The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-07-31
FINANCIAL AND COMMERCIAL.

SUNDAY, July 30, 1906
The past week has witnessed very excited market for
railway stocks owing mainly TO The manipulation or
rs Inv the bul CLIQUE headed by the speculative drec-
tor of the road. The company declared dividend OF
four ner cent on the common and three and half on
the preferred stock Wednesday, and the stock which
had risen in anticipation of it, continued TO rise on the
strength of it, touching 30 Thursday morning on the
street. After that it remained active and huctuated
rapidly On Saturday became rather heavy, and closed
on the street at 94h Notwithstanding that the cash
price during the day was y higher than the
regular The manner in which the stock has been
man@uvred since the bill authorizing the issue OF new
stock passed the Legislature leads to the Inference that
the used affect Its market value, else
Erie would hardly have declined to A. as 1t did
months ago The entire market sympathized with the
course of Erie the active and buoyant stocks
being Michigan Southern, Cleveland and Pittsburg and
Hudson River.
The money market was easy throughout, but 1t in
creased in activity as the week advanced and at the
close the rate for call loans government and railway
and miscellaneous coaterals was seven per cent The
sales Of gold aud cotton by the government have
absorbed a considerable amount of currency,
and, together with the drafts the sub-agents have
reduced the supply of legal tenders in the banks
The currency in the Sub Treasury had increased to
$50 SO2 on Saturday afternoon. The Treasury bal
with the national banks have been down rather
Close and it estimated by Mr. Jay Cooke on the day
the last OF the thirty loan was taken that the
ENDS their hands all the country did not aggre
nj moro than fifty millions The Treasury is provid
IN addition to its current disbursements for the pay
n,ent - nearly eleven millions of interest seven
, ,hir,v mot - which fall. due on the 18th of August
rberssors IN, re will be a diminution in the balance in
,,. sh r.sn y after that date But meanwhile there
rs no nrosnect of strngency. The continued increase in
tho national bank a. -culaon together with the large
volume of currency out nding operates against such
condition of the money marke'
=. The gold market has been, on INC mno' my Ao'
withstandlng sales OF coin by the Sob "
the extent Of its customs receipts. On IT,
noon there sudden rise Of the premium,
partly upon Mexican canard and in the evening the
price rose to 147 Cash gold has been abundant, and
loans have freely made without interest But Tor
the large export of securities which has been going Tor
ward time past the price of gold would have
advanced considerably than it has done; for
although exports have atterly shown an increase
our imports have been in excess OF the
average The specie valuation OF last weeks imports
was $780, and for the previous week SO FOG 463
The exports for the week ending July "a were, ON the
other hand valued at only 81 947,34s in currency On
Saturday OF the advance OF fvewenties TO ~
72 together with sale of gold by the Sub-Treasury,
depressed the price 1A3A IA at which the market
closed The quotation for vetwenties by the previous
steamer 7lH Is 1t is fair to infer that the ten
dency the gold market will be towards recovery next
week The export of securities exposes us to the danger
of having them suddenly returned to us and sooner or
later stop and then shipments OF gold VIII be
substituted In the interval the larger the shipments OF
securities the higher the gold premium hereafter is In
danger of being temporarily their shipment restores
to great extent the so-cahcd balance Of trade and
depresses the for foreign exchange accordingly
The extreme quotations the street during the week