The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-11-03
FINANCIAL AND COMMERCIAL.

FRIDAY, Nov. z-oP NJ
Tbe stock market continues strong and active, ana
although II has been somewhat erratic IN IL movements
today It's tendency Is IS decidedly upward g u was
few weeks ago. Erie and the northwestern snarees
common and preferred, are the leading speculative
sh,ros and next in interest are Ohio and Mississippi
certificates, owing to the prospect Of . speedy
tr.nsfer OF the trust and conversion of The cor
tiaoasss into stock. proposition b also before the
stockholders TO construct extension Of the hne %
Cairo Il 10 noticeable however, ths4 the demand from
country buyers d mainly for The leading lines and esps
cially Erie The large saznings Of which ss generally
cousdsred 70 b inconsistent wish spension Of div
dsnds This opinion prevails equally among tho
western and tho Eastern speculatoss and the former
are VIGOROUSLY the most desperate operators on the New
York Stock Exchange The old conservative element Of
Wall street. o. rather tho old fogy houses are ct
Los 20 comprehend the causes influencing the present
great upward movement q railway iharea They forget
that large amount Of these have been Withdrawn from
the street. during the Lass three years for Investment
and that consequently the street has lighter load
10 carry than had 10 1864 when prices rose far higher
than thsy ere now. They overlook, too the impoans
fAct that real values have appreciated snce snAs
while the volume OF the currency has Deen ma1ensv
suGmented ana they attach little importance 70 the re-
duction Of the working expenses Of railways ana sne
consequent increase Of their net 10 proportion 70 sne
gross earningA Then again few allow muon iof
the rsopening OF the South 70 trade ous snIs =
IN element not TO be ignored in estimating both Tie
urs.snt and the future Of our leading railwayA when
"a take into consideration these substantial Arguments
An favor Of the bulls on the Stock Exchange and add 70
than the prevailing superabundance Of monetary ac
tss q the disposal the specuator We nd enough 70
account for the rush the part Of the public to buy
stocks for wthou. outside spectators there would be
vary limited business transacted In wa street. The old
conservatives may shake their heads ana predict revu
sion in vain there b rsvuison long
enormous volume Of currency b irredesmable The
great revulsions in England and this country
brought about by demand FOR payment in coin Of pro-
misses 70 pay paper Here 81 this Time such dan
ger exista The volume Of United States notes
not be contracted faster than at the rate Of four millions
mouh after the end Of the present year. while for the
six months ending with December the amount is lin
tied 10 ten millions. M s&as "a fil ss3s q
At the open board at ten O'Clock Erie sold as s5K,
Michigan Southern es,S v, Northwestern 90 59,S-
preferred S0x 81, Ohio and Mississippi certificates
86X 80 At tho FIRST regular board the market was
extremely active but somewhat Irregular although the
volume Of business well distributed Atlantic Mail
was unusually active o. 12s and Pacnc Mail firm AZ
ga New York Central closed u higher than at tho
same time yesterday, Michigan Central 1si, Cleveland
and Pi,tsburs " Cleveland and Toledo u, Fort Wayne
TX, Pacific Mail Steamship I, Atlantic Mall Steamship
Q, western Union Telegraph u. Erie was y lower,
Residing n Michigan Southern Y, Rock Island
X, Northwestern Ix-preferred x, Toledo, Wa
bash and Western y Alton and Terre Haute
x--preferred q, Canton !. North Carolina State
sixes were higher. Government securities
were neglected but firm in tome Coupon hve-twenties
Of the new issue OF 1866 showed an advance Of u;
seven thirty notes OF the nrst series Y. $50 IA N
to wnot h6AR
heavy for the Northwestern sharss the stock
selling at ssX 30, and The preferred at soK y, while
the rest Of the list was about steady. Al the hapast
two O'Clock board there was no material change In the
temper Of the market which continued active.
New York Central closed y lower than q the nrst
regular board Ere u, Rock Island y, Northwestern
lK-preferred n, Fort Wayne v, Ohio and Mississippi
certificates ~ Reading was 4 higher Michigan South
sm y, Cleveland and Pitsburg u, Toledo, Wabash and
western "; Alton and Tsrrs Hauts u, Pacific Mail .,
Atiansc Mail *. Quicksilver y, Canton Il. Govern
ment securities were dull but stronger Coupon fve-
twsntiss Of 1854 advanced r. new issue Of 1895 Y. Al
the open board 1t halfpast three Northwestern sold
down 70 6 but closed the cali u g. and the rest Of
the speculative shares were without Improvement
Erie sold at s5 New York Central 11o,, Reading III,
Alton and Tse Hauts sax, Michigan Central III, Cleve-
land and Toledo sx. d) 12ok, Milwaukee and g. Paul
eak, Rock island nix, Michigan Southern esN, Cieve
land and Pttsburg OAK, Ohio and Mississippi certificates
sSx subsequently tho market became strong and
excited and Northwestern to o. and a SIX o'clock
10 closed Arm u the subjoined quotations, North
western and Erie bsing most In demand, although
the former had reacted from the extreme advance:-
Erie ssk ", Reading i17k y, Michigan Southern
pax Y, Cleveland and Pttsburg 9lK Y, Rock Island
iux Ak North Western ooA x, Preferred SIX u,
Fort Wayne Ill V. Ohio and Mississippi certificate.
Sxax Compound interest notes were In request
and quoted thus June 1894 11o,s allTh July 1less
X, August l15,f lleK, October 11iX l1SK. Decem
Der, 1i3X lax May, 1885, il2z u, August 1loN
III, September 11ok u, October loak
the course Of railway shares since the commencement
Of the year is Indicated by the following list Of prices
stated intervals ,