The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-05-27
FINANCIAL AND COMMERCE.

TUESDAY, Nay 26-SP. n.
yNe ro,d market has been strong but quiet oil Gay
=, = fractional advance, the fluctuations being nvm
1sey< 10 l40x, with the closing TRANSACTIONS ~ ~
me news that the Senate had voted 'pes guh'y On
,he second ana third Of the impeachment afucies
,-as v,thont anv nerceptible Lnnuence upon the
-,ominm and II failed to stimulate speculation
eathar for A rise or a nl although 1t created mucn
GOOD feeling ON the street. and the adjournment OF
the Senate sine die was accepted as virtual aoan
1onment NJ the farce that has occupied public at
tenton for 30 many weeks past Inc im-
ueachment bugbear may now be considered
anally disposed Of and the country viii be the better
for it both politically, commercially and financially,
while the effect upon the public credit cannot fall to
be beneficial. The borrowing demand for coin was
moderate and the rates paid for carrying declined
20 1 az per cent per anpum, while In some in
stances the terms were "nat" which signifies with.
out interest The gross clearings amounted to
$40 s27 ooo the gold balances to t1l74e22 and the
currency balances to ,632 440. The steamer Saxo'
MIA took out S42o 900 In specie and large shipment
n expected by the Cunard steamer sailing TO-
morrow.
The conversions Of seven-thirty notes into nVe-
twenties at the SubTreasury are going forward very
rapidly, the total to-day having amounted 10 INC
large sum Of $5,s24sJo. The disbursements III cum
In payment OF the interest the pubic deDt aggre
unusually limited supply and 1t passes ireeiy on
the street and at the banks at 3 a6 per cent
The great feature OF the stock market to-day mas
been Pacific Mail, which nuctuated between soA
esq and the transactions IN 1t were 30 unusually
heavy as 10 dwarf interest In railway shares. The
closing quotation for the stock was SO e6H, and II
displays very strong undertone owing to the causes
60 which referred yesterday The dealings in the
lower hall OF the Stock Exchange were much larger
Tho oardo coruh nd Ayc ffa nert
which attended them has been seldom equalled In the
history Of Pacific Mail. The bears alternately re.
sisted the rise and rushed to cover their contracts,
and little else was thought Of for while on the
Stock Exchange than this new sensation. The rail-
way speculation was quiet during the forenoon,
but afterwards 1t showed little more activity,
and prices the whole tended upward,
although the market experienced occasional re-
lspses AS prices are, however, sustained by arti-
cial influences, and therefore liable to fall heavily
ut any time there IL inducement for the p0blic to
take these stocks on the hands OF the cques, and
because they may be engineered higher II does not
1oow that they are not already from fifty to hun
dred per cent above their real value. The Rock
Island muddle still engages attention In Wall
street, and the stockholders Of the company are,
not without good cause, highly incensed with the
course Of the present directors, and purpose
testing the constitutionality of the law OF Iowa
year and holding an election themselves at the
usual time this year. call to the stockholders to
this effect has been made by committee OF our
prominent citizens to which Mr. Tracy, the president
OF the road has replied in advertisement stating
that the Legislature OF Iowa has postponed the cleo
ton until June 1862 and the State has by Its Attor
ney General served upon the officers and directors Of
the company an injunction which forbids both
directors and stockholders from holding an election
prior TO the time specified. Further, that as any
attempt to hold such election or meeting IN pursu.
ance Of the notification Of citizens referred to-
would be violation OF law and breach OF
the Injunction, no election will be held in June
next II the law Of Iowa cannot be set aside the
present directors will doubtless be able to hold pos
session until after June, 1859; but the stockholders
nave just cause OF complaint nevertheless and the
sympathies OF the public are undoubtedly with them
IN their contest with those who now control the
property. Such state OF things is calculated TO
seriously damage railway stocks in the eyes OF in.
vestors and the rottenness OF the railway system OF
xhis country is becoming more apparent every day.
There was undated activity In government securi-
dos during the day. and prices experienced further
general Improvement. Ten-forties were In partcu.
larly sharp demand from the foreign bankers, and
sales were made at 1861, this price being bid for
considerable amounts, but probably half million OF
them could not be bought under loeJS, the bonds
being very scarce alike with the nve-twenties OF
1852, which sold up to llOT. The home investment
demand continues heavy, and the supply OF bonds
on the street s small, owing to the large absorption
by the public and the banks which has been going
forward Of late. The European market for five.
twenes and ten-fortes is firm, and an enlarged de-
mand for our securities is reported both In London
and Frankfort The upward movement OF prices
was strengthened by the result OF the second vote
impeachment in the Senate. and this was especially
the case with respect to the exportable bonds The
fact that the enforty loan eoseda that the an.
thorzing act makes special provision for the par.
ment OF the principal In coin well as the interest
causes IL to be regarded with favor abroad than
any other United States stock and already the bonds
are quoted in London only two per cent below five.
swenties OF 1852. The tendency Of prices Is still
strongly upward. and In view OF the monetary stua.
ton and the cqued and inflated condl.
ton OF railway shares, which keep the pub.
lie from buying them. considerable further
advance IL likely TO take place before the eliminating
point Is reached after which the market Will remain
nrm but comparatively quiet At the close the fol.
lowing quotations were current:-Registered, 1881
nb4 llSi; coupon, 1881, ii5's l15Js 520s regis.
tered 1862, 1918. sio7; 5-2o's. coupon 1862 I1o,.
HI; DO. 1884, 1857. l09; do, 1906. I0s Q loaa;
do 1862 January and July, iils a1iix; do, 1857,
hlS NIX; lo-lo's registered. 1865 lO5Y; io-4os.
coupon lo5h lo5al June 1908. 1osss 1854; July
s.Sos' iOSh 1851; August compounds, 1865, I1s,a:
september do, MA; October do, ll.4.
AT the commencement VI business the stock mar.
ket was strong, and there was an excited demand
Tor Pacific Mail, which advanced rapidly to esq, the
sransactons being very heavy. At the early session
OF e,open board the stock was less active and
sales were made At oS4, white railway share, were
nrm but quiet at fraction above the closing prices
OF last evening At the nrst regular board Pacific
Mail reacted TO seJl. but there was a brisk demand
for the stock at The decline. Railway shares were
steady and rather dull New York Central closed ..
higher than at the same time yesterday Eric =.
Reading q, Cleveland and Pittsburg u, Cleveland
and Toledo ", Northwestern q, Fort WAYNE w.
Milwaukee and st. Paul preferred a. Ohio and Ms.
Rissippi 4. Pacific Mail az and Western uniou ra,s