The New York herald., 1865-10-06
FINANCIAL AND COMMERCIAL.
THusspAY, oct. b-eP. ii

THURSDAY, Oct. SEP. NJ
The stock market has been strong and excited to-day,
the speculative fever having heightened, and the
thnsiasm OF the bulls being sustained by the rapid ad
vance Of quotations At the hrst board New York Cen
trail closed higher than s the second board yesterday
Erie ~, Hudson River ~, Reading " Michigan South
ern AZ Cleveland and Pitsburg M Fort Wayne
e, Northwestern lX, preferred y, Ohio and Missis
sipp certificates X, Quicksilver q Cumberland was
unchanged Michigan Southern stock was very scarce
for delivery, and per cent per day was paid for by
borrowers. Government securities were steady but
inactive.
Al the open board at one O'Clock large burness was
DONE and prices were higher At the second regular
board the extreme quotations the street were moi
fully maintained except in the case Of Cleveland and
Pittsburg which closed At advance Of upon
the 6rst board Erie closed y higher, Michigan
Southern 4, Northwestern preferred Y. Roch
Island 4, Fort Wayne k, Quicksilver IN New
York Central unchanged. Hudson River de-
clined X, Reading Y, Northwestern X, Ohio and Mis-
sissippi certificates q, Cumberland y. Government
securities continued dull and coupon avewenties were
lower
After the call tho market rcgained It's buoyancy and
Cleveland and Pitsburg sold up to S5 Al the open
board at halEpsst three there was renewed excite
mens and further general advance took place
New York Central sold at o7K, Erie o2, Hudson River
1l2H. Reading 117K. Michigan Southern SAX, Cleveland
and Pttsburg s4N Rock Island l1os Northwestern 81
preferred 6sk, Fort Wayne 90, Prairie du Chen o1}s
McGregor Western PAX. Canton 434, Cumberland 451S
Quicksilver 53 Central Coal 3d. Ohio and Mississippi GER
thcates 30ss Afterwards there increased inquiry
for the latter under reported clique movement These
certiGcaes which sold at 90 la March and April 1854
have not yet participated more than two per cont in
tho present rise The market closed active and steady
nf md
orders from the country is generally tho case that
when prices are nearing their zenith upon excited
market the public kindly step In and buy the stocks
which the brokers and professional operators glad to
be relieved Of yet the outside multitude !snot snf
ccnily large absorb the load in store for hcm and
there Is prospect Of prices being forced
considerably higher before the present speculative
excemeD, subsicas The market will break OF It's own
weight before many days eapse and there will be
a rush to realize but II Is likely that fresh rise viii
succeed the reaction and continue until the bull element
has spent its force prices rise high to rcco upon
and dcmoaize the bulls themselves or some unlocked
for event occurs dstrust The present rise is
almost entirely artificial but long as the country
Is laodcc with an irrcdcemable and deprecated cur
rency ali prices VIII ne less fictitious represent
ativcs of value and there Is great danger Of much fur
ther imitation in the future There is the danger of
political agitation Of the financial question The votes
of the representatives OF the reconstructed States in
Congress almost certain TO be opposed to the present
heavy tariff and in favor of the ghtest possible tax
alton. The interests OF the South have always been
in harmony with free trade principles, and
consequently opposed To protective tariff. The
Southern States will probably return to the Union
with the views to support as they advocated ante
ccdcnt the war; rendered a the bitter by the
war itself And It is this consideration, as well as
the more immediate question OF our export and
import trade which lis influencing the course OF gold
Tho latter firm to-day, tho opening price being
14oh, from which there advance TO l471S, fol-
lowed by relapse to lsoh end subsequent rise to
1861. Loans made at six per cent and 1o2 The
extreme quotations since the commencement Of the