The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-07-29
FINANCIAL AND COMMERCIAL.
ra,DAY. Julv 2s-eP.M.


>a~--~~~~~>~>~~~~-~
~=- FRIDAY July CSC M.
W.. ,ock market was active but less buoyant than
yesterday at the first board this morning Erie was Ia
lower than at the second board on Thursday, Hudson
River ~ Reading 70. Michigan Southern was higher,
New York Central u, Cleveland and Pittsburg -, Rock
Island " Fort Wayne u, Ohio and Mississippi certh-
Gates ~ Quicksilver "a. Government securities were
stronger Coupon live-twentes advanced q, and new
issue r.
AT the open board, at O'Clock, the market was
active and prices were u ak higher on a portion Of
the list and fraction lower the remainder AT the
second regular board it depressed New York Gen.
tral closed the call r lower than at the first board,
Erie 1, Hudson River n, Michigan Southern ~, Ceve-
land and Pttsburg u, Northwestern y, Fort Wayne Il,
Ohio and Mississippi certificates ~ Quicksilver l.
Government securities were steady Coupon hve-
twenties were in demand 1867 lo6, and the indca-
lions are in favor OF further advance.
After the call Erie declined to 90 under strong pres
sure to SELL but quickly reacted and at the second
open board sold up o. Hudson River also advanced
to 1884, Reading 107H, Michigan Southern 6S's Cleve-
land and Pittsburg 73, Rock Island l00 Northwestern
49, Ohio and Mississippi certificates 257s b3, Canton
{bS4o
Afterwards on the street. the market continued very
active, and Eric to 9S soon after five O'Clock. 1t
was at the same time reported that the broker repre-
eenng the speculative director OF the giVcn
notice of tho recall of the stock he had loaned.
Money more active, and there were no transac-
tons of importance under per cent for call loans
The discount line is firm at per cent for the best
grade of mercantile paper
Gold reacted this morning from the extreme price of
last pght-l47 The market opened at 1863. and by
half past eleven had receded to 144 after which and
before two o'clock it advanced to 146 then relapsed 70,
and ha-past four stood at 1451l. The rise in the
premium in the absence of demand for export
is a of surprise in well as out of Wall
street. and is traceabe purely speculative influences
although there good for supposng that gold
will be considerably higher before the country returns to
specie payments The bull operators, who are heavily
saddled with gold, anticipating the future little too
fast and the market may, if stimulated much fur
Their rccoil upon themselves Meanwhile they
buying up all the gold that is offered at the mar
ket price, and 1t Is ruinored that they have
been large borrowers of currency to-day. The
promptude with which the Mexican cGnard was acted
upon yesterday very suspicious, and speaks badly
for commercial morality Of of the present bull
party.
The Gold Room is now situated in tho new building in
New street. which has entrance also on Broad street.
Foreign exchange has been steady Leading drawers
continue 100; but good bankers bills have been
sold at 1857 q The asking rate for bills at three days
is l09H q r. Mercantile bills quoted at 1918 1OS.
The shipment of fvetwenties instead OF gold has de-
pressing influence upon the rates Of exchange, and
so long this continues no material advance can be
Hooked But for the export Of securities however,
the condition of the foreign trade would warrant higher
and very firm market for exchange.
The speculative director in Erie is evidently laying
plans to corner" the stock and bleed all those who
sell short accordingly The stock cannot in fact be
cornered but temporarily be made scarce on the
tl,ato ha hrpu rlt
bears 90 cover. The ridiculous spectacle of heavy
stock like this 1ucuating per cent in couple Of
hours shows the hoowness and exceeding instability OF
dts market value 1t is shuttlecock in the hands
of specuatos and to play with it Is to take part In
game the issue of which is uncertain as throw of
dice Yet leading director of the road is the banker
at this great gambling table, and who can say
that he does not make his official position
tributary success of his operations in Wall street
For a director of an important line Of railway to have
tho speculative control of stock is hardly desirable
circumstance for the company and certainly not one
calculated lead to Improvement in railway manage
ment, the long prevailing corruption in which cannot
DO too strongly condemned.
The general tendency Of prices is upward but too
rapid movement In that direction leads to frequent re-
actions and spamodc condition Of the market Stocks
are scarccr Wall street than they were year ago
Investors having meanwhile bought them up, and this
affords argument in favor OF the bulls; but the pubic
must not lose sight Of the fact that the present rise is
a Wall street movement and that it will be followed by
a fall so surely as night follows day. Those with small
means but avaricious propenscs, who are now rush.
ing from their desks and counters to take turn in the
lottery the Stock Exchange, will therefore do well TO
beware of tho qucksands that surround them.
Tho business at the Sub Treasury to-day was as fol-
lows
Rocen,s for customs $500, 900
sro,al rcceip,s .................5 1854, s43
Pevmcnts ACKNOWLEDGEMENTS. g. $40 405
paiance ACKNOWLEDGEMENTS 94, 2i2
Snbscriptions TO government loan ......... $1,000
The mportaons OF dry goods at this port during the
week ending July 20 compare follows with those Of
tho previous week.
jolly 10 July %"
Consumption Pigs Value Pkgs gatns