The New York herald., 1866-05-02
FINANCIAL AND COMMERCIAL.

TussDAy Mayl-6RH
The stock market opened with firm tone this morn.
ing bat Afterwards wavered and declined fraction,
following which reoovefed its armness and closed
with the rising tendency which has been its leading
feature during the last two months Hudson River
Cleveland and Pittsburg and Northwestern preferred
the strongest of the railway shares.
At the early session Of the open board Erie sales 100
sharss sold at 74 Michigan Southern tsales 4soo) 7s
77X Northwestern 2Tx Cleveland and Pttsburg (salcs
l10O soX. preferred 5sh New York Central 92x, Can
to 5ex Spruce Hill Coal sales $500 6, Quicksilver
5, Marposa preferred 24H At the first regular board
tho market without animation, and prices with few
exceptions, underwent . fractional decline Reading
closed lower than at the halfpast two board yester
day, Michigan Southern u, Illinois Central x, Clevs-
land and Pitsburg ", Mariposa preferred ~ Western
Union Telegraph Il. Erie showed an advance Of y.
Cumberland u, Quicksilver 1x. Government securities
were quiet Coupon Hve-twenties sold at lolX 1o2,
coupon; ten-forties 94x.
At the O'Clock sessions the market continued dull
but steady, with the exception of Michigan Southern,
which was nrmer Milwaukee and st. Paul preferred
sold co. The new arrangement of tho latter line with
the Prairie du Chen for the odaton OF earnings IL
expected will result the lowering Of the rates Of
freight by both, while the reduction Of operating ex-
pcnses will prevent any dimnuson Of the net earn
ings In consequence. Al the halr-past two o'clock
board the speculative feeling was stronger but with
light volume OF business Eric closed x higher than
at the first regular board. Cleveland and Pittsburg
Ia. Northwestern preferred u, Michigan Southern
q. Quicksilver q lower Government securities
worc barely steady and inactive Coupon tenfortes do
cinei T.
At the open board at Aalrpast three the market
was very nrm. New York Central sold at OK, Erie
74x Michigan Southern 7sx, Illinois Central 1l92s,
Cleveland and Ptsburg SIX. Northwestern preferred
5s5s Fort Wayne e. 81 9s,S Mariposa preferred 243
Canton g. Afterwards IL closed dull but firm, the
quotations at nve p. NJ being as undsr:-Ncw York Cen
trail s2x q, Hudson River l1ok y, Readins 1oe ~
Michigan Southern 7sx ~, Cleveland and Pittsburg
SIX a y. Rock Island l23H Il, Northwestern 2sH a
* prcferred5sys so, Fort Wayne 9sts u, Ohio and
Mississippi certificates 2e4 AK, Canton 81 z, Cum
berland AK ASK, Marposa preferred 2At1 n,
Qucksilver Sax q u.
The report Of tho Erie Railway Company for the year
1855, just published, shows its condition to be much
favorable than has been lattery represented by
persons connected with its management and understood
be ''shor" Of its stock in Wall street. The earnings
for the year ending Dec. 81. from all sources, werc
SIS 434 TIA and tho expenses Of operating and repairs
$40 $685. 1884, go per cent leaving the net earnings
$5058,50 The surplus January 1865, a;er paying
interest," rents, dividends, &c, was S657,9I9, which,
added $s57 the surplus at tho beginning Of last
year. leaves ST. $40 $50 TO the credit of the income &C.
count There increase in.earniDgs in 1906 over
1894 Of $2,0o5, 13l, and in expenses Of $1406,97S;
showing gain in net earnings OF $59S 152 The total
stock and funded debt Of the company December 81
1885, amounted 10 SAT 4:67s2 Of which 100
in common stock, $685. 700 in preferred stock and
S22 $40 es2 in funded debt The liabilities Of the road
the date 90, s3s $50, and the compapy's
TO pay the same g. 5ss, 394; leaving floating
debt Of q, ,247, G6 The report says:"Although ind
cations point TO decrease in the trafc Of tho coming
year. expenses must hereafter be greatly essened
the Of nearly every article used in operating tho
road is already materially reduced and this reduction
may be reasonably expected to continue" And
what is here said Of the reduced expenses
Of the Erie is applicable TO every other
railway In the country. Further:''he condition OF
the company in all ts working departments was much
bctse and the prospect operating the road aconom
cslly Is most chcerinrn
Tie money market remains easy at a per cent the
supply Of capital being ygcly in Of tho demand
In the discount raek tier, asTcsy ,;tez hu tpsss
d-sug snd nst class cotn,anrral pssf IN rssic ss
~ ne cesi while exseIsons are reported for short
date a. OK.
The gold market opened under speculative depression,
a. 125 bat gradually advanced frum that point 10 i27
--.Al :, r?aa Y Tho supply OF coin for delivery
was easy undcr the dsburscnent OF about fur millions
and half by the Treasury ID payment Of the Ave.
twenty coupons due this day. aud loans made from
1lo TO nat the majority Of transactions being free Of
interest The return OF fvcwentics from Europe the
unsettled state OF tie Liverpool cotton Market ths limit.
ed supply OF god in the banks, and the hrgc "short
interest could hardly have failed in rayng tho premium
from point low as the first quotation Tho steamer
Costa Rics, from Aspinwall, brought 81 ais21o IN
treasure.
The foreign exchange marke, was strong, and ,ates
ads, mead v p.fora a hrot anl
excited demand for bills for morrows steamer not.
wbsandng the roassurng advces by the Scotia report
ing q return Of confidence the London Stock Ex.
change and further Improvement in American seouri-
ues. On the evening Of the 2lst uitmo hve-twenties
quoted a; 70k sO, Erie s3iE, and Illinois Central
eea ses The growing belief pacific solution Of the
Austrian Prusian question indicated by tho advance
in consols at the same time TO s7X . s7X. The
lecrease Of f345008 In the bullion in the Bank OF
England Is attributable TO the Continental drain,
which had ceased and therefore does foreshaov
advance In the Of discount The failure Of Barneds
Banking Company, joint stock organization under the
Limited Liability act At Liverpool, had created rome sem
satton. II somewhat speculative establishment
with paid up capital Of G4oo0 and uncaed CAPT.
tai Of Sl eco 600 additional The total liabilities were
reported 10 be GO, ,25o,o0o
The hvetwenties returned by the Scotia lad
some influence in advancing the rates Of ex-
cbnnge, but ths price Of the bonds was only
slightly affected thereby. The scarcity Of produce
bs and the failure Of the Liverpool Bank have been the
main sources OF tho strength Of the market day Al
She close Of business prime bankers bills England q,
sixty days wore quoted q, 1o9h los)i, thrce days
ilos il0ei commercial los 10a francs al sixty days
5i7l 30, short sight 615 5.17H.
The recen, improvement of securities n the Lon.
dsu market s shown by the following table Of prices
AprI H. april II.
Consois ois.................s5Ia s6x SIX s7X
Illinois Central. ...........79 a 80 20 aS0H
Erie ....................52L SO 53xa
Five .twentcs. ............o7 se7z 7oE a 7oyI
Petroleum aud mining stocks we're dun and barely
esdy A, the irst board Electric OIL closed i5c lower