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 be 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 heightened by the failure of a large manufacturing firm at Cohoes, involving the suspension of a well known commission house in this city, and by the suspension of two firms en gaged in woolen manufacturing in New England. Owing to these circumstances October closed with a feeling of great depression in the dry goods market and also in the wool trade. As yet, these influences have scarcely produced any tangible effect upon the discount market. There is less disposition to buy paper; but this is perhaps chiefly attributable to the banks being able to get higher rates upon call loans and to their anticipating a still further advance 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 discouut. 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 $3 186,427,641; 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 : The following are the closing quotations of the leading stocks on Friday of the The gross earnings of the undermentioned railroads for the month of September, 1865 and 1856, comparatively, and the difference (increase or decrease) between the two years are exhibited in the following statement: Railroads. Atlantic & Great Western.. Chicago & Alton... Chicago and Great Eastern.... Chicago & Northwestern Chicago, Rock Island & Pacific. Erie (incl. Buffalo Division)... Illinois Central. Marietta & Cincinnati. Michigan Central.. Michigan Southern Milwaukee & Prairie du Chien. Milwaukee and St. Paul.. Ohio and Mississippi.. Pittsburg, Fort Wayne & Chicago.. Toledo, Wabash and Western. Western Union.... Total (16 roads).... $7,762,949 $7,063,488 Dec. $99,461 The earnings for the first nine months of the years as above are shown in the following table: Railroads. Atlantic & Great Western. .... 1865. 1866. $4.141,038 Difference Inc. $352,455 Chicago and Alton.. Chicago and Great Eastern. Chicago and Northwestern.. Chicago, Rock Island & Pacific. Erie (including Buffalo Division). Illinois Central... Marietta and Cincinnati. Michigan Cen'ral.. Michigan Southern Milwaukee & Prairie du Chien. Milwaukee and St. Paul.. Ohio and Mississippi Pittsburg, Ft. Wayne and Chicago.. Toledo, Wabash and Western. Western Union.... Total (16 roads) Inc. 696,757 86.958 The aggregate earnings of the same roads in September, as compared with those of August, show the following result: 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 falling 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 than in the previous year, while expenditures for repairs and new rolling stock have not been as great, and hence that larger net earnings have probably been made. These consider. ations 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 than 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 chiefly to the unsettled condition of home politics and to the new diplomatic aspects suggested by the reported adjustment of the Mexican question. The highest price touched during the month was 1534, and the lowest 145. We annex the daily quotations for the month: 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 ten months being larger than for the same period 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 : From San Francisco the combined exports of treasure and merchandise during the first nine months of the current year compared with the same period of 1864 and 1865, were as follows: The receipts of treasure from all sources at San Francisco, through regular public channels, during the same uine months of 1866, have been as follows: 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. Receipts. Exports. Sub-Treasury In banks at close from to foreign Customs Interest Gold Certificates California. countries. receipts. payments. issued. returned. of week. $552,027 $2,107,341 $3,597,240 $3,122,440 $1,34,8832 $15.778,741 $685,610 640,503 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 15,265,52 2,598,400 2,137,048 13,106,759 2,081,280 2,221,423 10,937,474 1,916,700 2,376,735 10,199,566 2.992,900 2,158,009 10,368.753 5,893,280 1,995,796 14,218,351 2,125,000 2,664,934 17,181,130 2,101,000 1,706,825 16,563 257 1,498,400 1,919,483 15,015,242 361,280 1,886,419 13,945,651 1,376,000 1,895,334 11,930,2 3,016,840 2,120,100 11.436,295 5,038,460 2,274,704 11,035,120 4,:00,000 1,971,568 9,495.463 4,137,140 1,760,307 8,248,937 4,659,000 2,227,181 10.914.997 3,110,000 1,948.391 13.970,402 2,842.000 2,069,814 13,595,465 9,177,000 1,929,454 19,376.999 1,327,000 1,911,395 28.-58,093 2,626,000 1,863,087 15.821,663 3,719.000 1,788,621 11,217,35 20. 27. Feb. 3.. 944,878 656,812 3,226,040 10. 1,449,074 4-3,409 3,251,784 17. 445,489 2,893,008 "24. 1,209,048 560,198 Mar. 3.. 75,453 10. 279.842 115,204 120.179 94,828 2,608,796 119,879 3,386,934 1,183,343 2,297,836 882,712 2,464,482 328,593 2,509,419 174,911 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 continued 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 1151—an advance of 34 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. The following shows the range of daily closing prices for government securities, monthly and for the first ten months of the current year: |