The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-08-24
FINANCIAL AND COMMERCIAL.

FINANCIAL AND CONNER cIAL.
FRIDAY, August $50 p. n
Inc railway share market alternately buoyant and
oeavy this morning. bat In the afternoon assumed
more settled tone and closed strong highest point
OF the day The large shos" interest which has been
created during the week materially assisting the up
ward reaction which predicted would follow every
interval OF depression long money remains easys
The earnings OF the railways beginning to show
tncrsss consequent the crop transportation this
feature OF their returns will become more Marked week
BY week, for several months to come. Hence the
real value OF theIr stocks viii b appreciated
and the bulls viii have . strong argument
In their favor with the return Of brokers and other
professional speouaaoss Who now out Of town. new
combinations will PROBABLY b made. and the bull spscu-
dasea have before hlatsd q will follow Just It
- - dangerous ssu stocks 'short" 70 buy tNsm
che market being somewhat oversold and therefore
liable to b. suddenly advanced. only temporarily.
The noasy market presents an appearance Of rather
Nuggish case and leans made freely at four Der
Dat o government securities aad ave On miscellaneous
leslIategaA me supply Of capital 10 In sxcsm Of the
present demand and Tie drain or currency westward
has bssa on higher scale this week than last Tue
tsssnph Informs thai IL return OF the Bank or Eng
aaAd dassd The slss iasans showed further incrses.
n The specie and bullion in IT. vaults OF
feAloM making tpsal y mars thar &aso oo, CO.
The benk Of Franco at the same ims holds much
larger reserve Of the precious metals tho totals being
not sr from eSs 000 and the gut of gold si goes
Nr incroasing both In England and on the Continent
Thus far only few millions or dollars have been sent
from the other side Of the Atlantic for employment
hsre; but the indications that advance Of the
rate Of interest 1t this centre cent would re-
suit n an innux OF coin for temporary employment
large portion Of which might be allowed to remain for
permanent tend tn harx
eary activity by its moral and influence and
she concentration OF capital at this centre resulting
fhererom would be favorable to lower of interest
fnsn usually current during the last three mouths Of
fhe year The inducements 10 send capital from Eu.
rope where money Is drug at four and half
70 two per cent would DO obviously strong II there was
toerabe certainty Of loanng out IN Wall street at even
Ave pQr cent and the Why more money has not
snus Tar been sent from the other to be found ia
she glut OF money we have experiencing
Tor some months back But apart from the prospective
Nnuux OF foreign capital there danger of srngency
70 be apprehended in consequence OF the Western drain
10 move the crops. really active money market ia
under any circumstances not likely to be experienced
before October and the probability that the supply of
capita then will DO fully equal the wants of borrow
srs at or below the legal rate and continue 90 during
che remainder Of tho year-ons or two temporary
spssms, perhaps, excepted-after which the return
now from the West will exceed the drain southwark
20 move the Gotten crop. There is nothing that need
occasion fear for the consequences in resumption Of
hoalthy circulation OF the medium Of exchange after
the stagnation through which 1t has passed. An or.
Nremoy cheap and abundant supply OF money does not
necessarily stimulate either trade speculation as We
nave sastefy seem for with money seeking borrowers at
per cent had dull and declining stock Market
while last fall with money active the verge Of strn.
ksncy y seven per cent isk speculation for
rise going forward s-s Z
Thse y rasAss ies commercial paper offering FOR dis
count than there was d the commencement Of the 4
only tho best grade meets with favor 1t the
bsnk Scsen per cent b the usual rate but in excep
fional instances there are transactions at aeK.
AT he carly session Of tho open board railway shares
Fere amer than At the close OF business last evening"
Eric selling at cox and New York Central at lo4z<
Al the first regular board tho Improvement fully
sustained, Erie selling as 90. but there steady
tone - the Market and New York Central closed n
higher thaa 1t the same time yesterday, Erie r. Read
ing ~ Michigan Southern IN, Cleveland and Ptsburg
I, Rock Island x, Northwestern =, do. pre-
fsrred r. Ohio and Mississippi certificates Il, Pacific
Mall Z. Canton lN, Cumberland Coal ~, Western
Union Telegraph ~. Government securities were mod
eAssy active and rmsr Coupon nve-twsntiss Of lso2
sad 1895 showed advance OF y, tsnfores 4, seven
ehes Of the second series 4, third series Y. Tonnes
IL SixSS advanced r. new issue u, Missouri skies u
ifhs old express sharss arm, and Adams advanced
" sailing Il TAX United states sold 1t rs and Nor.
chants Union, with 80 paid, at II. |
AZ the open board ~ O'Clock the market was dull
ana The speculative feeling tame At tho second
regular board the volume Of business was light,
but prices showed an upward tendency.
New YORK Central closed y higher than a. the nrst
regular board. Ere Y. Reading y. Michigan Southern
* Northwestern u, Western Union Telegraph u.
oovsrnmens securities experienced further improve
msnl Coupon skies Of 1884, nvetxenties Of 1862 and
eu.fortiss advanced ~ ssventhrties Of the third So
RES X. Missouri sixes were u higher.
Al the haIf-pass three open board the market was
strong and general advance took place. Erie sold a.
COX, Cleveland and Pttsburg %, Northwestern pre-
fsrrsd eeX Pacific Mail, div, 145X. Subsequently
There was good demand for all the leading stocks
attended by further slight improvement in prices Al
nix o'clock The tendency was still upward particularly
for Erie and the following quotations were current
New York Central. los u; Erie. cox e; Reading
loa n; Michigan Southern, 81 q y; Cleveland and
Pi,ssburg e3 o.; Rock Island, 1o2X e; Fort Wayne
lo4 n; Northwestern. lSx Ak; do. preferred, COX
sx Pacific MAIL l4Sk X; Ohio and Mississippi csrtin-
Gates. 3sx y; Western Union Telegraph, 431S AZ
The following comparison Of the highest prices Of The
leading speculative stocks touched last fail with those
svrsns Il the arst board today Of interest at this