The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-10-04
FINANCIAL AND COMMERCIAL.

wApsEsDAy Oct 3-ePM
m Speo.latye sxsiten,eni on the Stock Exchangs
h,s not only shown no shaiement today but the Cue
tatans sye been wi1.r while the demand for the lead
H. railway shares has greater than previous
aay siieo uar,h 1864 Al tho opening of business TO
market for Fro vas broken 70 S6i< under sales or
fourteen lhoasana shares bn. Immediately Afterwards
soX was bid for any part OF the capital
stock, and within shor, tune II reacted
70 ssS rhe strength with which tho stock was evil
DENLY supported alarmed the bears somewhat end
during the afternoon the price 70 e3 The steady
upward tendency Of the stock surprises Wall street. and
she general impression now IL that it Is useless
10 late upon It's future course but that the nova
nent IN II has By means eliminated. The pro-
posed new management is promising TO make
svon arrangement as will insure dividends per
nsneniiy beth the and preferred stoclold-
era and represents that the can under proper M
ycction be made to them, and make very different
statements those hitherto furnished by the present
directory Erie during the past year has becn system
Aticay talked down by the spectators the ''bearu
side OF whom Of the present directors Of tho
pany has been tho leader Erie, however is
merely leading tho speculative movement which
extends the entire railway list and which promises
before long TO result higher prices than be-
reached and the upward tendency supported not
merely by extremely easy money market bu, by sub
vantial values
Further advices from Europe coroborate those pre-
slously received tho effect that there has been
parts, failure Of the crops both Great Britain and
Che Continent. In consequence brcadstnns have i'd
vsnced IN price considerably In the English corn
market, The OF the failure Is attributed ID
long continued high winds and heavy rains
In eand the damage has been particularly great and In
some districts an almost destruction OF the crops
both cut and growing ia reported, owing TO the rain Tor
rents onr hardly fail TO derive benefit from
ih unproptous state OF thing abroad and in proportion
70 the foreign demand for our breadstus 10 make uT
for deficiencies will the earnings OF the railways
running westward be increased. This prospect among
Others Of Ike favorable nature gives underone Of
strength to the present speculation for rise In railway
seoures Then, too the prevailing in the money
market is likely to be prolonged for considerable
length Of time, aud whenever the demand FOR loans
quires u, the banks both here and throughout the
eountry, will exchange their matured Clearing House
eertiacates for currency, and herein will be
found fresh Of monetary There was q
somewhat increased inquiry to-day in
Qpencs OF the augmented volume Of business on the
Block Exchange and In the gold room, and the excep-
tona transactions at Ave per cent on call we're more
numerous than Of late, but generally the supply Of
funds was reported superintendent at four per cent
and some or the dealers in government securities
are st able borrow three. The demand for dis
counts very light and the best grade Of commercial
paper passes ut per cent according to date Under
Ill these circumstances II is probable that we shall wit
ness wilder speculation the Stock Exchange tins
Sail than has ever before been experienced, fol
we have now in circulation upwards Of 6fty
milhons $50, 16,S0l more currency than At the
Beginning OF June last year, and the volume Of cur
sency reduction Ia limited TO a trining sum-namely,
fen millions for tho lrst six months and four millions
Der month atsrwardsby act OF Congress- while there
- no suppose that rs volume win DO mater
ely disturbed for long time, say two or three years
% come Meanwhile the trade OF the country will resi-
On as stable basis as is compatible with an inflated cur
sency and high prices ft s4.fa
Al The open board at ton O'Clock the market wa,
steady Erie lsales 1900 shares) sold at 81 Y, Rocl
osisnd 1904 1o7h, Northwestern preferred 7s%
Fort Wayne l0ok. Al the nrst regular board
eAe market was nrmcr and more active
phe transactions being woll distributed. But with
ewo exceptions prices wore slightly lower thar
q the same time yesterday. New York Central shovel
. decline Of q, Erie K-preferrsd *, Hudson y, Read
nag " Michigan Southern, r. Illinois Central y, Clsvs
Dand and Ptssbug y, Rock Island y, Northwestern X
Fort Wayne e. Toledo and Wabash Y. Atlantic Mail X
Quicksilver Y. Canton !, Cumberland 11S, Marposa
pssferred TX, Western Union Telegraph y. Nerth-
western preferred y higher Ohio and Mlssssippi
certificates " Tennessee skies were x higher, North
CASonna new bonds V. Tho new issue Of Tennessee
bonds wss X lower Government securities wsrs
stronger under the improved quotations for hvc-twenss
na London, which. with others and consos, thus
psporied by telegraph