The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-10-15
FINANCIAL AND COMMERCIAL.
suxpAY. oct. IA, 1868.

III past week witnessed great speculative activity on
the stock exchange although there was less excitement
than In the previous one and the volume OF business
was hat smaller The interest OF the market was
confined almost exclusively railway shares and chiefly
among them 10 Northwestern common Michigan South
ern and Fort Wayne There was also an active move
uent at advancing figures among some OF the miscel-
laneous railway shares which usually little dealt in
and mostly held In large blocks but against these
public requires warning, except when under the
manipulation Of cliques there is little market for
them The demand for the common stock OF the North
western Company Is based upon the largely increased
earnings Of the road and the expec ation or further
Improvement when It's extension TO Omaha, build
ing and connecting there with the Pacific Railroad is
completed New York Central resumed its upward
rising from 1l2K TO 119k-a high price for eight per
cen, stock; but is evidently governed by purpose,
probably connected with the annual election to Take
place in December The interest in Erie has subsidized,
and the common stock comparatively inactive but
il remained firm throughout at s3k SAX, with the ex-
csption Of lew moments the regular board Mon
day morning, when il declined to 81 There was de-
mand for Erie preferred, in anticipation Of resumption
81 dividends which caused an advance in it TO S6h.
At the beginning Of the week large 'short" Interest
was created particularly IN Erie. under the impression
that the break in that stock would carry the whole
market do IN, and did SO to very limited extent, but
quickly resumed its former buoyant tone under which
prices rose higher than before while Erie itself failed TO
exhibit the weakness which the bears had cal
culated upon. Almost every railway stock on
the list moved upward by a common speculative
impulse. and although real values governed
the shrewdest the buyers In their selection Of secur
ties, tho majority manifested sublime Indifference
with regard thereto and bought TO sell again, with
blind faith higher prices. II is in this respect that
the present speculation for rise resembles other
that we have had that OF the first three months Of
1884 when prices far higher than they at
present The bears dwndllng in number every day,
while the ranks Of the bulls are being con-
SANITY recruited Meanwhile money remains
in abundant supply a, four per cent, with
exceptions at 3 g. and there is every prospect Of
long continuance OF this monetary Tho Western
cities arc also better supplied with currency than is
this Of the year. and the best Grade OF
commercial paper readily taken at tho ordinary rates.
namely 10 per at Chicago and at Cincinnati.
Government securities were firm but quiet and the
demand was chiefly on speculative in antclpa-
OF Improvement in hve.twcnties abroad, aud
consequent revival Of the export demand The irrcgu-
arty with which London quotations have been received
through cable has tended check operations Prices
showed advance at the close Of e Il per
cent those current at the end of last week.
At half past Eve Saturday railway shares closed strong
the following quotations New York Central 1loa u,
Erie s3s x, Reading 1187s III, Michigan Southern
alT *, Cleveland and Pttsburg "a 4, Rock Island
IO9k X, North western 465s 47--preferrcd 75k
n Fort Wayne IIO4 az, Cleveland and Toledo 1928
a y, ex dividend
The gold market has been excited and buoyant,
and the price advanced from 1887 Monday
20 l5Ss on Thursday morning The price on wednes
day however, ranged from 149 10 16ijl and the nm
n tlc adj fha yurd ay
the false report OF communication from the President
10 the Attorney General which made its appearance in
Philadelphia journal and which Immediately
tslegraphed TO all the New York papers.
Tho public mind Is much occupied in discovering the
Of this fraud upon the public and it Is gene ally
believed to have been Wall street invention, intended
advance gold and depress government securities and
there little doubt that the general belief is well founded
Notwithstanding the official contradiction OF this caaard
however gold Friday from 1907, at the COM
OF business to 1884, and on Saturday IL was
firm at 1871 1914 The customs demand al this port
for the week. aggregated So ,ooo and the subTrea
sury disbursements of coin interest 10 $52 900.
The foreign exchange market was heavy and dun early
ia the week. and rates declined nsequcnce OF the
advance in gold which had the effect Of causing i'm
psrters to defer buying; but subsequently tho market
improved, aud at the close rates were very firm as
under Bankers bills England at sixty dnys l07 u,
three days lo7t l0s commercial LOG l0s'< francs
nj sixty days ST. 25c 81 35c a, short sight ST. 23Ac
So 25c Confidence in long bills If fully restored owing
tho easy Of monetary affairs not only in England
but on the continent aud especially in France.
The amount Of gold held in both departments by the
Bank OF England the 2sth OF September was sl6 72o
go OF f5o5 i6 upon tia, OF the previous
week and larger than il had held at any previous
the nearly corresponding period of 1852 when
the rate OF interest 2 per cent The amount Of
notes in circulation continued TO show reduction, the
total being f23 0a9 600 The stagna,on OF the money
market was shown in increase OF f93o, 2sS In
deposits and q decrease OF f37l 600 10 the ad-
vanccs on private securities, thus showing
gain Of El3i0. s5s TO the bank The reserve in the
banking department had been thus swelcdto ss 679597
Of which CT 5ssia5 in notes and g., 900, 10. in
gold nad silver coin But Notwithstanding this extremely
easy condition Of monetary Affairs such Is the dsrusi
inspired by tho panic Of May last that speculation Is
almost at s,andsiiii and this semi paralysis Of the
speculative mind Il is generally expected win continue
for some months longer
The highest prices OF the leading stocks sold n, the rst
session the Exchange each saturday OF last four
weeks follows:-
No,t< Sep %. lSeJl. 20 o. 8. Oct. Is.
Alton & rerre Haute RR 81 3sH Az
AffRt 4. Tara Han f.rrf =