The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-05-10
FINANCIAL AND COMMERCIAL.

FINANCIAL AND CONNER GAL.
THURSDAY, May sLsRM
ne railway share market has been unsettled to-day
although toe fluctuations have NOT bsea wide Erie has
ranged from ssx to e2x and the hesitation which this
stock shows tends to cheek operations for rise gene
rally. Meanwhile every upward movement s vigor
ousy ros sted by the bears who include large majority
OF the members OF tho Stock Exchange. and hence,
notwithstanding the heavy shor interest outstanding
the bull speculation makes very slow progress, the
leaders In being apparently either without the
or the courage, or both, necessary q ''twst" the
.'shorts." They afraid they would have TO buy
moro stocks in the operation than they could afterwards
ind profitable market for and so the time being,
they move warly and smilk the street on very
moderate scale by promoting trinng nuctuatons
There is growing disposition the part Of outside
spectators 10 buy railway shares 1t present
prces but the keel Of the ship Of speculation must be
laid In Wall street In this instance before the public will
% likely 70 join hands 10 building IL up. All the ma
tsa conditions affecting railway stocks favorable 70
re and the plethora capital this centre Ii
the Les calculated TO stimulate speculation because
reflects stagnant condition Of trade. The latter,
houoser, has been long laboring under depression
that shange for the better can hardly BE- much longer
delayed.
The supply OF money continues IN excess OF the do
mand and loans are made freely to stock houses At
I'VE per cent and, In exceptional casss At six. while
government SECURITIES most OF the transactions
four First class commercial paper b freely dis
counted at per cent and the second grade passes
after close scrutiny. 8 - The internal ex-
changes continue in favor Of this city, but the drain
from the West is becoming loss active than II last
week. issomewhat tho Western centres
owing the heavy rcmttances to tho East which have
made during the last month but the rates Of inter-
m and(J Mares
tile paper narrowly scrutinized, only tho best
grade. backed by wide margins Is in favor the banks
At the early session Of the open board railway shares
steady New York Central sold at ok o.; Erie
'6Sk X; Michigan Southern, 6sK Y; Cleveland and
Pitssb0Fg. 7Sk . q; Rock Island COX a0lh; North
western, s6K *; do preferred, ok e. Fort Wayne,
81; Milwaukee and St Paul preferred, sex; western
Union Telegraph, SKA
At tho nrst regular board the market vas slightly
lower and rather dull New york Csntri closed u
higher than the time yesterday Erie l. Reading
~ Michigan Southern Y, Cleveland aad Pittsburg e.
Rock Island X. Northwestern y, do preferred Fort
Wayne l, Milwaukee and ST. Paul prsfsrred l. Ohio and
Mmsssppi certificates y, Cumberland Coal X. Western
Unoa Telegraph ]. Pacific Nail Was e lower, Boston
Water Power e. Government sssurities were steady It
yesterday MORNINGS prices The chief activity being in
Avs4Wsn<iss Of the issue Of 1895. Coupon Of
zssl declined X. North Carolina axss wers X lower.
Tennessee sixes were sold q osx o2x.
AZ The open board q one o'clock the market was
stsady. New York Central sold d s7x II Erie, %
y; Hudson. o.; RssAina, losx Michigan Southern,
sosK VI Cleveland and Pittsbsrg 5sx; Rock Island,
90 cox; Northwestern, IS u; Do preferred 81 e;
Milwaukee and T. Pauf preferred, ST. Boston Water
Power. soH ~ Western Unien Telegraph, 4sk q X.
Al the haif-past two regular board the market
heavy New York Central closed 4 lower than at the
1rss regular board, Erie y, Reading y, Cleveland and
Pttsb0Eg y, Rock Island ], Northwestern y, do pre-
fened1, Milwaukee and St Paul preferred Y, Ohio and
Mississippi Certificates ~ Pacific Mail v, Western Union
Telegraph X, Boston Water Power v, Cumberland V.
Government securities dull but firm Coupon nvs-
twentes Of 1854 and the issue 1866 advanced r.
clined Y.
At the half past three open board the market q
Traction higher. New York Central sold 07K; Erie,
e2x Y; Reading 1o3x; Michigan Southern, 67H 6s;.
Cleveland and Ptsburg. 72x Rock Island s9f North
western, s4k; do. preferred. cox Fort Wayne, COX
<slo); Pacific Mail, 1881 q; Atlantic Mail, co. Western
Union Telegraph, 42x. Subsequently prices expert
ssoed further fractional improvement ana at quarter
20 ok the following quotations were current New
York Central s7,. ~ Erie, 62s< n; Reading, 1851
4; Michigan Southern SIX y; Cleveland and Pitts
burg, TAX . 70; Rock Island, soK r.: Fort Wayne,
ssk o.; Northwestern, aSk Ak; do. preferred, COX
. ri Pacific Nail, 12Sk n; Atlantic Man, % r.;
Western Union Telegraph, - Y: Ohio and Missssippi
-csrtincasss, % ~.
Government securities quiet and quoted thus At
tAs close OF business coupon hvstwentes Of 1852 being
che weakest and the issue Of 1895 the strongest Of
the gold bearing stocks -lssl, coupon, l1lx Az do.
ssgissered Xix X; nvstwentss, coupon. 1852 1o7X
4. weak; do, 1894 1854 y; do, 1885, 1861 los;
Ao. new issue lo7K y. strong ten-fcrtiss coupon,
sex y; thirty notes, nrss series. 1904 r.;
do, second series, 100x do, third ssr'es 1854 e.
The gosd mazket wss heavy ct the commencement Of
.0usnssa ne4withstanding the somewhat threatening
character q the European published this morning
Ths ear1nest transactions at 1854, and gradual
-deoiss 70 1904 followed Towards the close; however,
ahss was less dispositioa sell the part Of the
osars, and the quotation ~ four O'Clock was 137K.
There b large floating supply Of coin, owing 70 the
rscsut endorsements Of the Treasury, and loans
were made at 2 . per cent for carrying. The
sroa cisarIngs amounted 70 S5l,l44.ooo and the
gold balances $1lol 2e5 the steamer America for
Bremsn took ont 900 specie and the MORO Castle
Tor Havana, $o2.T4o. Is source Of some surprise
Chat the shipsnts Of gold The In instant have mot
essa hsavisr and the fact generally attributed TO
prsfsrsnes on the part Of foreign bankers and others
Who have rsnttsd nvssweny coupons for collection
allow poossds remain oH this de under the sup
position that they win bring higher rates Of interest than
In the present Of the European money markets. they
would b likely 70 do on the other.
The foreign exchange market continues inactive but
arm in tone. the leading drawers being indsposed to
lower their rates In view Of commercial indebted
ness Of the country TO Europe che low price Of cotton
and the heavy losses sustained by the Decline and the
unssttied state OF political Affairs the Continent
EuUt land al sw Hasa -