The New York herald., 1865-05-19
FINANCIAL AND COMMERCIAL.


THURSDAY, May ls-o r. NJ
Tho stock Market which was further depressed last
night and this morning by bear Influences, showed de-
cline at the first board compared with the second Of
yesterday, in Erie OF Al, New York Central ~, Reading
III Fort Wayne " Michigan Southern ~, Illinois Cen
tral u, Cleveland ard Pittsburg lH, Rock Island M
Hudson River az, Quicksilver Il. Government securi-
ties steady but quiet Coupon ten forties declined
y. Coupon hvc-twentes OF the new issue advanced "
Al the open board at one o'clock the market
shade rmer and at the SECOND regular board general
improvement took plae New York Central at the close
was pcr cent higher than at the first board Erie Hud
son River III, Reading "a, Michigan Southern 81 ceve
land and Piltsbarg y, Rocs Island q, Fort Wayne ~
Ohioand Mississippi certificates 7 Cumberland u, Quick
silver X Government securities were dull Coupon
iiye-twencs declined "a. At the open board at half
past three the improvement continued and quotations ad
vanced "a III Erie being the most buoyant stock on the
list Erie closed s3H New York Central 90h, Read
ing 93h, Rock Island 942f, Michigan Southern 60%,
Cleveland and Pittsburg 64l Fort Wayne (s3 93% Ohio
and Mississippi certificates 261a Quicksilver 54 Later,
the street, the market showed increased activity and
prices firm. The bugbear of tight money market
being dsPclled the natural tendency of the market Is
towards reaction The bulls would make believe that
large advance awaits the market while the bears arc
equally propagate the idea to alarm the street
and All their own pockets. There is no doubt that
both bulls and bears about equally unscrupuous,.
and their opinions therefore without value
Tho bull OF TO day may be the bear OF tomorrow, and
such financial weathercocks are deserving Of better
fDto than that OF preying upon each other The most
pg headed OF their number usually the most
fu IN business which shows that sound theories based
spon practical knowledge of the value Of the stocks dealt
in tho Stock Exchange pass for naughA The caprice
of speculation based upon nothing worth mentioning, 70
-S<~~o- H. ~ NJ n
stock OF any kind Wall street may be safely assumed
10 NO criterion Of its real WORTH and speculation in
stocks could be entirely extnguished would be benefit
10 the community for as It H. the askes b the arena
OF cot Of gamblers,Vho might be msse erediabg ea.
ployed in any other pursuit
the gold marke. has been dali but steady tsday Out
lido speculators have lost interess IA great extent
nd the amount Of business has diminished accordingly
the opening quotation $780, from which there was
decline OF y, followed by advance TO 1901, and at
Two NJ It stood at 1909. The people have TO
congratulate themselves the thinning out Of the Gold
Room, which has always exerted evil nnsence upon
the country, spectators being, OF cours, guided only
by their own interest regardless Of consequences
band OF vagabond secessonss for hong time kept the
premium from fifty TO hundred per cent higher than
ought 10 have been, and opposite but similarly
scrupnlous party ready to down and up again
Such fluctuations the currency has undergone have
resulted In nothing but loss to the people, as the high
prices for all the necessares we'll the uxuries of
life have abundantly testified. Even these inord-
cate prices slow to recede and retailers in particular
demand enormous profits while the hotels and the
class Of restaurants outrage upon tho public
their excessive charges most Of them having abated
fraction Of their former high prices They and
prodted by the rise of gold but, that has fallen
hey "dont it," Perhaps they think themselves
phosophers, and believe that passing between two
extremes but that the MEDIUM has not yet been found.
Nevertheless, reduced prices, wholesale and retail,
demaded for at present. they far higher in gold
han they have ever been before Provisions are from
xy to eighty per cent higher in the wholesale market
aow than they in the autumn of 1863, when the
premium ruled near $780, and 1t is estimated that bread
ub are about forty per cent higher and in the retail
business prices from sixty to hundred per cent
higher. The time is not remote, however, when pro-
luce, like Captain scots coon, will have to come down
Foreign exchange continues rm but inactive, owing
70 parties dcteng remittances In antcpapn Of lower
rs&es Bankers ask 1oeX ITO for their sixty day
bills; but transactions occasionally take place ut y
recession Short sight bills quoted at HOY u.
Produce bills are scarce owing the limited exports
going forward.
Money has been easy to-day ats . per cent, with
fewor transactions at six than at five. The artificial
strngcncy sought bs produced BY the bears has failed
OF ts OBJECT and the reduced subscriptions ~ the
thirty loan, consequent In part upon the overlooking Of
the subagents last week, conducive to still greater
Commercial paper Of the best grade 10 taken at
Per cont; but the volume Of business in the discount
line Ia very limited.
The stockholders Of the New York and New Haven
Railroad Company held their annual meeting Thurs
day at New Haven, pursuant 10 adjournment. Only
about thousand OF the thirysx thousand shares
represented at the meeting that the attendance
unusually slim As there Ia fair prospect Of
efecting settlement with large proportion Of the
holders Of the spurious stock issued by Robert Schuyler
In connection with the fact that for the last years
dividends amounting TO about nine per cent per
have boon made the opposition heretofore manifested to
the present Board Of Managers has been entirely with
drawn, shown by their unanimous reelection.
On motion of President Carhar General Ely A. Elliott,
of Clinton Conn, occupied tho chair, and, after the
usual preliminary proceedings the following resolutions
offered by Captain John Could OF Fairfield
mousy adop.ed:--
Resolved That the resolution passed by the Board Of
Directors October "a, 1883 proposing compromise with
the holders OF tho called spurious stock claimed un
dor fraudulent certificates issued by Robert Schuyler
(gvng share OF genuine stock for two shares OF the
spurious soc is just IN its conception and Is hereby
approved by this meeting
Resolved, That the appeal taken BY the Directors
from the general term OF tho Supreme Court for the city
and county OF New York 10 the Court of Appeals for
nna decision the matter OF the spurious stock still
unadjastod, is also approved by this meeting
The uuaajused spurious stock amounts to about
$500 600
After rcappolning Mr. Henry White auditor for the
ensuing year the meeting adjourned.
S3Dck Exchange.