The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-06-14
FINANCIAL AND COMMERCIAL.

FINANCIAL AND CONNER CiAL.
4 THURSDAY, June I3-eP.M
The railway share market somewhat variable but
generally Arm this morning. and in the afternoon be-
came dull, with declining tendency The 0sbortn
interest appears to be light many OF the recent bears
having turned bulls; but not few influential houses
throwing cold the bull movement in order
that they may be enabled TO buy stocks lower prices
than those now current To this end there IL good
deal of talk just about threatened reduction Of rates
OF freight on the lines extending westward runous
competition generally, and prudent are deferred
thereby from buying stocks, not knowing how much
nre may lilo beneath the smoke. The leading railways
are at present doing rather light business but in tho
event OF tho crops being abundant they promise to
BE- their freight traffic will DO largely increased and
their earnings correspondngly augmented. Each road
too. having enough business Of its own. will be less
likely than present to enter into close comp
with other lines. The absence OF outside support is
seriously against a steady rse and next in
importance TO this Is the fact that tho lead
Ing bulls are financially weak The monetary
situaton is in their favor and the Low prices at
which many Of the leading stocks selling; but
speculation 10 confined almost entirely 10 the brokers
and other professional SPECTATORS what makes
other loses In the street, and there Is fresh capital
coming In to replenish exhausted Golfers The condition
OF monetary affairs Europe continues to be reassurng
money. not only in England, but all tho continent
being both cheap and abundant The return Of the Bank
Of England for the week ending May 20 shows
further increase of f753,2l5 In the bullion, making
the reserve in both departments ego against
only E11.s7s775 at the same time last year, and
f15 83S, 491 in 1855 Tho bank rate is two and
half per cent At the date in 1866 II ten per
cent and AZ the date in 1855 three and half per
cont
The gold market Fsteady, the range Of tho day
having been from 137 to 1914, with the closing trans
actions at 8 p. N. at 1919 The volume OF business
was very light and speculation almost at a standsti.
Loans made without interest and at per cent
for carrying The steamer Deutschland took out
$162, 694 in specie.
The money market has been easy at six per cont, with
exceptional transactions at mixed collateras
while government coaterals the invarable rate
six in instances where balances left with
the leading dealers five. There is very moderate
or the best grade OF commercial paper offering
and this is taken at ~ per cent with exceptions
8. Cincinnati journal of the 10th inst. says that
money there continues to work Close owing the de.
cline Of the currency balances at the banks however,
more than to any in the demand for loans,
which is moderate, and in keeping with the general
dulness Of business Money Is being withdrawn to the
country 10 pay for the wool CROP and until 1t flows back
again currency is expected to be scarce. Good
mercai paper is generally discounted at 10 per
the extreme rates beipg r. At Chicago the money
market il equally close and great caution is observed
In discountng failure there having added to
dstrust OF credits.
At tho first regular board railway shares rather
active New York Central aud Northwestern being the
most largely dealt IN, although they weaker than
tho remainder Of the list The recent advance in Pacific
fuiIv uuda
York Central closed than at tho time yester
day Michigan Southern 4 Northwestern e, Pacific Mail
tx. Boston Water Power x, Quicksilver IN, Canton u,
Western Union Telegraph 4. Hudson River was
higher. Reading y, Illinois Central x, Cleveland and
Pittsbug y, Cleveland and Toledo ~, Rock Island Il.
Northwestern preferred y, milwaukee, and st. Paul pre-
ferred y. Alton and Terrc Haute az Ohio and Mississippi
certificates r. Government securities firm. but
dull Coupon SKIES OF 1881 and nve-twenties Of 1854
advanced ~ and the ssro Of 1865 and ten-forties
r.. North Carolina skies new advanced TX and Ton
inessee Sizes new declined r. Al the o'clock open
board New York Central sold at l02k; Erie, cox a X
Hudson River 100; Michigan southern, 6sz Cleveland
and Pittsburg 76s Y; Cleveland and Toledo, 118A;
Rock Island, 90x a 81; Northwestern, 351; do pre-
ferred 50k q; Pacific MALL 1857 1897 Western
Union Telegraph, 44X
AT the second regular board the market was duh and
generally lower Erie closed lower than at tho FIRST
regular board; Reading u, Cleveland and Pittsburg y.
Cleveland and Toledo y. Northwestern preferred y,
Ohio and Mississippi certificates y, Pacific Mail y.
Quicksilver y. Western Union Telegraph u. New York
Central was u higher, Rock Island u. Government
securities were firm. Coupon skies Of 1881 and i've
twenties OF 1894 advanced y. Tennessee skies (new
declined n. and Missouri skies advanced x.
During Of the afternoon the market quiet
and At quarter O'Clock the following quotations
we're current:-New York Central, 1921 "; Erie 60x
Ak; Reading, 1918 X; Michigan southern, osl AZ;
Cleveland and Pttsburg, 1874 III Rock Island, 90H
VI Fort Wayne, s7l< u; North Western, a5k AZ;
do preferred, 5ox X; Ohio and Mississippi ceriid
Gates Is u; Pacific Nail, 1917 lao; Western Union
Telegraph, Az As.
Government securities were steady at the close OF
business and quoted thus:-lssl coupon, ll2 X; Ave.
twenties coupon, 1862 ITO q; avetwenties coupon,
1854, lO6a< u; fve.twcntes, coupon 1885, 1o7 lax;
nve-twcntes, coupon 1866, new issue, 100h III ten
fortics coupon 100 ri seven-thirty notes first SERIES
1904 thirty notes, second series, 1854 Is;
ssvsn-thrrsy notes. third SERIES lo5KaX.
We understand that the largest railway consolidation
ever attempted in this country 10 about to be consum
mated. Is embraces I'VE or six corporations, whose
lines extend from this centre to extreme western
pont and all the details Of the agreement have been
agreed upon. The arrangement Is such promises to
prove damaging the interests Of the railways running
westward Who are not the combination and 10 10
improbable that they viii be forced in sedefsncs to
form now consolidation among themselves Such
arrangement a. the refer to must have been in
contemplation when the Psnnsylvana Central Railway
Company applied 70 the Legislature some months ago
for an Of capital In tho Of fortnight
further particulars may transpire publicly.
The foreign exchange market was quiet and Arm.
Bankers bills England at sixty days quoted
ITO sflox; II three days. 11ok 81 commercial bills,
lo9H x: bills Paris. At sixty days. sI2k a5.13x
1t three days $40 611z Other Continental bills
rated thus
Bdnkrs. Commercial.