The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-04-13
FINANCIAL AND COMMERCIAL.


FINANCIAL AND COMMERCIAL
----~~-~->.~
FRDAr, April l2-6 Pm
The stock market has been excited with Z steady
upward tendency to-day, and although the demand WA
mainly from the bears 70 their contracts ther,
was considerable buying speculation for rss The
sudden change In the temper or the street vas source
Of general SURPRISE and opinions were freely canvassd
q 70 the probable course OF prices for some time d
coma While many arc inclined TO look upon this new
movement . me beginning Of spring riss which viii
repeat IN part inc history Of the past year. Others regard
a . natural reaction from the previous extreme
depression which u not likely 70 make much
further prosrss u prsssnt However this may b, Il
cannot Do denied that Of the leading railway shares
arc selling . very low prices for the dividends they
pay, and a history In Wall sssss d always repeating
iiss = would not b surprsns the public took this
view Of the case and acted accordingly Money Il be-
coming abundant again. and The hreatenings Of Euro
pean war should occasoa unsasine on this side Of
sns Atlantic; for foreign ON large scale, U IL
should take place. would stimulate our export trade
without probably resulting the return Of any impor
sant amount OF our securities, a war in Europe
would have . tendency 70 bring the bonds
Of the United s.stes into greater favor
shere In the absence Of disturbing causes
nere At the same time the element OF danger which
attends the ct Of three hundred millions Of our
ABROAD nave
already seen, b sufficient keep the gold premium
higher range than would otherwise DO the case and this
would tend 70 stimulate for the time being the upward
course Of prices, especially the Stock Exchange Il
would also postpone the conflict between capital and
labor which now threatening To extent far
a. II relates to return to specie payments the
ment would be retrogressive but II would oil the wheels
OF trade and give an impetus enterprise which
present much wanted.
Ul~
tween 1861 and 1871 according the various rumors
regarding European affairs which circulated at in
tervals The opening price 1877, and tho closing
transactions were at 1867. There plentiful sup
ply Of coin for delivery, and loans without
interest and at from per cent to 16i pr per diem
Tor borrowing and cent for carrying The opinions
OF operators In the to the prospect in
) Europe vary with their position Ii they are
''long' is inevitable and the conGagraticn viii
spread the entire continent but il they are sshor
there probability Of war; and France is anything
but ready TO enter upon contest with Prussia while the
Germans have intention force matters concerning
France TO issue. II is not uncommon to find
the one individual entertaining Numerically opposite
Views on the subject within two consecutive days. helm
the meantime having changed from long short pice
ccys0
At the ten o'clock open board railway shares were firm
and in good demand. New York Central sold at 9sZ
Erie, 65A "a 81; Reading, oSx; Michigan Southern ss
~; Cleveland and Toledo l17Js; Fort Wayne, 9lk;
Rock Island, s7i4 a ri Cleveland and Pittsburg 90:
Northwestern san; do. preferred, 597s 60; Pacific
Nail. 124 u; Atlantic Mail, s2 Western Union TeIe-
graph, 373 AK.
At the first regular board there was large business
transacted at advancing prices the Western shares beag
especially strong New York Central closed y higher
than at the same time yesterday Eric TX, Michigan
Southern TX, Illinois Central r. Cleveland and Pitts
burg TX, Rock Island u, Northwestern IN, do pre-
ferred TX, Fort Wayne 1x. Toledo, Wabash and
Western !, Milwaukee and St Paul preferred ~ Ohio
and Mississippi certificates y, Pacific Mail 3x. Quick
silver TX, Cumberland IN, Marposa preferred TX,
Western Union Telegraph r.. Reading was u lower.
Government securities nrm, and coupon Ave.
twenties OF 1886 advanced r. Among the State stocks
Tspasssss SKIES were higher, ne~ Issue X
After the call NeY York Central declined slightly,
with which the rest OF the market sympathized under
. rumor that the bill allowing tho company 70 charge
She same rate Of fare from passengers that paid
the other railways Of the tate had failed to pass the
Senate over tho Governors veto. It subsequently 60
psared however that the senate had merely fixed upon
tomorrow Ct TO vote upon the bill and the result
from present appearances very doubtful The action
Of tho Governor 10 generally commended but those In
tsrestsd In the passage Of the bill pssk win
blsseFness Of the veto, and a,!..SSs that Il was
Against An implied promise, without which the
bill would MOI have BEEN brought before the
Iegtslature
Al he one O'Clock open board the market
recovered It's nrnness and New York Central sold
ai COX; Eric BOX a X; Reading. COX; Michigan
Southern. esx; Cleveland and Pittsburg COX 70;
Rock Island SIX q n; Northwestern, ssK; do. pre-
fered cox y; Pacific Mall, 126k 1877; Mariposa
preie.rcd Ii; ONO AID iiissssippI ;sfiiScssss 2ax.
AZ the half-past two regular board the market was
strong except for New York Central which declined to
osx. Pacific Mail advanced 70 l2sK and Erie 70 SIX.
New York Central closed lower than at the first board
Michigan southern, "; Cleveland and Pistsburg, r.
Eric lK higher Reading, V; Illinois Central r.;
Northwestern, ~; do preferred, u; Fort Wayne, v;
Ohio and Mississippi certificates, "; Pacific Mall az;
Atlantic Mail. "; Canton, II; Marposa preferred, Is
Western Union Telegraph u. Government securities
were barely steady and nve-twen,ies of 1855 declined
Is.
At the half-past three open board the mar
ket continued strong attended by further
advance Of prices on q portion Of the list
New York Central sold at 9ok . ~; Erie, 57x . u;
Reading, cox Is; Michigan Southern, 6Stz u; Glove
land and Pittsburg, 6sH Rock Island SIX Il; North
western, 32x x, Northwestern preferred, 6ox u /;
Fort Wayne o1X OAK; Pacific Mail, 12s 12sk; MARI
posa preferred 2lA. Subsequently the market became
feversh, and q haifpast Eve II closed with an I'm
proving tendency Al tho following quotations.
New York Central osis q r.; Erie, 5ex X; Reading,
9eK u; Michigan Southern, osK; Cleveland and
Pttsburg, 6ss X; Rock Island, 81 y; Fort Wayne,
92a %; Northwestern, sax Is; do. preferred, cox
X; Pacific Mall, 127 u; Atlantic Mall, "a y; Ohio
and Mississippi certificates, "A 2zk; Western Union
Telegraph, 33k Government securities steady nj
the suboiped prices at tho close Of busness:-Rsgs
tered 1884, 100 1osX coupon, 1881, 100 1925 $50
registered 1862 1o3k 1o4; $40 coupon, 1891 losx
loox; $40 coupon, 1854, lo7x los; $40 coupon,
1885, 1os . "; do. 117K "; August 1905. 100 q
l0ex June Z s0s, 1861 105k; July zSo's, locx.
Thu foraian AxchanQe market shouod Diminished nrm.