The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-07-14
FINANCIAL AND COMMERCIAL

triumph long summer OF recovery may iohoW
spring OF stagnaton and depression. and the pup-
BILE OF speculation may DO niown INTO the gor-
reous dimensions which made famous and lusrous but
Ia tho eud ruinous tho carly part Of the year 1884
when the Stock Exchange witnessed lie memorable Bull
run Of which a dispersed multitude OF 'eams ducks
now alone remain to bear witness. The 'sbus" wero
Chased through that terrible ordeal against their
will and the sbears" squeezed them into a
fearful submission. Now the bulls are smiling
profits in tho speculative atmosphere, and. one by
one they tossing tho playthings Of the stock Ex-
change The bears have courage to confront them,
and like railway train with Erie the locomotive. the
entire list o. active stocks moves onward.
At the early session Of the open board Erie sold at "a
AZ, N T. Central osH, Michigan Southern slk, Cleve-
land and Pit,sburg s4aS, Rock Island o6H a
y, Northwestern S4sS B. preferred 62a a
8Sx AT the FIRST regular board Erie firm at
the closing price of yesterdays half-past two
board Erie preferred y higher Reading u,
Cleveland and Piitsburg =, Fort Wayne Is Cleveland
and Toledo n lower. Northwestern u Cumberland
q, Western Union Telegraph y. Government secur
ties were active but the highest prices Of yesterday
fully sustained although speculation in them
is almost exclusively in favor OF a rise. Coupon five
twentes of 1862 declined ,s. tcnforties ~ Coupon
five twentics Of the third Issue were Is higher
At tho open board at one O'Clock Erie remained firm
at TAN, and Reading advanced to 1854 At tho half
past two board the market well sustained. Erie
5as firm ~ the closing price at the nom
ing board. Reading III higher Michigan
Southern u, Illinois Central II, Western Union Tele-
graph ~ New York Central was n lower Cleveland
ana Pittsburg 4, Rock Island H. Northwestern and
Fort Wayne wore steady. Government securities
quiet Coupon avetwentics of tue old ISSUE which
the fayoes OF tho hour in anticipation Of foreign de-
nandw ch will mafn IL
steady but closed at decline of r. Coupon nve-twen
ties of the third issue advanced Y, ton rores II.
At the halfpast three board Erie sold at 74, Reading
l0SA Michigan Southern sl9S Illinois Central H. 4
Cleveland aud Ptsburg d. o. S43s, R-ck Island, e6h
Northwestern 3i1-prefer,ed 631s, Fort Wayne
s8k. Artcrward the market remained steady and
tho quotations at hafpast fye Now York Cen
trl o9 u, Erie "a "a Hadson River ia q, Read
ing 1881 Y, Michigan Southern siS So, Cleveland
and Pittsburg SAX ~ Cleveland and Toledo 100 x,
Rock Island 9es 4, Northwestern 3414 S-preferred
83x y, Fort Wayne 9s,4 a u, Ohio and Mississippi
certificates PIX q, Cumber and 49, u, Quicksilver
5lka52
Tho supply OF money is little more limited in
proportion to the demand than it was a fortnight
ago, but the wants of the Stock Exchange are
freely supplied at five per cent. few exceptional
transactions at six per cent were reported
terest VIII large amount Of year certificates
OF indebtedness the 18th inst, and the redemption Of
these will contribute materially the prevailing
tary Tho disbursement OF interest the third
series Of the scventhir.y loa due on the day will
further swell tho volume OF oanabe funds at this centre
and tend to stimulate speculation the Stock Exchange
The drain to the West. which has BEN
stant but by no means heavy during tho last
month has subsidized into very slender proportions, and
its effect upon monetary affairs here Is hardly at all
pcrceptibe The discount line Is quiet and tho supply
OF arst class commercial paper Is light Tho bulk az
this passes at oar pos coat, with Jew exceptions
at5E.
Tho gold market opened al further advance. namely
1885, but quickly reacted TO 1874. II afterwards re-
covered TO 1891, but finally closed at 152iz. Loans
were made without interest, end nj per cent.
FOR carrying The shipment tomorrow 10 expected to
aggregate nearly two millions and the prospect or con-
tnued shipments q considerable scale keeps Tho
market Arm and induces speculation for RISE notwth
standing the posipunoent or rarir bin and the nd
vance OF Ave twonties IN Europe Our import trade is
not only very large but the increase and export
trade Is no, only very small but the decrease and
the good effect Of the European war upon tho latter
will OF COURSE not DO folt for some months 10 come.
Tbo longer the war ths and the wider extends
ths more il will stimulate exports OF breadstr and
also or our securities although tho fact OF the latter
being held mainly in Germany exposes us to contingent
olcs which We have dready referred to- The prevailing
theory Is that there win DO continuous export Of
bonds which viii cause them advance in price,
but that this win not for six months or
more TO come pc SUFFICIENT cqualize the value OF tho
exports and imports Of produce and general merchsn-
disc; that consequently regular weekly shipments Of
spocc viii bc equlrod to mako M the difference and
that therefore gold will advance TOO, under the limited
sN
continue scarce FOR shipment aua < per con, premium
Is bid or them.
The msrke, for foreign exchange opened With how
sf nrmsoss and lead drawers askad l09i. foy tc's
bills on England sixty days; but as the dry advance
the demand declined and the ciosr the he's, bankers
bills At long dates wsre quoted al 100 second la I'd
aud .hcy wcrc dificult Of sale a, that. Shor
sight bills which opened i1oys III declined 10 lot
a1Iox. Tho supply Of commercial bills is very limited
and these are saabe OF 1918 losk. Franc al Isl.
days arc quoted s 100 5.1eTc, three days t.esc
503kc Bills on Hamburg quoted At 35& ASK
on Amsterdam 4o4 AK, on Frankfort i2js a., o.
Bremen 7sTs 70, on Berlin lthaers) 7ia7 rs The rr
vate advicos from tho Coninsn discourngng taa
OF the German bankers are unwilling 70 dla~ a
the current quotations.
Petroleum and IA nsns ma, stale IN
Improbable and Il Is little better than ~ spae
70 record the Of prcss Most Of the shares ds'
neAl 60 worthless and merely represent tho wreck
Of private fortunes Nearly all he petroleum. stcc,.
dealt In had their origin deliberately concoctei sr
dies ana II u melancholy spectacle TO the ghosts
what paraded before the public as spiendi
enterprise banded FROM hand to hand among band
men who pas prccarious anil TRIVIAL existence 1
spcoulai Nc p~their irlhing ups aud downs
AT Tho frsl board Bcnnohoa Run oil closed Nc highe
than a tbs samc time yesterday, New York Gold icc
United Sta 4sc. lower Consolidated Gregory colc
In- -. -vSvnu urard = nuIafct
Gregory Gold closed 45c lover than At tie Ar. board
selling At $40 15 Beunehoa Ran OIL was ioc hieher
selling q, 81 IS; Gunnel Gold sold o. 81 os k, s,on
silver lac, New York Gold 81 q, Central 81 40, Pr
hcle Crook o. 90
The importAiions OF dry goods At this por, for IN,
week ending July IL compare ssrfollows with those Of