The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-07-27
FINANCIAL AND COMMERCIAL.


essa this morning from the sharp depression OF last
evening. and during the remainder Of the day the
courss OF prices although irregular at intervals was
Upward Erie leading the movement At q meeting Of
the representatives OF the trunk lines held this after
noon ct the ocs OF Mr. Sloan, the referee there was
some disagreement aud Erie withdrew from the COM
pact and will now Independently Of the other lines
The Baltimore and Ohio having withdrawn some time
ago the only parties 10 the compact remaining are the
New York Central and the Pennsylvania Central and il
10 therefore considered to bs virtually at an END The
speculative demand for all the leading stocks Is active,
but attention 10 being particularly directed to the
railways west OF Chicago, like Milwaukee and St. Paul
aud Chicago and Northwestern these having an entire
monopoly Of vast and nch farming country and not
being hampered by the competition which exists be-
tween the trunk lines this side Of Chicago The de.
mand for stocks for Investment however may be
sidsred to have ceased and speculation although
cited, 10. except In few instances, confined to the
brokers and other professional specuators but these
are numerous enough TO control the market in the
present easy condition Of monetary AFFAIRS and they
likely 10 succeed In advancing prices to still higher
point although real values do not warrant il
There is q moderately large demand for money
from the Stock Exchange, but the supply is more
tnan adequate to meet II, and loans continue TO be
made freely at I've cent mixed colateras with
few exceptional transactions for small at six
and at four on governments Tue Treasury Is baying
the June, July and August compound interest notes OF
1854 az they arc presented but considerable
have yet been redeemed Of those issues It likely
that there will DO while money remains as
cheap and abundant as 1t is at present. The
discount line ID still inactive, the banks being
unwilling to take any but the best grade of COM
mercal paper, Of which there very little Offering.
Inc latter generally rated at 6 per cent but In
iHsfQ
The scrutiny OF names is close az 1t at the time
Of The recent failures the dry goods trade although
no fresh difficulties have been reported. AT the West
the money market is assuming feature, which is
thus noted by Chicago Journal
There quite marked change in the condition of the
money market rAe balance OF trade has turned in
favor OF the West and within the week we may look for
the commencement Of steady flow of currency from
the East The demand for currency was quite active
today and In some quarters it was reported rather
ciose In the general way business quite dull at the
7anks The demand for discounts is moderate though
on larger scale than at time last week, and the
counter demand for exchange Is light.
The market for New York funds was very heavy, and
round lots were with difficulty placed between banks at
counter irregular at q lilo discount buy
ing, and LEO lilo premium selling.
At the ton o'clock session of the open board railway
shares were strong New York Central selling up to
1927, Erie to TAX and Northwestern TO 4Sss AT the
first regular board the market continued strong and the
business was wei i strbuted. New York Central
closed y, lower than the same time yesterday Hudson
River u, Reading q Michigan Southern y. Pacific Mail
q, Quicksilver n, stern Union Telegraph a. Cleve-
land and Toledo higher, Northwestern ~, do
preferred y. Fort Wayne u, Canton az, Milwaukee and
49, Paul 4. Government securities were dull and
barely steady Coupon fve-twentes Of 1862 and 1865
Inclined r. neY issue Of 1865 n, ten forties IT, Among
tho State stocks Tennessee skies, new declined and
Missouri skies u.
AZ The ono o'clock open board prices fraction
higher but the second regular board the market
]acted slightly, and there absence Of speculative
excitement New York Central closed 4 lower than at
the nrst regular board Reading Il, Michigan Southern
TX, Northwestern u, do. preferred Y, Fort Wayne a.
Toledo. Wabash and Western y, Pacific Mail 4, Western
Union telegraph * Cleveland and Pit,sburg was q
higher, Ohio and Mississippi certificates 4. Govern.
ment securities were shade nrmer although quiet and
coupon vetwsnties Of 1852 and 1866 advanced each.
Tenasssss state SKIES declined u Among the express
stocks Wells Fargo sold at co., and Merchants Union,
with . per cent pad at Is, and seller sixty days at 1871
! Al tie half.past three open board the market
steady. boz following the call became buoysnt and
there general advance Of prices Erie selling up to
J5X and New York Central TO ITO. At six o'clock II
closed drn q the quotations here given New York
Central, Iosx u; Eric. 75,< y; Reading. 1osH u;
Michigan Southern ssK y; Cleveland and Pittsburs
d NJ Rock Island, 104 y; Northwestern, 40 ~ do
preferred TAX Vi Pacific Mail LAG y Milwaukee and
81 Paul preferred e7X y; Adams Express, 73s "a;
American, TAX a7s United States. 7s,1 74H; Wells
Fargo Co., esX 20; Merchants Union, Is per cen;
paid, 10 lolS do, 30 per cent paid l5ald
The following comparison between the highest prices
Of the leading railway shares In 1866 and those current
1t the rst board day shows tina. they nov range from
8 TO 2sx lower. namely