The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-10-31
FINANCIAL AND COMMERCIAL.
WEDNESDAY. Oct. s0-6P.

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WEDNESDAY, Oct. 3O-6PM
There is no change to report in the money mar
ket. The dulness which has prevailed for some
days on the Stock Exchange has checked the in
quiry for call oans but the rate is still about per
cent with occasional exceptions att. Paper moves
slowly unless of the highest character. Brokers
continue to do fair business in exchanging per
cent notes for those bearing 7.30 interest.
The intelligence Of the definite departure Of the
great naval expedition impaired more strength
and hopefulness to the market to-day, and we
have to report a general advance in prices,
with an active inquiry for stocks. Peo-
pie have evidently made up their minds
that the expedition is going to succeed, and
that its success must give an impetus to specula-
ton and cause an advance in prices. In the pre-
sent temper of the public, it is doubtful whether
reverse would cause much of decline in prices
though success could hardly fail to cause an i'm
provement. Wall street has caught the prevailing
notion about the war namely, thatit will be fought
out to the bitter end by the North, no matter how
long it lasts or what it COSTS and people longer
evince haste to get rid of their property at any
price. Large quantities Of low priced State stocks
and governments are being bought by spectators,
and laid away in trunks, with a view
to profit of 25 30 a 40 per cent two or
three years hence, when the war is over.
few months ago the difficulty was to find any
one to buy these securities. Government stocks
are all steadily rising. In July and August the
skies of 1881 sold at IS; they have now stood at
about "a for fortnight or more, and the prospect
is that the next success will put them to par. The
fves of 1874 advanced "a to-day. Among the
State stocks, Missouris rose ~ and were in active
request at the advance wide distinction
should be drawn between Missouri skies and the
stocks of Virginia, Tennessee and North Carolina,
which have seeded. Missouri has resources far
superior to those of any Of these States; and if the
war shoud be the of eradicating slavery from
the State, there is reason why its credit should
not stand as high as that of Ohio or Illinois.
With regard to the other States mentioned, their
whole system Of industry and agriculture is SO in
terwoven with the Institution of slavery that the
war can hardly fail to deal fatal blow at their
credit and pecunary responsibility. Virginia 6's
are not, in all probability, really worth ten cents
on the dollar. Pacific Mail advanced IA per cent
again to-day. The number of persons who under
stand the condition of this property seems to be
increasing, and par, after the payment of the
bers Of the clique so long identified with the stock.
Central and Erie were both active to-day at an ad-
vance. Central rose "a, Erie (common) ~, and
preferred "a. The rates of freight obtained on
these roads at present are unprecedented in their
history, and even at these rates they are re-
fusing positively to carry produce from Buff
falo. Their own propellers supply them
with as much stuff as they can transport.
In the course of few weeks, when navigation
closes, they will be still more severely taxed. 1t
is estimated that all the railroads running into this
city only just supply the city and that part OF
New England which we supply with the food re-
| CURED for consumption during the winter This
| winter, in addition to our own wants, we shall
have heavy export demand to meet. How the
trunk roads will manage under this novel emer-
gency remains to be seen. Certain it is that they
will be the masters of the situation, and may make
their own terms with the owners Of freight. The
Western shares all rose q a 4 per cent to-day
the most popular being apparently Toledo and
Michigan Southern. The first and surest dividends
that will be paid by any of these roads will be by
the Galena and the Chicago, Burlington and
Quincy. We note a sale this morning of
Buffalo and State line stock at los. This
high premium shows the value which the
public set upon sound, dividend paying rail-
|. way property. At the close the market was
steady, the following being the last quotations:
| United States 6's, 1884, registered, "a %; do.
6s. 1881, coupon, 81 a "a; do. SIS, 1874, s3H a
"a; Indiana SIS, IS o.; Virginia 6's, 46 Al Ten
nessee 6's, 1873 ss; North Carolina 6's SO a 60;
Missouri 6's, 44ss q; Pacific Mail, 955S 96;
New York Central, 1879 :, Erie, 33ss "a; do.
preferred, 52A S.; Hudson River, 374 "a;
Harlem. 1224 Is; do preferred, 321 q; Reading,
35% SO; Michigan Central, 49115 a Is; Michigan
Southern and Northern Indiana, 1871 a u; do.
guaranteed, 80 a a; Panama, ll64 a III; ILL
nois Central, $50 "a; Galcna and Chicago, 7O1s
IL; Cleveland and Toledo s6M u; Chi
cage and Rock Island, 5lL %; Chicago, Bur
lington and Quincy, SO u; Delaware, Lacka-
wana and Western, 60 a7O; Milwaukee and Prairie
du Chcn, 1871 10; Illinois Central bonds, rs SO
u; Delaware and Hudson Canal, SO a 81;
Pennsylvania Coal, 76 IS. Late in the afternoon
the roll was called in the room occupied by the
outside operator, and the market was higher and
| firm. For Central 10 was bid, and there were
sales high as 791; for Erie 341 was bid, and SO
| for the preferred 36H was bid for Toledo; 70s4
| for Gaena, &c.
! Among other measures which are likely to oc-
cupy the attention OF the Congressional Commit
tees on Commerce at the coming session is bill
for the repeal of the Reciprocity treaty with
Canada. For several years representatives of con
stituences on the Canada frontier have complained
that the treaty conferred no benefit upon this coun-
try, and was, in fact rather injurious. A general
desire to maintain friendly relations with neigh
bors has hitherto prevented these opponents Of the
treaty from obtaining bearing. Il seems TO lie
expected that the very unlrerdly attitude Of the