The New York herald., 1862-09-30

tE
Of the day was 1877 . 1856. Everybody
y buying gold in order TO insure against the depre
ciation Of the currency. II man who is worth
$4,000 10 afraid that by the depreciation Of the
paper money now ahoat he may find himself only
worth in reality $2S 900 st the end OF che war, he
can protect himself by buying $50 900 IN gold, tax
ing it 70 the Treasury, aepositing il At four
per cent, and, il he needs the money, borrowing on
the Sub Treasurer's certificate Of deposit. This is
the secret Of the recent enormous purchases Of
gold.
Money is pretty active M4a6per cent. The
active speculation in stocks enables lenders to OBJ
hitherto Certificates ofindebtedness are selling at
99h
This has been another very exciting day in Wall
street. Everybody appears to be specializing in
stocks and everybody is making money. We are
in the full flush of speculative outburst, and how
long il may last and to what prices stocks may not
rise no one can tell. That it viii end in crash is
clear enough and is denied by none. But every
one makes up his mind that he will have sold out
before the crash comes, and that it will be his
neghbor who will break. Speculation at the pre-
sent time is greatly assisted by the accidents which
Ohio Railroad to trade, and have consequently
thrown an unusual amount Of business upon the
Western roads Such lines as the Erie, the Illinois
Central, the Michigan Central and the Toldeo are
earning so.much money that they would be rising in
public esteem, and their stocks would be advancing
from day to day on the Stock Exchange if the banks
had never suspended specie payments, and nothing
had ever disturbed the even tenor of currency.
| onlrc t,oro oxxl.o .oh
can be readily named are selling from ten to forty
per cent lower than they were in 1856. when their
business was much less than it is. 1t 10 by argu-
ments like these that the spectators for rise JUS
tify their expectation of much higher prices, and
in the present condition of the public mind there
is reason to believe that the chances are in their
favor. New York Central sold at premium Of 2
per cent to-day; its prospect Of income is hardly
better than that of Erie preferred, and Of the two
the latter is perhaps, the greater favorite among
spectators. 1t advanced 2 per cent this morning.
Erie, old, sold at 80 on buyers option this morn
ing A dividend ON this stock some time next
year is taken for granted by the specu-
lators At the company's Office no information on
the subject can be obtained. couple of thou
sand shares Of Illinoie Central were taken this
morning at an advance of two per cent. Some
european operators cdlCuldtc Ludt tHey Cdu Hldhc
money by buying these shares at present prices,
selling their exchange against them at 1856, and
sending them to London for sale at the price
which will rule there when the news of our ad-
vance 10 received. The road is doing fine bus-
ness. Toledo, which was sold down to 63I on
Saturday, on the passage Of the dividend, rallied
this morning to 6s. People in Wall street are be-
ginning to learn that stock is sometimes worth
~ ~
dividend when the money can be more profitably
used elsewhere. The earnings Of the Toledo are
entirely satisfactory to the management, and
large business is expected this winter. Michigan
Central, on which this year per cent at least
will be paid, touched SO this morning, and soL
this afternoon. The bonds of the came concern,
bearing per cent interest, are selling at ll6.
This year, at all events, the stock will pay as
much as and perhaps more than the bonds. Cum
berland Coal advanced this morning to l6. It
sold o week ago at 8. As the canal is out Of or
der, and the Baltimore and Ohio Railroad is not
running, this advance in the stock curiously cor
responds with the utter destruction-for the time
of the company's business. The only one among
the active speculative shares which did not move
much this morning was Hudson River, which rose
only per cent. This is the more surprising as
the road is doing larger business in proportion
TO the past, than many other roads which great
favorites; dividends may fairly be expected next
year. The third mortgage bonds are selling
at 10l; after the interest on these ia paid,
$4,000 will give ten per cent on the
stock. The advance at the morning board in
Pacific Nail was ~ in Harlem 2, in Reading 8, in
Southern old 2, in guaranteed 2, in Cleveland and
Pittsburg 2, in Galena l1l, in Rock Island 4, in
Prairie du Chen a in Fort Wayne stock 2H.
Governments we-e steady without change of price.
Bonds Of all descriptions were active. Fort Wayne
thirds sold at r. advance Of ten per cent since
Friday; Chicago and Northwestern assented bonds
rose per cent and the second mortgages l; Erie
ffths rose within fraction of par. Between the
boards the market was rampant; everybody want
ed to buy stocks. At the second board there was
slight reaction in Rock Island and Erie old; but
New York Central rose u, Illinois Central !, Mchi
gan Central "a Toledo "a, and the market gene
rally was strong. There was On active inquiry for
bonds; for the assentcd bonds Of the Chicago and
Northwestern 591l was bid. The market closed
firm, the following being the last quotations
uses, reg, ,'s11olzS alo2 Harlem pref. ~ 4s1s
IS, Ia. sos 81 Michigan Cen sos 81
Tr n , 8 10 pc.lo4s4 alo4x Mich 50 4 Mia 37la 3s
ss sS 81 Snssms mS ,s
| y carolina 6's. 665S 6s illinois Central 76 76is
Missouri Gs.. 405x a 90 Galena h Chi. s01s 500
Arer'u gold. 1888 l23rs Clev Toledo. 6sh 90
Pacific Mail 120ll a I20I Chi Rk Is'd. IT., 17'4
Y Central 10l1 l0l7s Chi, ,Bur& QRR e5
Erie. 4e5s a 49x Nil 4 Pr du Oh 37%a SO
Erie pref ... 825x SO Erie m BIDS los los
Hudson River e1 61h III Cen bds rs l04 a106
Harem...... 22z "a 22n Demand notes lIs7f a l19
| After the board there was at first tendency to
realize profits, and Rock Island, Erie, Galena,
Central and the active shares generally fuctuated
| * II per cent downward. At the third board