The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-08-11

Illinois Central. ..........l 1877 l22a/ 122L
Northwestern preferred. 500 sos 67E
E ,S ,I Island. ................ lo5.s "a 1064
Fort Wayne ............... 9Sn 99is 1868
To-day Erie has boon the most active and buoyant OF
tho speculative shares but the business was otherwise
well dstribui AT the early session Of the open board
the market firm but dull Erie sold at esq., Michi-
gan Southern 81, Cleveland and Pttsburg s7, North
western SG}s Fort Wayne 1861, Ohio and Mississippi
certificates 30h, Cumberland A. At the first regular
board the market was the whole steady, but slightly
irregular New York Central closed q higher than at
the hafpast two board yesterday, Erie y, hi higan
Southern u, Cleveland and Pit,sburg u, Ohio and Mis-
sissippi certificates H Cleveland and Toledo was u
lower Rock Island "a Northwestern 3S-prc erred 81
Fort Wayne a. Government securities were barely
steady Coupon fyctwentes Of 1862 and 1865 declined
%; thirty notes of the second and third series "a
Ten .fortcs advanced =, sevenhiry notes Of the first
series x.
At the ono O'Clock session the market was firm. At
tho half past two board barely steady portion
Of the list and strong the remainder Now York Cen
trail closed higher than at the first regular board, Erie
~ Reading " Cleveland and Toledo u, Rock Island Y,
Northwestern h-preferred Is, Canton r. Michigan
Southern was y lower Illinois Central q, Fort Wayne
n Government securities were steady and dull.
At the open board at three O'Clock the market was
duh, but there material change in quotations.
Erie sold 6ex, Now York Central ID. 81 1857. Ceve
land and Ptsburg a. 81 s7I Michigan southern o. 3,
DN, Cleveland and Toledo 1l6,4 Rock Island lO8ss,
Northwestern ID. 81 38h-preferred b. 81 674, Fort
Wayne TO- - 105K, Ohio and Union certificates t. 81
BOA Marposa preferred 27h. Afterwards the market
slosed steady the prices at six o'clock being
subjoIned:--New York Central 1o61 . =, Erie COS a
Il. Reading II2t u, Michigan Southern s6JS u,
Cleveland and Psburg 81 4 y, Cleveland aud Toledo
TIC y, Rock Island losIl u, Northwestern 35is q
h-pre erred OK u, Fort Wayne 1885 a. Ohio and
Mississippi Certificates 30 "a.
The gold market is sluggish but steady, and the
,oom in which 1t Is held bears close resem-
slAnce at intervals during the day to a Quaker
meeting house. There Is . sepulchral silence
NIL some holiov-voiccd individual rises and exclans:
"II give quarter for tom" whereupon holloweyod
individual who has been staring him and others vacanty
tho tscs for time previously, suddenly
from his meditatons aud shouts out .Iiil sell
hree eghths" A. the time raising his hand and
orking his body AZ II he were making spread-eagle
speech. This generally has the effect Of inducing several
sther Individuals to make similar offers on similar
srms. There is short clamor during which one
buys "tsn. gold" and then a relapse into
silence and meditation only to be broken again by
sudden offer TO sell buy Such is q duh market In the
gold room rampant one on the contrary sounds like
modern Babei-a combination of bowling, screaming,
bnyng, with . tremendous discord Of broken voices
and tho crash Of bull infested China shop thrown in
Then haze the flashing eyes, the frantic features tho
Aniacsl ooniortions and the savage gances with
pAld and faces flushed and all tho energy OF mind and
body concentrated upon that single object gold. Il Is
the best sight after Australian conobberl, but
thcre Is occasional u even In that storm for human
endurance has Its limits
The opening quotation lass, followed by decline
OF =. and advance 1885,. from winch poin, il 70
lspsed TO i4sK and nnaly closed al I4ss. There was
a fairly active borrowing demand for coin from the
.shorts and loans made 16 y per cent per
diem favor OF the lender OF the coin early in the day
bat towards the close Of delivery hours the declined
TO 132 s8e4
In foreign exchange there was moderately large
business done, and the rates firmly maintained
Bankers bills England At sixty days quoted
10Tx los, three days 1oss1 loal4, commerc al
100 Io7x There il sil certain degree OF distrusi
Of foreign credits and sight bills generally taken
preference 70 bills At long date The fact Of the Bank
Of Engand rate Of discount being kept a, ten per
is sign that the bank managers sl in fear o. the
future and that confidence ia Ivy means fully res
torcd The unscund finance companies which we're the
chief source Of the recent panic, still with
q few exceptions. survive, but ,hey are
crippled and monbund, and clamorous to Dor
row any terms Thor fate is probably
sealed but while they exist they viii q ng Ike parasites
% whatever they lay hold o. All these new compa
bubble schemes which had thor origin in the
war in this country. Tho cessation n me American
oVNon supply dlsengaged capital and threw /, 'or en-.
poymeut into channeis A large amount, IN the
aggregate was At once directed 70 he ce,eopmcut OF
cotton cultivation in India, Eeyp, South America
and tho construction OF railways in lrsa was slim.
uIsted by the cotton prospects, Bot when the war
here suddenly terminated al these cotton spec lsons
based upon high price for the STAPLE over,hrown
and planters and merchants In India who had made MI.
lions by the rise quickly lost them by the fall Tue
work OF ruin thus commenced has not yet completely
exhausted ITSELF although the survivors have wthstood
hard siege Hence the st prevailing dsirusi Eng.
land aggravated By the condition OF affairs tie Con.
husnt and, TO some little extent, the Reform agitation
81 home.
To the causes referred to, and especially The con.
ssruo,on OF railways in connection with cotton eulivs
zion. the failure Of Sir Morton Pete Co was due,
end 70 advances made to the latter and similar
nrms tho downfall OF oversnd, Quincy h GO. was
sttrbutabs some have supposed tina, the fortunes OF
IT. NoHsnry and, TO extent, those OF the Grea,
yestsn Railway Company In this country, were involved
viyS The aaAi Of Msssrs Norton Peto Co but such,
Il 4poean, Wa not The However, the great con.
trs(Sn having asrssd upon terms with their crsdtors
ere tsss6 - witA lhslI undsrAklpp - before But tho
n,un 4 fAaA6 sfAi1 ~ ofA 1nsand. Germany