The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-04-08
FINANCIAL AND CONNER cIAL.
SATURDAY, April 7-6P. !

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SATURDAY, April 7-6P H.
The stock market opened steady this morning, at tho
advance of last evening" and afterwards became strong
Erie experienced rapid rise to 7szs, or 81 per cent
above the lowest point touched during the week. and all
the speculative railway shares In demand at i'm
proved quotations
At the open board at ten O'clock Eric lsacs I, TOO
shares) sold 7sH 70, New York Central 90, Hudson
River no. Michigan Southern (sales ,000 S1x, Cieve
land and Pitsburg 79x, Rock Island 1lo, North wes
tern 26 Fort Wayne COX. At the first regular board
the market active and firm Erie sales 50O closed
az higher than at the board yesterday, New
York Central u, Reading tsales 4,5oo) Y, Michigan
Southern sales 34oO ~ Cleveland and Pittsburs sales
1900 y, Northwestern X, preferred Il. Rock Island
"a, Fort Wayne " Quicksilver l. Ohio and Mississippi
certificates \. Western Union Telegraph was lower
Missouri skies r. Government securities were quiet
but Arm Coupon skies Of 1881 advanced IA 4, hv.-
twenes q 1895 4 thirty notes OF the second
sertes were lower
Al tina ons O'Clock session the market was dfl, and
Erie declined to 77x the Of the list being however
seadv Al the half past two board prices were well
sustained and there active demand for all the
leading stocks Eric (saes 2,e0o) closed 4 higher
than at the first regular board, Michigan Southern
y Fort Wayne 4, Western Union Telegraph Y;
Reading, Cleveland and Pittsburg Northwestern
and Ohio and Mississippi certificates were steady New
York Central lower. Hudson River exdividend g.
Rock Island Il, Canton r. Government gold stocks
were neglected excepting SKIES Of 1884, which declined
y seventhirty notes were rmer and the second series
improved y.
At the open board at three the market was
strong with special activity in Cleveland and Pttsburg,
the transactions in which aggregated $500 shares The
stock closed the call at $685. Erie (sales 250o TO-
Reading 10lX, Hudson River 1861, New York Central
b.3 92H, Michigan Southern SIX, Northwestern (b.3
651s, Fort Wayne s0T Afterwards the market was
buoyant and prices underwent further advance
The entire railway list closed strong at hafpast
Ave, when the following quotations were current
Cleveland and Pitsburg SIX NJ Michigan Southern
Six SO, Erie 79X so, Hudson River 1861 107
Northwestern 26l bid preferred 55 SO, Rock Island
116,s 116H Fort Wayne OH Il, New York Central
92X 93H, Canton 4Skah.
Mr.. Daniel Drew has made supplementary complaint
against Messrs. Scott Capron Co., which substantially
says that his brokers' Messrs Groesbeck Co., had no.
tice of the injunction served the 5h inst upon the
defendants and Robert Cutting President Of the Stock
Exchange that the defendants bought in two thou
sand shares Of Michigan Southern stock notwithsand
ing the injunction, and that Groesbeck l. Co. and
tho said Mr. R. L. Cutting "connved at and were cogn
zant Off tho said purchase and that Groesbeck Co.
about to pay to Scott Co. the price at which the said
stock was purchased out Of plaintiffs money; wherefore
he prays that Grocsbcck Co. be restrained from paying
the amount in question: and asks damages aga INST I" all
the defendants for GLOSS of credit and great damage
The case is set down for hearing Monday.
The Stock Exchange well supplied with money at
six per cent, and in exceptional cases at nve-lhe
tendency being towards still greater ease.
Tho gold market has been heavy, notwithstanding the
brisk borrowing demand from tho "shor" the rate for
Loan bait F~~.. a q
all day. Tho bears unwilling to 'cover their
tracts pending the payment Of the May coupons Of the
nvetwenty oan upon which they rely for the opportu
nifty to bay without running tho price up would be
the case they did largely in the present condition Of
the mark t. Tho opening price was l27X, followed bya
decline 10 1877 and subsequent recovery 10 127H, tho
closing quotation.
The export Of specie by the steamers sailing to-day
amounted to $9l $685. Of which the Bremen took $751;
SSs. nd the City of Baltimore $780, 900.
Foreign exchange remains weak and although leading
drawers ask 1898 y for their Ills England at sixty
days transactions havo taken place at 100. Bills at
threc days rated at l074 u, commercial l05 y.
Bills Paris at sixty days current at ST. al1sc. q
ST. 4Lc., short sight 527a629.
Petroleum and mining stocks wsrc dull aud rather
heavy At the nrst board United States closed zoe.
lower than tho same limo yesterday, Pithoo Creek
9Oc, Atlantic aud Pacific $50, Consolidated Gregory
Gold Sc, Smith & Parmelee 1Sc Quartz Hill was Soc
higher. At the second board Ivanhoo sold at 81 10,
PLo,e Creek 80 20, shale River S5c, United siates
50 S0 Benton 81 20, Downieville Gold 3sc.. Gupnc
Gold 81 20, Consolidated Gregory Gold SIS 20, Smith a
Parmelec 80 60
The usual spring rise has followed tho depression
which marked tho Two first months of the On The
Stock Exchange, notwithstanding the solemn predirons
OF the bears that prices would rapidly sink below
and that railways were fast becoming the most unpro.
ductvc Of all subunary properties The earnings Of
many Of the leading roads Erie and New York CENTRAL
however cxceptcd) did, II Is truc show considerable
falling on during the last quarter Of 1855; but tie
ceptions named reported material increase the
time over the receipts for tho corresponding period Of
the previous year, while since the opening OF 1860
there has been large augmentation Of the
current earnings Of all the lines, was indeed
to be expected those for the extreme winter
months generally representing the minimum OF
the year II wa therefore, only natural that stocks
which declined from TO sixteen per cent tetwe
the close Of Dec Der and the beginning Of February,
without any substantial cause than speculation for
Q fall based merely upon opinions should experience
corresponding reaction when these opinions proved
10 DO unwarranted by facts.
Tho same feeling Of apprehension which made bar
vest for the bears the stock Exchange however,
or less Influenced the whole mercantile community, and
quotations for produce and foreign merchandise gradu
ally declined Cotton, and the dry goods trade in par
cuar suffered severely the decline during tho nr three
months Of the year in domestic and imported fabrics
having ranged from twenty-five to thirty per cent,
while the fall In the material still greater
This shrinkage Of values far In excess Of tho de-
cline OF gold, the price OF which fuctuated between
lt4k and 1915 in January, and 141IS and l3o In Feb
ruary was until tho Treasury flooded tho market
with Of coin In March that the spectators
pronted by the opportunity 10 commence 'bcar"
pasp, and the price declined 10 l2l,l, from which IL
has since reacted TO i2sx. The 'short" interest In
gold s sill very largo, tho high rates paid per diem
for loans fufcsnty indicate; but owing therc being
little demand for export tho bears ars enabled to
control tho Market and tho-e Ia nsthns In thu asncct