The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-05-13
FINANCIAL AND COMMERCIAL.


FRlDAr, May H. r. H.
The stock market showed moderate degree OF firm
asss this morning, but during the afternoon il weak
snsd, and at the second board general decline took
place. At tho close OF the board New York Central
was per cent higher than Of yesterdays ssooud, Eric
y, Hudson River 2 Beading ~, Michigan Southern 1,
Illinois Central l. Cleveland and Pittsbury AZ North
western v, Rock Island u, Fort Wayne az Ohio and
Mssasppi certificates M Quicksilver y, Cumberland
Governraent securities steady but inactive. AZ
the oyen board at one O'Clock, the market was
heavy. Erie however remained unchanged. AT the
regular board quotations lower tho decline
from the closing price the rst board in Erie being ~
New York Central 2, Michigan Central u, Michigan
Southern Ia, Cleveland and Ptsburg Northwestern
Rock Island az, Fort Wayne az, Reading y, Ohio and
Mississippi certificates X. Illinois Central was higher
Quicksilver u. Government securities were shade
hrmer. Coupon ave-twenlies advanced r. At tho open
board at half past three O'Clock, unsettled feeling
prevailed and prices were lower, Erie excepted New
York Central closed at COX, Erie 787s, Hudson River
1857, Reading sSx, Illinois Central 1lbx, Michigan
Southern 63k, Cleveland and Pittsburg $50, Rock
Island 1914 Ohio and Mississippi certificates 265s, Cum
berland 40H. Later on the street the market was
dull. Erie, however, improved to tx
Some apprehension exists that partial stringency may
be felt tho money market consequence OF forthcom
ing Treasury drafts upon Dir. Jay Cookies agents IL rs
estimated that the Treasury will draw In the aggregate
all over the country at the rate Of ten millions day Tor
few days II so marked falling OF in subscriptions
to the thirty loan may follow the reduction Of
balances in the hands OF agents will make the latter
stop ordering any notes than suits their financial
convenience and them to Call in portion Of their
advances seven-thirties and gold bonds. But
in view OF the vast amount Of currency now
afoat, stringent money market can only be pro-
duoed by dstrcst and Is TO the interest," while Is also
the WISH Of the TO keep the money market
easy and free possible from all disturbing
There u good reason why the expected Treasury
drafts IL they prove to be a. large as Is supposed
should create any strngcny but there are parties In
the bear interest whose policy to exaggerae effects
and get up scare without II is not aatterng
to Wall street intelligence, but it is nevertheless true,
that Wall street are for the most part easily lod
as flock of sheep They all 60 with the market and
the capcious and senseess In its operations
as the great majority OF those who make the market
Those lenders who profess 10 sniff the battle aar oil and
stsncll rat than their neigbors have been
acting higher rates Of interest to-day than were before
current and high seven per cent has been paid for
loans colatera but the general has
been Ave. The subscriptions TO the loan have been
so Of late that unusually large amount Of
funds has accumulated with the agents, and they
easily bear to be drawn upon, and rather heavily, too
Commercial paper of the best grade rated at per
cent.
Tho goI2 market has been very active and excited
throughout the day. Tho opening quotation 1921,
from which, after noon, had advanced to 1897
but after this point had been reached the bears began
put out ''shorts freely and semi panic set In for
short time, under which the price fell TO 1soH. This
was followed by lu and steadier feeling, and the
price had reacted TO 130X after Eve p. N.
Foreign exchange continues firm, but the volume Of
transactions has been light Bankers ask 1927 ITO for
their sixty days bills, and merchants bills are scarce
and indcinand at 100 103X.
The following national banks authorized during