The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-11-02
FINANCIAL AND CONNER GAL.


The speculative excitement the stock exchange
to-day has exceeded any OF It's predecessors since
tho present movement for rise became what we In
America call sensation The rush TO buy expressed
itself In loud increasing chorus OF BIDS and prices rose
with rapidly which surprised even the most sangune
OF the bulls The leading railways pictured the
speculative eye as grand ways of traffic, paved with
gold and freghted with all the riches of the earth To
buy = hundred a thousand shares of any of the
active stocks-Erie, Northwestern, or Michigan
southern-was TO the potentially OF wealth
yond the dreams Of avarce, and men bought and
made money and inwardly reoiced and tens Of thou
sands OF spectators scattered the country all
operating in this market daily actuated by similar
impulse, while the number Of these increasing the
excitement quckens The RISE at the same time to
every appearance its inception than its culmna
All the indications affecting the market more
favorable TO . long period OF speculation for rise
than they were In the spring Of 1864 when they rose
from twenty-five 70 forty eight per cent higher than
they are now and yet the earnings on far smaller
SCALE and the volume of the currency was con-
sdcrably les II tho speculative spirit should prove ~
wild as it was them prices will be likely to go beyond inc
point they reached that exciting period for IN add
there are at the command of the Stock Exchange
unparalleled monetary facilities
Money easy supply to first class houses to-day
at4 per cent, but owing some shifting Of loans
y
scanty col ateraIs That this afforded no criterion
OF the market however evident from the fact that
more than one of the leading dealers in government
cur,r,es supplied themselves at 3k. The demand for
money brisk but the supply Is still In excess
OF IT, prospect is favorable to increased ease
There is no demand for discounts worth mentioning,
and no perceptble westward southwark, while
there is steady influx Of currency from the interior.
Tho Chicago r. rbune Of Monday said 1.-THE Of
exchange the present in favor OF New York. and
some OF the banks are obliged ship currency. The
railroads blocked with -four and other rolling
freight Boston complains of plethora Of money,
the complaint is echoed throughout the
country. With such abundance Of facil
ties for speculation, and with real values to
It, there is little to wonder at in the present
the market for railway shares favorable
sign OF which is that 1t has thus far been guided
than ordinarily by real values.
The market opened very buoyant and excited on the
street and all the leading railway shares active at
advancing prces-Ere, Michigan Southern and the
Northwestern shares leading the upward movement. Al
open board at ten O'Clock there large business
transacted whe the improving tendency Of quotations
we'll sustained Erie sold at s5ss x, Michigan
southern 93k . u, Northwestern &C. 5S-prcfsrred
siss a =. AT the first regular board the volume Of
transactions large the call as al any
during the speculative fever OF 1884,
and there was an excited demand for every
railway stock the list, Erie tsales 5000 sharcs was
bought largely by strong parties tho general opinion
he ng that Is lower in proportion to its real value,
based upon its present earnings aud future prospects,
than any Of the speculative shares; and with non
dividend paying stock like Michigan Southern, selling ut
~, this assumption is certainly not without truth.
Northwestern active under strong demand, appar
euty from outside large ordcs from tho West
supposition in that section OF the country II,
according to one Of the local journals, that
the largely increased earnings OF the road
will place position dividends year.
the surplus in the companys treasury being already
large The disposition 10 buy Mchigan Southern Was
the most conspicuous feature Of the Market the
saies aggregating 400 shares at $685. "a Pacific Mail
unusually active and sold ut 23s 235. II is now
the extra scrip dividend OF 80 10 per cent
viii be paid by this company the lst OF December
Now York Central closed :. higher than mt the time
yesterday, Eric x-preferred *. Reading ~, Michigan
southern TX, Illinois Central Ia, Cleveland and Pitts
burg a. Cleveland and Toledo z. Rock Island Ia,
Northwestern lIS-prcfcrred I. Fort Wayne 4, Toledo
wabash and Western =, Alton aud Terro Hauie 3is-
prsfcued ~. Ohio and Mississippi! certificates ga
Pacific Mail 2 Canton ~, Cumberland i. Quicksilver
4 lower, Western Onion Telegraph y. Government
securities were dull but frm. Coupon ten.forties
showed advance OF y, seven-'hirty notes OF the
arst and second series 4. kisc-twcnics were quoted
the semi annual interest Of three per cent in CON-
aud hence the issue Of 1864 showed decline OF and
that Of 1855 Az North Carolina state skies Z
higher
A. tho one O'Clock sessions tho market irn in
and fraction lower portion Of the list After
the call the market fell OF slightly but at The Lalpas
board 1t arm again. Eric closed 2. lower than
~. ap.tp txo~vd Ni1h{U
y. Illinois Central u Cleveland and Pttshnrg f. North
wsstern l,spreferred x, Toledo, Wabash aud Western
=, Alton and Terre Haute 4, Canton ~ Michigan Cen.
irs, az higher Cleveland and Toledo a Fort Wayne
H. Alton and Tsrre Haute preferred X Ohio and Msss
npp certificates y. Pacific aa Steamship s. Atlantic
Mail ., Cumberland y, Western Usion Telegraph
4 Government securities continued dull but firm.
Coupon nvc-twenties OF 1865 were 3. higher,
tcu-forties " Subsequently the market remained
nrmer, Eric being the strongest and most active OF the
railway shares, and In interest Michigan Southern
and Northwestern, common aud preferred. AT haf-past
nys tho speculative stocks strong the following
quotations New York Central, 49, " Erie, s5ss
:. Reading, 1i6x y; Michigan southern, e3yl a "a.
cleveland and r,sburg 9s4 =; Rock Island, 1lIT.
ne. Northwestern COS III preferred, sisa i; Fort
Wayne, ll01 ALL, Ohio and Mississippi certificates,
Js. 3d. Cumberland 6s,. 60. Compound interest
notes quoted thus by the dealers in them June,
1894, 1881 il7h; July, 1859. 4. December li3gs
Iiss, May, 1885, ll2k az; August no.. III; Sep
TENDER, 11oN AZ; October, lloa'4.
The gold market opened at ltG,. and steadily ad.
vanced 10 14'k under the report Of the tho
Baltimore Police Commissioners and fears OF a col
llsion between the old and new forces in con-
sequence. Il afterwards slowly reacted however to
lsT the closing quotation. The supply OF coin for de-
liyery easy, and loans made 1s2 Is4 per
cent premium In favor OF the lender ''nan Abou,
eight millions dsbursed by the Sub Treasury in pay
men, Of the November coupons A. half OF the total
amount Of nearly twentyfour millions is due foreign
holders the general belief s that will produce but little
fuvthsr depresnlon Of the premium.