The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-05-17
FINANCIAL AND COMMERCIAL
THURSDAY. May 1913 P. NJ

THURSDAY May lS-oPM
the railway share market has been extremely dull to-
dAy aud during the afternoon its tendency was down.
ward without any assignsbs cause. il except
cocted rumor tsal money active the absurdity Of
which is obvious Of the absence Of any marked
demand either from the stock Exchange or else
where Ths b-Treasury has been absorbing
currency lattery In payment for coin and
new vetwenty bonds sold and it, balance this evening
is up 70 Si25 ESQ but the internal exchanges
st in favor Of this city. and the Sub-Trsasury will
soon disburse currency about rapidly absorbed
it in payment for ssven-,hirty notes bought. II IS
almost needless remark that this buying and selling
Of securities by the government part Of the funding
system as present practssd The stock marke. has
been in such . semi -slagnant condition for the last
fortnight that the brokers look upon any change de-
srabls very few OF the commission houses being able
present state OF things to make their expenses
and activity with them being the ifs Of business
Tho opposition to tho recovery OF prices is strong
among the great majority OF the brokers themselves
that the national currency held in check and outside
buyers in.imidated by the local aspect Of the
stock market. II look to the earnings OF
the leading roads however AMI the OF monetary
AFFAIRS and much strengthen confidence in the sta
nty Of values and to stimulate purchases RISE and
spectators Of tho Board Of Brokers that the complexion
OF affairs assumes cerulean hue With the prospect
of unusually abundant crops before us, and with
every indication the value Of the currency will be
left undssnrbed Tor long time to como, It seems only
natural that the stock market should react from tho de-
preston to which has been subjected since tho LIST OF
October and that trade and commerce should at tho
time revive for there nothing in the present
condition probable future OF the country to justify the
gloomy forebodings which have beeD freely INDUCED in
OF late.
Money continues IN abundant supply, but somewhat
quicker demand reported in some quarters in the
afternoon owing to Efforts TO advance the ratio for call
loans SIX per cent and the exceptional transactions at
this than o. late The general
rate st Ave per cent mixed collaeras and four
governments and. owing the light demand from the
stock Exchange large amount Of capital is without
legitimate employment There Is very moderate sup
ply Of commercial paper oerins and tho best grade
10 demand at a z per cent
At the ten o'clock open hoard railway shares
steady, but inactive New York Central sold at 07k
Erie o. d. 81; Rock Tsland. 8ok Northwestern. IS
DO preferred cox cleveland and Pittsburg, 1871 Ohio
and Mississippi certificates. 2ax; Pacific MAIL l27h
az.
Al the hrst regular board tho markst was dull. but
arm New YORK Central closed e higher than ~ the
Island 4. Northwestern preferred u, Toledo, Wabash
and Western u, Ohio aud Mississippi certificates l.
Hudson River lower. Northwestern q, Pacific Mail
u. Government securities quiet, but firm. Coupon
dvetwenties Of 1862 showed advance Of 4,
Of 1886 Il. Missouri skies advanced 4.
the o'clock open board Now York Central sold AZ
o7X Erie 6ss< u; Hudson, 1917; Rock Island, 50
y; Northwestern, 50: do. preferred, 60k "a; Fort
Wayne 0oK X; Pacific Mail, 1881 y; Western
Union Telegraph. Ash Toledo, Wabash a.d Western.
Az. 81
At the half.psas two regular hoard che market
rsthsr heavy snd the volume Of business very light
Hudson River closed highor thaa 1t the rst regular
board. Reading Yves q i0ver, Rock Island &, North
wssssa prsfsrrsd =. 0hie aad Mississppi ceracasss
y. Govsrnmsnt securities were dull but steady Mis-
souri, sxes declined 4. Tennessees unaitsred. At
the three open board the market steady
the decline. New York Central sold at 07H; Erle 63h
. u; Michigan Southern eTk; Rock Island, Ss. . u;
North WESTERN SAX; do preferred, Soh; Fort Wayne,
9sk: Ohio and Mississippi certificates, 24sS: Pacific
Mail 1asK Western Uaion Telegraph. 4sh. During
the rest Of tho afternoon the speculative feeling was
stame and prices experienced further decline. At
quarter six tho following quotations current
New York Central sTx x; Erie. o2x e; Reading.
los 4; Michigan Southern, 67k y. Cleveland and
Ptsburg, II rs; Rock Island ssK Ak: Fort Wayne.
90 y; Northwestern. Sax q: do. preferred, Soa
Ak.
The stock Of the Hudson River Railway Company ls
firmly held by those participated the new issue
recently authorized by majority vote and the price has
been advanced by them by means Of washes to 1857.
good price for security which has just been doubled
IN amount The receipts and expenditures OF each OF
the last four years. not inclusive however. Of all the
outlay for construction, wers:-