The New York herald., 1874-10-07
FINANCIAL and COMMERCIAL
A FURRY in the Stock Market
Gains and Losses.
Rumors, Comments and Facts
Erie Again Heard From.
GOLD FIRM-MONEY STEADY
WALL STREET,
MONDAY Oct 6-R p N

heo the Criticisms upon 1t and upon the general
condition OF the country recently made in this COL
umn. The prices OF several OF the leading stocks
about which so much has been SAID and printed
showed that they rested on basis at once feeble.
artificial and uncertain. BY shrewd and not un :
common process they had been forced sharply
upward and there held until outside purchasers
came tn-as this class usually do, at or about the
top OF the market-and then the original specu.
lators began TO unload. The want OF sustaining
power was quickly felt. and thus to-day, when a
more liberal selling movement took place. o de-
cline followed which in few hours was equal to
tne advance OF whole week.
COMMENTS AND RUMoBs.
Tne day was not without its excitement, there
Deing many rumors Of failure and predictions Of
disaster, but research was unattended by reward
In this direction, save in single instance, and
there Is really no good reason why such events
should be anticipated in the near future. Much
comment was INDUCED In concerning some large
London house which, 1t was said, had succumbed
10 complications arising from the insurrection in
the Argentine Republic and consequent decline in
South American securities, bur up to late hour
no names were mentioned publicly. The only
failure on the Stock Exchange was that Of Mr.. II.
A. Patterson, who gracefully announced to Pres-
dent BrOadhead, in brief letter, his
''inabilty to respond to differences growing
was expressed for the unfortunate gentleman;
but the failure itself was without effect. In re.
sponse to an inquiry whether much short interest
had been created to-day, the answer was in the
negative from various sources, and the decline OF
prices was attributed to an anxiety on the part of
holders to realize while prices were yet good.
GAINS AND LOSSES.
As compared With closing prices last night. the
gains and losses have been as folows:-
GANs.mErie, per @ cent; Harlem. n; Delaware,
LossEs.-New York Central, u; e., G. and l. c., l !;
HANNIBAL and st. Joseph. /; Lake Shore, tx;
Ssso Ma RocR ana e
;Mseasn, X Union Paciic. *, ( and nd Western
THE RANGE OF PRICES
In the stock market was as follows s:-Western
Union opened at 80I, receded to 70 at tue first
board and TO 7Sx at the third board. 1t then
rallied and closed at 791. Northwest, common,
sold at 3ss1 a7H q s7A, recovered to as,S and
ended at S7X. Lake Shore opened at s2H, rapidly
sold down to 80 and, at the second board, to 79k,
when there was rally and close at 8ox. Pacific
NAH moved down from 4sss TO Al aud closed at
AK. New York Central receded from 1O2 TO 101h,
but improved to 1918. Erie declined from 33X to
81, but later. on the strength OF a report that
loan Of S. OOo 900 had been negotiated abroad and
that the German bankers were freely buying, ad-
u
cent in the days operations but rcgalned 4 per
cent. before the Close Union Pacific opened at
86x, sold down to 34H, and ended at 35k The
highest OF C., G. and l. C. was 11h the lowest 9A,
the ciuse 10h. Panama was steady at 1lO1 ex
dividend. Oaio and Mississippi sold at 2s 28%
FIX. st. Paul at 33A SO a 331s at the close. The
remainder Of the list will be found described in
the official list of sales.
MONEY.
The money market to-day was without change.
call loans still remaining at az per cent, with
tendency, however, to stlfen toward the close.
Foreign exchange was strong. The leading bank.
ers advanced their rates to AS6 for sixty days.
sterling and 4.S9 for demand, with actual busi.
uess at 4.s5H and 4.ssh. Demand bulls were
drmer than long sterling, and there was consider.
able inquiry Tor cable transfers, all of which is
quite natural in view of the present everish feel
ing. Commercial bills continue scarce and were
quoted at ASK 4.S4,z.
GOLD
was steady, opening at 1l06, advancing to l10H,
ana showing some nrmness, but subsequently re-
ceding to 11os. at which it closed The rates
paid for carrying and borrowing were AMI per
cent. Loans were made nat.
OPERATIONS OF TUE GOLD EXCHANGE BANK.
Cold balances. $50 400
Currency balances. ............ l,490,3l3
Gross clearances ....................2l Il, $50 600
CLEARING HOUSE STATEMENT.
currency exchanges S.....,...........SS $50, 908 1874
currency balances. ACKNOWLEDGEMENTS. 3,@66 S6S
Goid exchanges ...................... 4,4795l1
Gold balances. Observation-Disclosures. 607,933
THE FOREIGN MARKET.
London advices report that IL Is the general
opinion on the Stock Exchange that the Bank OF
England rate OF discount will be advanced on or
before Thursday next The following is the latest
market report :-Consols, money. 9291 q 92A; con-
soils, account 921a 92SS; old 1865 bonds 10SH ;
1867 bonds. 1o91z; tenforty bonds 1915; fves,
lolh lo41S; Erie, 81 3lh. The market dull and
heavy. In Paris rentes were 62.1o. In Frankfort
bonds OF 1882 declined. A London despatch dated
al 44o p N. states that sthe English stockholders
OF the Erie Railway Company held meeting here
to-day to hear the report OF the accountants
who for some time since have been Investigating
the monetary and other affairs OF the company
The substance of the report is to the effect that
the two years. dividends of the preferred STOCK
ending September, 1873 had been properly de-
clared from the earnings OF the road and leaving
balance applicable to the dividends of common
stock, and that when the last dividend was de.
clared on the common stock IL was warranted put
tor the deficit OF ls71.n
THE UNITED STATES TREASURY.
The Internal Revenue receipts to-day were
$3.50, ,00O The national bank notes received for re-
demption amounted to $131,o00 The custom
House receipts were s415,000. The Treasury bal
ances in Washington are follows:-Currency,
$15,25N0o0; com, $7s,5cO,ooO; less coin certih-
Gates, $26, 100000. The Assistant Treasurer to-day
paid out $4,000 on account OF interest and
$4,000 in redemption OF fve-twenty bonds.
RAILROAD BONDS
were fairly active and show the influence of o
moderate investment demand New York Gen.
tra first declined to 109A, and later rose to Ito.
Harlem first sevens, coupon, fell OF to l0sk and
Ohio and Northwestern consolidated gold bonds to
80. Delaware and Hudson 1rst, OF 1892, brought
1o4k; Long Dock bonds, 100; New Jersey Central
frst, new, l0e; Union Pacific first s7h; and Albany
and susquehanna, second, 100. Union Pacific sink.
ing funds advanced to "a Central Pacific bonds
closed al 90 o 93 and Union Pacidcs s7G SIX Tor