The New York herald., 1868-06-08
FINANCIAL AND CONNER clAL.

SUNDAY, June :, 1858.
The market for United States stocks MAS very
active and baoyant during the early part OF last
week; but subsequently there was iuli In the
upward movement and, under considerable sales OF
speculative lots made to realize profits. prices
yielded slightly from the highest point touched
The home investment demand continued good, how
ever and the foreign bankers were large buyers OF
vetwenties for expectation, the inquiry from which
source was stimulated on saturday by the advance
in the bonds OF 1862 to 70 7s,s the London
Stock Exchange. The demand for our securities In
Europe has increasing since the setlementOf the
Impeachment question, and preparations are being
made to Introduce the bonds OF 1857 there by par
ties on this side. Meanwhile the public credit among
our own people is stronger than it has been at any
former period since the suspension of specie pay
ments The acquittal Of the President restored con-
fdence in the political quiet OF the country, and the
resolutions adopted by the Chicago Convention
against the payment of the principal OF the national
debt in anything but gold the acknowledges stand
ard OF civilized nations, doubtless dissipated the
distrust which had been inspired IN some minds oy
the speeches OF such as General Butler and Mr..
PendletOn. '.YOu will see," said General Hawley,
in formally announcing his nomination to General
Grant that the Convention believes that integrity
simplicity and economy in governmental afains are
the duties OF good citizens and honorable men. 1t
makes the strict ful1iment Of national obligations
point OF honor never to be waived. What the civil
lied world recognizes as full ana nnai
payment 10 the only payment the Union party Will
ever consent TO tender" Before the close OF the
present month all but an mimportant amount Of the
remainder of the seven-thirty notes viii have been
funded, and the funded debt will have reached It's
maximum. Thenceforward the demand for bonds
will be met by increase in the supply, and the
whole mass will he thereby appreciated in value. 1t
ia safe to predict much higher prices for all classes Of
our national securities which are relatively cheaper
than any others in the country estimated by the rate
of interest they pay. 1t WILL moreover, be surprising
IT, with the present glut Of idle capital all over
Europe, nve-twenes continue to sell twenty-five per
cent below three per cent in England. There
s O marked inequality between the prices Of these
two securities, which is, however, accounted for by
the low estimate we place upon the value Of our
securities, as shown by the current quotations Tor
them on this side Of the Atlantic. The indications
yesterday afternoon pointed to an immediate re-
sumption OF activity and buoyancy in the market.
The call OF governments will in future take place In
the room Of the Stock Exchange building formerly
occupied by the mining board, and the charge upon
new members has been advanced to $500. The en-
larged volume Of business has made this change
necessary to the proper transaction the business
ing when the advance in dvetwenties in London
encouraged speculation for fall, and sales were
made as low as 1897 against l4OH, the highest
point of the week. ana the closing transactions
were at 130A. The volume OF speculative business
was considerably larger than usual of iate and
there was an active borrowing demand for coin
from the "shOrts." The customs receipts at the
port aggregated 81, ,905 007, and the shipments OF
specie exceeded three millions and half The
disbursements Of coin by the Sub!rreasury In pay
ment Of interest on the public debt amounted to
3667, 900. The passage by the Senate on Friday OF
the bill legaZing contracts payable in coin elected
little or no remark In the gold room,
although the measure is very proper
and not unimp0rtant one. The rail-
way share market was at intervals excited and
irregular but speculation is entirely confined to the
cques and the brokers and other professional specu
lators. Rock Island was run up towards the close
above 1O3 under the excitement attending areported
settlement Of the contest between OF the stock
holders and directors; but 1t will be remembered
that the present directors sold the 900 shares d
new stock at from ninety to nnetyseven before the
| litigation commenced, and when the capital stoch
was 900 600 less than 1t Is now. At the close OF
business yesterday the following quotations were
current:-New York Central 134 1S4k; Erie, 691S
6ek; Reading, 941s 94sS; Michigan southern, 90 Q
90x; Cleveland and Pttsburg, SEX SS; Cleveland
and Toledo 100 a lO93.; Rock Island, iO3 Northwest
ern 6s 6sl4; do. preferred, s01s s0ss Fort Wayne
111X 111h
new act Of Parliament Is before the British
House of Lords to provide for the better regulation
Of railways one Of the clauses Of which makes 1t an
offence punishable by fine and Imprisonment for tht
officers or auditors Of company TO sign accounts
-, which they know to be falsihed. similar law II
| this country would AFFECT good many connected
. with railway companies whose stocks are football
Of speculation in Wall street, for Is not too mucl
| to say that many railway managers make practic'
of falsfyng the accounts Of their respective compa
MES whenever they have purpose to serve thereb!
on the Stock Exchange, and the reports OF railwa.
| earnings and expenditures are in many instances
"cookedn to serve private interests and misead tn
public. Such men well deserve fine and imprison
| ment.
The price OF the Central Pacific Railway Company
! nrst mortgage bonds was advanced by Mcssrs. Fis
4 Hatch, the financial agents, during the week T.
10s and the accrued interest," but the demand showe
no Abatement the principal as well as the interest
which is six per cent per annum, being payable Il
| coin. The company has in operation more than
hundred and fifty miles of road on both slopes Of tn
Sierra Nevada which distance includes the mos
difficult and costly portion Of the whole line betwee
| Sacramento and Omaha. The road Is now bein,
extended towards the Salt Lake basin, the middle Q
which will il is expected, be reached in about nv
| months and then three hundred and thirty mile
will have completed. The Union Pacih
Company, through It's treasurer Mr.. Joh
]. Cisco, also advanced the price OF its 81
per cent in gold first mortgage bonds NOR
than one per cent by cutting on the July coupon
and allowing interest instead until the list OF July
the rate Of six per cent in currency. Apart fror
this change the bonds still sold ut par. or th
road about Gao miles have already been completed
although the government inspector has, we believe
only oircialy accepted six hundred IA yet. Tn
earnings Of the Central Pacific in May were $10o,
in gold against $95.s2s for the corresponding mont
in 1867.
The supply OF money was In excess OF the deman