The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-10-26
FINANCIAL AND COMMERCIAL
rsrRspAy. Oct. 2s-eP.


THURSDAY, Oct. 26-6PM
There IL change to note in tho or specula-
sion on tho Stock Exchange although the railway share
market has been than usually atfu dsday, but
tho wholc strong. It's stubborn upward tendency IL
shown In the quick reactions which follow every de-
Cline aud fresh instance OF its recuperave power
afforded this morning Tho temper OF the market has
been decidedly ablllshn since the
OF present 1t Is now At the same time
not few Of the old conservative stock houses
which vent .'short" weeks and months ago
are .short" STILL and or all the stocks on
che list Erie has perhaps been the most largely
sold in this manner Northwestern and Mlchi.
gan Southern continue to lead tina upward OF
che railway shsres the interest In which is daily the
fncrease and the higher they 60 the greater is their inn
petus
Efforts have again been made by tho create
impression that the money market becoming active,
and In order TO give color OF probability to their state
ments they have applied to OF the banks for loans
OF half million and other similarly large sums which
OF course they did not require, merely for the sakcof
saying they had been refused money by the banks At
per cent as Of course not every bank would
be found either able willing TO make such large loans
TO single firm without notice At tho minimum rate OF
interest First class houses have or could have Dor
rowed all the money they required to-day At four por
cent and although the exceptions at Eve were somewhat
numerous in the afternoon tho leading dealers In gov
eminent securities supplied themselves at az The
demand fur discounts IL almost mperceptlby light and
the best grade passes at5ae per cent. The Western
money market IL easier and the Chicago Triiune
Of Wednesday says" Business al most OF tho
discount houses WINS rather slow to-day the
demand for money showing quito falling
OF compared with last week" It is almost needless
shy that all tho indications favorable 70 an easy
working OF monetary anairs here low moderate
rates OF interest," ranging say from four per cent
during the remainder OF the year. during which spccula
ton will be likely to wild
Should the President in his message TO Congress
recommend the substitution OF legal tenders for national
bank notes no will be proposing measure greatly
the interest of the government and country large
ono which, If adopted, would contribute greatly to
strengthen confidence in monetary systematic
national bank currency being weak spot IN It which
should Be cradicaed Although tho national bank In
terost Is powerful there Is some probability that Con-
grcss sooner or later will act upon advice In this
matter Apart from the Interest which the government
has t. pay keep these in circulation they clog
the wheels OF the money market a. tho financial centres
At the open board at ten o'clock thcro aggrava
ton of tie slight weakness OF yesterday afternoon pro-
duccd by the hammerng'' of tho bears and sales TO
realize profits. Erie sold a. SIX, Chicago and Norsh-
western 90 54-prcferrcd 59l9 Il. Michigan Southern
Elk % Az the FIRST regular board there was sharp
rally throughout the railway list Northwestern
active and advanced to 53 while tho preferred stock
improved to sos. Michigan Southern noxt In point
Of activity and 10 OK. Prices however, with
these exceptions. showed decline from those current
on "Wednesday morning. New York Central closed az
lower than at the time yesterday Eric Reading
VI Michigan southern " Illinois Central " Cleveland
aud Pttsburv ~ Rock Is'and n, Northwestern H-prc
%axnnA E.~t n n fa.l.. w
~, Pacific Mail ], Quicksilver x. Canton y. Cunaber
land ". Western Union Telegraph f. Michigan Central
was higher Ohio and Mississippi certificates
" Hariposa preferred a. Government securities
Were dull and steady. seven-ihr,y notes Of the
hrst series were Il lower At the open board
at one o'clock the market was steady.
Michigan Southern sold at 92h, North western 5iY
and the preferred stock At 7v5s AT the half past two
board there material change In tho speculative
temper, but the volume Of busIncss limited. New
York Central closed y lower than tho FIRST regular
board, Erie y, Reading ~ Michigan Southern X, Cevc-
land and pittsbarg X, Rock Island n Northwestern pre-
lered s., Fort Wayne n, Western Union Telegraph y.
Northwestern Was * hghcr, Toledo Wabash and
western n. Government securities neglected,
there having been but single transaciionnamely. in
teu-fortcs at par.
At the open board q quar,cr.pss three the market
without any now feature, and there marked
activity In any stock on the list New York Central sold
n llsx. Erie SIX, Hudson iaeE. Reading i1ss, Ech
gan Southern s1K. Illinois Central 1855, Cleveland and
pttsburg si,< e. 81 Cleveland and Toledo lls,s Rock
Island 1885,, Northwestern 65Hprefered 7o5s, Fort
wayne l0ox. Marposa preferred 2eys, Western
Usou Telegraph sax, Ohio and Missisippi
.certncatls 33K. Afterwards tho tendency OF
pvcos strongly upward, ard tho spc.ria.
tive falling became baoysnt brsk demand
~ 10 for Eric Northwestern and Michigan Southern
which caused sharp advance ia those stocs III rest
~ tho railway Nat sympatbzing with the improvement
~ hsif-pas I'VE tho who;c market strong and
cited n the following quotations.: Ohio and Missssra
certificate 33% Y, Mariposa preferred COZ Il, Erie
az . y, Michigan Southern e2k a n, Rock Isisaa
losk y. Northwestern t6lE Arrefcrrrd 7osi 50.
yor Wa 100 n. New YORK Central 1851 40,
Reading iss< 10, Cleveland AID n!tsborg sis o.
The so'd market has been somewhat cratic 10 It's
movemcnl& Tho opening price li8s., followed by
IN sdvsnro 70 1a7k and decline % 1861. snbsc-
qasntty however, Il gradually rose to 1s7, and late
" The afternoon, tho scceIf, OF the ie'cgrcm
reporting lve-tweniics 6sS IN London, the
price experienced further sucden advance to las,
aud tbe --latest transactions the Stock Exchange we're
- ll5ss. There was moderately sc,ive borrowing
uand, aud loans made lis 10 pcr c 1T per
diem in favor OF tho lender a. 60 n ia u,dcF.
stood that clique 'bulans" tho market In order 20
sgc. OUT before tho Treasury dsblrcmen's commence
the Let proxinc, md hence CAPITAL Ia made Of
the smallest straw. The general of gold 4, OF
ooune. entirely ndepcndcn. % clucs either tie b.i
Or the bear tie but fos day ucy wilhoul in
nucoce. Tie general opinion Is that tie price viii
cline betcrs end ahcn the November interest is dis
buried, aud risc Afterwards
The foreign exchange wake' cos;inucs Arm and bills
are in good demand Danken bills on England At sixty
days cios.d a. io0sx ~ 4, three days iio NJ francs
~ sixty days 81 lsc 81 lie, short sight &C. l2,sc
o. iss1c.
The quotations Cos and American secnri.