The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-05-11
FINANCIAL AND CONNER GAL.


The stock market was weak this morning, and tho
entire list experienced decline under pressure to SELL
New York Central was x lower al the close than 81
yesterdays second board, Erie n, Hudson River IN
Fort Wayne TX, Readng1, Michigan Central J. hich'-
gan Southern TX Cleveland and Pittsburg "a, North
western r. Rock Island X, Ohio and Mississippi cerh'
Gates y. Government securities were firm. Coupon
hve-twenties Of the issue advanced Is "a Al the
open board at O'Clock the market was IL lower
At the second regular board II barely steady Erie
excepted which ~ lower than at the first board
New York Central ~ lower, Hudson River "a,
Reading "a, Michigan Central 2, Michigan Southern
IL Illinois Central l. Cleveland and Pittsburg ~,
Northwestern l. Rock Island 2, Fort Wayne ],
Quicksilver a. Cumberland g. Ohio and Mississippi GER
tacates /. Government securities were rather heavy
Coupon five Of the old issue declined u, new
issue 4 ten-forties A. Skies Of 1881 were steady At
the second open board quotations underwent fractional
Improvement New York Central closed at 94z, Erie
771l Hudson River 104H, Reading 81, Michigan Central
10sX, Michigan Southern $685. Illinois Central ia,
Cleveland and Pittsburg 6oN Rock Island s5A, North
western FIX, Fort Wayne 95A ts.3, Cumberland 42h,
Ohio and Mississippi certificates 25x Quick silver 56H
Afterwards the street. the market was weak Strong
efforts been made today by combinations TO sustain
IT. otherwise 1t would have sympathzed moro actively
with the decline gold Much ofthe 'short interest
Gently outstanding been covered and should anything
derange the money market stocks would incur
the risk Of heavy decline Even it Is the number
of outside buyers sufficient to make matters easy
for the bull operators who having prices up,
1nd themselves saddled with the stocks The main ar
gument Of the bears is the prospect Of large de-
Of earnings by of produce being diverted
from the railways water channels without any
pensating reduction of working expenses. Thus unfa
vorable reports expected in the future. 1t must
however be remembered that Wall street operations are
Influenced by the market, and that,
quently, allowances to be made for SIMS
ter motives Nevertheless tho indications are
in favor of lower prices, and those who
arc specializing for a rise may find during the month
that they have built house upon the sand. The
treme abundance OF money will, however, meanwhile
enable the bulls the market up if they feel so dis
posed The rise of Erie from Al, at the beginning of
April, 10 the price which il is selling
warranted by facts than its rise to 100 last spring The
price too low and the other too high; and the
natural tendency after sudden advance is towards
cession
Gold has been weak to an extent bordering upon
panic. The opening price 1876, followed by
a rapid decline to 1914, after which it reacted
to 1929, and then receded to 1907 a q, at
which stood at half past FIVE The operators in gold
pushing the premium down unduly, and reaction is
therefore inevitable II the financial condition Of the
country better appreciated the price of gold oday
would be much higher but with it rains but IL
pours Just now there is considerable demand for
export and customs duties to check the Decline and
therefore the bears can hammer with impunity They
may hammer it 10 100 the principle 1t is true
the political and financial prospects of the nation have
proved but is still for any suppose that
gold win remain permanently at the low premium which
unthinkng persons at present suppose, and may be
safely said that the market price of gold is criterion
Of its real value We havcprnted the annexed tabular
statement already but repeat it in order to show that
during the third and fourth years following the conclu
sion Of the Napoleonc specie ruled at higher pre-
MUM in England than In the first and second years sub
sequent TO the peace. The mint price Of gold GO
It's 1od per ounce, but its market price averaged ca
Is 3d. and "a 1s 3D. respectively in the years 1878 and
1870