The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-10-09

be had on call at per cent. Tho bankers are be-
ginning to understand that they are not going to
lose their specie, but that the contrary their re.
serve will increase steadily the war progresses.
Business paper is scarce, and the best names
sell readily at az per cent.
brisk business was done in foreign exchange
to-day. The bankers competed with each other
freely for produce bills, and at the close good bills
could not be had under 1863. Bankers sold their
own bills at l07, and put up the price at the close
70 = "a. 1t is understood that some heavy re-
mittanees go out by this packet in payment of
dry goods sold here within a few days. for Euro
pean account.
The activity and buoyoncy Of the Stock Exchange
are unchecked. Almost every one expected a re-
action this morning; but on the contrary, prices
IN many instances rose higher than ever, and
stocks were frmer and in more general demand
this afternoon than has been the case for
some time past. New York Central advanced II
Eric, Il; Hudson, Il Toledo, l; guaranteed, ~
dalena, Reading, Illinois Central, Harlem and
Rock Island were firm at the advance of ycstcr-
dny State stocks and governments were gene
rally steady; the United States fves of 1874 adj
vanced "a. The only exceptions to the market
were Pacific Mail, which declined "a per cent:
Panama, which declined n, and Michigan Central
which fell of "a, on the disappointment created
by the September earnings. lively demand
sprang mp to-day for railway bonds, and
general advance took place in the issues of
the Erie, Hudson, and some of the older Western
roads. There was no afternoon session of the
stock Exchange to-day, the members having adj
lourhed over IN order to attend the funeral Of Mr.
Bleccker; but at four o'clock the market was still
excited, and parties were bidding "a for Toledo,
" Tor Central and 30 for Erie. It was understood
that some heavy purchases Of Western shares were
made to-day Tor account of the gram dealers
Attention has been lately directed 20 the shares
Of the Cleveland and Toledo Railroad which have
advanced per cent in few days. This com pany,
g. every one is aware used before 1867 TO pay re-
guar Notwithstanding from to 10 per cent an
nuaiiy-and the stock used to sell at so a so per
cent. IN 1857, Ike all the other Northern and
western railroads, the Cleveland and Toledo got
INTO difficulties. To meet its interest payments il
was compelled to sell income bonds at a heavy
discount and its earnings fell IN so heav-
" that dividends were suspended, and the
company was left with a small but embarrassing
floating debt. Ever since then the net earnings of
the road have been applied TO The liquidation OF this
debt and, fifteen months ago. it was reduced to
something like s250.0 The condition of the
property vas then 50 promising, and it, traffic so
good, that some wealthy and sagacioGs capitalists
OF this city undertook to dispose of the floating
debt by funding it at, we believe 81 per cent.
The negotiation fell through in consequence of he
distrust created by the first mcnacea Of dislnou.
1t Is now probable that it will be revived and il it
is carried through the resumption OF dividends on
this stock will follow az matter of course. Last
year The Cleveland and Toledo earned per cent
On its stock after paying Interest, expenses, &c.,
&c This year it will do better, in consequence of
the increased activity of the breadstl nloy ement
The following table presents, in clear view, the
financial history OF the rrnuertY.--