The New York herald., 1868-05-26
FINANCIAL AND CONNER CIAL.


Improvement
towards the end Of last week made further progress
to-day and the transactions were on larger scale
than they have been for many weeks past nearly all
che speculative railway shares being In good demand
while there was q special movement developed in
Pacific Nail, not apparently Of speculative charac-
ter but with view 1t seems. to obtain con-
troll Of the company. For week or two
PAST there have been heavy purchases of
Me stock by houses supposed to be acting
for outside parties, who are known to be well In
semed upon everything relating to the Pacific Mail
Company well as the opposition line, and who
have doubtless motive unconnected with Wall
street operations for buying the stock. The steady
absorption OF it which is going has already re-
suited In an advance Of seven per cent from the
lowest point touched since the decline following the
commencement Of the opposition set In, and the
stock Is 30 scarce and the short" interest 30 large
that borrowers are unable to get interest allowed
upon 1t, and moreover find 1t rather difficult to
borrow. The parties who buying for the
purpose named are making no transfers at present
into their own names on the books OF the company,
because their SO doing would expose their identity
with movement which they wish to be concealed
until their plans sufficiently matured to be made
public when the necessary transfers win be made.
The withdrawal of much stock from the street
has been for some days past source Of great per-
plexity TO the spectators, ALL nearly ALL Of whom
have been operating for fall in Pacific Mail since
about the date OF the last election, and
the amount sold, with the hope, on the
part Of the Sellers of their being able to buy
the stock at lower price, is probably fully equal to
the whole capital stock. Pacific Mail to all appear
ances touched "hard pan" a few weeks ago, and
although Wall street would sell it down II left to it.
SELF the indications that 1t will have to buy it
the rise in spite Of all the adverse speculative inu
at cau ha nUht tn haar Eurth thpr
developments relating to the scheme on foot will
not unlikely transpire before long, and meanwhile
there seems to be nothing but disappointment and
certain loss in store for those who have sold
Pacific Mail 'short." At the same time the
movement promises to result in great
change for the better to the company; but
1t would be premature to indicate details. The
railway speculation is promoted and sustained by
the ciques, and there is no inducement for the pub
he to buy any railway shares the list at present
prices, for although they may go higher they are
liable to relapse at any time and the sole object OF
these combinations is to "milk the street." or, in
other words fleece outsiders whether the latter buy
or sell the things they able to move up and down
like puppets, entirely regardless Of real values.
Money continues extremely easy, and stock loans
were made generally at nve per cent although the
leading dealers government securities enabled
70 supply themselves fully at four and even in some
cases at three. Exceptional transactions for small
amounts on mixed c0laterals were made In a few
instances at six, but this rate Is rarely asked.
The banks report that their country deposits still
steadily increasing and that the demand from the
Stock Exchange is insufficient to absorb the supply
whlle owing to the dulness Of trade the applications
for discounts are very light. Hence they CON-
PEELED to employ large portion OF their surplus in
the purchase, from time to time, OF United States
bonds, which are the only really cheap secu- |
rites In Wall street, as prices go, for every
railway .ss;k stogk On The lst is selling for
more than IL is worth First class commercial !
paper ia quoted at 51l per cent. The conversions
Of seven-thirty notes going forward very actively,
the total to-day at the SubTreasury being S., 0O0
The Assistant Treasurer is understood to have
neither bought any Of these nor have sold gold.
The gold market strong but quiet, and the
fluctuations were limited to one-eighth per cent,
namely from 1895 to 14O with the closing transac
lions at the latter price, The borrowing demand
was moderate and loans were made at ga az per
cent per annum for carrying The gross ciearngs
amounted to s2o.2lS,oOo the gold balances to
Sl,O4e 923 and the currency balances to $I467214
The foreign imports Of specie at the port last week
amounted to s233 525 making So, 105 since the
LIST Of January.
There has been very strong and excited market |
for government securities all day and further ad- |
vance Of half per cent in prices established.
There is brisk foreign demand for tenforties which
are quoted at about two per cent below the Ave-
twenties OF 1852 in London, and the loan, which
amounts TO two hundred millions, Is closed the sup
ply IL limited, while the bonds growing in favor
abroad, owing to the express stipulation in the au
thOrtzng act that the principal we'll the interest
Is payable In gold II follows that they within
two per cent OF the 1862 bonds In London they ought
fn cla aytfn hio r>otpt hara aVIa
present there a difference OF than
i've per cent between them the margin for
rise, supposing fve-twenties ~ remain stationary
Is about three per cent The tendency of prices for
all kinds Of United States stocks s however towards
considerably higher figures and all the material
ditions Affecting them are favorable to this. The
home investment demand Is unusually heavy, the
purchases on foreign account are larger and more
active than they have been for long time past and
al the same time, the glut Of money is stimulating
speculation In them by parties who have hitherto
connned their attention TO railway and other mlsce
laneous shares. At the close the market buoy
ant at the following Registered, 1881, lI6
l15&; coupon, 1881, 115k l15x 5-2o's registered,
is02 lO7 lo7A; 52o's coupon, 1852, 110h 1l0.;
do, 1864, 1osx 1os1; do, 1865 1os% 109; do,
1865 January and July, u0k 1loX; do, 1857, 1lok
10Y; 1o-4O's registered 1o5k 1o6k; 10-40s cou-
pon, 1854 lo5k; June 1905 1osh 1oSk; July
7so's lOS>i losx; August compounds, 1854, 1isil;
September do, l17A; October do, 1l7K.
At the commencement Of business the stock mar
ke was strong and active, and at the early session
OF the open board there large transactions in
Pacific Mail (sales 2eoo sharesI the price OF which
advanced TO sA1s, while railway shares were Y a u
higher than at the close Of last week. At the nrst
regular board the market continued TO gain in
strength and activity, and New York Central closed
q Tho tt,,o& Catu Cria a.
Reading u, Michigan Southern Y, Cleveland and
Pittsburg 2a, Cleveland and Toledo AZ, Rock Is
land u, Northwestern Is, do. preferred, IN, Fort
Wayne n, and Milwaukee and 81 Paul preferred y,
while Quicksilver was u lower. Government
securities were strong and active at an sd-