The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-04-06
FINANCIAL AND CONNER GAL.

THURSDAY, April 90 r. NJ
The stock market has active but fcverIsh today
attended with unusual excitement in Michigan Southern
the 'shorts in which have been compelled to corner
cir contracts at enormous loss owing TO the scarcity
OF cash stock and peremptoy demands for us aeiVery
so much has this unexpected movement aosotosa Inc
attention of the street that general course Of business
has been disturbed and frequent spasmodlc fluctuations
OF prices indicate the fu state Of the speculative feel
ine Al the same time the temper OF the market ID
bplishn and heavy purchases for rise are being made
Cleveland and Ptsburg taking the lead just now in
tiyity after the sensational stock Of the hour.
At the early session OF the open board Michigan South
ern sales 200 shares sold at l04 cash. and 81 seller
three daysa difference Of twenty per cent Erie sales
$500 1871 "a Reading (saes 300) 1904, Cleveland
and Pttsburg 10 1874 Rock Island 110<, Hudson River
% 81 1Os At the first regular board Michigan Southern
continued the leading feature Of the market saes 4oo
share and sold at 81 1ol cash. and SO seller five days
Erie closed y higher Reading " Fort Wayne Il, West
Union Telegraph az Cleveland and Pitisburg was
lower, Rock Island u, Missouri State skies a ONO ana
Mississippi certificates were active at 241s 2oh. Gov
eminent securities we're steady with large transactions
In thirty notes Coupon skies OF 1851 decneo q,
seven thirties of the second series u.
At the one O'Clock session of the open board Michigan
Southern (saes $500 sharos sold sax seller three
Cleveland and Pittsburg (sales H. 50O at 7s 77S
the regular board Michigan Southern ses $500 sold at
95 90 cash. and SO seller three days At the half past
two board Michigan Southern was very much excited
An injunction was served upon the President OF the
Board issued by Judge McCunn the application OF
Mr. Daniel Drew restraining Messrs Scott, Capron Co.
from buying in under the rule $500 shares OF the
stock on account of Messrs. Groesbock Co.. brokers
Tho Injunction, however, was not obeyed, and tho
latter arm ordered the stock to be bought in,
which accordingly done, and this settled the
matter The stock sold at 9sH 95 cash, and
"a seller three days, the sales aggrega,ng
$50 shares The regular price closed per cent higher
than at the first regular board Erie q, New York Gen.
trail y, Cleveland and Pitsburg ~ Rock Island %,
Northwestern preferred y, Western Union Telegraph
AZ Government securities steady. Coupon skies
OF 1881 were % higher.
At the open board halfpast threo the general
ket was rm but Michigan Southern declined from IS
10 $50 regular Erie sold at 1874 q, Reading 10OH,
Cleveland and Piltsburg 7oH q, Rock Island
HOY, Northwestern preferred 54H q 4, Fort Wayne
s9H, New York Central ID. 81 9lz. Afterwards
the market remained steady with the exception of Mch
gan Southern, which quoted at s2T Il at six
O'Clock New York Central at the time 90
bid, Erie 74 ~ Reading 1o0a e, Cleveland and Pitts
burg y9G u, Northwestern 90 preferred 64Z, Rock
Island lloA H. Fort Wayne s9>s
The demand for money from the Stock Exchange Is
active but the supply is abundant NJ six per cent
First class commercial paper passes at per cent,
with somewhat brislscr inquiry for discounts The
second best quality is rated at o. The drain Of
rency from the West. although very moderate, still
tnucs
The gold market has been steady and loans made
at 1872 per cent per diem in favor Of the lender
Tho opening quotation 127T, followed by decline
to 127% anu recovery at four P. N. TO 1277S 12s
Foreign exchange was dun. Bankers bills on England
at sixty days quoted ct 108n, three days 107X
commercial los LOG.
Petroleum and mining stocks are rather irregular, and
several failures among the brokers have occurred during
tho last TOW days, owing to the fluctuations resulting
from the failure OF Culver Penn go. and the banks
dependent upon thcn with which many of the oil
panies kept accounts We requested say that the
First National Bank Of Cory, Pa, has not suffered by
the failure In quetion-a statement the truth OF which
voucbed for by tho Ninth National Bank Of this city
A. the first board United States closed s0c higher than
at the Same timo yesterday, Quartz Hill 1oc. Atlantic
and Pacific 25c lower Al the second board United
States closed 200 higher than at the first board selling
at 50 TO- Atlantic and Pacific &c., selling at 81 Is;
Quartz Hill 25c selling at 80 So Ham McClinock sold
at 81, New York and Allegheny 90 Is, Pithole Creek
81 co. Shade River CO.,, Webster Soc, Consolidated
Gregory Gold SIT, Holman Gold 40c, Kipp Buell.
81 u.s.
American securities were reported quiet on the Lon
don Stock Exchange for some days previous TO the
Cuba's sailing On the evening OF the 24h OF March
I'VE twentles quoted at TX u, against 70 tho
i7th Illinois Central 7vx ~ against SOY 81 on the
same date, Eric 55I u, against 6ez 67I. Consols
during the interval declined Hak
Thsre N semi. nj in tho Of dnance rom.
pancs but tho apprehcusions concerning the Austrian
Prussian question partially subsiding. or the
British money market the London EeOnoms Of tho Gath
uit remarked
The bank return shows that II was impossible for the
bank yet 10 reduce thor rate ofdiscount The bull
stantiay the same and the private securitlcshc dis
counts, that rs TO scy-are 1850, 600 greater We
apprehend, however. that the value Of meney win,
as we las, week said, still tend downwards con.
siderable shm OF gold from Australia "a due, and
only detained by the easteriy winds the Oriental
demand Tor bullion is very slack, aud may, there
sve money market we GIT also wish for but we doubt
II we ought TO expect it Tho bulk Of legitimate trade s
very sound and many companies, both financial
companies and Others In satisfactory condition.
But at the same m, much OF the 30 called 'inance"
and Needless sort, many instances have already been
made public and we fear there others-perlaps
bad rs any-yct 20 be divulged
In the connection ho London Times OF tho same
date Observed
Tho large Increase Of gold shown IN the Bank OF
France return tended n siren gthen tho antiipaons
OF early further increase Of the money
on this side, and conso's opened this morning a
covcry OF an eighth Prices, however, inherently
as weak rs ever aud fall took place The German
dispute continues 10 exercise that kind Of innu.
snco which is always observable when war Is
spprchcnded, and which is usually found 10 be
much greater before than after the event AT the
me the Wild OF the holders of finance and
shares 70 get rid OF their property at any price, evidently
In total Ignorance whether Il Is sound unscund has
assumed increased Intensity. The discount market Is
without alteration, and tho demand at the bank to-day
was OF an average character.
The Bank Of England return shows that the increased
demand for money has led 10 an augmentation Of
ESSp I26 IN the banks advance on private securities;
and there have beon moreover Withdrawals OF private
deposits ~ the extent OF nearly quarter of million
Owing chiefly, however to the influx of f5l97s3 OF gov
crnmont deposits, the reserve presents on balance
small Increase The addton--fl21 e05-to the caju
and bullion "a about f7s,0o0 In excess Of the
amount OF tho newly Imported gold sent into tho
bank during tho week. and from this u may he
inferred that there still tendency 10 return Of