The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-07-28
FINANCIAL AND coMMERc GAL.
THURSDAY, July 7T-e p. r.

THuRsDAy, July 37-ePx
ina stock market was excited and higher on the tired
this morning the chief interest being centred in Erie,
which advanced 20 90. At the first board, however.
although prices well maintained Erie receded u
DER cent but still showed rise OF compared with
the closing price ct yesterdays second board New
York Central improved l. Hudson River IN Reading
TX Michigan Southern q Illinois Central ~ Cleveland
and Pittsburgh Cleveland and Toledo Rock Island
Fort Wayne "a Ohio and Mississippi certificates were
unchanged. Government securities were quiet Coupon
nvetwentics declined r. Tepforties advanced y;
pom skies, 1881, "
After the call the market anguid and at the open
board at O'Clock prices u per cent
lower Afterwards Erie reapsed to 90, and then as
rapidly recovered to 97 At the second regular board
the market less animated and prices experienced
further fractional decline Erie closed u lower than at
the first board New York Central III, Reading y,
Michigan Southern 4, Cleveland and Pihsburg TX Rock
Island q, Prairie du Chen J. Fort Wayne Il, Ohio and
Mississippi certificates 4, Quicksilver ~ Hudson River
was u higher Government securities were inactive
Coupon hvc-twentcs advanced u. Ten fores declined
j. One years certificates sold at OH
At the open board at past three there was par
ta recovery Of prices New York Central sold at 95s6
the call, Erie 96X, Hudson River 115,4, Reading
1917, Michigan Southern 67Z, Cleveland and Pittsbnrg
73X, Rock Island 10S%, Northwestern 2sL, Fort
Wayne co. Ohio and Mississippi certificates 25K,
Cumberland 43, Quicksilver SIX, Canton 411S. Later
the street the market firm; but there less
activity in Erie This stock has been up with undue
rapidly and reaction In il is not improbable
large portion Of the short interest has been covered and
the uncertainty attending the disposal of the twenty
eight thousand shass hyporhecaed with the specua-
tive director of the road has tendency to shake the
confidence Of buyers. At the same time the sudden
of investors stock into the market.
The speculative movement the Stock Exchange has
resulted in increased demand for money and harden
ing Of the rates for loans and discounts The national
banks being closely drawn upon and of their
number have been unable to make any fresh loans to-
day. At tho same time, all the banks making loans
have exacted seven per cent and wide mar
gins Although there is danger Of strngency money
s likely to be in diminished supply and increased de-
mand Sr time TO attended by the maintenance
of the present rate The discount line is moderately
active and the best grade of commercial paper passes at
Ia per cent at short dates, and the second at
Ska10
Tho gold market was firm in the morning, and took
sharp upward turn late In the afternoon partly in
sequence of despatch from Cairo reporting that Maxi
milan had ordered thrtyfve thousand French Aus
TRAN and other troops to the Rio Grande to watch
the movements Of the United States troops in
Texas. There to suspect, however that
this report was manufactured and teegraphed
In the interest of the bulls in gold who desperate
and INSCRIPTIONS enough to resort to any fabrcatons
calculated TO their purposea Geld, after
opening at 143, declined q and then steadily advanced
TO la at two After this 1t continued in the ascend
ant, and at i've p NJ stood at 145A 14o The supply
Of cash gold was very all day and it difficult to
lend any considerable amount
Foreign exchange has been in very light demand. The
bills Of leading bankers have been bought at l0s and
good but not prime bankers bills have been sold low
as 1857 The asking rate is however 100. The prefer
ence given to nvetwentes remittance has seriously
checked the demand for regular exchange and produced
corresponding depression OF rates Should the price OF
Ave-twenties be sustained abroad these shipments will
doubtless continue until the advance the price Of the
bonds on this side makes their export Improbable
The business at tho Sub-Trcasury to-day as fol-
lows
loGh SecciPts. ............... zioao oZ
l,vfif
Subscriptions to government loan. ......... $4,000
Wa hava nlofa uc nft ,a fall of