The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-04-04
FINANCIAL AND CONNER GAL.
TuEspAY. April SO p. NJ.


TUESDAY, April SO r. NJ
s stock market has been active and strong to day,
with further material advance in Michigan southern,
Rock Island and Cleveland and Ptsburg, and bat to
lass extent IN the other leading railway shares Erie
aon,inued TO be ygantly hammered by the bears and
failed 10 experience any improvement 1t re-
mained steady however, till near tho close
Of business when 1t declined ~ per
cent, partly IN sympathy with the general market
Al the early session of the open board Erie (sales 100
shares sold at TAX, New York Central Is 81 ely, Michi-
gan Southern ales boO s7H y. Cleveland and Pitts
burg 7sA SO, Rock Island 1lok, Northwestern (saes
lloo 2e14 u, preferred IS, Fort Wayne sek At the
nrst regular board the market strong with espe-
cal buoyancy in Michigan Southern lsaes $500
sharesl and Rock Island (sales 1,Sool The former
closed "a higher than at the haf-past Two
hoard yesterday and the latter "a. Cleveland and
Pttsburg saes 1907 and Fort Wayne sales 2oo) were
very firm and in the ascendant the one closing at
an advance of lK and the other OF ~. New York
Central was higher, Reading 81 Northwestern y,
Ohio and Mississippi certificates q. Erie was an excep-
ton To the rule and showed decline Of u. Govern
mont securities we're dull Coupon hve-twenties OF the
1852 issue were n lower. The second issue advanced
i, sevcn thirty notes OF the second series y.
At the one o'clock session of the open board Michi
van Southern was active and sold at $50 y
(sa.es Q 0oO, New York Central sold at Ok, Read.
ing 1to Rock Island 1l6 y, Cleveland and Pitts
burg 798, Northwestern preferred 54H, Fort Wayne
e04. There was no afternoon session Of the regular
board in order to allow the members to attend
the funeral of heir late associate, Mr. Ward, nor
any later session the open board A large
amount of business was nevertheless transacted
in the hall of the Stock Exchange. Michigan South
s9H, but Afterwards reccded fraction and
half past Eve the market ctsed steady at the follow
ing Southern sou "a, Cleveland
and Pttsburg 7s8 u, Northwestern 269S a u, pre-
ferred 54H y, Rock Island 1l5H u, Fort
Wayne s9H ~ Erie 1921 Il, New York
Central 91H e. Hudson River 1925 n q,
Reading 9sT 90 Michigan Southern continued
absorb attention, and Its stubborn strength surprises
perplexes the street. S9 bid at the close for
any part OF 900 shares The bears apprehcnsive,
yet at the same time doubtful, Of 'corner in the
stock the shortn in which is supposed to be
large.
The United States Supreme Court has decided that the
Chamberlin lease and judgment for 81 200 900 against
the Eastern Division of the La Crosse and Milwaukee
Railroad Company is valid and next In order Of hen
after the first and second mortgage bonds, taking
precedence OF j. Edgar Thompsons and Thomas Scotts
advance of nearly $780, 900 to pay past due interest
This lease judgment well as all other claims that are
Of any value against the property, are owned by the
Milwaukee and ST. Paul Railroad Company
The gold market has been moderately firm. The open
ing price 127 s. followed by decline to 1917 and
subsequent advance TO 1928 q, the closing quotation
Coin for delivery in demand ut per cont 1-16 In
favor Of the lender
Foreign exchange dull. Bankers bills at sixty
days England quoted at 1861 4, three days
107H z, commercial lO5 1904. Bills on Paris were
rated ut ST. Soc ST. 35c for long date and ST. Csc 81
27hc for short date That the large exports Of cotton
going forward excertng very depressing influence
upon the sales is apparent; and how Ear or how long
future is a matter upon which opinions widely differ
The money market is easy at Ave per to the Stock
Exchange, and the exceptions at six The dis
count line is quiet and FIRST class commercial paper
passes al seven per cent
The statement Of the public debt for the month ending
tho LIST inst shows that the Secretary Of the Treasury
has been making conversions Of securities in manner
unauthorized by any act Of Congress. The tenforty
bonds have decreased than lsllion and hall.
Into what have these been converted, and at whose
sonci,aton' is increase Of }he skies OF lss
from 1882 693 100 to $685. us, $50, of the FIVE
twcnties from $67o 043 500 10 $679, $3.50 0oo Thes'
changes call for explanation Tho total debt shows
decrease OF SIS, O63 and tho legal tender notes Of
S2ese l21, 81 600 900 Of which is the item Of com
pound notes The coin In the Treasury has decreased
So 933 sos The totals compare follows with those o
last month