The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-12

previous week made further progress; but dulness
soon INTERVIEWED although the principal dealers re-
ported good demand for investment from the coun-
Try ana some purchases by the foreign bankers The
deposition was general towards the close to defer
operations until after the result OF the Pennsylvania
election has become known, and at the same time
the continued decline In gold depressed quotations
slightly; but considering the reduced premium they
show great nrmness The tendency Of q republican
victory in Pennsylvania will be 70 strengthen gov
ernments materially, and there Ia o wide margin for
Improvement our national securities being relatively
cheaper than any others In the country At the close
She market was strong at the suboined quotations.
Coupon 1881, l13x 113k; o-2o's, coupon 1859,
ll2 112h; do, 1894, 1101s l10A; do, 1885, 11ox
10Y; do, new, 1896, 1857 1os)s; do, 1897 losss
. 1854; do, 1865, lOe9 1osa; lo-4os, coupon. los
s1o5H.
The leading feature OF the stock market was the
rapid advance In Pacific Mali to 13l, following which
Il was announced that the opposition line 10 Caor-
MIA had been withdrawn, whereupon the stock re-
acted 10 1851 1t the close Arm al about l2s
the general expectation being that the company viii
resume rhe payment Of dividends In December
Railway shares were strong, Erie excepted, and
during the latter part OF the week the Western hares
and particularly Rock Island and Chicago and North
western, advanced rather sharply. On Saturday
Enc developed great weakness consequent sales
10 realize made anticipation Of large amount Of
stock being thrown upon the market Immediately
after the annual meeting and election OF the COM
pany on Tuesday next, spd the price do
ciined TO a., with every symptom OF an
Impending break. The stock referred 20 is
now held for election purposes by the present d.
recors aud 10 this circumstance In part the recent
sesdiness OF Erie, under depressing Influences, Il
attributable. The earnings Of this company alike
with those Of the New YORK Central, have fallen on
largely since the commencement OF the contest be-
tween the latter and the Pennsylvania Central for
traffic 10 competing points 10 the West, and both the
Erie and the New York Central are carrying freight
from New York 10 Chicago, by rail all the way, at
she rate OF eight dollars per ton. New York Central
was somewhat neglected, especially towards the
close, owing 10 the understanding that the long
talked OF scrp dividend has been indefinitely post
poned and viii probably never be made. To ''water'
the stock In the manner proposed by some OF the
speculative holders OF the stock but never In
tended by Mr. Vanderbilt, would be ultimately
ruinous TO IL rs a dividend paying security and the
company should never perpetratc suicidal an act
Railway shares are now selling ut prices 40 far
above their real value that there Is no induccmept
whatever for the public to buy them, A. thereby
they would be merely relieving the cliques by whom
they are sustained OF a portion OF the heavy load
they are carrying. The bears have had so little to
thrive upon for long time past owing to the steady
rise Of prices that the shortn interest outstanding
n very light, aud hence when the market does give
way there win be nothing to check Its fall. Some OIL
Che miscellaneous shares were strong and more
active than usual Of late, there having been rise Of
about six per cent In Mariposa preferred and more
than two In Western Union Telegraph. Al tho close
on Saturday the market was dropping for rail
way shares but steady for other stocks, and tn,
following quotations were current:-Paci1c NAH
12sh 0 l2s1.; western Union, Sek . 3e,s
New York Central, 1854 l2et; Eric, AK; Reading
COZ eex; Michigan Southern, 80 a s6a.; Pittsburg
~ q ssk; ROCK Island, 1907 = 1861; Northwestern
HksMH; 40. preferred, ok sl@; Fort Wayne
5IIH IIIE; 81. Paul, 1909 q Iol; do. preferred
1oob q Yaj; gariposa preferred, 2oz AL.