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 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 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 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 spec. ulative 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 1836, comparatively, and the difference (increase or decrease) between the two years are exhibited in the following statement: The earnings for the first nine months of the years as above are shown in the following table: Chicago, Rock Island & Pacific. Erie (including Buffalo Division). Dec. 167,991 Illinois Central... Dec. 687,129 Marietta and Cincinnati. 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 Milwaukeе & Prairie du Chien. 1,337,410 1,354,558 Inc. 17,148 Milwaukee and St. Paul... Ohio and Mississippi Pittsburg, Ft. Wayne and Chicago... Toledo, Wabash and Western. Western Union...... Total (16 roads) 497,059 $54,338,917 $53,136,123 1,621,580 1,661,606 Inc. 46,026 2,723,515 2,485,782 Dec. 237,733 6,337,284 5,466,179 Dec. 871,055 1,942,582 2,639,339 Inc. 696,757 584,017 Inc. 86.958 Dec.$1,202,789 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 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 bas 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. figures will show the movements of treasure at this port: MOVEMENT OF TREASURE AT NEW YORK. The following 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: Merchandise exports.. Treasure exports....... Totals 1864. 1865. 1866. $10,105,919 31 $12.171,631 00 33,111,365 87 34,688,432 85 $43,217,284 68 $46,860,063 85 The receipts of treasure from all sources at San Francisco, through regular public channels, during the same nine months of 1866, have been as follows: From California, Northern Mines.. From California, Southern Mines.. From Nevada. From Coastwise Ports, Oregon, &c.. Total $18.711,783 3,418,436 11,068,278 4,416,010 2,031,801 $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. week ending Jan. 6.. 13. 20. .. 27. Feb. 3. 944,878 In banks from to foreign Customs Interest Gold Certificates at close 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 2,754,869 574,162 2,706,400 1,928,641 15.265,52 656,812 3,226,040 279,842 2.598,400 2,137.048 13,106,759 232,568 8'347,422 115,204 2,081,280 2,221,423 10,937,474 4:3,409 3,251,734 120,179 1,916,700 2,376,735 10,129,806 445,489 2,093,008 94,828 2.992,900 2,158,009 10,308,768 560,198 2,608,796 119,879 5.893,280 1,995,796 14,213,251 75,453 3,386,934 1,183,343 2,125,000 2,664,934 17,181,190 556,284 2,297,836 882,712 2,101,000 1,706,835 16,563,237 236,671 2,464,482 328,593 1,498,400 1,919,483 15,015,242 170,297 2,509,419 174,911 361,280 1,886,419 13,945,651 3,500 2,451,345 225,414 1,376,000 1,895,334 11,930,202 216,842 2,663.010 63.140 3,016,840 2,120.100 11.436,295 729,862 122,628 2,857,704 49,800 5,038,460 2,274,704 11,035,129 809,459 117,312 2.535,568 35,169 4,200,000 1,971.568 9,495,463 73,880 2,246,807 40,506 4,137,140 1,760,307 8,243,987 1,318,271 1,247,249 2,711,181 7,061,900 4,658,000 2,227,181 10.914.997 1,072,820 1,064,496 2.417,391 2,648,000 3,110,000 1,948,391 13,970,402 8,763.295 2,542,814 1,702,000 2,842,000 2,069,814 13,595.465 1,276,505 9,421,766 2,358,455 940,100 9,177,000 1,929,454 19,376,929 324,562 6,870,997 2,182,395 70.500 1.827,000 1,911,395 28,558,093 949,906 4,220,756 2,141,086 6,055,743 2,071,621 Sub-Treasury 283,800 14. 1.429,833 2,239,270 2,002,265 298,748 2,626,000 1,863,087 15.821,663 3,719.000 1,788,621 11,217,905 2,793,000 1,809,676 3,232,000 2,309264 4,174,000 2,081,626 9.865.266 3,614,400 324,100 2,452,000 2,187,149 10.860.140 277.044 2,120,000 2,54,884 9.701.547 135,500 1,8-9,000 2,400.653 9,448,900 8.504,096 7,797,218 2,182,226 12,451.684 11. 152.875 2,676,332 61,400 15. 46 92 29. Oct. 6. 1.669,359 197,235 3,105,457 262,000 1,494,000 2,807,457 7,857,869 3,973,000 13. 20. 66,202 1,692,060 2,361,829 7,371,487 2,460,886 458,198 2,677,140 2,223,886 7,848,239 $34,210,440 54,703,233 113,746,895 31,977,008 122,078,280 101,033,155 $.. 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 caused 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 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. The following shows the range of daily closing prices for government securi. ties, monthly and for the first ten months of the current year: -68 (5-20s)- -*s(10-408) 7-308 Certifi Coup. Reg. Coup. Reg. 1-67. cates 10262 9334 93% 9932 987% 98% 98% 994 98% 102% 934 91% 1041⁄4 104 103 104 9232 91 2014 932 10533 10-6 106% 101% 1044 90% 1024 96% 96% 100% 2014 90% 983 103 109% 102% 100% 91 912 100% 991 96%2 96% 1026 100% 100% 101% 9434 94% 201 100% 110% 107 97% 96% 103 1004 109% 98% 1043% 98% 103 984 107% Lowest.. 112 September. 1 Lowest ... October.... Highest. 11136 108% 108 97% 106% Lowest 99% 99 100% 104 10734 99% 105% 100% 107 1057% 9916 99% 95% 106 |