The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-11-05
FINANCIAL AND COMMERCIAL.
SUNDAY, Nov. 4, 1865.

SUNDAY, Nov 4, 1865
rb,r was increased speculative activity in the rail-
vay share market last week, the volume OF business
hang enormous the dealings attended with great
excitement At intervals the rush TO buy was iuily
oual 20 apy similar scenes Incident TO former specna
tive periods on Stock Exchange, aud the temper OF
An. stree, was never more decidedly bush. The
.o,ons uere on the whole well distributed, but special
.teption WAS directed to Ere and the Northwestern
shares which fuctuated somewhat widely. The former
rose 10 SO under strong demand but finally closed at
s4x y, while the latter ranged from 81 to 63,
closing at t9z y. The preferred stock
was in good demand and at time to 81, the in
ference on the part Of the public being that Is rea
lively cheaper than the common stock The common
stock is however, the speculative fsvore, especially
with Western mon, some Of whom argue in favor OF
closer permanent approximation in value OF the two
classes the OF Erie. THIS however can only
be justified the assumption that the company will DO
able to pay dividends on BOTH prospect 10 which ths
present large earnings Of the road ultimately point
With respect TO Erie. its rmness in the London market
ii about 81 In gold Is influence in inspiring
confidence In the stock this side
The earnings OF all the principal railroads are on such
large scale that the attention OF the public Is being
turned TO them more than Investments,
and particularly to the main lines extending from this
centre Westward. The reopening Of the south has
country and In proportion the revival OF prosperity
in the South railway gains from this will increase
The completion OF the Pacific Railway will doubt
less add still TO railway receipts and proba-
bly, to far greater extent than Is at present
imagined With that shall have . con-
tnuous chain Of commu nication by rail and steam
with China and Japan the first vessel belonging
Pacific Mail Company is advertised to leave San Fran
cisco for Yokohama and Hong Kong the LIST Of JAN
uay next 1t is not unreasonable TO suppose that this
will result In large overland traffic between Allan
tic seaboard and the ORIENT and many European travel
iers Ill be likely TO select this route in preference
that by the Peninsuar Oriental Company
steamer In April next the branch Of the Northwestern
road TO Omaha there connecting with the Pacific Rail-
way, will BIO completed. II be remembered, too
that with the exception OF the Greal Western, and worry
few such extensions this, new railroads
have boen built this country for many years. and that
none likely to be for many years to The
listing lines have therefore prac cal monopoly OF
the inland carrying trade Of tho United States and 1t
Is correctly estimated that the present labor
and material foad like the Erie could not be built for
double the amount OF its entire cap tai stock.
Among the miscellaneous aDcss, Pacific Mail and
Atlantic Mail were most active and excited. the
former advancing from 900 TO 24a and the
latter from liz 70 1872 The advance in Atlantic
was partly In sympathy with Pacific but
still more owing TO 'cornering" operation which we
explained a this days ISSUE Mining stocks were heavy
N-oaghout the temper OF the market for them be ng
,o.sr IA coverrcr securities There very little
done all descriptions being neglected, although firm
with improving tendency.
The gold market exhibited greater frmncss than was
generally anticipated in view OF the disbursement Of
about twenty -four millions in payment OF the November
fvetwenty coupons The price advanced steadily from
I4syI On Monday l4sh Saturday, the daily range
paiuo MD