The New York herald., 1866-07-14
FINANCIAL AND CONNER clAL

Tho fever OF speculation for r's" "'''n eoea's So
Exonange Is daily carrying prices higher
and the horned adveuturers who throw dice at the
shrine Of Mammon In Wall street are exuiting In the
triumph long summer OF recovery may follow 0
spring or stagnation and depression. and the bub
Bile OF speculation may be blown into the gor
geous dimensions which made famous and lustrous but
In the eud runous tho carly part OF the year 1884
when the Stock Exchange witnessed lie memorable Bull
run or which dispersed multitude OF siams ducks,
now alone remain to bear witness The 'bulls" were
Chased through that terrible ordeal against their
will, aud the "bears y squeezed them into a
fearful submission. Now the bulls are snlfnns
profits in tho speculative atmosphere and one by
one they tossing tho play,hings of the stock Ex
change The bears have no courage to confront then
and like railway train with Erie the locomotive the
entire list o. active stocks moves onward
At the early session of the open board Erie sold at ,
Ak, Y Central 9sH, Michigan Southern slh, Cleve.
land and Pit,sburg s4sS, Rock Island oe,. a
u, Northwestern 34H u, preferred 62Z a
6sx. AT the arst regular board Eric was nrm al
the closing price of yesterdays half-past 10
board Ere preferred u higher ReadnssS,
Cleveland and fittsburg 4, Fort Wayne 4. Clseland
and Toledo was k lower Northwestern y, Cplfberand
4, Western Union Telegraph Il. GovernpSht secur
ties wore active but the highest prices "f yesterday
were not fully sustained although epcchtion in them
twentics Of 1862 declined 1S. -.ortes ". Coupon
Ave twentics Of tho third Issue wcv - higher.
At tho open board at one ocio.k Erie remained frm
at 74h, and Reading advancest to 1854. Az the half
past two board the marke' WAS well SUSTAINED. Erie
Jas firm q, the cosing price at the NOM
ing board. Reading was Ia higher, Michigan
Southern a, Illinois Central y, Western Union Tee-
graph Y. New Yotk Central was " lower, Cleveland
ana Pttsburg 4, Z, Rock Island H. Northwestern and
Fort Wayne wore steady. Government securities
quiet Coupen nvetwontics OF the old issue, which
the ravortes OF tho hour anticipation Of foreign de-
mand which win carry them materially higher, opened
steady but closed at decline OF u. Coupon Ave.twon-
ties OF the third issue advanced Y, ten forties u.
At the haGpast three board Erie sold at 74jS Reading
108A, Michigan Southern SlA6, Illinois Central 122 x
Cleveland aud Psburg d. Q, s431, R-ck Island, 961S
Northwestern 3i3i-preferEed 631s, Fort Wayne
e8k. Aflcrward the market remained steady and
tho quotations at holf-past nvo were:New York Cen
trsi oeK u, Erie "A u, Hudson River ia x, Read
inf 1ossi x, Michigan Southern slT So, Cleveland
and Pttsburg saA az, Cleveland and Toledo lo9 a x,
Rock Island 9e x, Northwestern 347i azS-preferred
63x 5s, Fort Wayne ostl IL, Ohio and Mississippi
certificates 27h q, Cumb erand 49, u, Quicksilver
51Ha52
Tho supply OF money s little more limited in
proportion TO the demand than 1t a fortnight
ago, but the wants Of the Stock Exchange are
freely supplied at Ave per cent. few exceptional
transactions at six per cent were reported,
but these afford criterion OF the general market In
terest will large amount Of year certificates
OF indebtedness the 18th ins and the redemption OF
those viii contribute materially to the prevailing
tary Tho disbursement Of interest the third
series OF the scvenhiry loan due tho day, will
further swell tho volume OF foanable funds at this CENTRE
and tend to stimulate speculation the Stock Exchange
The drain TO tho West. which has be
stant, but by no means heavy during the last
month"; has subsdcd into very slender proportions, aud
Its effect upon monetary affairs here Is hardly II at all
pcroeptitie The discount line Is quiet and tho supply
OF Grst class commercial paper is light Tho bulk Of
this passes AZ oar pos cont, with rcw exceptions
a6E
Tho gold market opened al further advance pamcly
I53 but quickly reacted TO 1924. II afterwards re-
covered 15sI, but finally closed a. i52,l. Loans
wero made without interest, end nj 2 q per cent,
Tor carrying The shipment tomorrow s expected 10
aggregate ncar two mlions and tho prospect OF con-
tinued shipments considerable scale keeps tho
market Arm aud induces speculation for rse noiwlih
s.andug the pospuno. rarir BIN and the ad
vance Of Ave twones IN Europe. Our import trade Is
only very large but the increase and our export
trade Is not only very small but the decrease, and
tho good effect of the European war upon the latter
win OF ooursc not DO fof for some months to come.
rbo longer the war the and tho wider extends
ths more il will stimulate exports OF breadstrn and
also OF our securities although tho fact OF the latter
being hsid mainly Germany exposes to contingent
oacs which we have dready referred to. The prevailing
theory is that there will DO a continuous export OF
bonds which viii, them to advance in price.
but that this viii not for six months or
moro TO come pc sufficient cquaize the value OF The
exports and imports Of produce and general merchsn
disc that consequently regular weekly sbpmcais OF
vwifl hc n ms
that therefore gold will adsanca too under The limited
supply which remains in the country. Dcubie eagles
continue scarce for shipment aud Z per ecu, premium
Is bid or them.
The market Tor foreign exchange opened With a show
of hrmsoss and lead drawers asked l0az for hc's
bills England a, sixty days; but as the d,y advanced
the demand declined ard AT The closr tho best bsners
bills a long dates quoted nj 100, stcorl hald
and they wcro dhcult OF sale even At that shori
sight bills which opened at ilo's Ill declined to iloN
aliox Tho supply Of commercial bills is very limited
and these are salable Of lorH losk. Franc al siSi
days are quoted loc 5letic, three days t.0sc
5.o3No Bills on Hamburg quoted al 35si Ssi. /.
on Amsterdam 4oat Az. on Frankfort i2's a ~ OF
Bremen Tsys 70, Berlin thaers) "a a rs. The rri
vate sdvicos from tho connsu arc so discourang hn
some or the German bankers unwilling 70 dia- a
the current quoiatlona
Petroleum and m nins nat, pnt
unprrGtablc and Il Is uto better than n waste spsc
70 record the course Of prcss Most the shares dc
are % worthless and merely represent tho wsee
Of private fortunes Nearly all he petroleum. s,cc
dealt in had their origin deliberately concoct,i in
dcs and u y melancholy spectacle 10 see The ghosts
what paraded before the public splendi
enterprise banded FROM baud TO hand among band
men who pas a prccarious AMI trivial existence i
spcouai ns is-shcr irning ups aud downs
Al lho arsl board Bennehoa Run oil closed iFc highe
than AZ the aBe time yesterday New York Gold ioc
United Sta ssc lowcr Consolidated Gregory Cold
M ~ rlns0IIutse
Gregory Gold closed i5c lower than al the ar. bors
selling Al $40 10; BOnnehoG Ran OIL was Ice birAer
selling a, 81 IS; Guune Gold sold a. 81 os sion,
silver isc., New York Gold 81 2S Central az iO Pr,