The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-08-12
FINANCIAL AND COMMERCIAL.
SUNDAY. August Il, 1897.

SUNDAY, August II, 1907
Tho railway share market was unsettled through the
whole o. last week tho marked depression being
IN Erie. which declined a. time to eoK but subss
quenty rallied to r. The Of this stock indicates
the Generalization Of the bull combination which lately
sought 10 control IT. and until touches lower figures
Its movements will probably continue fsverish Est-
mated by ~ real value. 10 the dearest Of all the
speculative stocks. and the exceptional eircum-
stances In which II b placed are such % to
make 10 the most trsachsrous BY exposing
~ 10 violent fluctuations. II the rest Of the
rnarkss entirely freed itself from the influence
/ Of this uncertain football Of Wall street. would
well for the bulls 10 all the other stocks, even It
tnvolved heavy decline In Erie Al II 10 influences
enrs railway list TO extent BY It's fluctuations
and checks operations for rise by Ito dropping ten
dsnoy.
Money Continues extremely easy, and 20 long q
borrowers IN good credit supply their wants at
per much lower prices cannot bs expected but n
be remembered that the demand for stocks purely
speculative and THAI most Of the bulls loaded up with
them Moreover, the opinion Of the is divided a.
70 the future course Of prices and therefore more
dhhcuit 70 promote rise than Il when the bulls
held undisputed sway . fortnight ago Furthermore,
there an absence OF sufficient outside support
. material influence over prices. and hence we have
what Ia known ~ q brokers' market With active
money market II would decline heavily, bat monetary
ease sustains 1t, and It's tendency Is strongly
rsactonary after every fall. Nevertheless Is
dangerous TO buy stocks at the current quota
lions. and We advise ali who are out OF the
marked 70 remain OF IT, for II is to touch
pitch How long money will remain cheap and abund
ant Is uncertain, but there yet signs OF in
creased activity the satemen. of the city banks for
che wssk will show important changes There is
way OF employing large suias loan except the
Stock Exchange. The supply Of commercial paper is
very Tight and the best grade is quoted a. 9 a per
cent.
The stock market closed steady al six O'Clock last
evening at the following quota,ons:-Nev York Central
I0i7s los; Eric, lo,4a q; Reading 1855 u; Mich
igan Southern, s11s T; Ceveiand and Pttsburg o4
u; Rock Island 1929 1903; Fort Wayne 1854 4;
Northwestern. ak ~ do. preferred, 7oh xxi;
Ohio and Mississippi certificates, 27S III Pacific Mail,
1453sa u; Western Union Telegraph, 455sax.
Tho old express shares sympa,hized slightly With tho
general Market but the close they were In good do.
HAnd at advancing prices.
Tho gold market firm throughout although the
cxport demand fell snort Of half million The demand
for customs duties for the week, however aggregated
not far from three Millions and this sufficient to
keep coin that IT commanded more than once
an eighth per cent day loan On Saturday tho rate
'declinsd 1-o4 3-64 Meanwhile the Treasury was .
seller Of god but to what Is Of COURSE known
There large short interest," mercantile and otherwise
outstanding and this assists In keeping the market nm
while the still unsettled aspect of the reconstruction
question operates the direction The closing
transactions were at l4ox, and the daily range