The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-10-24
FINANCIAL AND COMMERCIAL.

Tbe psocN market has peon strong and actSo to-uny
and tho public Interest the present speculation Tor
riss Is daily the increase Tho out Of town onuess
.nd particularly those from tho West continue heavy
be tho speculalors la tho street, embodened by sue
cas- aro becoming gradually more and more coDhdeD
m ,ho belief that ali the heading railway shares vii
,ach much hlgher prices before the year closes and
yow 81 tho present speculative temper and the larg
earnings Of the railways this expectation bids fair 70
reailz,d The CHEF Interest Of the market Is sill
centred ia tho North western shares common and pre-
ferred and the latter experienced further adyanc
thh. AFTERNOON 70 ST. while the former RENAME
n,,n, tho extremes Of the day being San aosE. tn
rntngs or this road for the third week of October
nn. we're $685. 26 against S22a 800 for tho correspond
Ing week last year. showing an increase Of Soc, 400 an
Il d suoh rot1rns these which give much strength
20 tho general upward movement OF railway securities
Prices rose enormously high 10 1886 and 1867, on
spsclo basis and there Is obviously greater danger o
speculation running wild now, when have not fal
Srom nine hundred Millions OF paper money aaosh Tho
total exclusive OF State bank notes. the ist instant
hsyins boon ss7i 7ss,eos
The money market shows change, ts condition
being one of perfect ease, although Is 70 the interest
Of the banks and other lenders - produce contrary
Impression Loans the stock Exchange are MADE
freely al -four per cent with exceptions at ave. "hHe
Of the Leading dealers IN government securities
enabled to borrow at AK. With the increase OF
business in wall street and The rise prices tho de-
nand for money will Increase, aud AS IL does 80 the
banks will doubtless their loans proportion
ateIy Al the Of last week The banks Of this city
held $1S 6 400 10 legal tender notes. and $737l 4s7 in
spce making total legal tender OF $S5 996 800
against abities in the form Of deposits and circulation
amounting $3.50 400 093 Ar the law requires legal
ssndr OF only twenty-five per cent Of the de-
posts and circulation sixtyhree millions and half
~ The present time, u follows TINT the IL
stands is twenty-five millions and half IN excess Of
she legal requirement
Tho banks will very naturally feel diaposod extend
sher loans tho opportunity for doing presents It.
self especially twenty millions OF tom
poIy deposits win be lying entirely unproductive In
he subreasary after the 2bh inst the interest
dfty per cent Of Clearing House certificates
sesaug on that day. The power OF the banks
40 Increase their loans shown 1855 and 1851 In
Ne former year be entire bank note circulation OF the
county only sip5 TAI a55 and the average deposits
Of all Che oanka s2l2, FOG 900; ye, the amounted
q 1884 lsa ooo and 10 1887 they to sss4450oOO
sid banks arc present confident. in The anticipation
rolonged ease snd consequently their chief anxiety Ia
- keep their funds fully employed possible There
- only nominal demand for discounts md FIRST class
commercial papor is quoted at 8 n per cent.
A. the esry session of the opon board the market
strong AMI Northwestern sold 55'< s8-preferrcd
ssk q -, Michigan southern slia q, Erie 81 AT the
nYs regular boRrl the sctivo ard buoyant
N Tone with large and well distributed voIme Of
Business Erie cioscd u higher than AZ the same time
yesterday, Reading u, Michigan Southern III, Illinois
Central ~ Cleveland and Pttsbury ~, Rock Island 70,
North western 2S-prefcred ~, Fort Wayne J, Toledo,
Wabash and Western r. Alton aud Taue Haute IA Ohio
snd Mississippi certificates u, Quicksilver ~ Maripos,
Tai Tota Nay Va
Central y lower Cleveland and Toledo a. Govern
naent securities we're neglected, but nearly steady
Coupon ave tweutes Of 1882 y lower Tennessee
= lower Eie third mortgage advanced l. Chi
ego and Northwestern convertible bonds l. selling al So
~ the o'cack sessions the market remained strong
and at the half past two board steady prices deyi
sting siightag those current the first board
New York Central closed 4 higher Cleveland and Toledo
u, Northwestern preferred i. Reading " lower,
Cleveland and Pit sburg T. Rock Island Z, Northwestern
I, Quicksilver ", Western Union Telegraph u Some
surprise expressed that tho latter stock Of which there
- nearly for,y-tvo millions issued, should DO 40 little
dealt the Stock Exchange, and that, notwtbstand
,ns its frequent fluctuations 1T should attract bnt tr
Ang share OF attention speculative security
AZ the three O'Clock open board the market gen
swzlIy Arm. and for the Northwestern share. very
ssxong and active outside parties in the West and olse
where being buyers of fhs stock it's supposed merits
ssske With the spectators in the street. New York
Central sold at l2l'S Erie saS, Reading ll6. 4. 81
Michigan southern 9la, Cleveland aud Pitsburg 92l,
Rock Island 1857, Northwestern 55s--preterred 81
Fort Wayne 1895, Quicksilver SOL, Mariposa pre-
seued 20, Western Union Telegraph So subse
quantity the market remained strong mp 20 tho
close OF business, hnd the quotations al hni
Issi ne under New York Central INK Il,
4r,c So. a x, Reading 49, =, Michigan southern
n tg,da nn4
lsland lOs1s q, Eorhveste s5ss .-prelerred soa.
As1 Fort Wayne i0sy. 10 ONO and Mississippi Ger
Ahcates s3ss y, Cumberland s5h K Quicssiyey
e6A a u. Compound interest notes were thus quoted
by the dealers in them .Jnu. 1884 if8s. sliT July
1Isxa -; august, lis. 10; october, NIX lis
Decsmber, l13ai ia; May, 1898, nix all2 August.
nok Y: September, 10 X nrtobsr ioas ailo
The movements Of The gold market were somewhat,
sseentrio The opening price 1885,. followed nv an
sAvsocs Of a and decline 10 I46is From this point
- rose gradually TO ls5s ~ which stood tep minutes
before three but four o'clock il had further advanced
SI<7ss =. heavy short interest has been
treated, In anticipation Of tire psyment ri
~ November coupons amounting 70 nssrly
s~eniy.fom millions, aerscsAng abe premium
IN, ths effect % THIS disbnv.ement Va.
Been discounted, and when It T. actually mate ,
strong upward realion xl b. proDsbe a. large remit
saaces Of gold will have 20 be nsie 70 Europe ~ ID,
Azs~es o. wills q escsngs aud Others who =
essssni dsferr,na such 9Th visw bnying gol,
a~apes Moreover. nor- Than half el tho ia,ar, 4 u
Ne nvs.,wecly loan J. due IN rArics IN Europe III.
apply Of coin for delivery somewhat scsrcsr thai
1SarrdAy ana loens nsds a. ~ l-1s ~ fsr.y q
- lender
ne scre.sa .Ycosase n,rxcl vas arrr, .i,h 40,
aAsApd for bnls, q which ths soppy i Bsussu
Bite AZ sisty 4sys 20 ru.lsnd quoted 81 ios'
sAss days 100 :, COMMERCIAL iosas Z. fraucs
SKI days 6I,;s $50 At lures dsysblaa A5iA
hAing stocks active but somewhat rrtsus
~ tn fys board Corydon closed Doc lower u,sn ~ u
sAne time yesterday, selling a ~ ~ Ia cross vi
CSC lover. selling as NsS Mo steady and sold
sor 4 thc second board CorydoD sold ais' Ia Csos
- - " Quartz Hi ., % . % as and Nye AT So
The lss, previous eao,o,sns FOR co,ss,s saa AZ