The New York herald., 1865-05-18
FINANCIAL AND CONNER CIAL


WEDNESDAY,, May 17-eP. NJ
Al the rt session OF the stock board day the bears
made vigorous attack upon the market Erie, Reading,
Michigan Southern and Cleveland and Pit,sburg were
pressed for in heavy blocks but considering the
smount Of stock sold the decline was light Erie was
IL lower the close than at yesterdays second ooaFd
New York Central 2k Hudson River ia, Reading ~,
Michigan Southern 1X, Illinois Central ~ Cleveland and
Pitsburg q Rock Island 2t, Northwestern n, Fort
Wayne l. Ohio and Mississippi certificates IL, Quick
silver g.
Government securities were lower under the Cuba's
news reporting nve-twentes At 63h % on the London
Stock Exchange the 9th inst. Coupon nve-twenies
declined u, skies Of 1881 u, tcn-forties IN AZ the
open board O'Clock Erie sold down IA but the
rest the list only fraction lower Cleveland and
Plttsburg n higher. At the second regular board
there was n general Improvement, commencing with
Erie under single purchase Of three thousand shares
Erie the close higher than at the first board,
New York Central u, Hudson River ], Reading ~,
Michigan Southern 81 Cleveland and Pittsbnrg Rock
Island Ia, Fort Wayne u Illinois Central declined r.
Government securities were hrmer Coupon fve-twen-
ties advanced "a, ten-forties u.
Al the open board half-psst three three was
general relapse under further hammerng by the bears
Eric sold IA Hudson river 100, Reading OIL u, Michigan
Southern 6OA Illinois Central 1l5, Cleveland aud Pitts
burg 63%, Rock Island 9iH, Northwestern 27, Fort
Wayne 92x, Quicksilver 54k..
Tho stock market continues irregular and rather weak
owing tho conflict between the leading bull and bear
operators Tho fight the part OF the latter Is becoming
desperate and long they have the power they will
not abandon the contest. They are meanwhile unscru-
puous enough TO resort to false arguments with view
the fears Of Others that a stringent money
market at hand II this the game would be
in their hands, to great extent, but money
happens be very easy at i've per cent and
know Of houses on the street which unable to
lend their balances at that figure Before long here
will probably break in the market, but specuations
based upon this at present premature and it has dur
ing last days undergone much depression that
moderate reaction would be not unlikely In the present
condition Of tho money market. An artificial activity
sought be created by the bears buying and borrow
Ing largely upon seyenhrty notes. but strategy OF this
kind usually fails of its object II the market sinks
lower just nowit will be because money is tight.
Tho best grade OF paper passes at per
cent
Gold was dull notwithstanding the shipment Of
$o36 $50 by the Scotia and the reported shipment Of
further large by the Havana steamer The opening
price 1304, from which 1t declined 1898, but
subsequently To 1907. Al Ave p N. il had re-
lapsed to 1907.
Foreign exchange Is firm, but quiet Bankers ask no
for their bills at sixty days and 11o1S I10 at short
sight at
The ulI in subscriptions to the seventhrty loan is
more attributable to the unusually heavy subscriptions
OF last week than tho reservaonary clause by
the Secretary Of the Treasury but that clause was GER
tany not calculated to improve tho prospects
loan to result In any saving to the gov
ernment The change to be OF any service
TO the Treasury ought to have been from seven and
threetenths to six per cent currency and s efcct
would have been greater in checking subscriptions
than the provision referred TO- which makes portion OF
the public, who impressed with the idea that green
backs are soon will be, good gold, regard II as
six per cent instead Of seventhrty loan. Tho pros
pect however. of the Treasury being in position TO
avail itself of the option at the expiration Of the three
years from July next is remote