The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-04-07
FINANCIAL AND CONNER cIAL.
FRIDAY, April Go p. M.

FINANCIAL AND CONNER GAL.
>~o.>~~~~~~>~o~~>~>-~~~-~~
FRIDAY, April 6-6P. NJ
Me stock market has been emancpaed to-day from
the thrsdom in which Erie and Michigan Southern held
Il during the previous part Of tn week, the one having
been relieved of the unnatural weight which was do
pressing IT, and the other Of the pressure Of gas
which was unduy initiating II. The consequence
IN that the speculative feeling has become less feverish
and that confidence has taken the place Of apprehension
The probabilities, therefore, are In favor OF a better
distributed business throughout the railway list and in
view of the probable passage Of the Finance bill pend
ing in the Senate and the aspect Of monetary affairs
generally prices likely TO make further progress up
ward with exceptional advances In particular stocks as
each happens to become the favorte Of the hour with
the street.
At the early session Of the open board Erie (saes
s1Oo sold at TAX Y, Now York Central s2'4, Hudson
River l0ek, Reading l0Ox Michigan Southern s2X
slK Cleveland and Pittsburg (sales 2900) 1873 =;
Rock Island Ill u, Northwestern 26, preferred Sah
Fort Wayne 500, Cumberland e. 81 4Sh. At the first
regular board tho market was active and 1rm Michi-
gan Southern saes shares sold at SO cash and 6
regular the movement In IL having apparently cul-
minated yesterday, the supply Of the stock FOR do
livery being now abundant and the excitement
arising out Of Ns recent sudden scarcity at an
ut tho halpast board yesterday The rest Of the
list was, however, higher. New York Central showed
an advance of y, Erie (sales $500 ~, Reading x,
Cleveland and Pttsburg (saes 2,000) ~ Northwestern
preferred II Rock Island X, Western Union Telegraph
u. Government securities steady and dull. Seven
thirty notes Of the third series were e lower
At the o'clock session OF the open board the
ket steady Michigan Southern (saes 1000 shares)
sold at SIX cash and SIX regular, Cleveland and Pitts
burg 7911, Erie TAX, Rock island liz There no
session Of the regular board at this hour owing to
prolonged discussion Of the Of buying In
Michigan souhern under the rule yesterday afternoon
The action Of Mr. Dyett the Vice President presiding
at the time, questioned, account of his having
bought the stock In at the commencement of the CALL
instead Of deerng the purchase till the stock in ques
ton reached in the order OF business The rule OF
the board s that any stock not duly delivered may
be bought in by the purchaser for the account
OF the delautng party between half past two and
three o'clock, and the presiding officers course
justified under this authority. The course
OF MIR. Drow in suing out an injunction to
defend himself against Of the penalties Of specula
,lon, which he is supposed to have often indirectly Inn
posed upon Others tie subject Of general gossip in
Wall street.
At the half past two board the market the
whole steady. Erie closed 4 higher than at the first
regular board Reading u, Rock Island II, Ohio and
Mississippi certificates u, Quicksilver y. Michigan
Southern was II lower, Cleveland and Pittsburg ~,
Northwestern preferred u, Fort Wayne Z, Western
Union Telegraph r. Government gold bearing securi
tics frmer, but without activity. Coupon five
twcnes of the FIRST and second issues were y higher
At the open board halfpast three the market was
nrm New York Central sold at s2S, Fort Wayne cox
Erie 70 ~ Hudson River 1Oets, Rock Island 114,E
Reading 1907, Michigan Southern 81, Cleveland and
Pttsburg 79ts Northwestern preferred o. 81 SAX, Ohio
and Mississippi certificates Is. Canton AK. Afterwards
the market cosed strong the following being the quota
tons Of half-past fve:-New York Central 92X r.,
Erie Tx 4, Hudson River 100 bid Reading 1904 q,
Michigan Southern s0K q 81, Cleveland and Pittsburg
7sx r. Northwestern 20 bid, preferred Sax S. Rock
Island l15k X, Fort Wayne COX 81
The supply of money has been abundant with less In
aury than yesterday 1t six per cent for loans reurnabe
demand and no important transactions have taken
place above below this rate. Tho "bus enabled
70 carry long line Of stocks with facility owing to the
active borrowing demand for the leading speculative
shares from the 'bears" the 'short interest being
st large The disc line q shade active, and
the majority Of lenders prefer lending call TO accepting
any but the best grade Of commercial paper which is
taken at per cent the second grade rating sac.
and tho third at 10 IL.
Tho god market has been steady and rather quiet.
Tho opening price 1885, followed by decline TO 1871
There rs still brisk demand for for delivery and
loans have been made at Liz per diem In favor OF
the lender.
The foreign exchange market has been active, but
somewhat demorAlized, and although large purchases
were msdc the supply bills In Of tho de-
msnd Bank sterling Of the best grade at sixty days
quoted at 1904 y, with transactions at LOG LILO
aud l06 sle second hand. Bills At short sight wcre
1914 y; commercial, los 100; francs at long date
nf- ok. O -
The cotton exports from the Southern a. well as North
sn ports are active bong stimulated by the nmness Of
che European for tho staple and these OF
coursc the immediate OF the continued depression
IN fore On exchanges The influence Of the supply
cotton upon which 10 argued, Ia manifesting itself
70 an extent which likely TO lead to the serna
i've Aof either a gr at breakdown in the value Of
the material, on the one hand, OF, on
che other, the importation Of gold and United
states securities from Europe 10 pay for II.
without endorsing the following computations give
them the views Of intelligent judges who anticipate
return now of specie Europe to pay differences In
favor Of the Of this country; but just this
expectation 10 doubtful OF realization:--
Tho excess Of exports imports TO and from
ell countries comput on the basis OF the foreign value
die Of October 70 the end q the year amounted 70
000 aud tho LIST Of January 600 max
lee than six months Ths, he PROPORTION viii DO greatly
exceeded tor the remainder Of the Year VIII be
with reference 70 the actual and prospective supply
of cotton. Tho minimum estimates furnished By the
trade give an average Of IL bales per week for the
consumption and increase Of stock In the hands Of the
Northern and Eastern manufacturers since the LIST Of
May, say aggregate In eleven months Of 81 900
bales As tho quantity taken from the ports for homo
consumption short OF 200 900 bales necessarily fol-
lows tha, the trade has increased by inland conveyance
otherwise in addition TO the supply from the porte
Receipts the por SINCE Nay, issi: aooO'OOs
Manufactured In the eouthern and Western
OF the whole quantity exported to Europe since May,
1906, say 100000 bales, ony $4,000 bales re-
cevcd up 70 the end OF the year. leaving 700 900 bales