The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-04-23
FINANCIAL AND COMMERCIAL.

speculative the Stock Exchange during the
past week. Railway shares at the opening were par
TALLY neglected In favor OF the miscellaneous socks
which buoyant but afterwards interest in the lat
Ter, which suffered relapse, waned, and the former
became stronger, with increasing volume Of transac
lions, and the market closed with firm upward ten.
dsncy, the following being the quotations at hafpast
i've yesterday aftsrnoon:-New York Central 92X 93,
Erie tax u, Hudson River l0sk 100, Reading 1o4h
y, Michigan Southern s2x a 4, Illinois Central ia
u, Cleveland and Pttsburg SIX y, Rock Island 1915
y, Northwestern 27ha y, preferred Ssh a 4, Fort
Wayne e1H 4, Ohio and Mississippi certificates 2S%
T. Tho most mercuria OF the railway STOCKS was
Fort Wayne, which rose to es14 against VI
on the 18th inst, under Clique movement apparently
organized 70 Corner the "shorts" In IT, winch were
known TO be considerable Hudson River showed great
nrmness under the report Of its largely increased March
earnings a. compared with the same month last year.
Erie rather spasmodc in its action or 30
bulky stock which led the street to suppose on the
Of Of those eccentric upward turns to which 1t -
occasionally given after q heavy decline. Cleveland
and Ptsburg uctuated fevershy, as If 1t were being
bought largely by parties who at the same time desired
to keep its price down till they had loaded up" as the
phrase goes Michigan Southern strong and fairly
active There at one time sudden but shortlived
rise in Ohio and Mississippi certificates; and Mari.
posa preferred after selling up 10 a. fell back to
2Ok, closing at a. however. Quicksilver, too
was galvanized into transient activity, and rose
to g. against 40 fortnight ago. but it soon
relapsed to 81 Spruce Hill Coal rather actively
dealt in at 6Z at the open board and Saturday
the stock of this company, which has capital Of mil.
iion in hundred thousand shares Of dollars each,
was admitted TO the list of the Stock Exchange The
report submitted to the board shows that the
company has debt and owns, under per-
feet title eight hundred acres OF coal land in
the centre of the coal basin lying between the
towns of Cumberland and Frostburg, in Allegheny
county, Maryland, ten miles from the Baltimore and
Ohio Railroad and the Cumberland terminus OF the
Chesapeake and Ohio Canal There two openings on
the property of which is in operation surrounded
by all the appurenances necessary to successful mining
Government securities active and strong, all de-
scrpons having materially improved under the foreign
advccs reporting advance Of fve-twentes in London
to Tx u and the extreme ease Of the money
market at this centre. The rise In the goldbearing
bonds was equal to one per cent, and in seventhry
notes to Ia y. Temporary investments have been
made in the last mentioned to large extent by the
banks and capitalists unable to ind employment in the
way Stock Exchange loans and discounts for their
funds and private individuals have attcry been trans
feng much might be convenient Of their personal
property national securities in order to reduce their
taxable personal estate under the city assessment which
There is every prospect that the prevailing monetary
will be long continued, no funding or conversion
process which the Treasury adopt will be likely TO
disturb the flow OF money in the least II long five per
cent loan is ultimately put upon the market it will be
simply bid for sevenhiry notes, and will in no case be
bought with currency, and will have no chance OF sue
unless Congress previously legsaes that the inter-
est fvetwenes to be reduced TO five per cent with
che privilege OF conversion, aer the option accrues to
the government In this connection may mention
that 1914, 500 Of the ve-tweny loan Is redcemabc
the LIST Of May next year, and the remainder Of
the loan the LIST Of November 1869. The Treasury
has wisely given notice that after the LIST Of May next
the Of clearing house certificates will be
reduced from five to four per cent and trust that this
will speedily be followed by q reduction OF tho rate
the other temporary deposits 10 the same OF.
tent. II Is prepostcrous for the Treasury to hold
more than hundred and twenty millions Of this form
OF loan In time Of peace, and while its idle balance
the New York Sub-TreAsury, including coin, Is moro
than ninety seven and half millions.
have generally been made u call TO tho Stock
Exchange at Eve per cent, with exceptions at AZ
aud at the OF the week there large
money left over, for which lenders were unable and
borrowers any First class commercial paper
In request per cent The Western exchanges still
continue in favor Of New York. and tho receipts OF
rency drafts constant but after the opening
Of navigation the tide will gradually turn although
not to extent sufficient 10 affect the money
market hcre materially. Lenders show confidence
dscounting good Names owing to the improved tone
of the produce and merchandise markets. caused partly
by the increased nrmness gold and foreign exchange
In breadsius good deal Of speculative support
TO the Market shown both here aud at the West, which
gives strength prices but In the dry goods trade there
is lack Of animation and business closed dull under
the decline Of half cent per pound in cotton,
sequent upon the Persas advces from Liverpool New
ertheless the steady demand for consumption prevents
any considerable loss of confidence any department. Of
trade
The gold market has boon firm under a demand for
for customs duties and the scarcity OF coin for
delivery, loans having commanded average about
3l6ths per cent per diem. The export for the week
aggregated only $ll7,3i2 The extreme range Of the
market during the week has been from 1855 127
the closing quotation being l26s Il.
Foreign exchange advanced on Monday to 107k los
for bankers bills England sixty days. with large
speculative demand In view Of the possible OF
heavy amount Of 1vctwencs in the event Of Austria
and Prussia drifting into On the receipt OF the
Persias rcassurng advices however, the rate relaxed
1917 " and closed steady about lo1sf Three days
bills quoted Saturday at 1ossE a. commercial
1907 y, francs SOS 2st, short sight 51ssi 90
bills Berlin 10 y, Bremen 78I TX, Frankfort 400
y, Amsterdam ~ q, Hamburg 55ts y. The re-
ceps OF cotton at all the ports still large, those for
the past week having been about AZ 900 bales while the
exports so 900 Of which for the week ending with
the 18th inst q 900 from this port The receipts
were for the week ending with the goth IL 900 bales
making the stock In the New York market about
2lsooo, and at all the principal ports 400 900 bales
The stock of cotton at Liverpool on the 7h inst cs
mated at ee3, $40 bales, and In London at 5s5ss bales
making with $1,000 bales supposed TO be at Havrc and
elsewhere on the continent 500 .2s bales In addition
this there were anoat according TO adviccs re-
ceved about es9ooo bales Of Indian and 1885 900 bales
OF United States Tho wonder is, under such crcum.
stances that the price OF the staple should be wol
maintained abroad. and not that slight cline should