The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-05-10
FINANCIAL AND CONNER GAL.
SATURDAY, May 90 p. NJ


tsAay ana the fluctuations were nom 1899 to 140k,
with the closing transactions prior to the ad)ourn-
ment OF the board at 140H, following wnicn THIS
price was bid The supply OF coin was largely 10
excess of the borrowing demand ana loans were
made at 4 a per cent for carrying. The gross
clesrngs were $50 900, the gold balances
elg74,l2e and the currency balances $2,sS2,o $780,
The steamer City OF Baltimore took out sex, 900
IN specie the Louisiana $4,000. and the Bienville;
for Havana 100000. making total for the week OF
sassa3 800 The upward tendency Of the premium
was stimulated by reports from washington to the
eject that the conviction Of the President is regarded
O. almost certain by well informed parties there and
n is noticeable that of the prominent operators
who have been hitherto either bearing the market
or remaining entirely aloof from 1t, have become
heavy buyers. They are OF course mere
weathercocks. liable to turn at any moment
but they to indicate the prevailing opinion with
respect to the immediate Of the premium. In
our opinion, however, there is nothing to justify a
further advance under existing circumstances, and
although 1t is not improbable that the bulls may
'steam" the price q little higher they will be free
sellers at the advance.
With respect to the Treasury gold Sales is clear
thai they are made in violation OF law for the act Of
February 25, 1862, specifically provides that the
customs receipts shall be applied, first, to the
payment of The interest on the public debt and Sec
Ond, 10 the purchase or payment Of per cent OF
the entire debt OF the United States, TO be made
within each fiscal year, and to be set apart sinking
fund. This sinking fund provision has, however,
been entirely ignored, although the attention Of the
Secretary OF the Treasury directed to 1t by Con-
gress IN joint resolution adopted March TO- 1884,
This resolution authorizes him to dispose Of any gold
in the Treasury alter providing for the sinking fund
In the manner prescribed, ana consequently not
otherwise, and its text Is as follows-
Resolved, That the Secretary of the Treasury be
au.OriLed to anticipate the payment Of interest Oh
tHe puDhc ueDt, by period not exceeding one year.
Gsh time to time, either with without a rebate VI
hstfest upon the coupons as to nn may seem eX-
pesent, aud he Is herr by Authorized to dispose OF
gold IN he Treasury OF the Uniled STATES not
necessary for the payment OF interest, provided that
the obligation 10 create the snning fund.- according
b. te &c. oil February rs, 1862, shall not be impaired
tnereby.
WAL street is in quandary with respect to i'm
parchment, and the diversity of opinion as to the
verdict and It's effect upon the stocks gold and things
h general Is very great No one feels certain Of the
result of the trial. although opinions and preferences
On one de or the other are freely expressed. The
railway share market felt the effect OF this uncer-
taIny throughout the day, for 1t feverish and
Bettled rom the open ny To the Close and New
York Central and Erie were dropping under clique
manipulation. There was considerable disposition
shown by the no ders of the Western shares to realize
as some of these Inhaled to such point that it
is dangerous to hold them. Thy are sustained by
man force on the part of ciques and whenever they
attempt to sell there will be a crash. As a case in
point we may instance the stock of the Pittsburg,
Fort wayne and Chicago Company, which is selling
at lO7, although its quarterly dividends have
fcen regularly paid out OF sales Of
stock the capital stock having in this way
been increased from SIX millions to eleven millions
and half in the few years which have elapsed since
tsle addition of single mile OF road to the line A
has just been started for spe cuatve purposes
b. the effect that the company viii sell no
Stock but 1t Is obvious from its last annual report
that II 1t does this 1t will have to suspend
rs dividends or make scrip dividends only.
According to the report in question the mileage
Dor passenger aud freight trains 3,6O3 While
the receipts were 81, o42 1875 at the rate of only
81 So per mile run. II we may Judge by other West
ern roads this did not pay running expenses. The
Chicago and Alton Company reports ts earnings per
mile for freight and passenger trains to be - So
Ns expenses 81 g. The Rock Island Company shows
rs receipts per mile for freight trains to be
81 81, and for passenger trans 81 IS, while
the expenses per me we've IL "a. The Mil.
waukee and st. Paul. too, shows its receipts
per mile for freight trains 10 be SO 49, and for passen-
ger trains 81 40, while Its expenses per mile were
81 80. The unsoundness Of the policy which con-
tinues the paS meat OF dvldelds under such crcum-
stances by constantly watering the stock is appa-
rent Within the last six years Fort Wayne
sold for a very few dollars per share, since
which time speculative management has in
Gated Il 10 its present high price; but the downfall Of
sach stocks Is only question of time aud mean
while investors should INFORM themselves OF their
real value.
Money offered freely at six per cent to frs,
class borrowers, but most of The banks and private
lciiders asked seven when applied 10 for loans.
Government securities have been in very active
speculative and investment demand all day and ut
the noon call there was an advance of about "a per
eeli In all the issues 1,e-twentes II IL expected
thai he bonds Of 1s6S will he issued about the
Is OF June without the July coupons, and this Will
have tie eject OF stimulating conversions of seven
triies into the bonds Of 1861 in advance Of their
appearance the terms OF conversion being better in
the latter case THAI they would be in the former
The advancing tendency Of the gold premium and
TIE hsmness of the market for hve-twentics abroad
as5asiei the upward OF prices and owing to
dis'rust OF values on the Stock Exchange investors
are turning their attention TO United states
greater extent than usual. At the close the
market was strong al tie following quotations.
Registered, 1851, 49, ll3a; coupon 1851, li3s
ia 5ns, rng stored, 1867 lO6i a ioB1s; 5-2os cou-
pea 1862 100 1872; do, 1861, 1875. a 1879, do.
ie''' WA W. 40, looJ January and July, loy,i
lOv1i do, ls6i, lO9ss 1922; 10-iOs registered
1851 lo3's lO-iOs coupon, 1854 1889. June .3Os
1879 1919; July i.oJs, l05j. l05 "a; MAY CON.
pounds ls6', li9l4 August DO, lis; September do,
1lTis, october do, H.
The statement OF the associated banks for the
week ending to day Is much less iavorabe than was
generally expected. The zeal tender noe nst al
oil showing an increase, have b,en reduced TO the
amount of sa2i,162, but TIE specie has been
s5,l.O,O57 OWNS 10 the treasury disbursements.
The deposits nave increased sc.0s0,LJ, wnie tue
lu.,s have also Increased Ssl2.,2ll. The creuiauon
h,s n reused $40 $50. Tie totals OF the pr,synt and
last previous statements are a. sgbjoincd:-
My :. Nay 0.
Loans. .............. s25f. S2S bT2 $685., 55, sS3
Specie. ................ III. 1885, 10 2i,.,o.glO
1 ROTATION. ............ ~ St3 ~, -OS,sps
bc s............... 1871. f.s 49, i6S
Lon, ~. o.