The New York herald., 1866-08-02
FINANCIAL AND CONNER ClAL


WEDNESDAY,, August l-6P
No.. ,ook market has shown renewed buoyancy and
,raasaa activity to-day and general advance in quo
,o,s has been the result The steady character of the
s Of the last months has gradually inspired con.
odenoc which is only beginning to tell upon the
volume OF business and the probabilities are that stocks
rood bad and Indifferent, will rise rdlculously high
before the fever of speculation gathering exhausts
itself Stocks, as yet, are cheap In comparison with
commodities and tho large earnings OF the railroads
are likely TO continue.
There was special activity during the day In Illinois
Central Northwestern Reading aud New York Central.
The mentioned Is understood 10 be supported at ts
present disproportionaely high figure by an express
company change its management TO suit their
own purposes at the next election, although there Is
some talk OF a consolidation with the Hudson and Har-
lem roads At the early session OF the open board New
York Central sold. dividend at lo3k y, Erie o0s
Hudson River l20H, Michigan Southern SAX, Cleveland
and Pittsburg ssA, Rock Island 1924, Fort Wayne
lo2 Marposa preferred 2I Al the first regular board
the market strong and active. Erie closed Il higher
than at tho halfpast two board yesterday Michigan
Southern X Cleveland and Pttsburg Y, Northwestern
,.-preferrod ", Marposa preferred Y. Reading was
x lower Fort Wayne Y, Western Union Telegraph r.
Government securities drmer. Coupon ave.
twentics OF 1852 advanced -, third Issue u, seven
thirty notes Of the second series y.
Al the one O'Clock sessions the market was arm. Al
the half past board IL strong and active New
Central closed ~ higher than at the nrst regular
board Eric ~ Reading Il, Michigan Southern " III.
nois Central l, Rock Island Il, Northwestern X
preferred x, Fort Wayne II, Cumberland a.
Mariposa preferred was y lower, Western Union
Telegraph " Government securities we're steady
aud owing to the absence OF despatch re-
porting yesterdays quotation for fve.twcntcs In
London, the business in thom light The
cable rates too high to induce individual firms to 70.
sort to It under ordinary circumstances, and the facilities
for the transmission Of messages from the United States
not yet ample enough to meet the necessities of
business men. The delay in sending message by boat
the Gulf Of st. Lawrence is the most serious OBJ
stace In the way of the employment Of the telegraph
but when the small cable between Newfoundland and
capo Breton Is completed this difficulty Will be
obviated The rates must, however be re-
duced before the line is likely to become
popular with business men, and distinct nforma.
tion furnished TO tho probable length of time which
will be required to transmit message from New York
10 London, and nice Versa
At the open board at three o'clock tho market con-
tinued active and very nrm Erie sold New York
Central lo4X u, Reading 112K ~ Michigan South
ern S4h, Illinois Central l23, Cleveland Pltsburg
ID 3sS3s Cleveland and Toledo ll6 Rock Island 1o3x
Northwestern 87h H-prefsrred 67X, Ohio and Mis-
preferred e 81 27x Afterwards prices advanced
and the market closed strong at the undermen
toned quotations s:--New York Central I04H Y.
Erie 6sH a u, Hudson River 12O}S I2IK, Reading
u2H e, Michigan Central 11lX 49, Michigan
Southern SAX ss Illinois Central 1231S bid Cleveland
and Pittsburg So a u Cleveland and Toledo 11e 4,
Rock Island 103k n Northwestern 375S K-pre.
forred GIN y, Fort Wayne Io2x los, Ohio and Mis-
s.ssippi certificates 2sE 29 Cumberland AK a Il,
Asnposa preferred %.
Money romans abundant and the general rate Of
ioans 70 the Stock Exchange is four per cent with
exceptions at nve. There is very little doing
In the discount line owing TO the limited Offering
OF good commercial paper. That OF the rst class is
still quoted at 5a6k per cent. The Western money
markets are extremely consequence Of tho gen.
eral stagnaon Of business which usual this OF
the year. The Chicago papers report that currency is
still being sent daily TO New York. and exchange there
on the East Is Arm par buying, and 1-l0 premium
selling.
The gold market has been steady and dull The Open
Ing price was 1ss followed by decline to 1855. and
subsequent recovery 70 lao, after which II relapsed to
1<Sx the closing quotation. Coin scarce for de-
livery, and nom 1-S2 to li6 per per diem paid
for loans, ths majority OF transactions being at
a6lth cent The Malta which sailed this port
today took out Sl25 900 In specie and the Africa,
Boston, $4,000 Tho spirit Of the gold market favos
ss owing to tho small amount Of specie the country
the banks OF this city having held Saturday last only
o. 1ol, so, . tsinng In view OF the demand for
customs dutos and the contingencies exposed
10 consequence OF largo portion Of national debt
being held abroad Our current importations greatly
exceed our exports, the former having amounted 10
2sT a. this port last week. exclusive Of freight
and charges while the exports for the week ending yes
tsrday amounted TO only q. s4S, ,eIo h currency
Foreian exchange has been Inactive and rates nom-
nal. Bankers bills on England 1t SIXTY days were
quoted Al 1osx x.
Petroleum stocks remain na and they wisely
left severely alone by the public, which, having
been swinded by them already, like . burnt child,
breads tho Are The Of board for the sAo OF
these stocks ia little better than farce, and the
chronicle OF quotations OF interest only few who
have nothing better TO do than to deal in them We
shall therefore them future from our columns
for while they servo only remind many Of the
rAscaty OF the orginators Of Of these companies
they might have the oect Of causing inexperienced nd
viduals to touch them, against which are anxious TO
warn them. Tho Petroleum and Mutual Coal Company
swindIcs RANK together the estimation OF their vic
tins.
II appears that In the last hour of the SESSION Congress
passed the Morrill, Tariff BILL with the section Increasing
tho du,iable value OF imported merchandise, In the
I'd valorcm cass by the Of freight packing broker
age. and other general charges. The law will take
effect the 10th OF the month. ], an nfs
measure but the President sig there win be
no nae IN complaining
NEW YORK STOCK EXCHANGE.
WEDNESDAY. August ], isca
first Session. IO,3O A. N.
100000 US 6's, 1907 10y 100 shs PacitcNssco 2ls
1000 q So. "a cou % 100 do. 80. sie
n lCou