The New York herald., 1868-04-24
FINANCIAL AND COMMERCIAL.
THURSDAY. Aprtl GAP.

Of the day and more active than usual OF late the
current Of speculation being mainly on the bu side
Ihe fluctuations were nom 1907 to 140,, With the
closing transactions prior to the adjournment at 140
following which the price declined to 1soaf Loans
were made without interest and at per cent for
carrying. The gross clearings amounted to
$0o7s7ooo the gold balances to 81, ,724 sos and the
currency balances to s2,63o,s1e. The prevailing
disposition OF the spectators is to antici-
paae the conviction and removal Of the
President, and the ultimate adoption by Congress
under Ben Wade of free banking law providing for
further issue OF national bank notes. Shipments
Of specie continue to be made, and this morning the
steamer Weser took out 100000, the Trtpoh
$147,00 and the Morro Castle for Havana, 81 200.
Money was in more active demand than yesterday,
and the rate for call loans was seven per cent
the exceptional transactions at six being very few
and confined to advances on the public funds. For
the next week or two the demand will probably be
equal to the supply at seven per cent, excepting
Casiona loans on governments six; but after that
time the return flow OF currency from the interior
will have far strengthened the banks that money
b likely to be not only abundant, but cheap. The
applications for discounts are very limited in
amount, and the banks accommodate their
customers, where the paper offered is
first class, at the legal rate, but they are
not buyers of commercial paper coming from
outside sources. On the street prime and good
names are taken at per cent but Inferior sigma
tnres are ont OF favor and have to submit to high
rates. Just now some of the country banks are
drawing down their deposits at this centre and this
to certain extent Offsets the drain from the West,
but as the latter is gradually increasing in volume
the effect Of the former will cease to be felt
The stock market has been the whole dropping
during the day. although at time New York Central
shares, while Erie was the weakest, sales having
been made as low as 6sk, the impression being that
Mr.. Drew will soon be ousted from his position as
treasurer Of the company and that Mr. Jay Gould
Will be appointed his successor. With this view,
among others, meeting of the board Of directors
was held In this city yesterday, and an
other will be held this week. The directors who
came over from Jersey City Wednesday have, it
has transpired returned there, including Mr. Drew,
and he, together with Mr.. John s. Eldridge, the
President, and Mr. James Fisk, Jr are In their Old
quarters, where Ii is expected they viii remain so
long as they liable to arrest for contempt in this
city. Erie affairs have omnous look in the eyes
OF the street, and hence the stock is dealt in with
great caution. Ultimately 1t is generally believed
that the Vanderbilt party will succeed in electing
their own to the management of the road,
but meanwhile there is no knowing how the stock
may nuctuate. The railway system of the country
- known to be unsound, but the bulls point to the
reforms which have improved the prospects of the
New York Central and the Hudson River and pre-
oict similar Improvement In the Western roads, The
new YORK roads, with the notable exception OF the
Erie, are, however, and always have been, In
q better condition, financially and otherwise
than those OF the West, and hence more Is
to be expected Of them. Most Of the latter have,
ike the English railways, been conducted on false
principle, and 1t was considered legitimate enough
by both to borrow money to make dividends with
The English railways, SO far their stocks indicate
their condition. have failed dsastrousy and we pre-
dict fearful crash among the ill-managed railway
properties Of this country but it may not occur for
Two three years to come and meanwhile the radical
programme is to add a hundred millions of national
panK notes to the existing circulation, in which
event prices will of course rise without ragard to
real values. This new imitation, If 1t takes place
VIII prevent the already inflated speculative stocks
from collapsing as they otherwise would ana
the bulls on the Stock Exchange will make hay while
the sun Shines The well managed railway proper
ties VIII, however, survive the storm when
It comes with comparatively little damage.
Government securities were in good investment
and speculative demand, and prices experienced q
further fractional advance, the whole market being
very strong. The returning abundance of money Is
stimulating the recovery from the depression pro-
duced during the recent monetary strlngency, and
the indications favor steady advance for some time
70 come. The disbursement OF the May interest
on the public debt will stimulate the demand for in
vestnent, and there will be further financial tink
ering Of disturbing character in Congress this ses-
sion, while in the event of the radical bank currency
mfaton scheme being carried through prices for
the gold bearing stocks will rise to far higher point
than they have yet touched. There Is good
demand for the Union Pacific Railway Companys
bonds par and also for those the Central Pacific
at the same price, AT the close the market
was strong at the subjoned neutrality-suspicious.
tered, 1851, 1928 113; coupon, 1881, 112; 1l31S;
6-2O's registered, 1862 1oia1 105; 5-2os, coupon,
1882, 11l7s 112; do, 1864, 110 110,S do, 1865,
110k 1905; do 1866, January and July, I0sx a
1os,f; do, 1867, 1osss 1854; lo-4o's, registered,
1o2,s 1o2A; 1o-4o's, coupon 1925 103;
June 7.so's, 1oo5s 1o7; July 1905, 1868 lo7;
May compounds, 1864 11sk; August do, NIX; Sep
tember do, III; October do, 1161E.
At the commencement OF business the stock market
was barely steady, and at the early session of the
open board Erie sold 7o,s 70al, and New York
Central at 100 l21 a, the volume Of business being
at the same time light and the tendency OF prices
dropping At the first regular board the market was
rmer and more active, especially for New York Gen.
trail The latter closed at 35s higher than at the
same time yesterday Erie IL, Reading ~, Cleve-
land and Toledo q, Rock Island ss, Fort Wayne q,
Milwaukee and st. Paul preferred r. Pacific Mail ~,
and Canton y; while Michigan Southern was Y lower
Cleveland and PittsDurg =, Northwestern preferred
y, and Ohio and Mississippi q. Government securi-
ties were strong at an advance Of = a q. the
open board at one o'clock New York Central advanced
to 1875 12iai, while Erie declined TO 7oS under re-
port that Daniel Drew would be displaced as Trea-
surer OF the Erie Company and Mr.. Jay Gould elected
1n his stead. After the call Erie declined TO 6pls
At the second regular board the New York and most
OF the Western railway stocks were lower.
Erie being the weakest, the sales OF 'long''
stock during the day having been large.
New York Central closed - higher than at the FIRST
regular board, Fort Wayne y, Milwaukee and st.
Paul preferred IA Pacific Mai = and Quicksilver
y; while Erie was lower, Reading r. Michigan
Southern 1is Cleveland and Pittsburg IL Rock