The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-05-09
FINANCIAL AND COMMERCIAL.



latter handle twoedged sword, which cuts into
the bulls and the bears in the Stock
alternately, the combination in each case being the
gamer at the expense Of those who have the temey
play against loaded dice. Tho programme appears
TO DO 70 advance the price Of Erie and rghen some Of
the shorts" into Towering" and the short interest in
It is 90 heavy that the task of engineering upward ia
easy In the present condition Of the money market
Special efforts have been made by the bulls during the
last few days TO get down. in order to buy back
the stock sold at higher figures, and the bears
have materially assisted them in their endsavors
All the other stocks on the Inst have SYM
pathissd with the movements Of Erie which still
leads the Market but gradually the volume OF specu
lation increases will LOSE its ascendency and this y
TO Be desircd Tho tendency Of prices 10 upward. and
will probably continue TO be for considerable length
OF time TO come that may the history OF last
year part repeated The large accumulation 6f cap
ta at this centre calculated to encourage speculation
On the Stock Exchange, and the low prices
now current afford o wide margin for .
rise. IL must be borne in mind, however
that the speculative feeling outside of Wall at
present by means strong, and that there the
bears still present very arm 'front.' 1t remains for the
bulls TO turn low prices large short interest and
tremely easy money market to profitable account.
There is change to note in the for call loans
Houses in good credit generally supplied ct five per
cent, with exceptional transactions four and six the
lower rate being on governments There is . moderate
supply Of commercial paper offering for discount
and the best grade passes at 6a7 per cent, while
the second. is quoted at Q. There is on the
whole, more cheerful feeling springing up among
financial and mercantile than has been noticeable
for months past and the prospect favo improve
ment.
At carly session Of open board railway shares
steady at the decline or last evening New York
Central sold at OK; Erie, e2K n Michigan Southern
o8k: Cleveland and Pttsburg TAX Y; Northwestern.
353S; do preferred, sk; Rock Island, co. Fort Wayne
s6X.
At the nrst regular board the market was active but
heavy the heaviest transactions being in Erie, which
cold II 6lsI q o. New York Central closed y lower
than At the Same time yesterday, Erie n, Reading a.
Michigan Southern n, Rock Island u, Northwestern ~
do preferred v, Fort Wayne Y, Milwaukee and ST.
Paul preferred l. Ohio and Mississippi certificates ~
Pacific Mail y, Canton Y. Cumberland ~ Western
Union Telegraph 1K Government securities were
steady. Coupon tenfortiss advanced y, seven-thrty
notes OF the first series r. State stocks without
change.
At the one O'Clock open board the market was dull
and hsavy New York Central sold u e7H 4; Erie
ak *; Reading lesx; Michigan Southern, ssx X;
Cleveland and Pittsborg TAX; Rock leland 90; North
vsstsrn, 34X e !; do psefesrod 0Oss *; Fort Wayne
oek; Boston Water Power 20; Western Union Telegraph
A2s
~ tho hafpast 1--we regular board there was general
Improvement In prices Erie ciossd 5k higher than al
- nrst regular board, Michigan Southern x, Illinois
Cent y, Cleveland and Pittsburg s. Rock Island IS,
Northwestern preferred ~, Fort Wayne y, Ohio and
Mississippi certificates X. Atlantic Mail u. Boston
Wafer Power Y lower. Government securities were
barely slesdy. Coupon nvetwsnties Of 1862 and 1866
u lower. Tennessee SKIES declined u.
Al tho halEpast three opon board the market
strong. and prices experienced further improvement
New York Central sold u NIX 0s; Ere, es q; Hud-
con, "; Reading. 1o3X; Michigan Southern, esa;
Cleveland aud Ptssbure. Ts1l; Rock Island, 0os X;
Northwestern, ASK NJ do. preferred. 6lH x; Fort
Wayne, 96x q. During the rest Of the afternoon
there was brisk demlnd for all the leading Stocks and
prices continued in tho ascendant At quarter to
the market was 'nrm u the following qaotations:-
New York Central, % u; Erie. eoH n; Reading,
103X 104; Michigan Sosthern, 6SK %; Cleveland
and Pittsburg, tax "a; Rock Island, COX 81; Fort
Wayne, 9sX o.; Northwestern, ssk n: do. pre-
fsrrsd, 81 y: Pacific Mail. l2sK NJ Boston Water
Power 10 . y; Western UnIon Telegraph, 42x . -. M
Mining shares wero unsettled and generally weak. At
the nrs board Corydoa closed 4Oc higher than 1t the
same time yesterday selling a 81 40; Charter Oak Cop
psr &C. selling 81 Is Columbian Gold and Silver &c.
selling at 81 So Consolidated Gregory Gold was Soc.
flower selling at % IS Peoples Gold and Silver sold at
SOC Al the second board Coydon closed 25c. lower
than a. the nr1s board selling at 81 Is; Consolidated
Gregory Gold, $50, selling 20 90; smith Psrneiss
sold 1t 81 50; Quarts Hill. o5.
Govcrnment securities steady Al the subjoined
prices NJ the close OF business :1ss coupon, 11l al
DO registered, 111x n; 10 coupons, 1852, l07A
u; do do, 1884, 1851 Ak; do. do, 1895, 1867 loe;
do do, new ssuo. 1914 "; 1910 coupons. osss y;
73-los rss SERIES 1861 Vi second series, 1861 u.
THO gold market strong al the commencement Of
business this morning.. and the price advanced to 1885,
out subsequently II reacted TO 13sA and the closing
transactions - 1917. There was superintendent
supply q coin. and loans msdc at pr cent
for carrying Tho gross clearings n the Gold Exchange
Bank amounted to Ss3 0o0 and the gold balanccs 70
81 aai ao6 Tho total ceasnz from December IL 1905,
when tho hank commenced business. 10 Nay !, were
ssse2, fioo e2 the highest cearngs on any one day
wore si5s 0o0 and the lowest S3 the daily
average being ST. os3, s46 failure Of nrm Of gold
brokers was announced morning and about quarter
OF milton Of gold sold out on their account The
failure Is snd 70 be owing OF Watts Crane Co.,
mentioned yesterday. The steamer Malta took out
$751; s7J in specie
The absence respecting the procsednss Of the
Peace Conference in London regarded favorable
20 . pacific solution Of tho Luxemburg question, and
more disposition shown TO operate for fall than
apparent yesterday. ~#MM
The foreign exchange market was steady ~ yssscr-
days rates. Bankers bills on England At sixty days
wore quoted At lo0x x; at thrce days. lIoss q.
Commercial bills. 10sk 100 Francs q sixty days.
sNas15: at three days. 6l5 bl2k; bills ON Berlin.
uaT2k; on Bremen, 7ss. 7sil; on Frankfort. CO..
az: on Amsterdam 4oJs a4lh; on Hamburg 3e,1 a y;
on Antwerp, s. 20 asls. III
American securities are heavy in London, while con-
soils are steady, namely
s::s s,.... s.s:.: q u y A:
illinois cenir.l....... 7sA 75,s 7sx
The comparative earnings Of the Milwaukee and s.
x.., p.tu.~ frrr ponv far Aurtlv mara