New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-10-29
PETROLEUM AND MINING STOCKS
WEDNESDAY, Oct 2s--P. NJ.

WEDNESDAY, Oct 2s--P NJ
Gold opened at 1884, sold at l3i9 1884, l3i. closingss
13I3 and l3il
The clearings at tho Gold Exchange Bank were
ssieSOOoO and the balances. g. 9S2491 49, The bids
for gold at tho SubTreasury amounted TO S95o.O00.
The award was made TO Henry Clews & Co. at l3i2l.
13423. and 1926 The Russia for Liverpool to-day
took $lSS, 200 in specie.
Government bonds opened firm and active at an
advance of Ia! over the closing prices, with
good investment demand. Speculation is checked by
the activity in money. and large differences are bid.
BUYERS option. Private letters from Paris report
heavy investments being made by European capital
lists who have been large purchasers OF tho bond5 In
the Frankfort market since the October elections IL
only needs q resolution of Congress, declaring the
payment of principal well as interest in gold. TO
cause an advance of l00l5 per cent In our securi-
ties abroad. State bonds were dull; Tennessee Is
sold at 60 new bonds. 69969l North Carolina new
bonds, G6lGG6 Missouri Is, 50. Railway bonds
were dun; Pacific Mail sold at 1%3,; mis-
cellaneous and express shares were neglected.
Railway shares opened firm. advancing from l03
per cent from the closing prices yesterday. st. Paul
stocks recovered their decline, selling at 100 for tho
Preferred and 90 for the Common. The panicky feel
ing of the past two days has passed oil. and more
confidence was felt by the holders of securities Tho
great West has developed with such rapdity' that
roads that few years ago earned no dividends and
we're barely able pay their interest are now placed
by the natural growth of the country In position
where they will earn for the stockholders large div-
dends paying on money invested moro than any
bonds on the market The shares of the Fort Wayne.
Michigan Central, Chicago and Alton, aud Chicago,
Burlington and Quincy. have disappeared almost
entirely from the speculative list, and pay
their holders larger interest than they could
receive in any other quarter. The Michigan South
ern. North Western, ST. Paul and Cleveland and
Pittsburgh shares also absorbed toa great exteDt
and will soon take the same direction The managers
of those roads are the largest stockholders. having
bopgbt ana paid for their stocks at low prices, in
tending, by honest management, to develop them
upon rs firm basis have been the roads first men
toned Chronic bears, with year experience on wall
st. are unable yet TO see any yauo IN Railway prop
erty predcang their estimate OF values on the low
prces Of 1851, and are only convinced by having to
cover shorts at runous cost The future of the rail-
WAYS of the country is to DO prosperity and holders
outside of speculative circles can have better in
vestment for their money. The speculative values
NAV be depressed by street manipuatons but no
substantial damage be done to properties rs well
held and well managed as the majority of the roads
NOW are The market did not maintain its full al
vance after the board, tho demand for money caus-
ing many brokers to sell their customers
stocks as tho easiest way tn raise money
The short interest made in this quarter is enormoua
and the first signs Of any relief from present strn-
pency will be followed by sharp reaction on thef
attempt TO replace them. The short interest In New
York Central is estimated at 100000 shares Ihe
stock lends freely The Company now have on hand
81 80 900 cash surplus The North Western Company
bave ON hand 81 $50 600 IN cash. which IS moro than
sufficient 10 nav the promised dividend OF per cent
in December without using any of ther October aud
Novomber earnings At the 1 o'clock Board. the
market was firm at the highest prices of the morn
inc. ST. Paul Common sold az 100; st. Paul Pre-
fernJ. lOl. At the Second Board, prices were stih
higher New-York Central sold at l25s Hudson,
1856; Reading 9s; Michigan Southern. So; Lake
Shore 100: Cleveland and Pittsburgh, SSl North
Western Common. 9ll; Northwestern Preferred.
92 Rock Island. lO6 Toledo and Wabash, ". Fort
Wayne l13!. Pacific Mail sold at l25;. At the close
the market did not hold the advance, prices falling
OF from la per cent, closing unsettled ami feverlsh
Governments closed firm al the highest prices OF the
day. The investment demand has boon active aud
heavy purchases made for cash by leading house
who bought from 81 10000 to sl,5OO,OO0.
n X IA 1881 Reg ia QIlal Us520 Co. new 6Sll0 1ioi
H. - 6s lSSl COu ..ll5 ai5A IT, 3. $40 COu o. us@ll
II. \. $40 Rcg......lOd dlUotU o O<V ."u 90.
n 400 CON Gl ll3 9ll3klU b. 1910 Reg....f03t o..
e. - $40 COu Ca ina 0llls u D. l04O COu.-'iVot"iVet
U. 5. $40 Cou. G5 iii Gllls
The following were the bids for Bank stocks:
Merchants 1881 Corn Exchange. .........i3i
McrhunicS..-
America. ...li5 Marine