The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-04-09
FINANCIAL AND COMMERCIAL.


paid for carrying coin the result OF the increased
supply Of money. The gross clearings amounted TO
sss, lsi, OOO, the gold balances to $685. All and
the currency balances to $2,SSl,Ss7. The steamer
China for Liverpool took out $l9o,1l2 in specie.
There Is an absence OF speculative animation
in the room, and the course of political
afYairs at Washington IL unheeded. II Ia probable,
however, that bun for the progress OF the impeach
ment trial the premium would tend downward tenn
porarily under the mere inactivity which prevails.
As is the undertone OF the market is very rin and
commercial causes viii ultimately result in an adj
vance.
Money was in moderately abundant supply early
In the day at seven per cent in currency but AFTER
wards under an increased demand. there was
considerable activity. et
The stock market has been dull and dropping all
day. and entirely lacks outside support and the
confidence OF the street that the bull cliques are
forced to continue the principal buyers themselves.
Erie showed especial weakness, owing to reports
from Albany to the effect that the Erie bill in the
Senate he'd been placed on the preferred calendar
and would be reached soon, and chat the Senator
who reported it was confident OF its passage.
The struggle between the rival parties is
a very bitter one, ana those who do
not take partisan view Of it are de-
nouncel by both sides. The Vanderbilt party
say that their cause Is the holy one and that it is
the duty of all the newspapers to attack their Oppo-
nents; while the Erie party say that theirs is the
righteous caase and that they doing battle against
monopoly, and that the public journals ought to ex-
pose evil consequences to the public which would
result from the success of their adversaries. Mean
while public opinion entirely comedies with the
memorial Of the Chamber Of Commerce Of this city TO
the Legislature on the subject. Monopoly, and espe-
claiy railway monopoly will find no favor outside
Of Wall street.
Government securities were very strong and &C
tive, and prices experienced further advance OF
q q per cent during the forenoon but afterwards
a reaction Of 4 a y from the highest point took
place, upon which there was renewed demand
from the dealers, and the market was firm at the
decline. The scanty supply OF bonds in Wan street
and the advancing tendency Of nve-twel.les in
Europe combine TO assist the upward movement,
and already the foreign bankers are anticipating the
effect OF the disbursement Of the May interest; while
the fact that ex-iDterest bonds are considerably
cheaper than they were Ave weeks ago furnishes q
strong argument in favor Of further material
At the close the market was firm at the subjoined
quotations:-Regstered 1881, 1125s 1925; coupon,
1881, 112T 1l2a{; 520's, registered, 1862, 104S
1Oasl; 5-20s, coupon 1862, 111% 111X; do, 1854,
Io9s4 1l0 Do, 1860, 1925 HOS; do, 1855, Janu
airy and July, los 1885; do, 1857, 1854 loS}s;
l04O's, registered, 1929 1926 1o-4o's coupon, 1925
lo2s; June 1885, 1857 1918; July 1905 1867
1915 May compounds, 1864, 11s1s August do 1l71l;
September DO, III; October do, 11eH.
At the. commencement Of business the stock mar
ket duh and barely steady and at the early
sion Of the open board Erie sold at 1873, Rock Island
81 4 and Pacific Mail OAK. At the first regular board
the market was firm, except for Erie, which was
heavy and inactive. Reading closed 4 higher than
of Tho m nard A
land and Pittsbnrg 4 Cleveland and Toledo q, Rock
Island q, Northwestern preferred -, Fort Wayne x,
Toledo and Wabash i u, Milwaukee and st. Paul ~,
do preferred 21s, Ohio and Mississippi ", Atlantic
Mail u, Quicksilver u and Western Union Telegraph
4, Willie Erie was e lower, Pacific Mail u, Ten
nessee skies x, new issue 1, and North Carolina
skies X. Government securities were strong and
excited at a further advance. Coupon skies Of
1881 were y higher at the noon call than
at the sama time on Monday, fve-twenties OF 1862
q, issue or 1864 IN, issue of 1866 Y, issue Of 1867
Il, ten-forties x, scven-thirties u. At the open
board at onst O'Clock the market was heavy and
duh, especially for rie, which sold at 721I, while
Pacific Mail duh At ssx. At the second regular
board the market was dropping, and New York Gen.
trail closed Il lower than at the first regular board,
Erie /, Reading q, Fort Wayne 4, Milwaukee and
St. Paul preferred u, Ohio and Mississippi u and
Western Union Telegraph y, while Milwaukee and
st. Paul was higher ana Pacific Mail u. Govern
ment securities reacted downward. Il Il from the
noon prices but at the decline they were steady.
After the call Erie became still weaker, the reports
from Albany being to the effect that the Erie bill
pending in the Senate would pass, and at the open
board at halfpast three Erie sold at us; New
York Central, 122A; Fort Wayne, 1O1H; Read
ing, coz; Rock Island, cox; Northwestern pre-
ferred, 7sX Tex, and Pacific Mail, osx. Sub.
r,rya 20 ~
covered to ~ and ar the close at six o'clock the fol-
lowing quotations were current:-New York Central
1921 12eH; Erie, Y; Reading, COX s1,s; MIch-
gan Southern, 81 91H; Cleveland and Pittsburg
OH %; Cleveland and Toledo, los a 1o5X; Rock
Island, S5zS 90; Northwestern preferred 756 75sS;
Pacific Nall, 93h; Ohio and Mississippi, 81 4 31sS;
Cumberland Coal preferred, 1925 q 80, and Fort
Wayne, 1o1X 1917.
meeting of the directors OF the Cleveland and
and Pitsbtrg Railway Company will be held in this
city On tie 18th inst, when 1t is expected that
dividend Of ten per cent in stock viii be made the
finances of the company not being snch to justify
cash dividend. II is probable that meeting OF the
Michigan Southern Company Will be held within the
next thirty days. and that ten per cent dividend in
stock will be voted but there Is no truth in the
NOR that the directors contemplate cash dividend,
the company's finances, alike with those OF the other
company menuoneu, noe peing prepareu ior sucn'
The foreign exchange market was strong and rates
were advanced fraction under prospective de-
mand for bills from importers as well as from the
agents Of English and German bankers in remittance
Of part of the May interest on nve-twentles held
abroad It Is estimated that about ten millions Of
the twenty.four millions due on the LIST proxlmo will
be payable to bondholders in Europe and that half
of this amount VIII be RENTED and the other
half reinvested In 1ve.twentes At the close bank
ers' bills on England at sixty days were quoted at
1905. 1904; at three days, 11ox 1iok; commercial
bills, 100 1921. On Berlin-Bankers TX "; COM
mercial, TX TX. On Bremen-Bankers', 7sK;
commercial, 70 o 7ok On Frankfort-Bank-
ers', 4oX Al. On Observation-Disclosures, Al q az;
commercial, 4o5x a.. On Hamburg-Bankers', 30 o
sbk; commercial, 35X o 35X. On Antwerp--Bank-
ers', 515x SIS; commercial, DIX o 518,i. Bills
IN I,aria at sixtu DAYS hIh a hlAs<. nj thraa daua