The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-06-27
FINANCIAL AND CONNER GAL.
WEDNESDAY, June 1882.

=. M.
There has been an active brokers' market for railway
shares to-day with Erie and Michigan Southern a the
favores and the tendency Of prices decidedly in
favor OF the bulls till late in the afternoon when gen.
sra decline took place under sales realize pronts
The preponderance Of financial strength appears now to
Do ON the bull sde but the public evinces no interest
In the movement and without outside support
Is cannot make steady progress Al soon a
the brokers and other professional spectators
who are 'short" 'cover' their contracts and the
bulls attempt TO realize prices will fall, and the
props which support the market slender that they
may give way at any times and yet OF the stocks
on tho list provided the roads they represent were we'll
managed are cheap at current quotations a. invest
'menta
The consolidation OF the BunAlo aud State Line and
the Erie and Northeast Railways was completed
yesterday by the action Of the stockholders OF
the former company In agreeing to the terms
proposed BY the latter company by q vote
OF $3.50 shares out OF . total Of 80 1887.
Tho consolidated line Is to be known the Buffalo and
Eric Railroad Company. The bull leaders In Michigan
Southern are putting this forward preliminary step
towards the consolidation Of line or railways between
Buffalo and Chicago, with Michigan Southern the
western link Nothing OF course, is SAID about tho
delay necessary to obtain the consent OF the Legislatures
OF the States concerned to the proposed arrangement
Toledo Company made at the recent annual election
sad TO DO significant Of the other changes referred
Co. and it is to the interest Of those who are
bulling Michigan Southern to convey this idea
20 the street, whether founded upon fact We
member that not very long ago OF those who are
now in this bull movement we're operating for rise in
Michigan Southern, in conjunction with some Of its
present managers and they declared it's stock to
be equal id value to Michigan Central and that it would
pay dividends regularly from that time forward but the
assertion simply deliberately concocted Iie They
saddied the street with their stock at big prices and
wore ready TO lie again respecting some other stock.
Time has proved that Michigan Southern is
poor property under its present management
and whether it can BIO made paying one or
not is uncertain II is probable however, that its
present manpulatos anything about the value of
the property They simply aim to find profitable mar
ket for the stock they carrying and get the
TO assist them IN tho exploit. Neither Vanderbilt
consolidation occupies much Of their thoughts, except
In the manufacture OF street rumors.
Notwithstanding the increased activity of business on
the Stock Exchange, the supply of money continues
abundant at six per cent railway and miscellaneous
colatersis, and five on governments The probabilities
are therefore, strongly against any strngency arising
from tho preparations of the national banks for their
quarterly returns on the LIST proximo. The discount
paper quoted at per cent and in Instances
at half per below this rate At Chicago bank
deposits are reported to be running low, and
the money market Is rather close. At Gin
cinnat IL Is substantially unchanged, and
the demand for accommodation is mainly to carry
old business although arrangements beginning to DO
made for the incoming wheat crop. Wool Is at the
eame time creating some demand for money, but this
10 yet light, owing to the difference between the
views Of buyers and sellers and the consequent
tvy Of the trade. The payment Of the July divd ends
at this centre viii throw large amount Of mpoyed
capital upon the Market and this will add still further
20 tho prevailing But the simultaneous dsburse
ment Of eighteen millions Of gold by the Treasury, in
payment OF the July coupons, will quicken to some
extent, the movement Of capital
Government securities steady at tho close OF
business at the subjoned quotations Registered 1884,
losx 100; coupon 1881, l13x u; $40 registered,
1862 1917 n; $40 coupon, 1852, 110% Ak; $50
coupon, 1884 l07H *; $40 coupon, 1865 1075s z;
do, do, January and July, l10A y; l040 registered,
HOOK . 4; 10-40 coupon, 1904 . "; August, 7-S0,
lOe3< n; June, 7-30, 1868 u; July. 7-3o. 1857
y; July compounds 1884, 1ls y; August do, do.
ASK 10: October do. do, 117A lis; December
do, DO, lit . X; May do, 1865, 1ieX u; August
do, do. I1sK u; September do, do, ITO q; Octo-
Der do, do, 1l4KaX.
The gold market opened with considerable animation
t 1852 and advanced to 1884, whom began 70 droop,
and gradually declined to 1885, the closing transactions
having been at 1884, The borrowing demand was fully
equal TO the supply and loans were made without inter-
est and at rates ranging from le4 to 364 per cent
diem The gross clearances amounted to $50, 1000,
end the gold balances TO $112617s The steamer Per-
sia took out S152, 226 in specie.
There Is no business OF importance doing in foreign
exchange but rates remain nominaily steady. Bankers
bills on England ct sixty days were quoted at Ito Vi
q. three days. 11o5f u; commercial bills, 1923 z;
bills on PARIS At sixty days, STAY 5.l3k at three
days. $40 511K. Other continental bills were rated
thus