The New York herald., 1866-06-04
FINANCIAL AND COMMERCIAL.
SUNDAY, June 8, 1896.


Wall street has been free from violent periurbations
during he past week. and the fact Of Friday having been
observed as a holiday in respect to the memory Of
General Scott materially reduced the volume OF ousn s
after Thursday morning. There was motto aoe in-
crease OF monetary ease under the disbursements OF the
Sub Treasury the balance in which was reduced from
Sll3 066 4G3 to $s5 526 46i or neariy twe"y-eighs
millions between the oath and 3lst oi May Ihe Supply
OF capital was therefore in excess OF the demand 'or eau
loans nj sx per cent and in consequence further
covery of prlces on tho Stock Exchange took place.
New York Central Michigan Southern and Fort wayne
~ e stronces and most active of the railway shares
and Cleveland and Pittsburg after rising from so
10 mar. fell 10 81, VIII 10 Erie hammered as
low a 81 on Tuesday but TO 62k Saturday
The negotiations OF the Erie Company with one OF its
own directors bave resulted in placing amount Of the
stock in his hands sufficient to give him control Of the
market for H. which he has not hesated to TO the
best Of his ability and to the great damage OF the credit
of the company He has already received the twenty
eight Thousand shares OF the companys stock
which were author zed about year and quarter ago
as security loans. amounting TO $lS00000 and his
codirectors IL is stated negotiated with NJ for
further OF ST. 600 security for which they
propose place in HIS hands s30000 600 OF the con
vertbc bonds OF the company, with of course TIE prv
ege OF immed ate conversion and full of tho stock
ing debt Of the company Whether the latter will actually
avail itself OF offer OF the director to lend ST. 700 oOo
or any part Of this sum, The terms named seems as
vet uncertain; but il 1t does will be very dscredtabe
Hnancicng and strengthen the suspicion that the entire
direction is in league with the Broad street spccuator to
daprecate the valuo OF the companys stock II is ru-
morcd howeycr, the other hand, that maiort OF
the directors yielding the pressure of publ, opinion,
have resolved to frisrate the plans OF two of
their associates and negotiate further loals through
Mr. Drew.
The stock market closed steady al p. w. ea'urday
at the following qrota,io sNes York Central 9s q,
Era 60s{ q, II dson River IL, Reading 100 4,
Michigan Southern S07S a u, Cleveland and Pitisburs
s476 q, Rock Island 92H 935z, Northwestern 2s1d
A-prcferred SIS a u Fort Wa ne 97zs 9s,o, Canton
60 a *, Cumber As bid, Quicksilver 5l15 bid In
vlow Of the restored ary easc the large advance in
the gold premium and the still ncr,as NJ earnings of
the leading ra ways especially in the Wess the tide Of
speculation on the Stock Exchange is likely to continue
rising until prices rea h much higher point.
Government securities, alike with railway sl,arcs.
were active an m. Five-twenties and seven.thrty
notes advanced about per cent and skies Of 1881 X
The covering Of "short contracts and the redemption
OF the year crtifcates stimulated the general demand
while the am Of bonds returned from Europe was
too light to exert any influence upon the market. and
there to apprehend any very considerable
return Of securities in consequence of the present
troubles in Continental Europe.
The gold market has beon very firm, in consequence
OF the steady export demand, Tho total shipments from
this port and Boston between the 1s of May aud jane
having aggregated 500, ,3os SIS. Tho export by Sat-
urday's st a:ers vas $3.63l,sH Loaas wcre made
without interest," and at per cen. for carrying. The
daiIv of tiopo und.