The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-11-01
FINANCIAL AND CONNER Cal.

WrpsrsDAf, Och SiLo Y. H.
Ths stock market has displayed great Aaoyancy and
senewcd activity to-day attended by Ascneral advance
Of prices with Northwestern leading The upward move
u,ent and selling high as "a mo preferred stock
,,so took fresh start and sold up SIX Erie, too
rse active and strong and s5h while Michigan
roothern was next point OF interest Tho volume OF
rpecaation large and the plethora Of money 30
area, tha, prices are mpeed upward by an irresistible
Force and higher they the stronger
10 become. Thus, not~thsia nding the advance
which has already experienced, MS tendency was
more decidedly towards higher Ggnrcs nor the
tenper OF the street more unresenedy buish
Hvep no bears among the old conservative houses &C
IN 30 that they have made great mistake and
sgrot their error The duness which prevails IN gene
raj business just dsengages capital and Induces ner
chants and others 10 join the ranks Of the spectators 10
Wall street. and thus the number Of The latter IS Oehs
daily sweled. Meanwhile the earnings Of The man hnes
~ railway scale Ear in excess OF their eXpeh6
lures, and only good management is necessary 70 inc
payment OF diyldends IL lie remarkable enough, now
ever tba, some of The nondiydend paving stocks are
selling higher proportion than those when pay avn
bends, Michigan Southern and Cleveland and
Plt.sburg for instance Yet Erie, which should
% worth far more than Michigan Southern, considering
Thai It's earnings list year Atcen millions and
hall is actually selling considerably below 1t Before
the year expires however these Inequalities will prob
uhly be eyelled by the flood of speculation which win
sweep over them.
Although business the Stock Exchange s 80 active
se money is not equal TO the supply, and
xAe anxiety OF lenders is TO keep their funds fully
employed Loans to first class houses made freely
- four per oent, and with government ool-
hieras IN some instances at az, while
she exceptions at i've fewer than last week. There
no perceptibe drain of currency from this centre,
while there Is a moderate influx from the country,
and II there employment for capital large
smoant would find it's way here from Boston and else.
where
Al the open board at ten O'clock the market steady
Northwestern common advanced ito 69l< the sales ag-
vcgating 10 500 shares. Erie active at s5, and
Michigan Southern at 92A Az the first regular board
there was large and well distributed volume Of bust
Hsss IN all the speculative railway shares, and the
tendency OF prices upwards Northwestern advanced
70 COS. New York Central closed z. lower than at
iAe same time yesterday, Reading 4, Michigan
Southern Il, Cleveland and Pittsburg u Fort
Wayne u, Quicksilver 4, Western Union Tole-
graph x. Erie was V higher, Illinois Central *,
s1eveland and Toledo y, Rock Island u, North
western 35S, Toledo. Wabash and Western Il, Al
son aud Terre Haute u, Ohio and Mississippi certi6
sates ", Cumberland. "a Pacific Mail steady al
1s3 With respect the OF OF the
stock Of tho latter company have asceraned after
inquiry thar exchange has been negotiated Of Ave
millions Of he unssued stock OF the company for
millions of United States skies Of 1884, yielding at the
surent price Of gold nearly equal to that paid
BY the company its stock, and furnishing, with the
amount already held by them large surplus applicable
% any purpose to which they may at TO devote H.
and dvsihe among the stockholders in the absence Of
any special use for II. or the stock thus exchanged
considerable portion placed to be held till 1865 under
the control of the parties who formed the company orr
n To land II III
derstood FOR permanent investment and the remainder
b takcn here by parties already interested in
agemept Government securities were dun but alm
ooupon nve,wentiss OF 1894 higher, ten-forties
y, ssven-thhty notes Of The first series y.
Al the one o'clock sessions tho market strong.
northwestern preferred active, and advanced To
Oh, while the common stock firm at 601 r.
Erie cold at s5< r. AT the half past board the
speculative feeling buoyant, Northw cstern, Erie
and Michigan Southern being the strongest Of the
railway shares New York Central closed e higher than
- the first regular board. Reading u, Michigan
Southern y, Illinois Central y, Rock Island * North.
western h-preferred % Fort Wayne X, Toledo,
Wabash and Western A. Alton and Terre Hauss y
preferred y, Ohio and Mississippi certificates IN Cum
0erland Y. Quicksilver y lower Pacific Mail
Vas steady at 2s3. Government securities were
Inactive, but steady. Tennessee sixes, new were
higher Al the last open board the tendency
- prices continued upward, Erie. Michigan Southern
cpd the Northwestern shares st leading the advance
Five thousand shares Of Northwestern common we're
bought IL Rgder the rule, the stock closing at coz on
Vie call and the preferred at sss subsequently there
uss brisk demand for Erie, Michigan Southern and
IN. .-.hwestern shares and the entire market was
sroug 81 the subjohsd cuo,aucns =, n-",-; prc;oho
md Mississippi certificates 35h y, New York ~.
ll0A a 100, Erie sSf . y, Michigan s~ No. -
illinois Central l2e Y, Cls~-' n'',n,a 80
e. A.. --.SsX. Northwestern 81 k-prs-
~ AZ, For. Wayne los,. x. Compound
Interest quoted thus by ssding dealers
|uaA 1894, lleX NIX; July, 1854 All August,
1l6X llo,s; October, ll4s 1863; December, 1871
> l1lk; May, 1885, 1l2% *; August, 1loa III;
Asrtsmber, l1s,l ~; October, 1lsak
The gold market heavy and dull during the NOM
Ms and after opening al 146Y declined to ltbx From
skis point, however, IL advanced steadily to 1885, the
closing quotation. Loans made At 1-S2 1.6l per
PER diem and without interest," the supply Of coin
fer delivery being abou. equal 20 the demand. The
escs took out $685. 2S In barr and the Arizona from
Aspinwsll, brought q, 2s7 a72 IN gold and silver.
Jhs foreign exchange market showed diminshed nrm-
yssA and rates declined fraction among the brokes
tankers bills England ., sixty days quoted st
Ne close al 1909. y; st thrce days. il0k vi COM
psrch bills, los . lOa francs o. sixty days, b18k
AiSki N three days, 61o 611k Continental bills
wore pomnaly under :--on Berlin " 70; ON Bre.
psn, TEA 5e% Frankfort, 4lx AK; on Amsterdam
~ sIx on Hamburg se.s a 3o% on Antwerp,
k1fxe s6ls.e