The New York herald., 1868-04-03
FINANCIAL AND COMMERCIAL.
THURSDAY, April 2oP. NJ.


Mons at 1914, following which sales were made at
1878, and the latest quotation on the street was
137H 1874. The decline owing to the ex-
treme monetary stringency and the consequent high
yates paid for carrying coin. These ranged from
BE to 1872 or within thirty-second Of quarter
per cent, and the difference between the cash and
regular price was quarter per cent during the
norning-a greater discrimination against cash gold
Shan has ever before been made in Wall street. The
gross cearlnes amounted TO $47,936, 600, the gold
balances TO Sl972 24s and the currency balances 10
e29s9,4I9. American silver Is quoted at o per
cent below gold, and Mexican dollars al l03 l031 In
8od There was some pressure 10 sell coin TOT cash,
and wherever possible gold was borrowed on securi-
Nes and thrown on the market for the sake OF the
currency proceeds of the sale.
There was an aggravation Of the recent strngency
m the money market, the pressure for loans being
elly as great II not greater than was ever before
. ,known In Wall street. An eighth per cent conl-
mission in addition to the legal rate OF interest was
Freely offered by first class houses for call loans and
IN many instances a quarter per cent commission
was paid. Alike with yesterday, the borrowing de-
Aand continued until after three O'Clock, and some
Of the brokers were unable to make their bank ac-
counts good in cash from sheer inability
30 borrow on any terms and in such
cases the deficiency was made up by deposit OF Sc
curities. The banks have no money to lend, and,
emitting specie from the calculation their Is
largely below the legal limit Borrowers on stock
cohaterals have therefore to rely exclusively upon
She private bankers and lenders outside Of Wall
street. The cliques in New York Central and other
railway shares have literally secured the country In
search OF money, and have paid whatever rates Of
Aterest were asked to it. Borrowers in general
have done likewise TO the best OF their limited ability,
and have paid as much quarter per cent q day
q \ M
xhe stringency will by that time have abated. The
Result will be that at the beginning of next week the
Oans by Which heavy amounts OF the speculative
sailway shares are now being carried will mature,
and that many Of the latter will be for sae owing
much to the difficulty of renewing shifting the loans
Is to desire to realize The drafts upon the banks
Nd private bankers from the interior and especially
PENNSYLVANIA, have been usually heavy to meet the
denands of SETTLING day." which occurs at any
Cine between the 1st and 18th Of April but chiefly
Me 1st and the money thus withdrawn will not be-
gin to return here until about the 10th instant. Al
though the extreme pressure OF to-day is not likely
W he protracted beyond this week the indications are
shat money will continue scarce and in very
active demand at or above the legal rate until the
middle OF April. Those who have 'brdged Over''
10 Monday, therefore, will then find themselves I'M
Der the necessity of bridging to the following
Monday; and with how little difficulty this can be
yet anything but clear for borrowers. The Sub
treasury bought seventhiry notes and sold gold to
limited extent during the forenoon; but these ope
fatOns, while sustaining government securities, do
not increase the volume Of loanable funds in Wall
street. They simply neutralize each other, and
She currency balance in its vaults Is so low
shat 1t can do nothing for the practical relief of the
money market. Some Of the banks presented three
per cent certificates for redemption, and no surer
sign OF the scarcity of currency could be found II
Il impossible for merchants to obtain discounts from
The banks or to sell their paper in the street. and
thus the mercantile community have to suffer in
order that stock ciques may carry their heavy load
Of railway shares.
The seadness OF the market for the latter con.
Nnues to be OF general SURPRISE and opinions
are very much divided as to whether 1t will rise
Ian when the monetary strngency abatcs. n it
ebeys its natural tendency II will fall for il is wholly
without outside support and IL has even the con-
2dence OF the street. 1t Is held UP solely by the
sliques, and whenever they become divided, from
any other cause find themselves unable 10
sustain it, a heavy break will be inevitable,
and this may occur at any time. Erie and
New York Central still the most active aud least
welding of the railway shares, and they withdraw at
Oention from other stocks but If left to themselves they
would be the weakest. Nothing new has transpred
In relation to the Erie contest but from Albany
is awaited with interest In reference to the bill before
the Senate legalizng the acts Of the company, action
upon which is expected TO be taken Immediately.
Government securities were steady with firm
undertone, notwithstanding the pressure for money.
and the transactions were very moderate scale.
AFTER three O'Clock prices advanced about igh
per cent, and q confident feeling prevailed among
holders. The closing quotations subjoined:-
Registered, 1881, 110X Ill ~ coupon, 1881 1107.
1ilh; 520's registered, 1862, 1o2z 103k; 6-2o's,
coupon 1862, 109L l0o3S; do, 1864, 107 a 107st
do, 1866, 107,< 1885, do, 1865 January and July,
108H 106%; do, 1867, 1861 1885; 10ios, regis
tered, 1907 100sl; 10-40s, coupon, 1905 1oOil;
June 1905 1O5% a 1O59& July 1905, 1861 1o5a1
Jfay compounds 1904, lis; August do, III; septem-
Der do 1161s; october do. 116.
At the commencement OF business the stock mar
tet was steady and duh, and at the early session of
che open board New York Central sold at 12lB
12A and Erie at 73is 1875. AT the first regular
board the volume Of business was moderate and
tere pressure ~ sell for cash, but prices
showed material change. New York Central
closed Il lower than at the same time yesterday
Michigan Southern l \, Northwestern preferred q,
Fort Wayne q, Ohio and Mississippi a. Pacific Mail "a
and Western Union Telegraph "a: while Erie was
u higher, Reading u ana Atlantic Mail =. Govern.
ment securities were 4 4 lower, but steady at the
prices. At the open board at O'Clock Erie ad.
vanced to 54E, while the rest OF the list was steady
At the second regular board the market was very
dull but firm, and New York Central closed higher
than at the first regular board Erie T. Michigan
Southern Y, Rock Island Ia, Ohio and Mississippi a,
Pacific Man a. quicksilver y, Canton Z and West.
Crn Union Telegraph "a. Government securities Cd.
vanced - and in the case Of tenforties q. At the
epen board ut hafpast three Erie advanced to
IS, while New YORK Central sold at 1929 Read.
ing 9oA, Rock Island e2b, Michigan Southern
ss'4, Pacific Mail 1854 and Western Union
Telegraph a6'S. Subsequently Erie declined TO 74k
and the market remained dull and dropping up to
the close at six O'Clock, when the following prices
were current:-New York Central, 12IJs l22; Erie,
54% a 7a>s; Reading, 90 9OA; Michigan Southern,
Ssti $50; Rock Island, 9l7S 92; Northwestern
preferred 741E TAX; Pacific Mail 1919 a 1ol: For,