The New York herald., 1862-09-26
FINANCIAL AND CONNER CiAL.
TuunspAY. Sent. 2s-sP.

THURSDAY, Sept. 25-sP. NJ
This has been one of the most exciting dsys
ever Witnessed in Wall street.
A. an early hour this morning the new regula-
ton at the Sub-Treasury, allowing four per cent
on deposits of gold, began to affect the price of
gold and stocks. large number of small mer-
chants and petty operators were trying to buy
gold. and making arrangements to borrow money
on the Sub Treasurer's certificate Of deposit In
the street operators at once interpreted the re-
gulatioa as rendering further advance in stocks
inevitable, and bidding upon the leading railway
shares became very active. When the board met
the market was discovered to be rampant beyond
the experience of the oldest operator. The
volume of business reported on the printed list is
fully double an average, and, under the new
rule of the board only portion Of the business &C
tually done is registered. Itseemed for some time
rs though the entire Stock Exchange had gone
crazy Stocks were eagerly takon, apparently at
whatever price the seller chose to ask; and no
sooner had q broker sold his stock at per
cent more than he expected to get for it than he
had the satisfaction of seeing the price rise per
cent more. Thus, Erie preferred, which was
deemed very firm when held last evening at 7s.
was eagerly taken this morning at 81, and the
common stock 1t 46L. Speculation seems once
more TO have laid hold Of these securities, and
there is more excuse for it than there is in the
case Of some other stocks. Owing to the
trouble on the line Of the Baltimore
and Ohio Railroad, the great business be-
tween the seaboard and the West which is
much larger than usual this season, is divided
among three instead of four trunk lines. OF this
business the Erie. which is now reaping the bene.
fit of the long dock, gets the lions SHARE and we
are not surprised to learn that the through traffic
on the line is 80 enormous that the road is com.
PEELED to decline way traffic in every case in which
that can be done. A dividend on the preferred in
January next is considered sure thing and there
are many operators who figure dividend some
time next year on the common stock as well. Com
pairing the price of Erie preferred with that OF
bonds-not more certain Of income than il
is-such as the Michigan Southern seconds,
ii is still fifteen . twenty per cent below
the rest of the market. Illinois Central
started up this morning to 73H, an advance Of six
per cent in two days. At the FIRST board New
York Central rose 4, Hudson River az, Harlem
old n, Harlem preferred l55., Reading 3, Mchi.
gan Central ;, Southern old l, guaranteed ~
Cleveland and Pittsburg 2. Galena "a, Toledo 3,
Rock Island lA, Prairie du Chen 2. Among
these railway shares therc was not single cxccp-
ton TO the buoyancy OF the market. Some rose
more than others, being the favortes for the day;
but all were in very active demand. Panama, for
nstance-that staid old stock, which is only dealt
in by wealthy operators, and in which there ID
little OF no spccaIation--rosc FIVE per cent selling
ut $50; and Pacific Mail, which gas worth abou,
| lis last evening. rose to III. The business in
| bonds alone was one-half the business of the
| board. All the Erie issues were wanted al
| an advance; the fourths rose one per cent. The
/ assented bonds of the Chicago and Northwestern
| rose per cent and the second mortgage 2. The
| Pittsburg and Fort Wayne. frsts nearly Touched
| par: the thirds rose l =, per cent. Among State
stocks the firnest were Missouris. which rose ils
| virginias and Tennesseea were only steady. Go
! vernmeEts were the exception to the market
Both the skies and the 7.30 notes declined u pcl
| cent. This decline IN the latter Is the more re-
| markabe as the interest on the October issue will
be paid in gold next week, ond at the present pre-
mium on gold they ray larger dividend than any
| of the railway shares except Panama. Specula
| tion. however, seldom runs in more than one chan
! mel at a time. just now railway bonds and stock.
the favorites, and people are willing TO give any
| price for them. Next week, especially il we hav,
| more victories, governments may become the m ge
Investors may rest assured that there is nothing
| on the market that is really better as an invest
| ment than the 7.30 notes or the six per cent bonds
( Of the United states government, with twent,
years 10 run, and interest always payable in gold
/ Between the boards there was slight pause II
| the excitement the labor Of delivering the enor
\ nous amount OF stocks bought and sold in The
| morning engrossed the time Of the brokers. Al
| the second board, as was 10 have hsen expected
the reaction from the highest prices of the morn
| ing ensued. Buyers Of yesterday could we'll ar
I ford 70 be sellers to-day. There was large OF
ferng of Erie preferred. which caused the price it
| decline to 7e1s; the other active speculative
shares Michigan Central. Southern old, guaran
| tced. Illinois Central. Hudson, New York Central
calena and Rock Island-were oil from n to :;
per cent lower. At the close the market wa
very steady, the following being the last quota
uoiss.- uUs'. 90 q, -ot., ,o1t 4, Harlem oo., -,