The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-05-03
FINANCIAL AND CONNER clAL.


- 1870 THURSDAY, May go p. n
The railway share Market has been somewhat in
settled to-day, but IL closed hrm and confidence in
further rise Of prices seems to be unmpaired The de-
cline Of last evening il attributable to sales 10 realize
profits as well Is others on sshortn account BY the
bears who observed the yielding tendency Of Erie This
stock continues 70 govern the OF the railway list
and the transactions In heavy The reported In
earnings and reduced expenditures Of the road
frequently referred to just reasons why Erie
should recover from depression to which it Is argued
II should never have been subjected and much higher
figures are talked OF for II The general Market how
ever, requires to be understood, will influence the
course Of Erie much Erie win the general Market
and the tendency Of the latter is upward, a. it now
appears 70 be- It will be impossible for any Of the
leading stocks to lag far behind the others
they represent are all doing profitable business and IT,
Judged BY their earnings their stocks decidedly
cheap Were Il not for the corruption which under
Hes American railway management the speculative
Aarss would be bought up by investors and
Nd at much higher prices than they have
attsry been selling az and their earnings would justify
but even it s they ars cheap at present prices
The market till within the last few days has been almost
tsadily declining for than six months and the
ongsss lane must have turning the time tor strong
sactionary movement has come. This is now aided by
disposal Of the Stock Exchange and the increasing
ratio Of the railways.
The activity OF business on the Stock Exchange
~ augmented the demand for money; but the
IMPLY u still superabundant and loans are made
reely at a per cent to stock houses In fair
redik although the exceptional transactions at
pur per cent government securities are fewer than
boy were in the early part OF tho week. The supply
nrst class commercial paper continues light, and 1t is
romptly discounted at 6 TX per cent. The disburse
ent Of coin interest by the Sub-Treasury just now
wing employment to a considerable amount Of money;
ut the demand from all sources inadequate fully
bsorb the volume OF funds available for In Wall
eet and the drain Of currency still towards this
Bntre no apprehensons exist Of any other than an
by condition Of monetary affairs for months to
pine, and it Is expected that the diminished revenues
the Treasury will prevent the Secretary from con-
acting the currency materially, at all, in the
mo-
Al the open board ten O'clock railway shares were
eady at fractional ad vance upon the closing prices OF
St evening. New York Central sold at 9s,s Erie 63k
n; Michigan Southern, oS75 n; Cleveland and Pitts
arg. Hx; Rock Island, ssI; Northwestern, SAX a. q;
prsferrsd, elx; Fort Wayne, 951s; Ohio and Mis-
Bnppi certificates, 23A Boston Water Power, SO u.
Al the hrst regular board the market was barely
sady. although there no considerable pressure 70
me time yesterday, Erie a,1, Reading *, Michiga
uthsrn ~, Illinois Central ", Cleveland and Pitts.
rg IN Rock Island u, Northwestern ], do preferred
Milwaukee and St Paul preferred l, Ohio and Misss.
ppi certificates 1h Pacific Mail r. Atlantic Mail u,
pston Water Power 4. Fort Wayne was y higher,
sstern Union Telegraph u. Government securities
Ne quiet Coupon skies Of 1854 declined 4, i've
snties Of 1852 Y. State stocks were firm Tennessee
ks showed an advance OF y, nswissue 1K
AZ ths one O'Clock open board New York Central sold
esK Il; Erie, 6sss y; Hudson, cox; Reading,
~; Michigan Southern, 6sK; Cleveland and Pitts
70. TAX; Rock Island, 50; Northwestern, s5,<; do.
sfsrrsA. ok . u: Fort Wayne, 95H; Western Union
sgnph, q; Pacific Mail, 1881; Boston Water
w~, a
kt tho halr-past two regular board the market was
P. New York Central closed y higher than at the nrst
alar board, Erie TX, Reading X Michigan southern
Cleveland and Pi,tsburg u, Rock Island X, North
STERN =. do preferred ~ Fort Wayne q, Western
aen Telegraph u. Government securities were dull,
steady II tone. Coupon nve-twsntles OF 1862 ad-
ncsd e, ssvsn-thrties Of the second series 4.
t ths half past three open board New York Central
q seK: Erie. csX; Reading, 1oaK; Western Union
sUsph, AK; Cumberland, 3lK Subsequently,
~ w. . rood demand for stocks, and al half-past
she market was drm at the following prices:-New
4 Csnsrsa, e3K e; Erie, osX o.; Reading. 103x
vsland and Pi.ssburg TAX Rock Island 80 . ";
wayns, Ssx . VI Northwestern, 35k X; do
6arsd a v; Atlantic Mail, o411 u; Pacific Nail,
u; Ohio and Mississippi certificates % . y;
Stern Unioa Telegraph, Al q AK.
ovssnmsnt securities steady At the close Of BUSH
q the suhjoined quotasons:-1SS1, coupon, 110k
=; do. registered, llo1E x; nvs-tweniy coupon,
b, lo7K q; do, 1854, 106k . n; do, 1885, 1osx
<; do, new Issue, 1o7x . Vi; ten-forty coupon, %
b; ssvsn-shrty notes, nrst series, 1867 y; do,
ond ssriszy loSx AZ.
ne forslsn exchange market has boon very frm. In
psequeacs Of . marked scarcity Of bills Bankers
on England At sixty days were quoted at 10ox ~:
nrss days 11ok lloSs; commercial bills. losk .
bk; francs at sixty days 5.lsK $40; at three days,
GI2k; bills on Berlin, TX TAX; ON Bremen,
y 70; ON Frankfort lox Ak; on Amsterdam,
az; on Hamburg 80 se,S; on Antwerp,
. G15x-
amstcan securities were firm in London, the quota
u for these and consois having been under to-day
ON the previous, dates mentioned
april o. april 30. Ady 2
nsols. ............. ok glk 81