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

FINANCIAL AND COMMEnOsAIs
r. Tv.mAr. ooA s-sRM
ma stock market has exhibited great strength and
Assn.t,op 10 day and the Emo excissment hsving sub
na,d the speculation for rise has assumed more set
~ ,sue than has worn for dsys pAst The no
ou which took place at the Close Of ast week created
considerable short interest," and greatly stimulated
one demand fresh buyers and there 10 every
auacation OF = vigorous upward movement. There ID
- change TO note in the condition Of the
sse.ey market. Call loans being freely made q.
Aa5 per cent Tho tendency towards . fur.
aher accumulation Of funds at this centre was
sAswn by the last statement Of the associated banks
Ne deposits having increased during the week TO the
sztent Of $5l43.6s5, while the loans, Notwithstanding
ne augmented demand from the Stock Exchange, were
sny increased s. 4o277s The drain of currency West
~ard and Southwark is imperceptby light, IKE the flow
sng OF small from large lake, although mod
sase degree of strnsency prevails at Chicago and en-
snnsA, but not sufficient to any deviation nom me
saal rates OF interest The amount OF commercial paper
sgaSng here discount is very small and u reey
Aken per cent II is probable that return ~"
- currency from the West will soon gel H. anu INC
Hnin Southwark 10 move the cotton crop WILL DO neon
Siderable
On the first OF the present month We mad N circuia-
asn 1854 432 of legal tender notes, exclusive OF
S17 O29 273 OF fractional currency ana d
saona bank notes. against $3.50 l60 500 Of legal tenders
On the lst OF june 1885, and sl3772 OF national
bank notes. BY this will be seen that while there Is
decrease OF slo4 1877 the amount Of legal tender
eses there has been increase Of 1893 In the
yslume OF national bank notes. and thus actual ad
6xsn has been made to the circulation Of the country
n more than fifty millions Seven millions more Of
.sjcna bank notes to be issued, and
ssQuenly nearing the highest point OF our currency
uHation and it will be strange IT. under its influence
speculation should not wilder than IL did in the
srsng OF 1854, just before the panic in which so many
ware Chased to ruin.
Al the open board at ten O'Clock Erie sold at S3 "
Michigan Southern $50, Fort Wayne l0ok; and the
market although free from excitement was firm. At
the nrst regular board there strong disposition to
buy all The leading railway shares and prices advanced,
with the exception of Ere which declined to 50 the
saM but recovered TO S3 the second CALL closing "a
nswer than at the same time yesterday. New York
geatral closed tx higher than at the same time yeser
day, Reading l, Michigan Southern az, Cleveland and
fs.sbsrg Ia, Rock Island u, Northwestern 2S-pre-
AnTea tx, Fort Wayne q Ohio aad Mississippi ceri-
safes l,S, Quicksilver ~ Cumberland 2A, Aarposa
preferred AZ Erie preferred lower, Atlantic Mail
X. Government securities were nrn, but dun.
Cospon SKIES of 1881 higher, nvetwenes Of fSo1
" Of 1865 Il. seven-thirty notes were unaered
ssaic stocks quiet. North Carolina new BONDS
H-wed decline Of n, Virginia sizes an advance Of n
inc po debt of Virginia. as stated by tho Governor in
- messas. las, December s4l,oa ,3ls including
npaid interest," July 1885, This interest, includ
~ that TO Janua', 1865 has since been funded; in
sseasing the funded de-. and interest bearing obga
Mons OF the State TO more ran $40 600 O0O Of the
ost Of January last The csst OF railroad stock
- amount SIS $40 s43 and bonds OF r.a,o.d
hsmdang interest, $405o,476, making an aggregate Of
~ 7093 $40 or the stocks, $3.50 916 get down as
vsssecss leaving available about ar,aan and
1GH millions Of dollars. si 40Hs
At the o'clock sessions the market quiet
a.d firm. At the hafpast board strong, but
without much activity. Erie closed Il higher than at
HE first board, Reading ". Cleveland and ptsburg Y,
Gsyeland and Toledo " Rock Island y, Cumberland II
Wesiern Union Telegraph y. Northwestern preferred
Ms lower, Ohio and Mississippi certificates Il. Mis-
ssaSi State sizes higher Government securities
were dull Coupon skies of 1881 advanced n and ten
nssties declined r. sas.F st
At the open board at three o'clock there We no ma.
tssa change in the speculative feeling, and prices
wsll sustained. New York Centmi sold 1t 115x d. 81,
S,e s3k %. 81 Reading llek, Michigan Southern soK,
aliaois Central l27i, Cleveland aud Pittsburg SEX,
cleveland and Toledo 49, Rock Island l07k, North
western 43K-prefcrred TAX, Fort Wayne lo0k, Ohio
sna Mississippi certificates aa,. Cumberland sex, Mari
Afterwards Eric advanced to sax r. The annual siee-
ssa Of the directors Of this company took place between
10 A. NJ and p n 70 day, end resulted n the re-eec-
Mon Of the old board, with two exceptions 10 MI the
vacancies created by the resignation OF Mr. G. Wander
~ and the decease Of Mr.. Ralph Mead Tho persons
Assen N their stead were Messrs y. A. Lane and r.
Aasdolph. There was brisk demand for Michigan
Southern, which carried the price up TO COX II, and
NJ whole market closed strong at half past Eve the quo
sAsns then current being undsr:New York Central
Ms x, Erie s3k, Reading 11oh AZ, Michigan Cen.
sal ia x. Michigan Southern so,l 90tS, Illinois Gen.
ssal 121k 12s, Cleveland piitsburg sos< co. Rock
Asaad l07k u, Northwestern l3H ~, Northwestern
pssfersd TAN . ", Fort Wayne loek Y, Ohio and
Mississippi certificates as,s X, Canton sax 81. Cum.
sgisnd 5ek 81. Quicksilver S4,s S. Mariposa pro-
sssscd 29x q, Western Union Telegraph IS y. Com
pound interest notes quoted thus:-Jans, 1854,
M ", July lls. a x, October ns 4, December
IA u; May, 1865, liz li2k, August 1loh Ill.
oapscmber IloH . y, October 1925 1l0A.
The gold market was ess excited In consequence OF
Ne supply Of coin for delivery being easier. which
0.ssd loans 10 DO madc nat during the afternoon,
although they commanded y y per cent per diem in
hvor Of the lender previously Tho opening price was
-, followed by decline TO 1855 and subsequent sd
Ssace 70 1904, the closing quotation Is we'll under
ased that tho Secretary Of tho Treasury has no
snssniion Of selling any portion Of his coin re-
ssrvc, although he Is s,nl urged to do 80 by the
s'sear' spectators Tho disbursements on account
e she November coupons agsrcgatng than twenty
sArss Millions will amply rcplcnish the floating supply
asd prevent buyers for the payment Of
s.saoms dutss WHM
The foreign exchange market has been dul and rates
are lower than when last quoted. Bankers bills
England sixty days passed among the brokers ai io7x
y, bills at three days at io7x 1854. commercial
urime) a. losI 1osl, bills Paris at sxiy days at
o. Csc Sc ssc and at three days. noe 70 Sc 22Tc
Mining stocks continue active and among the Colorado
os shares Corydon the strongest and most In favor,
sAs demand being based upon reports of It's productive
and the encouraging exhibits OF the company. Al
sAs arst board Benton closed Sc lower than 1t the
49,. ,..t~xt.x o,,ax~ NH poa~n,oy s,l