The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-09-22
FINANCIAL AND CONNER CiAL.


FRIDAY, Sept 2l-eP NJ
Tho speculation for . rise In railway shares 70
oe,ved a slight check to-day In consequence
az reaction in Erie, which, after selling as
high as TEX before early session OF the open board
declined 20 rs at one O'Clock 1t subsequently recov
ered. however. TO T5X and closed at 75k 4. These
fluctuations act as safety valve In every
upward movement, and to argue, therefrom, against
the natural tendency Of prices being upward
Is to deuson and yield 10 the seductons CT
snare II all brokers and professional spectators
in Wall TO become ''bears tomorrow, their
operations would not any material decline while
they selling and when they bought to cover their
sshortsn prices would higher than II all had been
united in a "bull movement. The conditions affecting
railway property and monetary affairs such that to
sell stocks 'short is to court peril the market is en-
tirey under the control Of the bus" and the activity
which commenced last week is likely to last throughout
the fall season. before the expiration OF which stocks OF
all kinds will probably reach much higher prices, a. the
earnings OF the railways will doubtless undergo q
steady increase during the next few months. owing TO
the moving Of the crops, and this in the present tom
per OF Market will tend TO stimulate the rise
Money is offered freely In large amounts at four per
cent and of the leading dealers In government
securities three The transactions at five per cont
are entirely exceptional and almost invariably Time
or to weak parties for small amounts.
At the open board at ten O'Clock the market was
rather dull and the advance of yesterday not fully
maintained Erie (saes $500 shares) sold at 7ex 4,
Michigan Southern s5K Al the first regular board the
speculative feeling rather quiet, but the volume OF
business moderately heavy. Erie declined the
call from 76k to 7oH, closing lower than at the same
time yesterday. Hudson River was1 lower, Reading "
Rock Island " Northwestern h-preferred Y, Fort
Wayne, u, Chicago land Alton y, Canton y, Mari
posa preferred u, Western Union Telegraph 4. Erie
preferred closed q higher, Michigan Southern
", Cleveland and Pittsburg n, Cleveland
and Toledo u, Ohio and Mississippi certificates y.
Mariposa common TX State stocks were firm. North
Carolina SKIES advanced u, new issue r. Tennessee
skies new steady at 72A. Government securities
inactive and barely steady Coupon skies Of 1852
declined ~ and the transactions In other descriptions
insufficient to make quotations
At the one O'Clock sessions the market for railway
shares steady and without any change Of
tone. At the half.past two board It frmer,
and Erie sold at 1871, closing Y higher than
at the first regular board Reading y, Mariposa pre-
ferred Il, Western Union Telegraph u. Michigan
Southern u lower Illinois Central " Cleveland and
Pittsburg u, Cleveland and Toledo u, Northwestern u,
Chicago and Alton u, Ohio and Mississippi certificates
" Marposa Common ~ State stocks were weaker,
and Tennessee skies NEW, declined u, North Carolina
now Uouus uoVeTument seCdTtoS continued uut
and coupon nve-twenties Of 1885 declined n Notwth-
standing the great abundance and cheapness Of money
che spectators in the latter find difficult TO sustain
prices in the absence Of an investment demand
AT the three O'Clock open board the market was
steady in tone. but prices were In some instances
9 fraction lower Erie sold at 75k u, Michi-
gan Southern S5X Rock Island Ill Northwestern
8x-preferred %. 81 e7x, Fort Wayne l15X.
Afterwards there somewhat stronger speculative
feeling but the market closed dull and steady and at
half past five the current quotations were:-New York
Central 106K look, Erie 7sH 7sx, Hudson 121,
Reading lis To- Michigan Southern IS a s5X, Illinois
a22, Cleveland and Pittsbure 81 s7 Northwestern sSX
90. Rock Island Ill, Fort Wayne lo5N 1905 Ohio and
Mississippi certificates 2sK, Canton So Cumberland AK
4S, Quicksilver sax So, Western Union Telegraph
5oIa 81.
Tho gold market remains heavy and the large holders
have shown disposition during last few days
courage the decline for the sake Of adding to the
tshort" interest and hereafter twisting the
'shorts " The opening price was l43X, followed
by an advance Of Y and subsequent decline
70 lAsk From this point IL rallied 70 l43Xthe closing
quotation. The supply Of coin for delivery was easy.
Loans made At from l.lo lo4 per cent per diem
In favor Of the lender without interest The ucua
tlous each month OF the present year have been a
follows