The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-05-12

lslhknS iunu) uo lool.............. 70 Z ID
Michigan Southern and northern Indiana per
cent (a1 .,nS . ,Suns1' 1885,. c. 50 g
New York Central per cent (ainiing fund.-,
per cent, convertible, 1881 q q
per cent Blinking fund.-, lS76........ 90 %
+" 500 shares ACKNOWLEDGEMENTS IS = 10
New York and Erie Sd mortgage per cent 1888 90 os
Pennsylvania Central bonds, list mortgage, CON
ID mortgage, per cent, sterling % q
Philadelphia and Reading bonds per cent $780, So IS
Sc per rn cent, 1870. ............... IS a5s
In reference to American stocks, Barring Bros Co. re-
mark =
American stocks continue without inquiry but there
sellers. United states S. new loan, 81; Mary
land sterling ss o. Pennsylvania S. stock, So bonds.
49, Canada 6s, Ill no. Nova Scotia and New Brunswick
6's, 100 D l08.
J. SatterthSate says -
Since last paaic has experienced on stock
mar ke such scarcely Witnessed. Consos close
50 4 for money and account American securities are
rmIy maintained than any other cass being chiefly
held by parties for investment to obtain high rate Of in
terest, and who do not press them for sale.
The rise Of per cent in the rate Of discount at the
Bank Of England gives rise to much speculation in tho pa
pers The bank expected to raise tho rate three
but under the influence of the general panic accustomed
by the discovery Of the Russian treaty. the directors
seem to have resolved to rapidly The return
for the week ending the 9th Of April gave the following
results when compared with the previous week.
Public deposits. .f5 249 298 Increase. El60 1914
Other deposits. 1874 625 Increase. 2l332o
Rest........... 3,l49260 Increase. ........ 1901
On the other side of the account
other securities. 800. II sos sol Increase 1886 esl
Notes unemployed.... 9,4s6645 Decrease. 1888, sos
The amount Of notes in circulation Ell 1888 625,
being decrease OF 963, 1885, and the stock of bullion
both departments cit s42 showing decrease OF
9xrbap al tho, ad;po
The decline in specie wss caused by the shipments to
India and China The British government. agreed few
weeks since to send sls GOO specie to India to tho
cid Of the colonial government; of this amount about
Slo00ooo0 had been shipped when the Persia sailed.
There had been, for some days previously, large
rivals OF specie from Australia the United States.
With stock Of bullion amounting TO sSS 900 000 aud tho
Continental exchanges Brm the Bank of Engand cannot
be considered in precarious position
Some Of banks have called in few of their loans
and ask higher rates of interest Ia the third or fourth
time within few months that effort has been made 10
raise the rate Of interest," this time the attempt based on
plausible grounds, vz:-the war panic and the advance
in the rate of interest in London II may safely be doubted
however, whether it will be successful than the
previous experiments in the direction. Money it
must never be forgotten rises and falls according the
relation Of supply and demand; the banks have
control its value than the brokers' For money to
rise in value at the present time the demand for must
increase Where that increased demand TO come frone
Not from the brokers, for is borrowing stocks
Not from the merchants for the universal report of bill
brokers that paper scarce and until the
fall, very little new paper will be made Not from
the government, for 1t is actually paying Off the old
Treasury notes, without ressuing the new ones Not
from the farmers, for until the fall months they
will require no money. If, then, the demand
for Tho v,Ipr ;n;uv
large as it has been how advance in the Of
interest DO sustanedp Is obvious that the banks
call in their losns private capitalists depositors in these
very banks, will gladly step in ami employ their idle
capitaS In the fall, or perhaps in July and August whea
the fall trade creates an active demand for money among
the merchants and when money is needed to move the
crops, it is quite likely that shall money consdera
bly, higher than s But until then any attempt the
pat of the banks to raise the rate-smpy because the
Bank Ct England has done so-must end in failure. We
quote call loans, in the street. at AZ; paper, short
endorsed first Glass; AZ per cent first class endorsed
sixty days. per cent. Loans for four and six
months being made reliable securities ut per cent
The steamship Africa called for Europe to-day, with
81 64S976 in specie freight, mostly coin. Exchange
closcd firm at previous rates, viz. 1l0H for sixty
day sterling bills (bankers), 11oaS for sight bills,
and $40 liz fer francs The business done at these
high rates moderate.
The panic the London Stock Exchange Of which the
advcss brought by the Persa was caught by the
New York Stock Exchange this morning, though the
United States, well Great Britain menaccd BY
the alliance Of the Continental Powers Of Europe The most
reliable State securities vrginas Sssours, and Tenne
sees, were pressed for sale decline OF per cent
and the bear operators offered to sell these and all the
other stocks the list concession from the lowest
prices touched for sellers options Illinois Central bonds
for instance, declined 4 per cent New York Central, u
Michigan Central, "a Harlem preferred, IL Michigan
Southern, 4 Panama, ~ Galena, l; and other
stocks in proportion. There was no pressure Of
stock on the market No loans had beea
called in which could not be renewed at equally
low rates. No unavorable news from tho roads had been
received But the public disposed TO wait TO the
result Of the war broglo before buying aud leading
operator having yesterday decided 10 sell out his stocks
the market flooded at time when 1t could bear no
increase Of supply Common points out that the
effect Of the European war the railroads Of the North
and West must be in the highest degree avorabe that IL
must increase their traffic. enable them 10 obtain higher
prices, and help them prodgiousy every way. In the
meantime the obbers the Board OF Brokers continue To
cell these and all other stocks for the fall though there
was not and never could be- any value any Of thcm
Rock Island the only stock which resss the assaults
OF the bears. We understand that very many Of the
bear operators fail to make their deliveries in this stock
and are indebted to the indulgence Of its friends for for
beaIance which, however, does not prevent their ham
mering to the best Of their ability. II opened to-day
at 59 sold up 5s between the boards and closed 1t
to4 bid Pacific Mail was three per cent lower today.
1t ia understood that the leading director and OF
the heaviest holders Of this stock has sold out and
about connect himself With the new Nicaragua Transit
Company. Negotiations believed to be pending be-
tween Vanderbilt and the company, but nothing has yet
ualsphed with resardto their nature their probable
result. In the afternoon there was active business,
and the market steady at the lowest prices Of the
mo,nIg After The board, however, the sellers asa'o
precomnaet aud s,ocks eoscd heav! a. tho fooowios