The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-10-25
FINANCIAL Arlo COMMERCIAL.


ne stock makst continues active and strong, with
xns exception OF the short aetonay Intervals attend
.us upon every vigorous upward movement Tho vol
INC OF busipess undergoing constant augmentation,
and public In the prevailing speculation quickens
With the prices The exciting days OF 1868 and
as6x likely De ecpsed by the scenes OF the clos
M months Of 1866 and bank expansion promises 70
ssp the climax currency imitation. The Northwestern
sAsres common and preferred, still lead the railway
MT, the latter having sold up to SIX this morning.
vine Michigan Southern which Is next p point Of actiy
ny and interest, advanced 70 9S. But although
sasss constitute tho centre Of attraction present.
shere h large and well distributed business IN all the
lsading railway sharss and much higher prices Are
sUsddently predicted they likely to be realized
mere much idle capital In the country and the
- interest 50 low that the public mind upon In
vesment and railway securities, by Of their in
snsfc value and speculative advantages preferred
% all others Western VIGOROUSLY Of = specu-
ssve turn of mind and IL is significant that their pnr
shases just now almost entirely confined TO the
Western stocks and especially those most actively dealt
ON the Stock Exchange at tho present time
The money market remains easy at "a per cent for
Soans returnable demand, the majority Of transact
stons being at the lower Some Of the bears are
however, endeavcring TO excite apprehensons that
drain Of currency Westward and Southwark from this
point is going forward which will result in advance
e che OF interest to per for call loans
Doubtless the hanks would like TO get per cent for
Their money and they disposed to encourage what
leads in this direction but IL remains for TO say
chat there Is probability Of any further considerable
Grsin either Westward OF Southwark. The CINCINNATI
Cb~mercal of Monday reported follows showing that
currency is being sent from that point to New York.
andthat there is increasing return now Of money
nom the interior to the Western cities:-
a
e the houses the receipts being light market Is
wos2ng closer. In one or two currency was
shipped to New YORK; bot the banks generally were
prevailing buying rate Ia 60c. Per 81, 900 premium,
though in several instances 75c. paid for round
The selling rate Is very firm 1-10c premium
The receipts Of currency from the interior lib.
sra, ana most Of the banks report q gain in balances
The demand for discounts is fair the supply Of cur
rency with most Of the banks s sufficient enable them
70 accommodate all the approved paper offered and the
market is working comfortably. The rates Of interest
for good mercantile bills Short dated paper has the
preference. and some loans call were made At
Per cent.
Even at Chicago which 10 always more sensitive TO
monetary influences than any other Western CITY, there
more than usual for this Of the year. and
10 prospect Of desire for currency TO any considerable
anount from New York. Tho Tribune Of Monday re-
aarked:-
There features 70 note Il the tone or con-
ing received from he East and ths dram s Continues
20 the interior, though only TO moderate extent De-
p0siis have touched tho minimum and slightly in
0casing but not enough 70 give relief 10 the
comfortable coseness which has distinguished the
kes throughout the week.
These extracts sufficiently reassuring with regard
% the West, while respects the South there ID no
season for apprehension. The cotton crop, Il is
generally believed will hardly exceed thrse.quares of
million Of bales, and not few contend that will
ii below this the estimates ranging from six hundred
\ of Tharo vii Antvv
- lss currency required to the crop than n It
vsre iargsr Moreover, the South we'll supplied with
psper money, and there Ii probability OF coin being
nicely used In making cotton purchases alike with legal
ssndsrs and national bank notes, southerners having
always manifested strong preference for hard money
ever paper.
In connection with the collection or the tax on
sossen We glad 70 find that the Treasury Department,
has issued q circular containing some now regula.
Mons providing for tho transportation OF cotton bond
- these, persons dsaous OF bringing cotton seapors
~ other places, for shipment from other dstrics win
- allowed 70 do 70 upon executing and delivering to
Che collector Of the dscs where such seaport or place
b situated, bond, with two surstcs approved
- The collector receiving IT, conditioned for the pay
mont Of the tax upon all cottonfor which permits may
b granted by the Of the district In which
cotton may DO grown. This will obviate tho serious
ssconvenicnce which would arise planters from the
selection Of the tax on the plantation
Reverting to the money market, IL may be well to
mention that the Secretary Of the Treasury Is empow-
cred BY act Of Congress n issue nifty millions Of legal
sender notes. necessary In payment Of the temporary
bcsn As the remainder OF the latter represented by
Clearing House certificates, and amounting 20
Sorty-ave millions, twenty-five Of which are held
BY the banks OF this city, natures tomorrow,
shis authority may not b without It's The balance
sn the Sub Treasury this evening" however, is up 10
e1o2 34s3s7 showing TO be in easy position and
hkcly TO be need Of the referred to- bat al
not informed how much Of this balance in CON-
eft 70 con- lecture somewhat general impress.
prevails that the banks absolutely required by
sbe national currency keep OF twenty
per cent Of the amount Of their deposits circulation
The specify that their reserve shall be kept but
imposes no further penalty than prohibition OF fresh
loans discounts the part Of banks whose reserve
has not been average equal 70 this for twelve
secutve days and II provides for the appointment Of
receiver 70 wind up the Affairs OF banks whose reserve
has not been made good within sixty days from the
expiration OF the twelve days referred to.
A. the open board at ten o'clock the market was
bsoysnt, with special activity In the Northwestern
shares. The common sold nj ssk-prcferred s1k,
Michigan Southern "a Erie s2A. Al the nrst regular
board there was brisk demand all leading rail-
way shares and the volume OF transactions was heavy
Bow York Central closed Y higher than al the ms
yesterday Michigan southern IN, Cleveland Toledo
g. Rock Island NJ Northwestern preferred ~. Toledo.
Wabash ana Western 4 Pacific Mail Z Cleveland and
Pttsears wss y lower, Fort Wayne \, Ohio and MIsss.
opp, certificates y, Quicksilver n, Western Union rcis
graph l. Government securities were dull Coupon
Hvetwcntiss az 1862 and 1866 closed higher seven.
thirty notes Of the nsi ssss " Coupon skies OF 1881
lower, ssvsn-tbirsy Of the second series X
Al the one o'clock sessions Michigan Southern gold up
% % and the rest Of the ss nrm Northwestern sell
ing 81 80 sod the preferred stock SOY. At the half.
past two board thcrv change In tho speculative
ssmpcr but prices slightly lower in instances
Nov York Central closed IN lower than al tho nrst
scsulsr board, Reading Y. Michigan Southern " Illinois
Central u, Cleveland and Pitssburg u, Rock Island u