The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-10-29
FINANCIAL AND COMMERCIAL.
suxpAY. Oct %. lsea

Ths GREAT upward movement of the market for rail-
u.y shares making steady progress and promises 70
sa in permanently esabl shing for these securities
higher range Of prices than they have hitherto COM
nsnded, ard more commensurate with their real
salus No one can doubt the profitable future which
Awats all The leading railways Of this country, and
ispeciaiy tbs main lines extending from tits point
Westward and with good manager ent there IL no rea
son ' nv any one OF them should not be now paying
handsome dividends That road like the Erie, whose
trsf,c earnings IN 1885 amounted 10 the enormous
sam OF Sl5a34,775, and whose present
ings are similar scale, should have
been so msaaged as to make q suspension Of
drdends necessary reflects but little credit upon It's
management the may be said Of several other
prominent lines OF railway II Is notorious that these
roads whose fortunes seem to fucua,e the most are
precisely which most actively represented
BY the mana 5ent in Wall street. If tho managers OF
leading road think there rs more TO be made by being
s'shon' thar "long' Of their own stock they go
,ishori" accordingly, and commence their opera
lions officially by talking II down aud voting 1t down
TOO Thus they will vote for new rolling stock
which is rot required and make contracts Tor
various impvo sments which might be deferred with
out mparIrg the efficiency Of the line. just for the
sake reducing the earnings, and If possible sus
pending dyi6ends Then, when their corrupt misman-
agement has done work. they their 'shors at
good rou nd profit and go dong of tho stock. i'm
hedately afier which they change their tune The
prospects the line are now excellent ana the stock is
selling far below its value The directors vote for re-
tsenchment and resumption OF dividends. The stock
rises and ne directors sell at large advance upon
The cost prcs it4s making money by both the fall and
the recovery
/ Just now ii The speculative railway directors arc
stbullsi in their specye stocks, because they see
phers nothing % GAIN but much to lose by being
lha gI,eori t,tl@ 3nt
power to influence the market, and the stock s
tteld By of Wall street the decidedly
ID this the For several years railway shares have
secn slowly ind quietly absorbed by the public for in
bstment un.,l IN some instances stocks once actively
Ikocdated ID have been entirely withdrawn from the
lock Exchange. like the Now Jersey Central for in
anoe Il y s,ucst needless TO say that these stocks
Ars much better paying properties in consequences.
ybc roads well managed because mere speculative
Atockhodes longer control the management and as
$hsrc Is nothing be made in Wall street by misman
egcment ther9 Is no rong incentive its preparation
The stock active but somewhat irregular In
Its movements during the week, although its under tone
was very frm. rhe Northwestern sharcs, common and
preferred, tue strongest on the railway list mainly
hinder speculative demand In anticipation Of dividends
On both consequent upon the largely increased
EARNINGS Of road and the prospect Of further in
erease after the completion Of the extension to Omaha In
Apn next will there connect with the Atlantic and
Pacific Railway Erie was next strength and specula
Dve interest and after declining to s1 rose TO S4,<
With very BRISK demand, and IL closed with firm up
Ward tendency. Michigan Southern was also active and
0rm with ssies high a3 The stock Of the thre,
roads mentioned will probably continue TO attract
the special attention OF the street for some
pine longer, but the business in the other speculative
bhares is lke 70 undergo dninution, for the vol
sumo Of has been steadily the increase
(or weeks past and only small portion Of the &C.
gregAie s rssented by the printed stock lists Both
values ssndcated by the earnings of the railways
and the condition and prospects or the money market
are much maza favorable to higher prices the stock
exchange than they during the trz three mouths
sf 1884, when hoy rose to point ranging from twenty
i've fifty per ceut higher than they present The
volume Of paper money In circulation much larger
now than hen, and the future OF the country,
Including thai Of railway property, Is more assured.
Money is lkey remain abundant at this centre for
the remainder Of the at least At Chicago and Gin
cnnasi return fow Of cunencs from the interior 10
reported while Is being despatched to the Eastern
CITIES than 10 beng received from Thorn. Discounts
III % cities at the time being made freely at
thu usual rates. At Boston and Philadelphia and In
ths interior ces, generally superabundance OF money
IL almost uniformly represented, and the South
u likely TO require very little currency from
the North TO move the cotton crop, but some coin
The Western hog CROP too is already almost entirely
for and the tendency OF the Western exchanges
being already In favor likely to experience
greater abundance than enjoy at present
be- the expires Loans to ir class houses
sdc at per cent throughout the week, but weak and
highly speculative houses submitted In instances
JOS Government securities neglected but steady
pnd the leading dealers borrowed them At per
peu At ha past Ave Saturday railway shares closed
nrm, al the following prices:New York Central l1sH
y, Erie ~ ~ Reading 1854 1l6, Michigan
Southern 92is u, Cleveland and Pntsburg % q u,
Rock Island 1924 y, North western 5Ia A-prefcrred
30 =. Fort wayne 1857 100 Ohio and Mississippi cor
(ncstes s3ta -.
TIE gold market irregular, ranging from 145s on
Monday to 1854 on Wednesday, ard back to 14S1
asardsv The beas tried revive the false that
hs government selling gold, hut without success
although Tho fact that million of dollars in coin
Transferred from tue Treasury TO the Bank OF Com
meEce gave color OF truth to It. This gold, however
designed solely for tho purchase OF exchange for the
payment Of the salaries OF ministers and consuls
The demand FOR customs duties at this port during the
Fcek amounted 70 s2,457,o0o.
Tho fore.so exchange market very frm and rates
steadily advanced Al the close Of business on Saturday
bankers bits England sixty days quoted a.
ro9A "a; at three days IloA Il; commercial bills
losh loe francs at sixty days ST. 15c 81 1ss.c at
three dave, 81 I3Rc a &C. 1uc q ST. Ike
Mining stocks we're active and irregular but they de-
vsopcd increasing armncss towards the close Those
pcr which there the strongest demand we're Corydon
Ia crosse, 0phir aud Nye, all Colorado gold shares,
whils Atlantic and Pacific tho most active and
juoyaut OF the Nevada silver sbaros Corydon closed
. 50 ~. La Crosso at 50 80 ophir AT 81 25, and At
4atlc and Pacn at s. rs
This highest prices Of the leading stocks sold at the
sbs session OF the Exchange each Saturday Of the
sbss four weeks rs follows
a syocts Oct Q. o.. ~. &c, 90 Oci 81