The New York herald., 1866-03-16
FINANCIAL AND CONNER CIAL.
THuRsDAY, March l5-6P. n.

The stock market opened with buoyant activity to-day
and prices further advanced but In the afternoon
slight reaction Incidental TO all rapid movements
experienced The Of speculation however, tendi
strongly in upward direction. People seem no Longer
to have the fear Of Mr. McCulloch before their eyes
while the character of the bill regardn,
the currency introduced by Mr. Sherman IN Congress
inspires confidence in the future financial policy Of thu
government and is IN accord with public sentiment
AT the early session Of the open board the market wa
1irm Michigan Southern sold at 7ok, Cleveland anc
Plttsourg 7Sh, Rock Island 1885, New York Centra
s2A, Erie sax, Reading 1885, Fort Wayne 9Ix Al
the first regular board there was ncreas activity
the speculative feeling stronger New York Central
Reading and Pittsburg were the leading favores The
former closed highor than yesterdays second board
with sales OF 800 shares. The movement in this
stock 10 based upon the bill now before the State
Legislature for removing tho restriction OF the
company's passenger rate to two cents per mile. The
bill in an altered form passed. but failed
receive the Governors signature last year Michigan
Southern (sacs 800 shares) was ~ higher The fac
of the gross earnings of this road in 1865 having beent
AL or $3.50 ss5 larger than those Of the Michigan
Central which selling above par attracts attention,
also the important one, that while other railways
like Ene have been increasing their capital
largely, this has not but has reduced its
capital since 1880 from $50 376 0l3 to SIS 900 900
the present time During this period about three
millions Of net earnings, which, under other circum.
stances would have been devoted to dividends has been
employed in the purchase Of guaranteed stock and
traordnary expenses for the permanent advantage Of
the line Only 81 900 900 Of the guaranteed stock now
remains uncanceled The net earnings for the eleven
months ending January 81 1885, were after dedrcting
the interest the bonds and guaranteed stock $3.50 76
which sum remains for the common stock Reading
was largely dealt saes 400 shares) advanced
1x Cumberland was u higher. Illinois Central and
Northwestern were steady. Erie y lower, North
western preferred q, Fort Wayne 81 Missouri skies u.
Marposa preferred sold at Is. Government securities
were quiet Seven thirty notes. Of the FIRST and second
series, advanced "a.
At the oco X sessions the market steady but
at the hafpast two board 1t was somewhat unsettled
New York Central closed ~ lower than at the first regular
board Reading ~ Michigan Southern y, Cleveland and
Pittsburg ~ Northwestern " preferred " Fort Wayne
u, Cumberland u. Canton was active and rose IN;
Atlantic Mail l. Ohio and Mississippi certificates
steady. Government securities dull ard
thirty notes of the second series declined a.
At the open board half.past three the market
feverish and prices were shade lower 1t afterwards
continued slightly unsettled but active and half past
five O'Clock the following quotations were current
Now York Central 92k y, Erie s3k q, Hudson
y, Cleveland and Pittsburg Tx q, Rock Island
1851 y, Northwestern n u. preferred 53,l g.
Fort Wayne 91x u, Ohio and Mississippi certificates
25ax.
The supply OF money available for the Stock
Exchange remains in excess OF the demand at six per
cent. with exceptions at hve The balance in
the subrreasury is maintained at high figure, the
amount this afternoon being sol. .0oS, ,olA
The gold market has been steady with active Dor.
rowing demand, loans being made at average of six
per cent In favor Of the lender The opening quotation
was 13l r. followed by advance TO 13lK, and de-
cline 10 l3ox It subsequently recovered TO 1slk and
closed at l31 K The short lnterest very large
the paid for coin for delivery show and the specu
lators in the Groom" almost exclusively 'bears.
Foreign exchange was dull and rather depressed
Bankers bills England at sixty days wcre late In the
afternoon quoted at l0sX X, three days lOox Com
mercal loIx l0e; francs at long date SAX A25;
short sight SIT . blok Tho foreign news by the
Africa exerted NO influence upon tho market In Lon
don the evening Of the eth inst nve-twentes
steady al about the previous quotatIon namely 7ox
x. Eric 64x . SSx, Illinois Central Tx q 70. In
Frankfort ct the same time they were 7ox.
10 s-.sv vusiucss sss,-r~ and peteo.
Ieum stocks Al the nrst board Benehor Run closed
toc higher than at the same time yesterday, Pithoe
Crock ASc, Holman Gold 1oc. Excelsior was ssc
lower, Pithole Farms 1oc., United States loc.,
Benton 2oc., Consolidated Gregory Gold ST. Gun
nell Gold l0c., Kipp and Buell. lSc., Quartz
Hill 20c Smith and Parmlee 2oc. At the second board
Benehon Run sold al $40 Buchanan Farm 0oc, Bradley
2sc, Empire City 4sc Excelsior 81 90, First National
35c, Ham McClintock 90, Hancock So IS, Oil Creek
81 O5 Ptholc Farms 50 IS, onion IS So United States
$40 80 Rynd Farm SOC, Webster 7oc., Atlantic and
Pac c "a 25 Benton 80 TO- Bobtal IS 25 Consolidated
Gregory Gold s2s, Corydon 81 05, Downievile 47c,
Pthole Creek IS 20 Gunnell Gold 81 90, Holman Col
6oc, Kipp aud Buell. So 30, Quartz Hill sS 80 sm'n
and Parmlee Sll 90
Tho business at the Sub-Trcasury today was 'o''