issues strongly Regis
tered 1881, 1857 1lSa4; coupon 1881, I14x 115;
5-2os registered, 1862, 1855 alo5 d. coupon, 1862
1l3 1884; do, 1864, Ill l11s; do, 1885, 111h
111; do, 1865, January and July, 1095s 1091s; do,
1867, 1925 l095s do, 1868, 109A 1927; 10-40s,
registered, 1o34 lo37S; do, coupon, 1861 1861.
Messrs. jay Cooke Co., In their circular, thus refer
10 the days business:-
The market to-day was very strong and DISPOSE
non 10 take round lots OF bonds OF all issues. The
6s as usual were the avorites and before the board
orders were in the street for the purchase OF over half
given confidence not only home Investors but also
foreign houses who all look Tor large orders ship
ments. Some OF the houses buyers in anticipa-
of this aud their purchases were In 64s and old
,65's. by wire we have had considerable inquiry for
'6s anu old '65s, and we find to-day that the banks
and savings institutions are buyers There Is
son now, with an easy money market, why bonds
should not 20 back to the figures before the
democratic Convention when ,6I's sold at Ito ex
July coupon which counting the accrued interest
makes them Pa cheaper now than then.
The general belief that the Presidential campaign
Is already virtually decided in favor OF Grant was
most felt in a practical shape in the market for our
national securities. The investment demand was
larger than it has any previous day for many
months ana those who had been timidly deferring
their purchases until treasured by political events
came boldly in az buyers But prices have az
yet responded but little to the events yesterday,
and as United States stocks relatively
far cheaper than any others on the Stock Exchange
the margin for rise is wider than Is generally sup.
posed. A considerable 'short" interest was created
In anticipation Of opposite result at the polls and
this Is reflected in the increased borrowing demand
for bonds. On the Stock Exchange o very buoyant
speculative feeling prevailed, and unusual excitement
attended the dealings which were large while the
advance in prices especially for OF the Western
shares, was rapid. In Erie, too, there was spas
modc upward movement from AK to 4ek, the
stock being meanwhile made artincialy scarce for
delivery; but the indications are that the large
amount OF 1t which has been recently borrowed and
held on the market win be suddenly returned per-
haps tomorrow for the purpose OF breaking 1t down
again, and that this advance Is being promoted In
order get the street ongn Of Erie and DO to rem
der II all the more vulnerable to attack.
Money was In abundant supply at seven per cent
TO stock houses but the transactions at six were
ceptional. save government securities First class
commercial paper, with from three to six months to
run, is offered in moderate amounts and finds ready
sale at per cent discount. There were several
dry goods auction sales to-day OF which the attend
was fair and the bidding satisfactory, few lots
being passed. while many were duplicated. western
goods we're taken with much avidity owing to the
season, and icy were particularly firm.
At the commencement Of business the stock market
was firm, and at the early session OF the open
board there was considerable activity and
buoyancy IN the dealings Erie selling at 49I,
Pacific Mail 12s, and Mariposa preferred at
23x. The advance In the latter stock was
stimulated by news from the Marposa estate TO
the effect that the new dam Is the point OF CON-
pletion, after which the Benton mills win go into
operation. At the first regular board the market
was strong for the Western and steady for the New
York railway shares, and on the call Michigan South
closed Il higher than at the time yesterday,
Cleveland and Toledo q. Rock Island 4, Northwest
ern ~, DO. preferred AZ Ohio and Mississippi ",
Quicksilver "a, Western Union Telegraph e, Tennes-
see skies, new issue, ~, and North Carolina skies e,
while New York Central was x lower, Reading u,
Cleveland Pittsburg X, Fort Wayne y, Milwaukee
and st. Paul preferred a and Marposa preferred y.
Government securities were strong at an
board at one O'Clock there was great activity
In Erie, which advanced 70 40. Northwestern
preferred also sold up to 97k, Cleveland and Pitts
burg 70 90h and Mariposa preferred to "a At The
second regular board the market was active and
steady, ana on the call New York Central closed x
higher than at the FIRST regular boar Reading,
Michigan Southern, Il; Cleveland and Pttsburg, Ia;
Cleveland and Toledo, u; Northwestern preferred,
y; Fort Wayne, 4; Ohio ana Mississippi, "a Ten
nessee skies, ex coupon, /; new issue, /, and
North Carolina skies, -; while Milwaukee and
st. Paul was x lower; Quicksilver, /. and MARI
posa preferred, y. Government securities were
buoyant at a further advance OF X ,. per cent At
the open board az halfpast three Erie sold IN To ao
New York Central, 12oI Cleveland and Plttsburp
elA; Northwestern preferred, e7&; Rock Island.
1917 and Pacinc MAIL 100. At the call these prices
were not In all cases sustained. but the mar
ket continued active up 10 the close at ten
minutes before six, when the following quotations
were current Erie being at the time the weakest
stock on the llst:-Pac1c Mail, 125l 1920; Western
Union, SIX s7ls; New York Central, 1924 12ah
Erie, 40 a 49I; Reading, OK e7h; Michigan
Southern, s7x SIX; Pi;tsburg sok a9OS; ROCK
Island 1919 107K; Northwestern, 81 Ia 7h; do
preferred, 0TH e7H; Fort Wayne, 112l 112K;
OHIO and Mississippi, S1E s1X; Mariposa preferred
23H 23Z
The foreign exchange market continues strong,
and the leading drawers have advanced their rate
20 1904 for their sterling at sixty days AT the close
bankers bills on England, at sixty days were quoted
Mt IOels lOesf; at three days, 1927 lioiE; com
--.sa ~. DZ.4