The sun., 1872-09-21
rINANc1AL AND COMMERCIAL.

FRIDAY, Sept. 20-P. M.-There has been
n good trade at the Stock Exchange to-day, and
the volume OF business in the railway market
footed up over 10000 shares Pacific Mall, West
ern Union Telegraph, Northwestern common, c.,
g. and ]. c., Union Pacific, Lake Shore, as well
as New York Central and Ohlos, reflected the
larger business, and really controlled by their
varied changes the remainder Of the more active
list. The general market was firm at the open
Ing, md prices advanced 4 to N y cent? but
there was a subsequent decline, more especially
induced by the fail of Erie from b2A TO 49H,
though afterward the market became strong,
and so continued from o'clock to 3P. NJ, after
which there was reaction of u to Z y cent.
OF the $4,000 shares dealt in, Pacific Mail re-
corded 500; Northwestern common, 1900 /;
Western Union Telegraph, B,lOO; G." g. and L.
C., 1880; Union Pacific, 1880; and New York
Central, 1880. The range OF fluctuations will
be found In our comparative table annexed.
The various markets at the stock Exchange
reflected the intensity OF the great con-
test now in progress between tho bulls
and bears, though the absorbing topic
ed action Of the Bank Of Commerce yesterday,
In refusing to pay check which 1t had certified
several dAys previously, On this question the
Wall street operators are about evenly divided,
and there has been to-day an unusual opporiu-
nifty for ascertaining the actual status of the
street habitues upon the market, IA the bulls
| applaud Mr.. Vail, though We may add that none
| even attempt to vindicate the Legality OF hls
course WHILE on the other hand, the bears,
who have the law on their side, de-
| nounce this precedent sought to be established
| as unwise and demoralizing. because striking
| al the very foundation of all financial credit
We may here observe tina. at n meeting OF the
| Clearing House Association this afternoon there
| was a stormy debate over resolution approving
| Mr. Walls action, but we conIrat ulate the COM
| mercial public on the fact that the more sensi-
| hlc members Of that organization were IN n
| majority to-day, and adjourned stHo III, without
| attempting to approve such glaring violation uf
| confidence as the Bank OF Commerce sought To
| inhct upon the business community. The prln-
ciples encouraged 10y MIR. Vail, II fully devcl-
| oped, would result In general repudiati9n
| and II the position taken by tie Bank Of Com
| merce Is sound. then any man or set 81 men
| may become sclf-constituted arbitcrs OF other
| peoples business affairs The refusal of the
| Clearing House Association 20 approve thls un,
| lawful action Is the most hcalthful sign betray ID
| for many months by the banks. and II they viii
now commence the work Of rotronchment, and
| The National Bank law stipuat,- and requires
| the public will breathe more freely aud panic
| may yet be aVerted.
The gold market opened strong at ll5's-thc
| fun price Of last night the hrmress beng
stimulated by the activity in cash gold, as mucL
| a. >. of y cent. being offered for its use
| Later when the rates run down 20 Hat, ther,
was free disposition to pres sales, ana Ih.
With it a heavy market for cash gold, and this
in connection With a republication OF an old
order ~ the Treasury that the November colI
| pOu- could he cashed at a rebate OF Z cent
gold sent down the price to ll3t. the rregularty
and unsettled tone of sterling adding it, quuts
was not lasting. and later the price reacted tC
ll4it. The surface # the Gold Exchange hai
been rurcd Of late that II Is impossible To lay
| any stress upon Its indications, and In cunse
| quence whatever the market suggested to-day
| cannot be accepted IA forming a true guide e
| the future. The dealings were brisk at times
| and formed In the aggregate some very larg'
| transactions. The market At the close was quiet
| l-2 being paid for the use Of gold until Monday
II snot likely that any important movement vii
| he noted IN the gold market before next wecl,
| There was pretty spirited demand for casl
| gold al the opening to-day. and borrowers wer,
compelled 90 pay the following rates for it, use
h, =, q, y, - 5-l6. =, l-,2, aud l-l6 e cent; bu
| Mterward loans were made free of interest, an,
| AT ., B. and Z cent for having balances car
rled. The Assistant Treasurer dishur-cd Sli,O'
| in redemption of 5-2O honds, and St6,lu on ac
count II Interest on the public debt. The day
| business a. She Gold Exchange Bans was a. fol
lows Total clearings SsiAs5 0n; gold BALANCES
S2.Sit,2li and currency balances, S@,OOI,lgl. Tn
| unninilnns Mero NJ fnllmMA