The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-04-07
quotations were -

The stock market rather heavy the street this
morning the rst Of the board it
active and strong quotations advancing the call pro
gressed At the c!ose New York Central u higher
than at yesterdays second board, Erie "A, Reading y,
Michigan Southern u, Cleveland and Pttsburg X, Rock
Island y, Ohio and Mississippi certificates q. Fort
Wayne was y lower III nois Central y, Northwestern
d. Hudson River ana Cumberland were steady.
Government securities hrm. The supply on the
market few weeks ago has been largely absorbed by
investors whose confluence in the pubic credit has i'm
proved with our recent successes.
AT the open board at O'Clock prices continued
lively in the ascendant, aiding excepted After the
call a reaction took place in portion the LIST and at
the second regular board New York Central % lower
than at the first board, Cumberland l. Ere was Ia
higher, Hudson River y, Michigan Southern l, Ceve-
land and Pittsburg n, Rock Island "a, Fort Wayne q
Government securities dull
Afr cali and at the second open board the market
was very strong. New York Central sold at 30, Erie
6SX Hudson River 100 Reading 1C0 Michisan Southern
OK, Rock Island 9316, Fort Wayne "
The sharp upward NOV ment which has been foing
forward since last Friday morning is telling severely
upon some the ebeaIs;' but only regular boald
and public board failures have occurred thus far
during the week. The advance Ia Erie last Thurs
day afternoon has been twenty two per cent in New
Michigan Southern thirteen in Cleveland and itsburg
twelve in Rock Island and half and in Fort Wayne
twelve. The ''buls' find the source of Their
strength in the large increased short interest
and that they have taken hold OF the
market with vgor they VIII carry it high possible
With the closing up OF the outstanding contracts how
ever the market will be exposed in The absence Oh strong
support from outside buyers 10 the assaults Of the bears
under which it will yield again But the market having
been unduly depressed, the rebound will be cores
pondingy strong and the reaction viii in like manner
b, proporoned to its extent.
Money continues easy at six per cent on CALL and lend
disposed to facilitate wal O. speculation.
Commercial paper OF the grade is in limited supply,
and passes at a 10 per cent.
The foreign exchange market is duh and waverng
Bankers sterling at sixty days is offered al 1904 q,
and 1lO14 short sight, ana these rates not uly
sustained by buyers Leading drawers nevertheless re-
gard the present and future condition of or foreign
trade as likely to maintain if not advance
quotations They also anticipate a return OF our
securities to extent from rope in
sequence Of the existing disproporon between the
pices here and there. may, however be confidently
predicted that the of tho further OF our
and the decline Of gold will haze The eec,
o. materially adj ancng the market value Of lveiw mites
Abroad which would far neutralize the effect OF the
decline in the gold premium But surprising return of
bonds actually to take place, the evil would soon
c,rrect itself by creating demand for gold for remit
lance, and forcing the premium. Thc eject there
FORE of such contingency would be felt in the form Of
a rise in gold rather than Of any decline in the price
of bonds this SIDE for popular faith in the govern
credit Ia becoming strong that national secur
ties have the preference over all Others and are very
freely absorbed by al classes of the community.
The business at the sub Treasury to-day was as fol
i0ws:-
For customs. 10000
Balance. 81 al, 521
Subscriptions to government loan. 621, 000