The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-04-25
FINANCIAL AND COMMERCIAL.
FRIDAY. April 24-orsu

transactions at the lowest point ioucp ell This de-
nression was owing mainly TO sales 4 coin by the
government and the weakening the market for
foreign exchange. Loans were made without inter-
act and M 1 a per cent for. CARRYING The gross
clearings amounted to sSoos eoo the gold balances
10 seO2o ss and the C.rreIoy balances to eeG.
with respect TO nf 1reasury gold sales there is no
good reason why these should not be made
publicly by the Department Itself, thus saving the
barge amount Which, under the present system, is
paid in comm lssoDs Money in ample supply
up 10 the elise at seven per cent, with not q few
TRANSACTIONS where che borrowers were first class at
six. In discounts there worry limited business
Transacted, and the best grade OF commercial paper
was rVed at per cent on the street. The return
now~of currency from the interior is gradually in
rre2sng, and the indications are that after next
week money will be both cheap and abundant.
= The stock market was somewhat dropping and
unsettled until after the second board, when
took sharp upward turn In conse-
guence Of Mr. Drew having been seen walking
through Broad street. This was q simple circum-
stance OF ITSELF but the bulls accepted 1t straw
m their favor and acted accordingly. Mr.. Drew
after leaving the street returned to Jersey City,
where Mr.. Eldridge, the president, and Mr.. Fisk
still remain, and tne friends Of Mr. Drew deny that
he has changed his attitude toward his codirectors.
The radical programme for adding a hundred mil.
Mons OF national bank notes to the circulation gives
ACKNOWLEDGEMENTS TO the operators for RISE but
YET there is erylittle disposition shown to-discount
this spcctve imitation II the plan is carried out
however, rs a,pavty measure, there is little doubt
chat II wiz innate prices without necessarily i'm
5 proving values. Nothing new has TRANSFERRED with
regard 10 the Erie contest, excepting the incident
mentioned; but the general belief Is that ultimately
Mfr. Vanderbilt will vote mis- friends into the manage
nent of the company although the course of the
stock In the meantime Is very uncertain. That
MI. vanderbilt Is 4 good railway manager
has been shown by the results thus far Of
his management OF the three roads he already
controsn ts State, and in this respect he has set
nm eXantSe which uay be followed with advantage
BY other railway managers, most o. whom labor to
destroy rather than TO build up. and hence the
anaacia emharrassments III which the companies
controlled BY them have become involved Most of
the railways IN this country have been managed
like those OF England, with entire disregard OF
the irteresls OF The stockholders, ana there the
result has been collapse. Such a crash will uti-
mately overtake Inisrnanaged railway properties
here, but the sound dividend paying stocks
viii pass through The ordeal with compara
lively little damage This revu,slon may not occur
for two three years TO come, and mean
while currency imitation may carry prices up
stan higher That railway property in the United
States win Ultimately be of far greater value than 1t
IN now admits OF doubt, fer the prosperity of the
railways Will grow with the growth Of the nation,
and the opening Of the great line from Omaha to
Sacramento win tend TO increase the trafc Oh all
ahc main lines extending from this centre westward.
Nevertheless the fact remains that al present prices
and values in many instances bear very little rea-
ton 10 each other.
The market for government securities was quiet
but strong, and the investment demand continued
good although there falling of In the amount
of speculative business. The usual spring reinvest-
isent demand for bonds will be fetuntil after the
dfsbdrselnent OF The May interest the public debt
n begun, by which time monetary ut this centre
will he completely restored. The tendency of prices
Will be upward until they have reached q consider
ably higher point the funds being, for rate of in.
trest They bear cheaper thar any other the
country. At the close the market firm at the
following Observation-Disclosures, 1881 1l2% l12Tx;
COUPON 1881, 1929 1i3S 5-2O's, registered, 1862,
1o$ 1906; 5-20's, coupon 1902 Ill liz; do, 1854
ID 1los; do, 1855 ll04 11o2s; do, 1855, January
and July, 1887 1855; do, 1861 1881 a 100; J0-4O's
registered, 1921 1o3; 10-tos coupon, 1929 1903;
June 1905 l07 lo71s; July 1905 1o7 a 1919; May
sompounds, 1864, Is; August do, l171s; September
DO, III; October do 1l6S.
At tho commencement OF business the stock market
was dull and barely steady, hut at the carly session
az the open board improved slightly and Ere sold
nj 90 a591t and New York Central 1885 a 1854. AT
the rs- regular board the market was firm but dull
except FOR New York Central which was mode rately
active. Eric closed u lower than at the same time
yesterday, Reading ~ Michigan Southern a. Clcve-
land and Pittsburg pa, Cleveland and Toledo "A Rock
Island =, Northwestern preferred Il, Milwaukee and
~. Paul Ia, Ohio and Mississippi 4 and Quicksilver
u, while New Yorl Central was y higher Govern.
ment securities were firm n advance of 4. AT
the open board at O'Clock the volume OF transac
tons was light, and prices were :. ~ per cent
lower Eric selling az GO and New York. Central at
123S ~ the second regular board The m arket con-
finued duh and heavy and New York Central
closed lower than the first regular board Erie
q, Cleveland and Pittsburg = and Ohio aI,d Missis-
s,pp =. Government securities were arm but mac
tive. After the cal IL was reported that Ir Drew
was In Wall street. aud prices advanced immediately
nnies ruah TO buy, his appearance being pstrucd
as favorable to the bulls Al the hpifpast
three open board Now York Central sold
nj lisa Ia; Ere 20; Reading, ssys a s9A;
Rock Island 49, 93&; Northwestern preferred
ga ~; Michigan southern, cor; Fort Wayne
lo2s, snd racihc Mail %. subsequently Erie ad
vanced 10 7Qa s0i., then relapsed 10 TO-, but
late In the afternoon prices were bid up. although
INC mar.e Was dull, aud at the close at SIX O'Clock
Che quotations were as folows:-Nev York Cen trial. |
LA lA.a; Erie, ,05s 7otf; preferred rs a'76;
Hudson hh'er, la IS0; Reading, soiS e0A; Mic9t
gan Central lll,, lis; southern ss:< 20; Illinois
Central, 1s3 1875; Cleveland and pft,si,urp sos. a
HA; Cleveland and Toledo, 1oi Io4is; Rock y,land
s4a oi'.: Northwestern preferred 14ss AK; PA.
ciac Mail o2af 81; Ohio and Mississippi Ska lS
Toledo ami wabash 3? a 52.; Canton COMPANY. !
s7lx a4D; Quicksilver 20K q; Marposa, :, a s:
preferred, ~; western Union Telegraph, s7!( a |
y7H; Fort Wayne, 1929 io3
The foreign exchange market was less firm tlan !
for several days past, and prime bankers ttorlirg
bs AZ sixty Says were offered at iloh hut At pres-
entthcte nothing TO produce any material decline IN
rates After the remittance OF thar portion Of The May
interest on the puzzle de0t due 10 bondhoders abroad