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there could be no material change in values; but have also foreseen that, so soon as the community found it necessary to economise consumption, it would he impossible, with the current large production, to sustain the present high rate of values. It, therefore, is not surprising that these signs of the times should produce a certain degree of anxiety among our city merchants.

The uneasiness suggested from these causes has been beightened by the failure of a large manufacturing firm at Cohres, involving the suspension of a well known cominission house in this city, and by the suspension of two firms es gaged in woolen manufacturing in New England. Owing to these circum stances October closed with a feeling of great depression in the dry goods market and also in the wool trade.

As yet, these influences bave scarcely produced any tangible effect upon the discount market. There is less disposition to buy paper ; but this is perhaps cbiefly attributable to the banks being able to get higher rates upon call loans and to their anticipating a still rther Avance in the rate of interest during November. There is no reason for supposing that any paper hitherto negotiable would be now refused at an advance of one per cent. in the rate of discount.

The speculative movement in stocks, during the month, has exceeded in volume anything in the history of Wall street. The large amount of idle capital held by the banks has been available to the brokers at 3@5 per cent. on call, and without stint as to amount--a circumstance quite sufficient to induce speculative combinations of great influence and to create wild fluctuations in the prices of securities. The immense transactions of this character have produced an amount of banking transactions which in ordinary times would have been deemed impossible of realization. For the four weeks of October, the exchanges at the Clearing House aggregated $3186,427,641 ; which is more than equal to five months transactions six years ago.

The following statement shows the transactions in securities at the regular and open boards, during October :

1,421,890 Shares, sold at Regular Board.. at Open Boa d..

1,652.226 Total sold at both boards

3,071,106 Government Bonds sold..

$10,282,300 Notes

2,7 3,250

2,792,300 State and City Bonds “ Railroad and o. her Bonds sold.

1,234,700 Total Bonds and Notes sold....

$17,012,550 The following are the closing quotations of the leading stocks on Friday of the last seven weeks :

Sep. 21. Sep. 28. Oct. 5. Oct. 12. Oct, 19. Oct. 20. Nov. 2.

:5% Cumberland Coal.

53%
58%

67% Quicksilver

53% 55%

54% Canton Co...

54%

56% Mariposa pref.. 33% 30% 80% 30%

31%
1064
New York Central.

114%
118% 11974

119% Erie

75%
79% 90%
83% 83%

85% Hudson River

120%
121% 1227 122%

125% 116% Reading..

116% 116%

115%

115%
85%
89%

90% Michigau Southern

9274 93% Michigan Central. 118 114%

117% Cleveland and Pittsburg.

89%
0974

914 924 Cleveland and Toledo. 117%

121%
122% 127%

120% 85% Northwestern

37%
42% 46% 51%

574

58% preferred.. 67%

73%
75%

80% Rock Island

107% 108% 108% 109% 1:1% Fort Wayne

105%
107%
108%
109% 109%

111% 121% Illinois Central 123%

125%

120%

48

58

5574

61 56 53

55%

55% 31

29%

116

120

81 125

115

117

85%

90%

114

116%

87

93%

94

120

121

[blocks in formation]

Inc..

Dec.

The gross earnings of 'he undermentioned railroads for the month of September, 1865 and 1866, comparatively, and the difference (increase or decrease) between the two years are exhibited in the following statement : Railroads.

1865.

1866. Difference Atlantic & Great Western.....

$540,537 $526,959 Dec. $13.573 Chicago & Alton...

401,280 318,549 Dec. 82,731 Chicago and Great Eastern....

106,389 103,037 Dec. 3.352 Chicago & Northwestern

946,707 989,053 Inc..

42,346 Chicago, Rock Island & Pacific.

389, 159 396,050

6,561 Erie (incl. Buffalo Division)..

1,435,285 1,411,347

Dec.

23,938 Illinois Central.....

739,736 551,0:1 Dec. 188,715 Marietta & Cincinnati.

125 252 108,338 Dec.

16,914 Michigan Central...

460,461 429, 160 Dec. 31,501 Michigan Southern

486,808 429,191 D-c. 57.617 Milwaukee & Prairie du Chien

228,020 150,989 Milwaukee and St. Paul..

300,841 275,906 Dec. Ohio and Mississippi...

350.348 278,701 Dec. 71,647 Pittsburg, Fort Wayne & Chicago.

795,938 661.608 Dec. 131.330 Toledo, Wabash and Western.

379,981 319,117

Dec. 30,864 Western Union......

75,677 84,462 Inc.. 6,785 Total (16 roads).....

$7,762,949 $7,063,488 Dec. $199,461 The earnings for the first p'ne months of the years as above are shown in the following table : Railroads.

1865.
1866.

Difference Atlantic & Great Western.

$3,788,583 $4.141,033 Inc. $352,455 Chicago and Alcon..

2,937,390 2,722,541

Dec.

214.849 Ohicago and Great Eastern.

777,354 920,814 Inc.

143.490 Olicago and Northwestern.

5,741,295 6,175,981

Inc.

434.69 Oicago, Rock leland & Pacific.

2,534,139 2,366,148 Dec.

157,991 Erie (including Buffalo Division).

11.140.215 10,644,721 Dec. 495.494 Illinois Central......

5,377,644 4,690,515 Dec. 687,129 Marietta and Cincinnati.

890,516 852,771 Dec. 37,745 Michigan Cen'ral..

3,237, 315 3,043, 217 Dec. 194,098 Michigan Southern

3,455,086 3,386,871

Dec.

68, 215 Milwaukee & Prairie du Chien.

1,337,410 1,354,558

Inc.

17,148 Milwaukee and St. Paul..

1,621,580 1,661,606 Inc.

40,025 Ohio and Mississippi

2,723,515 2,485,782 Dec.

237,733 Pittsburg, Ft. Wayne and Chicago..

6,337,231 5,466,179 Dec.

871,055 Toledo, Wabash and Western...

1,942,582 2,639,339 Inc.

696,757 Western Union.....

497,059 584,017 Inc.

86,958 Total (16 roads)

$54,338,917 $53,136,123 Dec.$1,22,789

The aggregate earnings of the same roads in September, as compared with those of August, show the following result:

1865. 1566.

Difference. September... $7,762,949 $7,063,488 Decrease...

$699.46: August

7,182,414 6,534,861

Decrease.. 647,553 Increase in September.

$580,5:35 $528,627 Decrease..

$51.903
do
do P. C....

8.84
8.09 Decrease....

8.94 This shows that the increase of business for September has been very nearly equal in the two years, and certainly is more favorable for the current year than could have been anticipated. The aggregate decrease for the nine months from the figures of 1865 is now $1,202,789, or 2.21 per cent. It is evident from this showing that the business of the country has not been falliug off, since many of the leading companies have been carrying freight at reduced rates. It may also be assumed that labor and materials have cost less in 1866 tban in the previous year, while expenditures for repairs and new rolling stock bave not been as great, and hence that larger net earnings bave probably been made. Tbese considerations point to a continuance of dividends, except in special instances, as with the Erie Company, where earnings have been diverted from their legitimate uses.

The course of the gold market has been comparatively steady. The impor

ters and professional operators appear to have discovered the folly of keeping the market constantly oversold, thereby producing a chronic scarcity of gold, sustaining the premium, and playing into the hands of strong combinations for forcing up the price; and there has consequently been a marked falling off in the amount of “short” transactions, while the rate of interest on borrowed coin has been nominal. The anticipation of the disbursement of about $24,000.000 of gold upon the November coupons has had much less effect upon the premium tban might have been expected, the price at the close of the month being about the same as at the opening. This circumstance appears to be due cliefly to the upsettled condition of home politics and to the new diplomatic aspects sug. gested by the reported adjustment of the Mexican question. The highest price touched during the month was 1531, and the lowest 1454. We annex the daily quotations for the month :

COURSE OF GOLD FOR OCTOBER.

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Monday.
1 146 1467 145% 14644 Saturday..

147 1464 146% Tuesday.

2 147 148% 147% 1487 Sunday Wednesday 3 148% 148% 147% 147% Monday

22 146% 1464 145% 1464 Thursday. 41148% 1434 148% 148% Tuesday

23 145% 147% 145% 147% Friday. 5148% 149% 148 149% Wednesday.

24 147% 1484 147% 117% Saturday 6149% 149% 148% 149% Thursday.

25 146 148 146% 148 Sunday

Friday.

26 148 148 :47% 147% Monday 8 1495149% 143% 149% Saturday..

27 14676 146% 145%4146% Tuesday.

9 149 149 148 149% Sunday Wednesday. .10 149% 151% 149% 150% Monday.

29 145% 145% 146 146% Thursday 11 151 153% 151 1527 Tuesday.

.30 146% 146% 146% Friday

.12 150% 153 150% 153 Wednesday, .31 146% 146% 14636 146% Saturday

13 153 154% 152 153 Sunday

Oct'r... 1866..

146

154% 145% 146% Monday .15 153% 153% 50% 150%

1865

144% 149

1144% 146% Tuesday: .16 149% 150% 147% 148%

1864.

192 227% 189 223% Wednesday

.17 148
148% 147% 148%

1863.

149% 156% 140% 145) Thursday. .18 148% 1487 148% 1487

1862

121% 133% 122 12972 J'riday.... 19/148% 119 147 (147%

10 (100 The movement of treasure at this port has resulted in an excess of supply over export amounting to $5,202,207. The movement for the last four months shows a gain of nearly 16 millions; for the first ten months of the year, however, the exports exceeded the combined imports from California and from foreign ports by $11,293,135. The receipts from California are again assuming large proportions, the receipts for the len months being larger than for the same perio.] of any of the last seven years. This is, to a considerable extent, due to the large arrivals of treasure at San Francisco from Nevada, the receipts for the first nine months of the current year having exceeded $11,000,000. The following figures will show the movements of treasure at this port :

1861

100)

MOVEMENT OF TREASURE AT NEW YORK.

Monthe, &c.
January
February
March.
April
May.
June
July..
August.
September
October...

-New Supply.

Exports to -Excess of California. Foreign. Total.

for. ports.

Supply. Export. $1,485,314 $72,771 $1,558,087 $2,706,336 $. $1,148, 249 3,603,000 172,122 3,775,122 1,807,030 1,968,092 3,958 291 285 851 4,244,145 1,045,039 3,199,10 1,539,821 161,817 1,701,138 588,875 1,112,263 3,992,148 393,073 4,385,221 23,744,194

19,358,973 1,842,271 94,549 1,936,820 15,890,956

13,954,136 6,754,669 345,961 7,100,630 5,821,459 1,278,171 4,477,659 209,221 4,716,680 1,587,851 3,159,029 2,884,432 5,193,473 8,077,905 834,550 7.243,355 4,902,207 1,500,000* 6,402,207 1,200,000* 5,202, 207

Jan. Oct. '66..

$35,439,313 $8,488,841 $43.928,155 $55,226,290 $. $11,208. 135 do do '65. 16, 232,838 1,773.401 18,006,239 25,186,342

7.180 103 do do 64. 9,719.908 1,988,919 11,708,827 37,432,083

25.723,956 do do 63 10,037.211 1,306,174 11,943,385 39.056,( 52

27,1:3,367 do do "62. 20,992.949 1,201,253 22,194,0 49,541,658

27,847, 456 do do '61.

31,217,218 35,8:26,053 67, 43,276 3,291,852 63,748,424 do do '60. 29,208,790 2,236,465 30,445,255 41,562,770

11,117,515 do do '59. 33,025,558 2,463,700 35,489,258 61,270,019

25,750,761 * Estimated.

From San Francisco the combined exports of treasure and merchandise doring the first nine months of the current year compared with the same period of 1864 and 1865, were as follows:

1864.
1865.

1886. Merchandise exports........

$9,529,513 00 $10,105,919 31 $12.171,631 00 Treasure exports...

43.772,559 00 33,111,365 87 34,6,8,432 85 Totals

$53,301,102 CO $13,217,284 68 $46,860.063 85 The receipts of treasure froin all sources at San Francisco, through regular public chapvels, during the same nine months of 1866, have been as follows: From California, Northern Mines....

$18.711.783 From California, Sou hern Mines..

3,418,436 From Nevada.

11.068,218 From Cuaetwise Ports, Oregon, &c.

4,416,010 Imporis, Foreign, British Columbia, &c...

2.031,801 Total

$39,641,248 The Treasure Movement at New York weekly, and the amount in Banks at the close of each week since January 1, has been as follows:

TREASURE MOVEMENT FOR 1866. 1866. Receipts. Exports.

Sub-Treasury

In banka week

from to foreign Customs Interest Gold Certificates, at close ending

California. countries. receipts. payments. issued. returned. of week. Jan. 6..

$552,027 $2,107,341 $3,597,240 $3,122,440 $1,34,8832 $15.778,741 " 13.

$685,610 610,503 2,334,694 1,130,789 3,206,180 1,578,194 16,852,568 799,706 685,894 2,754,369 574,162 2,706,408 1,928,641 15,265,38

656,812 3,226,040 279,842 2,598,400 2,137,018 13,106,759 Peb. 3.

944,878 292,568 3'317,422 115,204 2,081,280 2,221,423 10,937,474 1,449,074 4 3,409 3,251,734 120.179 1,916,700 2,376,735 10.199,06

445,489 2,893,008 94,828 2 992,900 2,158,009 10,306,753

1,209,048 560,198 2,608,796 119,079 5,893,280 1,995,796 14,213,351 Mar. 8..

75,453 3,386,984 1,183,343 2,125,000 2,664,934 17,161,130 * 10.

1,469,286 556,284 2,297,836 882,712 2,101,000 1,706,835 16,563 25T 1,425,353 236,671 2,464,462 328,693 1,498,400 1,919,483 15,015,942 389,837 170,297 2,509,419 174,911 361,280 1,886,419 13,945,651

673,615 3,500 2,451,345 225,414 1,876,000 1,895,334 11.930, 9-2 Apr. 7..

216,842 2,663 010 63.140 3,016,840 2,120,100 11.436,295 729,8152 122,628 2,857,701 49,800 5,038,460 2,274,704 11,035, 12 809,459 117,312 2.585,568 35,169 4,207,000 1,971,568 9,495,463

73,880 2,246,207 40,506 4,137,140 1,760,307 8,243,937 May 5.

1,318,271 1,247,249 2,711,181 7,061,900 4,659,000 2,227,181 10.914,997 1,072,820 1,004,496 2,417,391 2,648,000 3,110,000 1,943,391 13,970,402

8,763,295 2,542,814 1,702,000 2,842,000 2,069,814 13,595,465

1,276,605 9,421,766 2,858,455 940,100 9,177,000 1,929,454 19,376,929 Jnne2.

324,562 6,870,997 2,182,395 70 500 1,327,000 1,911,395 28. 58,093 9.

949,906 4,220,756 2,141,086 283,800 2,626,000 1,863,087 15.821,663

6,055, 743 2,071,621 67,000 3,719.000 1,788,621 11,217,315 892,365 1,408,2866 2,209,676 106,134 2,793,000 1,809,676 8,504.096

550 574 2,002,265 298,748 3,232,000 2,309 264 7,797,218 July 7.

1,617,899 1,630,730 2,47',626 3,964,634 4,174,000 2,081,626 9.845,266 1.429,833 2,239,270 2,486,296 1,267,600 3,614,400 2,182,226 12,451.654 2,051,456 416,013 2,480,149 324,100 2,452,000 2,187,149 10.870.140

1,515,446 2,926 884 277.044 2,120,000 2,54 ,884 9,70 .517 Ang. 4.

1, 55,481 680,174 2,794,659 135,500 1,8-9,000 2,410,653 9,448.900

152.875 2,676,332 61,400 970,000 2,328.331 8,494,290

117,990 2,461,877 50,300 2,064,000 2,145,876 7,315,513

3,091,601 787,312 3,069,893 6),997 2,188,000 2,545,893 6,884, 77 Sep. 1.

303,912 3,199,168 241,000 2.265,000 2,853,168 6.391,600 8.

157,062 3 222,266 1,935,108 4,005.000 2,766,265 7,455,910 1,669,859 197,235 3,105,457 262,000 1,491,000 2,807,457 7,307,869 1,215.073 112,500 2,399,20 95,400 3,973,000 2,148,270 7,642,611

39,240 2,876,777 281,706 1,701,000 2, 50,717 7 643,560 Oct. 6.

1,109,537 224,385 2 266.34 270,000 2 342,000 1.924,334 6,203,698 1,135 093 198,00 2,516,361 198,050 2,36,000 2,175,361 5,576,002 1,428,705 66,202 2,629,828 66,202 1,692,00 2,361,829 7,371,487

623,198 2,460,886 458,198 2,877,140 2,223,886 7,848,29 Siace Jan 1.... $34,210,410 54,703,233 113, 746,895 31,977,008 122,078,280 101,033,165 $..

* 20. " 27.

* 10. * 17

24.

17.. 6 24. * 31.

" 14.. . 21..

28.

12.. " 19. * 26

16 16 * 23. *6 20.

"14. * 21. * 28.

11. * 18. * 25.

" 15.

22. 16 29.

* 13.

H 27

99%

9934 99%

99%

In addition to the receipts of gold from California as given above, there was received on the 31st $1,228,869, making the total to the end of October $35.439,313.

The steadily augmenting amount of idle capital at this centre has causel an increased demand for public securities; at the same time there has been a con. tinued outflow of Five-twenties to Europe; and, under these influences, the prices of bonds and Treasury notes, though fluctuating, have been generally firm. Five-twenties of 1862 have touched the extraordinary figure of 1157-an advance of 3} upon the price at the opening of the month. We present a record of the daily quotations of leading Government securities during October :

PRICES OF GOVERNMENT SECURITIES, OCTOBER, 1866.

6's, 1881.- 26's, 5-20 yrs, 5's, 10-40 yrs.--7-30's, Day of month.

Coup.
Reg.

Coup. Reg. Coup Reg. 1867. Monday 1.. 111% 111% 111%

99%

106% Tuesday 2.

111%.
111%

99%

99% 106 Wednesday 3.

111)
111%

9934 99% 106% Thursday 4..

112

994

106 Friday 5. 112% 111% 1:2%

99

100% Saturday 6. 112%

99% 99% 106% Sunday

7.. Monday 8.

112%
113%

99%

106% Tuesday 9..

112%
113% 105%

99% 106% Wednesday 10. 11274 1127 113%

99%

1.652 Thursday 11. 112% 1124 113%

99%

106% Friday 12.

113%

106% Saturday 13.

112% 113
113%

99%

106% Sunday 14. Monday 15.

113% 113

113%

106 Tuesday 16.

11274 113%

99% Wednesday 17.

112% 113
114

99%

99% 1064 Thursday 18 112% 112% 114%

993

106% 19. Friday

11374
113
115% 106

99% 100

107 Saturday 20.

113% 115

99%

100 106% Sunday 21 Monday 22 113% 113% 114%

100 100

106% Tuesday 23.

113%
114% 106 100

106% Wednesd y 24.

113% 113%

114%
106 100

106% Thursday 25. 1:3 113% 11-14 100% 100

106% Friday 26. 113% 113% 1145

106% Saturday 27.

114%

106 100 100% 106% Sunday 28. Mouday 29.

114%
99%

106% Tuesday 30.

1144

106%

103 Wednesday 31.

114%
100%

106% Opening. 111% 11158 111% 105%

996
99%

106% Highest .

113% 113% 115% 106% 100) 100% 107 Lowest

111% 111%

111%
105%

106

99% Closing

113% 1134 114%

106 100% 100% 106% The following shows the range of daily closing prices for government securities, monthly and for the first ten months of the current year:

-63 1881-
-6s (5-20s).

(10-4-8-7-318 Certifi Coup. Reg. Coup. Reg. Coup.

Reg. 1.67. cates 104% Highest ...... 101% 105 102%

93%

99% January

98% Lowest. 103% 103% 101% 101%

9234 93

98% 104% Highest 104% 103% 103%

91% February...

99%
Lowest
103%
102% 10276

91%
99%

982 Highest

105

101% 104 92% 91 March

2017
Low st
104% 101% 103

90
90%

99% 98%
100%
| Highest

10 % 106% 202% 96% 96% 100% April.

101% 1 Lowest

104%
103 100% 91%

100% 99%
109%
| Highest.

102% 10.%

96% 202% 1004 May Lowest

108
108

100% 101% 94% 94 2014 100% | Highest

110%
107

101% 100% 97% 96% June...

103%

100% Lowest 109% 105% 102 1 2% 96)

96% 102% 100% Hi hest

110
109% 108% 106% 99

98% 10476
July
Loweet

106%
108%
104%
105 97%

103
113%
| Highest

112 113%

109 103% 95% August.

107%
Lowest

109%
10 %

1084 105% 99 95% 104
11
112 112% 108% 99%

99

107%
7 Lowest

111
111 111% 108

97%

99;6 105,2
Highest
1133% 113% 11 %

107

106% 100% 100% 111%. 111% 111% 105% 99%

99%

106

106

99%

93%

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98%

9873

1 34

94% 934

10578

91%

103

104 %

91%

109%

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98%

September. Highest

October.... Lowest.

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