The New York herald., 1868-04-27
FINANCIAL AND COMMERCIAL.
SUNDAY, April "a. 1893


SUNDAY, April "a 1858.
me rold market was on the whole steady last
weak and the fluctuations were from 1857 to lAO,I,
the latest quotation on Saturday being lss% lssk
There was a moderate amount OF speculative busi-
ness transacted and more disposition was shown to
operate for rise than usual Of late. The demand
for customs duties at the port aggregated $ $50
and the exports OF specie and bullion amounted to
el,sS7,2el. Government securities experienced
steady improvement under good investment and o
moderate speculative demand and the disbursement
Of the May interest on the public debt viii undoubt-
edly greatly quicken the investment inquiry. The
gradual return Of monetary ease has naturally as
sisted the reaction from the depression produced by
the recent strngency but the quotations for govern
ments are still very low compared with those for
railway and miscellaneous shares. 1t seems little
less than reproach to that hve-twenties should
be Selling In London at 70x 701 while British con.
sos which pay only half the interest that the former
bear, are quoted at 9Sx s3%, or more than twenty
three per cent higher The interest to be disbursed
In May WILL 1t is now estimated, amount to nearly
twentyseven milions the conversions Of seventhirty
notes into bonds having been rather heavy during
the month, and probably nearly half OF this total will
be renvested in United States stocks. The inquiry
during the last few days has been mainly for the
later issues Of nve-twenties, Of which the
new 1865 are relatively the cheapest, the
accrued interest on them being precisely the same
as on the issue OF 1857 In like the old bonds
Of 1886 ~ below those OF 1852, owing to prefer
for the latter abroad but ultimately prices for
bonds Of uniform value will be equalzed The sup.
ply of securities in the street s large and the
national debt having long since reached Its maxi.
num- process Of absorption is going forward which
will result in marked advance in the price of
United States stocks. The Sub-Treasury bought
la~rv
during the week. and also sold moderate amount
Of gold.
The stock market after opening weak and un.
settled, rallied sharply, and the reaction from the
previous decline continued to progress up the Close
the most marked Improvement being In New York
Central and Rock Island. Erie was alternately nrm
and heavy, and 1t did not fully sympathze with the
Improvement In the general market the street
meanwhile treating 1t with great caution. The
radical scheme for adding hundred millions OF
national bank notes to the circulation Of the country
inspires the bulls with ourage. and strong efforts
will doubtless be made to the success Of this
In order that the threatened crash on the Stock Ex
change may be postponed for two or three years to
come. The breakdown will, Of course, be all the
more severe In the end but In the meantime every
specuator expects to reap his harvest At the close
last evening the quotations for the railway and mis-
eellaneous shares were as follows-Pacfc Mail, 93X
"a; Ohio and Mississippi, 31% 31a; Canton Com
pany, 4sh 40; Quicksilver, 2eX 27; Western Union
Telegraph, 81 37A; New York Central, 127 127%;
Erie, 7l% n4;.Hudson River, 1861 1856; Reading,
COX 90X; Michigan Southern s9H 90; Cleveland
and Pittsburg s1H 80; Cleveland and Toledo, lo41a
i05; Rock Island, 942S 94H; Northwestern pre-
ferred, TAX IS; Fort Wayne lO24 a l03.
The money market was easy during the week to
borrowers on stock collateras at per cent with
not few loans to first class borrowers at six the
principal dealers In government securities being
offered all the capital they required at this rate
The drain Of currency from the interior is gradually
increasing and after the present week the loanable
resources Of the banks Will have 80 far increased
that monetary will be assured. The applications
for discounts were on very moderate scale, and
the banks took the best grade Of their customers
paper at the legal rate, although on the street it
would have had, in most instances, to submit to %
per cent. The statement Of the associated banks Of
this city for the week ending yesterday reflects the
improving aspect OF affairs. The legal tender notes
have increased since the previous return,
and the circulation $9,o43. while the loans have de-
creased 1506 389, the specie $ls42, o95, and the
deposits 1,525O34 from which 1t follows that the
banks, collectively, are stronger in their
reserves than they were week ago. The totals. Of
the last two statements are as subjoined -