The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-05-13
FINANCIAL AND CONNER cIAL.
SUNDAY, May IL, 1851


The railway share market rather buoyans in it,
tone Il the Of the week. and there was
considerable activity In all the leading Stocks and espe
cially Erie; but IL soon became dull and at intervals
heavy and prices were lower q the close than 1t the
opening The speculative feeling Ia still tame although
II has superabundancs Of money to stimulate into
activity large majority Of the members Of the Stock
Exchange are on the ssbear' sdc and vigorously
resist every impetus Of the 'bulls" to give
prices an upward impetus The market has
been 30 long depressed, however and quotations
rule 90 low In comparison with those current
last fa-which will remind many or fall in another
senss-that good argument Is furnished in favor Of
strong reactionary movement and such would seem to
be inevitable although thus far repeated promises have
only LED to disappointment The earnings Of all the
leading railways large and the crop prospects are
favorable 10 considerable increase Of traffic But for
the corrupt and exravagant management OF rail-
ways tho stocks representing them, which are the foot
balls Of speculation in Wall street, would be worth much
more than they now selling for as permanent in-
vcstments and the timo will come when they
will al! DO bought up as such. and when
they to be active the Stock Exchange
their management win be likely to improve, and their
value as diyidend-pay ing securities with it, AT present
OF the leading railways familiar to the street
managed by and in the interest OF stockholders, and it
lost confidence in securities which alternately up
and run down by the whose business it is to pro-
tect the interests Of stockholders, but who habtuay
sacrifice them in order to All their pockets.
The market closed duh Saturday at
decline from the morning prices, the follow
ing quotations having been current at half-past
five o'clock:-New York Central, 97i4 u; Erie
52x q; Reading, 1895 "; Michigan Southern.
SIX "a Cleveland and Ptsourg, 72h u; Rock
Island sss4 SO; Fort Wayne, 964 a o.; Northwest
ern s4A4 "; do. preferred, 5s1s u; Pacific Mail,
1913 I2s; Atlantic Mail, 96 a 81; Ohio and Mississippi
certificates. 22ss X; Western Union Telegraph, 43
Ak.
The European news impaired a buoyant tone
to the governments gold bearing securities, and they
closed strong at marked advance, in anticipation
OF foreign demand which it ia to be hoped will spring
up for already far larger amount OF securities
held abroad than the interest of the country to
have there.
The supply Of money was in excess Of the demand
lac per cent to the stock Exchange The next bank
statement will show further increase Of Eve millions
in deposits, although the legal tender notes have de-
creased about two millions This last is accounted for
by increase Of five millions In specie and the fact
that portion Of the deposits usual in national
bank notes. The statement reflects the s.agnation of
capital at this CENTRE the increase Of about three mil
lions in loans being due to purchases Of for
the sake Of employing money.
Tho gold market was variable but generally firm,
throughout the week. In the nrs part il strength
ened by doubts the result OF the Peace Conference
IN London and later by fractional advance the sales
OF foreign exchange and the prospect Of increased ship
ments o. specie in the Immediate future The demand
for customs duties at the por, amounted TO s. COO
and the sub Treasury disbursed s. 900 in payment
of coin interest on the public debt The decisive
character of the Saturday gave the pre-
MUM downward tendency, notwithstanding that the
specie shipment by the several steamers amounted
ST. 1917 909a larger export than has taken place
day since last summer-and the closing transactions
dail