The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-07-26
FINANCIAL AND COMMERCIAL.

The railway share market has been unsettled to-day
ey sales to realize profits and during the afternoon
general although BY no means heavy, decline took place.
The feeling OF the street. however, continues strongly
buish, and tho present decline Is merely regarded as
Of those natural reactions incidental to period OF
excited speculation for rise. Prices have not yet
reached that point Of elevation at which the movement
Is likely TO break down, and this applies especially to
those among the dividend paying stocks which have
Jailed thus far to sympahze with the upward course OF
OF the most mercural Of the non-dIvdend paying
stocks, including Michigan Southern, Cleveland and
Pittsburg, Erie and Northwestern. But as prices
afford criterion Of roal values on the
Stock Exchange, IL Is not improbable that
the greatest rise In the future, as in the past will
cake place in the last mentioned Already high figures
talked OF for Erie, and with money abundant as
1t Is at present 1t is quite possible that may reach
khem But tho higher or any other stock goes above
ats present value, the greater will be the subsequent
FALL or tho future increase In the value OF railway
property there can bo doubt but the railway stocks
which arc now the footballs of speculation In Wall
street. will experience many ups and downs before they
rest on tho substantial Investment basis which they will
ultimately reach The number Of outside buyers does
not appear to be either large incroasng but tho
Brokers and other professional specuators OF them
selves SO numerous that they for the time being
masters OF the situation without their assistance. This
however viii not be when they require to "uuloadn
There is undimnishea case in the money marlot and
loans made freely Ave per cent mixed colater
ais and four per cent governments the exceptional
transactions at six per cent being few, and either for
Small amounts time. The probable effect Of tho
Treasury redeeng the August compound interest notes
with currency continues to be discussed II is argued
Ahat this OF contraction, 1t involves tho
curaimen Of ths legal tender issues to the extent OF
che amount thus redeemed. 1t must be remembered,
however that these long since ceased to form
part of the active currency and that 1t is only whore
they held by the national banks portion Of their
that they perform the functions OF currency in
any respect Just now the banks well Supplied
with funds that they Indifferent to the In
which the Treasury may ct to redeem the maturing
compoand interest notes; and they have the option
+sf retaining them after maturity and Of still counting
them a portion Of their reserve, It is probable that
OF least OF their number will adopt this alternative
Al fresh in the public mind that Congress only author
fzsd the issue of fifty millions of three per cent certa
Gates for tho redemption Of compound interest notes,
and tho LIST OF June there $780, 20 Of these
outstanding It was obvious at the time that the
mande OF tho notes would have TO be provided for from
che other Of the Treasury and there nothing
20 occasion SURPRISE therefore, the redemption OF the
August notes in the manner proposed. The Treasury
will doubtless be guided by it's condition and
venence Issuing the certificates. which will be legal
tender at the Clearing House and redeemable in
rency. The frst effect Of tho redemption Of the
AuguA notes In Currency, supposing such to take
place. will be to further increase the supply Of oanabe
funds in Wall street. because the banks WILL by having
their interest bearing reserve reduced be anxious
10 employ all their money beyond the necessary
ri twenty nvo per cont Tho redemption Of the notes
held by private individuals and not used In the banks
will be virtually without influence upon the currency.
0ha.~ L. - As~-~ t. 49,
The amount OF nrst class commercial paper offering is
very limited and this the only kind in favor at the
banks and the for this ranges from six per
cent.
Al the early session of the open board railway shares
active and Erie especially but the closing prices
OF yesterday barely sustained. Erie sold at TAX
a 4, Fort Wayne at 1863 1861, and New York Gen.
trai at 1l0H.
At tho rst regular board the market active and
sflrmsr In tone. New York Central closed u higher
shan at the same time yesterday, Erie IL, Hudson
River y, Rsadng Il, Michigan Central lss Michigan
Southern x, Cleveland and PIttsburg 1H Cleveland
and Toledo 4, Rock Island 1K, Northwestern Y, do.
preferred X, Fort Wayne TX, Toledo, Wabash and West
srn TX Ohio and Mississippi certificates u. Canton s.
Pacific Mail was y lower Cumberland Coal e. Govern
mont securities were dull but steady. Coupon Ave.
swcuues OF 1855 and ten-fores showed advance Of
n Among the State stocks. which we're active, Ten.
nessce declined y; North Carolina SKIES Of the
now issue advanced u, Missouri skies !. The old ex-
press stocks nrm. at an improvement in Adams
and American OF u, and in Wells Fargo Co. Of lsX.
The transactions In these shares increasing and they
show an advancing tendency. The demand is to great
sxtent Or iavcsment based the growing conviction
chat the. 6u6sest going forward will terminate in
sher favor Merchants Usion sold at 11,, with Is per
cent paid up and the demand for the latter mainly 10
shoTs" the facts developed by the legal contro
versy which engaged not being Of character 70
induce investments In the stock. There wide diff
terence between the cash price and sellers options,
salos having been made at 10 seller sixty for 80 paid
A. the second regular board the market reacted
slightly. New York Central closed lower than at the
irs regular board, Erie ~, Hudson River w. Reading
q, Michigan Southern II, Cleveland ana Piltsburg q,
Rock Island y, Northwestern preferred u, Fort Wayne
r., OHIO and Mississippi certificates Il, Western Union
Telegraph u. Northwestern * higher, Canton q.
Government securities dull, and coupon vetwen-
fes Of the new issue Of 1886 declined y. Tennessee
-sxcs, now, declined y.
Al tho hafpast three open board the reaction made
further progress and afterwards In tho lower hall and
the street. prices continuedN ITO decline. At six
O'Clock tho market closed steady at the following quo
tations:-New York Central, 100 Y; Erie, 73x u /;
Reading, lo7x los; Michigan Southern. 49,. *;
cleveland and Pittsburg, %; Rock Island 1o3 n;
Fort Wayne lo5k 100; Northwestern. asa u; DO
preferred. 72's y; Pacinc Nail. LAO a " Express
stocks closed strong at these prces:-Adams. 73K IA
American, 70 "a; United States, "a 20; Wells, Fargo
& TO-, max.
Government securities dun ct the close OF bua
mess at the subjoined quotations :-1ss1, regis
tered, ITO Y; do, coupon, 1lok u; ave-twentss,
asc2, registered, 100 u; DO. 1862, coupon, l1lK
81; do, 1854. coupon, losss . q; do, 1865. coupon
no'h u; do. 1865. January and July, losx ";
do 1887. coupon, 1885, 1osX; sen.fories registered
1o2 n; do. coupon, 1925 n; do. seven-thirtiss,
August, lo7X 1885; do. do, June 1918 1o7,s;
do. do, July lo7H y; compounds, 1884, August,
a1ss v; do. do, October lis a v; do do, December.
at7f< ". do Nav 1ecs 1Ias< 49,. Az A