The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-10-22
AND COMMERCIAL.

SUNDAY, Oct "a, ioV0
The mast week witnessed great excitement on the STOCK
Exchange II opened with very buoyan' 'one on "o.
day, but after tho morning board became 'a'n'' ea~
and irregular It's movements Large amounts " ~.
.oliye railway shares were sold 10 realize pron's ana
.a,, 80 .oia ..hor nv parties who had heard mys.
h,snarrgs Of frauds TO DO revealed OF The
hspg about sell gold, and OF other things
.., n,n,ad at and equally false. In other words,
was evldent that "bear' party had been formed
which boped 10 inspire distrus by fabrcatng and circu
,a,ne these reports There were enough timd persons
~ hard of them and acted II they had condden
daily received exert an influence upon prices
while the large holders Of securities who had confidence
IN the strength OF the market disposed to allow
the bears TO break It down little, with view to In
crcasng the ''shor interest preparatory carrying IL
higher Prices fuctuated somewhat violently up TO
Wednesday afternoon, when the market became very
strong and those who had sold short during the former
part of the week found themselves unable 10 cover
their except at loss Of TX per cent The
false which before listened TO had lost their
power and their authors severely and justly de-
nounced The fact Of coin certificates having FOUND
their way Of the Sub Treasury into the street. and
which had given the report that the
was selling gold accounted for by the circumstance
that the Treasury had been privately redeemng
some of tho bonds OF 1867 and 1858 In specie.
10 add strength TO the upward movement. and the
reaction was more sudden than the decline. New
York Central rose from 116 to l2l and Northwestern
common from ~ to 544 higher prices than they had
previously sold The movement in Northwestern has
taken the by SURPRISE the advance having been
greatly stimulated by orders from the West where the
extension OF rood TO Omaha, there 70 connect with
the Pacific railway Is looked upon likely 70 largely
Increase the traffic of the line which Is already so large
that earnings for September last we're $ose05a. or
S42 SAG larger in the same month last year, while
,ho receipts in the nine months ending with September
Ree $434 $3.50 Of those for the corresponding
period Of 1855 The gross earnings Of sixteen Of the
principal railways whose stocks dealt in the New
York stock Exchange $50 l77425 during the 6rst
)ins months OF this year, against $543sS,9S
b the same time last year, decrease OF
little more than two per cent, while the net earn.
ings Of all the roads, owing to the reduction
In the Of material and to extent Of labor,
larger than 1865. II has, however, been latery
the policy of Of leading railways to do what
they before neglected. TO divert the earn
ings from the payment Of dividends 10 the improve.
ment OF the permanent way and rolling stock This has
been the with the Erie, Northwestern and Michigan
Southern companies in particular. The efforts OF the
bears to arouse apprehensions Of active money
market useless in the face OF its actual condition.
49, ~ = e'.s o".s 49, ~
e.. - ~. .a'so 80 80. .s.a~,... 49,
$50 a.. $50 49, ~, -
exceptions AZ Ave TO others on miscellaneous
collaterals, while ON Saturday money was offered
OF four FER cent without finding takerA auu
some Of the leading dealers government securities
borrowed all reauis- three per cent The amount
rst class commercial paper offering too light
cov a., .or.d.,.,s or,o, ~ tho runds of tho hank.
.,,., -. o..a,a.,,. .,ro,, an,,-ev :, nc a,.co..i
=, ,no s,ocr Exch.naa rhe vo,ume Of nans. money
ao, i; 40 ,.rss ,h, away facility IA afforded n snacu
s.,on On ,ho s,oct Excn.no. In ,ha veor 1877 ian.
49,. -. .n,. ,r,.n ~. attenuation roachea h,sn.r
80, 49, 10 80. r.,.hoa h.so,. !, Amounted ~ or,v
So,a 7ys 90, -s,,. go o,c,,a,v. ., ,a,a. -. ~
s.o.,...sa .munt Of state bank notes not vet with
drawn and passing freely from hand 70 hand It stands
"a under or rather did 30 on the lst OF the present
month
yevaI lander notes 1884 ATT l32
fractional currency. 27029,273
Naona' pank <so'uSz'SVS
Total ss7l TAO eos
This for a country which had n circulation Of on,v
ass 500 900 in lsa3 Is remarkable enough and affords
rood auapca, illustration OF the axiom that slime works
ouders The stock market closed with nm inward Tan
deuov on Saturday evening a, the following prioes-
New York Central l2Ika1 Erie s2x Y. Hudson
River l2s 1877 Reading llSsl v Michigan Southern
sax 90 Illinois Central I2s Cleveland and Pittsbury
o,E.n c,svc,.na and To,edo 10Y n loo Rock Is,and
sosh a Y. Northwestern 5sl a I-prefcrred 7sEaX.
Fort wavne loo,s n Y Toledo. Wabash and western
COZ a 81 Ohio and MississIppi certificates aak.x.
Cumberland ss, a So ouicksilver s5x ny western
Union Te,erraph 5anax
The gold market was disturbed by the report concern
,us the government being seller to which va have
.,r.sav rs,arrod and tho mica doc,n.a from ,sa a.
$3.50 -. - 1 ~
honuay morn'ns W 40 on SATURDAY inc ciosns price
l46%, and at this figure there disposition
n buv than 10 seli The navmeut Of the Novsmhar
- -. :, ~,