The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-07-29
FINANCIAL AND COMMERCIAL.

SUNDAY July %, 1861.
There was an active speculation In railway shares last
week. and further general advance in prices took place.
Erie leading the movement The business in this stock
was stimulated by the prospect Of change in its man
agement which II Is or was supposed. would involve
contest between the present directors and those
seeking to supersede them, and ultimately result In
various reforms. which are much needed The leading
speculative director Of the company is said to be indsr-
emit the subject Of his re- election and even to
sending In his resignation. Everything said in relation
thereto luus however be taken with several grains Of
allowance a. much Of 1t is designed for speculative effect
The disposition OF the street buy extends to nearly
all the important railway stocks and the prospect
OF unusually abundant harvest il causing the most
long sighted or the operators direct their attention
to the stocks Of the lines west OF Chicaao like Nil.
waukee and st. Paul. which, being free from compet-
tou can exact their own rates Of fare and freight
These grain roads, too likely TO experience greater
proporonate increase Of traffic. arising from tho heavy
crops than the truak lines east Of Chicago The public
will, nevertheless, do well 10 bear In mind that the
present movement is speculative one. and that.
although there are signs OF its approaching cul.
mlnation as yet It Is conducted entirely irrespec-
tive OF real values. In the present extremely
easy condition OF the money market the thousands
OF brokers and other professional spectators now
control the course Of prices put the latter high
they please but tho higher they so the greater Is the
risk involved and there Is limit tho enth usiasm
and perseverance OF q concourse OF bulls
Money was loaned on Saturday In largo amounts on
governments at three per cent, although the majority of
transactions at four government securities and
five on mixed coaterals The reserve of the banks Of
this city Is considerably above the legal limit and it will
take several weeks drain westward to clear the
market of Its surplus funds Tho bank statement
tomorrow Will doubtless show a further increase
OF more than million in legal tenders
although the specie Will show decrease Of about two
millions and hail.
The stock market closed steady at quarter to six last
evening at the subjoined prices
New York Central, 100 y; Erie, 7eE e; Reading,
1885 u; Michigan Southern, s2k q; Cleveland and
Piltsburg, 92Z 90; Rock Island, 1924 a X; Fort
Wayne, 1861 q; Northwestern, AK a u; do pre-.
ferred 72s 4; Ohio and Mississippi certificates 2sAs
a Ai Western Union Telegraph, 4s1aH
Government securities were dull and barely steady
The gold market firm during the week. and the
borrowing demand for increased so that towards
the close from 164 to 36i per per diem was paid
for loans Yesterday the premium sho we'd advancing
tendency, owing TO apprehensions Of a rupture
OF peaceful relations between France aud Prus-
sia at distant date. The demand for
customs duties larger than usual and this operated
to strengthen the position Of those holding gold for
rise. The receipts for the first Eve days Of the week
amounted to g. 40 0O0 aud tho coin interest dsburse
mens during the same time to 1884 200 The export Of
specie was also rather large considering the gut of gold
In Europe. All these circumstances were conducive
to armncss The daily range during the week was as
foIlows:-