The New York herald., 1866-07-11
FINANCIAL AND COMMERCE.

TUESDAY. July 100 p. NJ.

The stock market continues strong and active ana tna
volume Of busina 50 ID liner. ase Enc aosoros
great extent the attention Of the street FOR the tm'
being; but there brisk speculative demand TOT ths
leading railway shares generally, as wei US governmon
securitiea The prospect favors higher prices fol
all the stocks on the list whether suct
are justified by real values or not; but a
railway stocks are relatively cheaper than com
modes there is reason for assuming that most o.
them are selling below their real estimated by the
earnings of the roads The investment demand Is o.
course too limited to exert any influence upon quota
tons but the extreme abundance Of the monetary fac
tiles the disposal Of the Stock Exchange gives the
speculators for q rso virtual control OF the
market Meanwhile they encouraged by the war In
Europe which is calculated create increased de-
mand for our breadsturs abroad and 80 augment the
tonnage and the earnings OF tho railways extending
westward.
At the early session OF the open board Erie was
active at 7o ri Rock Island sold at e6h, Cleveland
and Pittsburg SAX, Northwestern seh-preferred o.
Fort Wayne s7H AT the first regular board Erie saies
$500 sharesI opened at 7Ih and closed at 7oz, DO
chino OF l per cent from the closing price
at yesterdays hafpast two board; Reading closed H
lower Michigan Southern a. Cleveland and Pittsburg q,
Rock Island " Northwestern h-preferred u, Fort
Wayne y. Government g,id bearing securities were
drm and the present disposition speculate for rise
promises carry them higher especially gold remains
steady or advances The prevailing demand 10 mainly
for Ave wentles OF the old issue. These advanced u
At the one O'Clock sessions Erie sold at II ", and
tho rest Of the market steady The ha past two
board there great in Ere he transactions
aggregatng 200 shares under which the price advanced
1874 2I higher than at tho first regular board
Tho market generally was at the same time hrmer
Read ng closed u higher Cleveland and Pittsburg h
~. aIapda rntalO
4 lower Fort Wayne d, Quicksilver y, Western
Un Telegraph 4. Government securities were quiet
and coupon hge-twentes of 1862 declined q.
At the open board at halEpast three Erie continued
active and sold at 1871 73k. New York Central sold
At 99k Fort wayne 97s4 Reading 1861 Illinois Central
l22h, Cleveland and pttsburs SAX 's, Cleve'
land and Toledo 1l0k, Rock Island o6'f. North
western 32's-preferred o. 81 62l4, Quicksilver
s1k. Afterwards the market renamed firm, and at
hall. past five Erie quoted at 73ss "a Reading
1863 lO7 Michigan Southern 791i 80, Cleveland and
Pittsburg ss's 70, Rock Island 90 y, Northwestern
S2% aX-preferred 62h Il, Fort Wayne ok S.
The gold market opened at 149h, with downward
tendency under the effect OF tho European by the
City Of London, and the price fell to l4sA IRON
which point reacted 1893 At four o'clock it
stoat i49;s, and finally closed at 149 H. The supply
Of aas equal to the borrowing demand, and loans
were made fat almost without exception. There is
nothing In tho character OF the advices from the Old
World to warrant this decline, which Is mainly due TO
the diversion of speculation the Stock Exchange just
Is the excessive rise OF gold to los owing In
part 70 the diversion Of speculation from tho
Stock Exchange to the gold room. There is
little probability however, of the reaction making
much fur her progress under existing circumstances but
strong that the present decline VIII shortly be
ceedcd BY recovery. After having shipped nearly
fortynve millions Of gold during tho last ten weeks 1t
would be unreasonable for look for any impor
tant decline OF the premium, the particularly rs
tho supply Of gold in the banks and Treasury very
light in comparison with European indebted
ness, and as the foreign exchanges are running
heavily against Tho latter are all the
more decidedly adverse, owing TO the almost
total csaon Of cotton exports and the continued large
imporations tho value OF which in gold greatly exceeds
that Of the general exports currency. That we sha!
be under the necessity o shipping gold IN addition to
the fyetwcnties which the European markets are likely
to absorb the increasing frmncss Of the foreign OK
change market would indicate, and IL ia obvious
that long abost three hundred and y millions Of
our securi es held abroad the market for gold Is
liable 70 contingencies out OF these domestic
money market Is, fortunately independent The pricc
Of British ooosois and nvetwentics improved slightly
2sth Of june the suboined statement OF the io,a
tions brought BY the last three but tho
Bank Of England Of discount remained unchanged