The New York herald., 1868-05-29
FINANCIAL AND COMMERCIAL
THURSDAY, MAY 2s-sP. M.

however there was decline to 139h 1893 under
the cable report that fve-twenties had advanced to
72H in London. There was considerable animation
In the dealings at intervals and the borrowing de-
mand for coin was moderately active Loans were
made wthou: interest and at per cent for carry
ing The gross clearngs amounted to $34 000 the
gold balances TO 0S3 and the currency balances
to 95S 1877. The steamer Hansa, FOR Bremen, took
out S256, 200 in specie. The disbursements of coin
at the Sub-Treasury during the day in payment Of
the interest the public debt amounted to $sO7ooO,
making total of $l6 900 since the lst inst. The
conversions Of seven-thirty notes into bonds aggre
gated $4954OOO, and at this rate the whole Of the
remainder will be converted before the end Of next
month after which the funded debt will have reached
its maximum. The public credit will be strength
ened by the absorption Of this floating debt;
but this will not be reflected in any material change
In the gold premium, which is at present governed
mainly by commercial causes and the latter just
are favorable to f1rmness.
The money market continues extremely easy at
I'VE per cent, with not a few transactions at four
where the principe dealers in government securi
ties and other first class firms are the borrowers.
First class commercial paper is in very limited sup
ply, and it passes freely at 5s 8 per cent. The
plethora OF capital seeking employment is stimuat
1ng speculation for rise on the Stock Exchange,
and to-day there was renewed activity In railway
shares at advancing prices. Some Of the banks have
made time loans to the clques, which is reprehen-
sibe, for the latter may come to grief before they
fall due, in which event prices would decline far
enough to sweep away all ordinary margins on such
like collaterals Wall street s full of bulls, the bears
forming very small minority, and they find little
adficuty in temporarily advancing quotations; but
the market is artificial and unsound. New
York Central and Erie are at present leading
the upward movement. Pacific Mail is neglected,
and 1t has transpired that the recent efforts of those
Interested in the Pacific Mail Company to bring about
a satisfactory arrangement with the opposition have
proved unsuccessful. The directors Of the North
American Company claim that their business is not
Improbable, and they will enter into compromise
short of share OF the traic between this port and
San Francisco. The capital of the Pacific Mail Com
pany is twenty millions, and that of the other CON-
pany only 900. The shor interest in the stock
appears to have been covered to great extent
during the recent advance, and the previous buyers
have deserted the field
The progress Of the Rock Island contest attracts
more than usual attention just now, and the result
OF the stockholders election at Chicago the Sd OF
June is awaited with considerable interest. 1t can
not be considered unreasonable on the part of the
stockholders that they should desire to have meet
ing at least once year. at which they may examine
conduct of its officers and determine for themselves
whether It's affairs are secure in their hands, and
whether they should be retained in office or new
ones elected in their stead. The stockholders, as
owners Of the property, have the right select their
agents and change them annually; and even
If they should exercise their right capri
ciously tile directors have no right to
complain. But in this case, by some species OF legal
chiCanery no stockholders meeting election has
been held since the reorganization of the company
in 1865; and it cannot therefore, be considered
strange that these stockholders should complain Of
this effort the part of the present directors 10 post
pone the election until next year, securing to
themselves a three years. lease of ONCE Whether
this be done under color OF law or not is matter not
now necessary to be considered. The stockholders
Ansist that the act under which Mr. Tracy and his
socates claim the right TO postpone the election is
Illegal and was procured by improper means and by
the very men whose terms OF Office We're
thereby, as they claim, extended. These
claims OF the stockholders are reasonable,
and such as they have right to submit
to the courts for judicial determination. The action
of Mr.. Tracy in publishing his recent notice was en-
tirely gratuitous. II there Is no authority in the
stockholders to hold the meeting no one can be in
jured by its being hed and If there be no right to
elect directors those chosen will be without title TO
Tracy's duty to apprise the stockholders thai they
are spending their time and money for purpose
Instead of attempting to deter the stockholders from
holding this election, by telling them that If they do
so they VIII violate the injunction OF some court in
Iowa. 1t would be much better for Mr.. Tracy and his
co-dlrectors to attend the annual meeting
q Chicago on the Sd proximo in person
and give an account Of their stewardship.
Instead of calling the stockholders together
however, and making such explanation as they may
be properly called upon to make in regard to their
acts during the last two years and abiding the result
they avoid them by keeping out OF the way, no one
exactly knows where. They cannot, therefore, COM
plain IL the stockholders and the public are disposed
20 believe what has been said against them to be
true, and consider them unfit to be trustees of so
important property. The stockholders have the
sympathes OF the public with them, and their sue
cess Will be the triumph of right over wrong.
There has been very large aggregate OF business
transacted in government securities during the day,
and further slight advance in prices took place in
all but the ten-iorty bonds, which are being Kept
back apparently for the purpose OF buying. Five
1wenucs OF 1854 experienced the largest advance,
owing to a street speculative movement in them.
Fivetwentics of 1862 were next in point of buoyan-
cy under the stimulating effect of an advance IN the
price abroad II is generally suspected that the fact
OF the Treasury ceasng TO Issue new bonds. which
Will he the case as the remaining hundred
millions of seven-thiry notes funded,
before the LIST OF July next, Will have the
effect of approaching the market value
OF all Untcd' States stocks, and this ex-
pectaton Is not likely to be disappointed. The
supply will then be limited while the demand Will
be continuous. Meanwhile the prevailing disposi-
tion Is to discount this prospective improvement,
and the plethora OF idle capital is favorable to pur
,chases speculation well as for investment. At
the close the market was strong at the following
quotations:-Rcgstered, 1881, l1jS a l157s; cou-
pom, 1881, lie a1l6A; 52o's, registered. 1862 los
a 10sH; 5-2os coupon, 1862, 1l17s liz; do, 1864
1Oe% a llOA; do, 1865. 1907 10; do 1886,
January and July, 111h 11lk; do, 1867 l1lss a
1l1h l0i0's, registered, 1855 105s 1o-4os, cou-
pon. 1867 1861; June 1905, 100 n 10eA; July