The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-08-07
FINANCIAL AND COMMERCIAL.
TUESDAY, August e-eP. NJ.

The railway share market assumed nrmer tone to-
day. and the advance in most OF the leading stocks In
Guiding Erie. marked but the demand entirely
sonhned 10 the brokers and other professional srecuis-
tors thsrs being no buyers among the outside public
worth mentioning. Erie after selling at esn in the
morning advanced 70 7lX late in the afternoon, but az
The Improvement speculative causes IL is liza
Ole 70 be quickly lost and followed by another decline;
and the experience OF the last three four days is GER
tainy not OF character 70 induce the 10 load up
With again. Moreover the dissolution OF the compact
which until recently held the Erie the New York Central
and the Pennsylvania Central lines together threatens
railway war Of magnitude Tomorrow afternoon We,
understand the Erie will advertise further reduction
ofin rates Of fare 10 take effect ~ once. The fare TO
Bsdao will b. S. instead Of 50 2s a al present This
will force the New York Central follow suit and IS
one reduction leads 70 another the ultimate result Is
uncertain This change in the tariff Of fares which is
supposed 70 be preliminary 70 similar one in freghis
10 attributed TO bad faith on the part Of the Pennsyva
na Central which, while uoninay charging certain
nxsd rates agreed upon by the late compact has been
allowing drawbacks and commissions TO an extent
and in such manner virtually ignore tho terms Of
Tie compact Tho Pennsylvania Central will doubtless
reduce its tariff nomiuaIly a well as virtu.
ally - soon as the Erie advertisements sp.
pear, and the Western crop may in this way
be carried to the Atlantic seaboard on very advanta
geous terms for the farmers and shippers but not for
the railways Some years ago Commodore Vanderbilt
made similar reduction Of OF fare and freight
on the Same road and regarded piece Of good
management at the time for although the experiment
was costly finally brought the connecting and Compel
ing roads 10 terms The stock market is liable TO fire.
quent fluctuations and eversh reapses after the shock
which the bull speculation has just sustained; and
although Erie may loose from the rest Of the
riff IN hero ia no
inducement for those who neither brokers pro-
fsssona spectators buy stocks for II they gain
temporarily they almost certain TO lose in the end
Confidence is almost restored among money lenders,
and loans are made freely by the banks on approved
coaterals at I've per cent and In some instances on
government securities at four Erie Is regarded With
moro distrust than the OF the speculative shares
owing TO ito recent violent fluctuations and various
reports in relation to the undoubtedly bad financial posi-
Yen q The company, and wide margin is exacted in
loads upon this stock. The principal dealers govern
ment securities are enabled to borrow large
three per cont but this except ona The supply
Of commercial poper light and the best grade passes
per cent but inferior signatures in favor
at the hanks.
At tho early session Of the open beard railway shares
nero somewhat rmer than the close Of business last
evening" Erie excepted which declined to esT. At the
arst regular board the market experienced decided i'm
provsmeu and Erie advanced to 7oH the second CALL
New York Central Co ID ~ higher than at the same
sims YESTERDAY, Fro IL, ReadingN q, Michigan
Southern Ia, Clevr and and Pittsburg 40, Rock
Island N, Northwestern preferred 4, Fort Wayne
e. Tbiedo. Wabash and Western 4, Ohio and Missis.
sippt eenincates Y, Pacific Mail ", Quicksilver ~
Western Union Telegraph y. Government securities
we're steady H. tone. and coupon nve-twentes Of 1862
and ten-forties advanced T. Among the State stocks
Tennessee sixes new advanced T. The express shares
were dull Adams solo ct 1874, American a. H. Wells
Fargo q OK, and Merchants Union at TN, with
20 pr esat paid
At the open board Of oclocsthe market was firm,
and Erie sold at 7o f. At the second regular board
Il underwent further improvement and Erie sold up
70 IL New York Central closed higher than at Me
nrss regular board; Erie y. Michigan Southern NJ
Illinois Central y. Cleveland and Psssburg u, Cieve-
land and Toledo X, Rock Island y, Northwestern
preferred 4, Fort Wayne q, Western Union Tele-
graph u. Milwaukee and st. Paul preferred V. Gov
sramsnt securities were strong, but dull Coupon srss
OF 1881 advanced u, Avetwenties Of 1862 ~ issue Of
1854 r. now issue of 1866 ~ seventhiry notes OF the
third series, r. Tennessee SKIES new, declined u. The
o,l sxpxsss shares wsre nrmer. Adams sold al "a,
Ansr,cpn TIA, and wellsFsrgo 07K.
AZ the hafpast three open board the market was dull
and eighty lower Erie sold at soK and New York
q.
ssroaG and Es rose 70 r. while other stocks advanced
propossonatsly During the rest Of the afternoon the
market was steady, and ct six O'Clock the subjoned
ouo<atiops wsre curreni:-New YORK Central, 1851
X; Rns, NIX AZ; Reading, 1857 q lo6; Michigan
Southern, 81 . u; Cleveland and Pittsburg, % h;
Rock leland, 1852. u; Fort Wayne. 1904 u; North
western, Azk Y; do. preferred, 7oz IL; Ohio ana
Misssslppi certificates 2sH "; Western Union Telo
graph. 4sx Al.
There was q moderate amount Of business transacted
in securities at the counters OF the leading
desers and at the the market strong at the
subjoinsd quotations -Regssersd. 1881, llon iloh
coupon, 1881, l10,. 1lox hve-twentes, registered
1881 1oox lle; dvetwenties. coupon, 1852, lis
1l3,<; dve-twenf.es coupon, 1884, 1929 llos; FIVE
swsuties coupon 1866 llols 1lox; do, January and
July. 1851. l0sk i've twentes coupon, 1857, 1851
losx, teu-forties, registered 9sk 90; ten-forties
coupon, loa,s lO2k gold lao l4o1s; August seven
thirtes, 107k l0s: June do, 107k 1917; July do,
l01x 1917; August compounds, 1854, llok 1l9h;
October do, 1isK ilsx; December do. ll7h NIX;
May do. 1895, III Il7k August do, Il6 lloA
September do, ll5H iis1 October do, lilo liSS.
The gold market opened lso1s, and declined TO lao
under moderate sales by the Treasury. The closing
transactions 140 but subsequently on the street
she price advanced fraction There was an active Dor
ro&ing demand for CON- and loans were made at rates
varying from l-5z 70 o-os POT oon' p0' u'ou''
sarneiy:-l-1e, n, 3.32, 3-e4, l-32, 5-04, $50 The
gro cresrancss amounted 70 s42 600 and the gold
balances 70 $oo4,5S2
Tho high paid for the ban Of gold have resulted
in further decline in the foreign exchange market, and
Al prime bankers bills England, at sixty days, were
sold as low a. 1ooa. Bankers here lent their bills
freely for thirty or sixty days, in consideration o.
she amount in money and commission, or in lieu Of
the attse payment in sight bills a. maturity. The In
ducemsns to borrow money BY drawing foreign bills ar'
obvious in the present condition OF the gold market
Bsnkeu bills on England at sixty days, were quoted
lOox q y; q three days, lloK Y. Commercial bills
iosx 100; bills on Paris at sixty days, al3k 616
Of three days. Al1k s6.l2k
The weekly export Of specie since the ilth Of May,
thus shown
Week EndiSg Week ENDING
May Is........tt1Nl2 6 Inne 81, 1Ao 90
Nav 49,. L4s3,667 July s.......... 1884, SO
June I.......... III1t3 ysly n........ As10, So