The New York herald., 1866-05-30
FINANCIAL AND ERcIAL.


Tho stock market has been unsettled day by tho
further rapid decline of Erie 5S and the breakdown Of
Cleveland and Ptsburg the corner in which cumi
mated last evening The OF the former supposed
to be the sae OF the whole part OF the new stock
authorized about fifteen months ago, and hypohecated
with the Wall street director OF The company who has
been recently selling calls Of the shares Mt II FOR sixty
days The amount Of the stock thus hypothecafed
was originally 2s 900 shares but half OF this
deemed when the company negotiated its last loan in
England As to whether has been re-hypothecated or
not opinions are divided The nrm Of brokers repre-
sentng the director has been delivering fresh
certificates to an which startled the street. and
hencc tho rush SELL stimulated by reports of
issue Of stock 1t Is understood however, that the
pany will publish . statement in day or two which
will set at rest these trust false reports and give the
public better idea Of the condition Of its affairs At
present the conduct Of the Wall street director severely
anmadverted upon
At the early session Of the open board Erie sold at SoE
" with sales Of II, 100 shares; Reading 11oh, New
York Central ok u, Michigan Southern 7s7s so,
Cleveland and Pittsburg 90 ss Rock Island
%, Northwestern Is. 81 2sH-preferred 81
posa preferred 2s. At the first regular board
the market was active but somewhat unsettled Ere
closed az lower than at half two board ycser
day, Northwestern 4, Fort Wayne q, Quicksilver y,
Western Union Telegraph u, Marposa preferred a. New
York Central was higher, Michigan Southern q, Ceve-
land and Ptsburg az, Illinois Central u Northwestern
preferred 4. Rock Island d Government securities
wore strong and In active demand in consequence of the
returning monetary ease Coupon skies OF 1881 ad-
vancod " fve-twentes of the second issue u, third
issue ~ ten-fortes u, sevenhrty notes of the first
sores y. third series u
At the ono O'Clock sessions the market was
barely steady and Cleveland and Pttsburg declined
70 osk at the open board Erie was pressed
Sor SALE the transactions at the two boards aggregatng
10 100 shares aud the price receded 5o5s At tho
f.past two board the market continued unsettled
under the further decline Of Erie which closed 2A
lower than at the first regular board Cleveland and
Pitsburg closed lower, New York Central ~ Hudson
River " Reading 1h, Michigan Southern r. Illinois
Central y, Northwestern sspreferred l. Rock Island
1h, Western Union Telegraph =. Fort Wayne was
very firm and y higher Government securities were
dull. Coupon ten-fortics declined e. seventhry
notes of the second and third series advanced =.
At tho half three open board Cleveland and Pitts
burg experienced further fall to s9,S q, but the
rest Of the market had lrmer tone, and prices
generally higher New York Central sold at 97i, Erie
SSH, Hudson River 11324, Reading 1927, Michigan
Southern 79l Northwestern 277s-preferred 5yjs Rock
Island 92s, Fort Wayne 9sI Canton 5Sa4, Cumberland
<5x, Quicksilver 52h
AT six O'Clock the market closed very firm, excepting
for Cleveland and Psburg and Erie, the quotations be-
ing as under:-Fort Wayne 9SS u, New York Central
s7K y, Eric 5S4 X, Hudson 1is ~
Reading 1904 x, Michigan Southern 1917 ss,
Illinois Central l1s% ll9 Cleveland and Pitsburg s5
bid, Rock Island 02K o3, Northwestern 2Ts 2s pre-
fsrred 57H y, Fort Wayne 9sh y, Ohio and Misss-
sipp cert ihcates 2711 x, Canton 5s2< So Cumber
Land 45k a46 Marposa preferred 221s u, Quicksilver
52Xa3.
Gold opened at 1917 1ss, and after advancing tc
13sK declined to 1917, the closing quotation. Loans
made without interest aud at per cent FOR
Fying
The foreign exchange market continues dull owing to
distrus Of abroad but after the receipt oil the
Iaropean news by the ST. David more disposition was
shown to buy the best bankers bills at sixty days at
10ek in preference to short sight at l10Js Ill
Commercial bills quoted at 10sA 109i4, bills OF
Paris OF sixty days 513 516ll three days 500 8 10
on Antwerp 514a 616L, on Amsterdam AK q, OF
frankfort AZ ~ Bremen 191 so, and for Prussar
thaiers TAX n. The further improvement In United
States and other foreign securities tho London StocI
Exchange, and the advance Of conscls to s75s r.
bear out the general report that confidence was
being restored Rumors Of failures, however, were
- might be supposed, still in circulation
and doubtless tho end Of these has not YET
been seen but considering the extreme intensity Of ths
rsoent panic IL surprising that tho suspensions were
not more numerous than they actually were, aud that
something like general crash did not take place Tht
return Of the Bank Of England for the week prior to the
steamers sailing shows loss Of only f32 900 in thu
Of bullion and OF e. In the reserve Of
nosss The drain was lighter than might have beer
expected, owing to the bank having refused at on,
&us 70 make advances on consois 70 members OF th,
Stock EXCHANGE This occasoncd considerable prcssur,
and provoked dissatisfaction; but It was evidently done
70 avoid Infringement Of the Bank Charter act tb,
bank being to avang itself of the authority ds
- except upon compulsion.
The supply Of money was abundant tho Stock Ex
change ~ ax per cent to first class houses with few
exceptions st seven 70 weak parties First class com
nsrcia paper passes a;ShaT
The returns Of the Bank Of England were "a follow.
a the close Of business on the aforementioned dates