The New York herald., 1867-05-02
AND COMMERCIAL.
WEDNESDAY. May I-6P. NJ.

AND CONNER ClAL.
WEDNESDAY May I-6PM
ruIs mas oeen showing day" on the Stock Exchange
well as elsewhere. Railway shares have moved up
and moved down with an unusual degree Of rreguarty
and the result is that prices lower now tn an they
at the OF business this morning but
the general opinion nevertheless is that We are in tho
midst Of bull market and that every downward reac-
ton will be succeeded by an upward rebound This
appears 70 be the correct view Of when We
look at the low prices at which railway shares
are selling in comparison with the quotations ruling last
autumn and take into consideration the large earnings
OF the roads they represent the present
tive monetary at this centre Al present Erie s
leading the upward movement and It's fluctuations TO-
day have been from 66X to 63H. The depression s
however, likely TO prove only temporary. II surface ap-
pearances any indication Of what Il brewing. II il
reported that the gross earnings Of the month
were twelve hundred thousand dollars and that ts
penses were reduced about hundred and nifty
Thousand dollars II refer 70 the Fort
Wayne road. We nnd that i.s net earnings
were $l2757l larger during the rst three months Of
1857 than they in the corresponding quarter or
1885, the expenditures having decreased $Sl u.s. and
II Is with all the other leading railways to greater
less extent The transactions in Erie at the regular and
open board aud the lower hall Of the stock Exchange
have probably aggregated between sixty and seventy
thousand shares to-day, and this activity In
single stock the rest OF the list 70 be
paratively neglected, and yet the business In
all the principal stocks has been very consd-
.erabe. An accession Of orders from Western
and other outof town buyers is beginning be reported
in consequence OF the prevailing activity and there
some prospect Of at least partial repetition Of the his
has done very little TO promote the present rise.
The supply Of money continues superabundant and
loans 70 the Stock Exchange made freely at per
cont with exceptional transactions 3a4 to the lead
ing dealers government securities The discount line
s rather quiet the best grade OF commercial paper
rs in demand at per cent The drain OF currency
from tho interior is still going forward and in view Of
prolonged loans Of large amounts beng made,
In some instances for sixty days.
Al the ten O'Clock open board the railway share
ket was steady. New York Central sold at 99h X;
Erie tsales GOO shares,, 64A y; Reading, 1857 ,
Michigan Southern, 69A " Rock Island ssx a ";
Cleveland and Pttsburg, 72& Northwestern, 35% a X;
do preferred 62h X; Fort Wayne, 95x l; Boston
Water Power, 32k; Atlantic Mail, % q u.
Al the first session OF regular board the market
~as active and strong particularly for Erie, which ad
vanced to 65A with sales Of 500 shares New York
CiOdcu ASueT tnau SHo 6Ame ume yestef-
day, Erie sH Reading X, Michigan Southern l. Cleve-
land and Pittsburg " Rock Island ss Northwestern "
do preferred ~, Fort Wayne y. Milwaukee and St.
Paul preferred y, Western Union Telegraph y, Boston
Water Power ~. Government securities were firm.
Coupon nve-wenties Of 1865 advanced u. The Of
1852 showed q decline of 3 ex-coupon thirtes
OF the second series r. State stocks strong Ten
nsssee skies advanced H, issue North Carolina
sxes. now, Y. Missouri SKIES declined y.
Al the one o'clock open board the market was nrm
a . sracsional decline. New York Central sold at 99k
Erie. osx y; Hudson, sek Michigan Southern, 6sX
. X; Illinois Central 114l<; Rock Island, s9s u;
Northwestern, s6,k x; do. preferred, 62X; Fort
Wayne, 9sx Cleveland 4 Pttsburg. 7SK d. 81 Boston
Water Pswer. 33k.
A ths half past two regular board the market was
act1vs but lower. New York Central closed y lower
than q the nrst regular board, Erie r. Reading Il.
Michigan Southern !. Rock Island v. Northwestern l.
do preferred x, Fort Wayne x, Milwaukee and st.
Paa preferred y, Ohio and Mississippi certificates n
Pac6c Mail X. Michigan Central higher, Western
Union Telegraph 4, Boston Water Power n. Govern.
nsat securities were dull Coupon sixss OF 1851 de-
cnsd n Ave-twsnties OF 1862 r. Tennessee SKIES OF the
nsw issus were higher North Carolina sixes we're
iswG.
A. the haifpass three open board prices were lower
xsw York Central sold ss ssx; Erie, e4x X Hud-
son 90; Reading. losK; Michigan southern. eSx; Rock
Iand 90; Cleveland and Pittsburg TAX North western.
SAX; do. preferred, elx X; Atlantic Mail OAK
u log; Fort Wayne, esK d. 81, Western Union Tsle-
graph, l0K y; Pacific Mail, l2s l2sk. Subss-
SusnsIy Erie declined gradually to 63K and the rest Of
the market sympathized tho closing prices at haIfpast
nvs being the lowest Of the day, namely, New York
Central, % K; Ede, 90 . y; Reading. losk X;
Michigan Southern o7X 6s Cleveland and Pttsburg,
- 4; Rock Island, ssA q u; Fort Wayne, s5 al y;
Northwestern, s4a v; do preferred, o1ak; Pacific
MAIL l2Sk Atlantic Mail, % Western Union Tele-
graph l0k n; Ohio and Mississippi certificates. 2sk
-; Boston water Power, s3 Y. There was An un-
usually large buGaess transacted In the last mentioned
stock ai sdvaocins figures.
Covsnmont securities were rather heavy at the close
sf business, and The following quotations
rsot-Regstered, 1884, llo,f x; coupon, 1881, 11oK
llox; nvc-twenty registered 1852 l06k aioo; nve-
twenty coupon, 1882 lo7x n; do, 1854, 1861 n !;
do January and July, l07 81 ten-forty registered,
9sx %; ten-forty coupon, 90 ~ August, seven
thirty. 1o6K x; June, sevon-thirty, 1861 July.
ssven-thirty, 1861 ".
The gold market opened with dropping tendency At
13sx and declined to 1s4f. after which IL became sud-
denly nrm in consequence Of the receipt Of cable
gram reporting decline In cotton at Liverpool. mid
ding uplands being quoted 1t H. The absence Of the
usual stock quotations owing 70 the London Stock Ex-
change being closed for unexplained reason
a the Same time made 70 favor slight recovery and
che price advanced to 13oK but the closing transactions
wsrs a l3sk The effect Of the disbursement Of the
coin interest on the nvewenty loan which wss begun
shis mornings in tho increased supply and in
the reduced rates for borrowing 1-1o 1-ol per
cant per diem, while in some instances per cent
VS. paid for carrying and In others the transactions
vers whout Interest," The cIsarings to-day ~ the Gold
h~~L "a 10 eo7 ~
Scotia took out sl0o. 900 IN spsoss
rhs foreign exchange market nrm. Banken' bills
on Ensand at sixty days were quoted ii iosk 1osx;
at three days. ITO 11ox; commercial bris los 100;
francs q sixty days SIS $50; as three days. 5llsx
sll3x bills on Berlin, 71k TAX; On Brsmes, 7sx
20; on Frankfort, COX AK; ON Amsterdam, cox
lfxs oo Hamburr 36 q 36x: on Antwerp. g. 70