The New York herald., 1868-04-30
FINANCIAL AND COMMERCIAL,
>~~~~~>~~-~~~~><SS s-s.i isSy f.FS
WEDNESDAY April @-oRM.

The stock marker mas Deen duQ and heavy an dap
ana Kew York Central was the most Yielding d ne
railway shares. The recent decline y this stock %
ilosx seriously disturbed the calculapo1s Of many
who had bought II at figures varItng from 0fteeA to
twenty-dve per cent above that 6oint Because thew
had fifth N Commodore vaaderbft's management.
and its sgbsequspt rapid advance TOOK WAN street
equally by surprise, Having touched lSok on the
ppward bound, i is now reacting downward, aud
metter q utter uncertainty how far It wiz de.
chne pelore turning In the opposite direction the
ann OF those manipulating 1t evidently being to pro-
mote Wide fluctuations In its price and Of late It has
become the most mercurial Of all the speculative
snares, so much SO that prudent Investors deem 1t
dangerous to touch. Mr.. Vanderbilt is probably in
10 way responsible for the violent ups and downs
OF New York Central; but the fact re-
mains that II Ia entirely too unstable q
property to command that confidence which
tbe stock Of well managed railway should and the
outside public cannot be blamed for avoiding 1t as
On investment. As six per cent stock 1t is hardly
worth more than ninety, and 1t has been damaged
an investment by being run mp to Its present high
price under speculative influences The story OF a
etock dividend which was industrousy circulated at
the beginning Of the week to serve the purposes Of
che bulls longer heard Its authors having prob.
ably accomplished their object by selling out
ct the advance. II is needless to say
remote and that II It is declared it will be the
worst thing that the company could do for ITSELF
1t is only able TO pay six per cent to its stock
Aoders now, it follows that 1t would be only able to
pay three per cent il the stock was doubled 1t is
tfue' that Hudson River was "wateredn to this
extent; but II the holders Of that stock threw it
on the market, tomorrow they would find it
difhcnlt to realize an average of much more
than half the price at which 1t is now quoted;
and is clear that IN proportion to the increase Of
the capital stock of any company its dividends will
DO reduced, other conditions being equal. The en-
tire railway share market has just now very
iredn appearance; but it highly clIqued that the
street t. reluctant sell short" largely and hence
It remains duh. The public will do wen to leave 1t
alone.
Money remains in abundant supply at 6a7p per
cent for can loans with OF the transactions at
the lower rate. The western exchanges are in favor
OF this city, and the flow of currency from
ese interior generally is increasing The amount of
nrst class commercial paper Offering is limited, and
the best grade passes the street at per cent
while the banks discouRtlng for their customers
at the legal rate The real estate speculation shows
some signs Of abatement, owing in part to the de-
ciqe which u taking place in rents; and according
TO the degree to which it does so the demand for
money from this source will diminish.
The gold market was strong during the early part
Of the day, the opening price having been 1881 fol-
lowing which there was an advance to 1885, but
subsequently 1t became heavy and decliae to 130
took place. the closing price being 1895. There is
an evident disposition the part of the large ope-
rators to get the market down, and with this view
they are neglecting it for the time being. Loans
were made at l a per cent for carrying and
without interest. The gross cearings amounted to
the gold balances to es6, 1872 and the
currency balances to s2,e59,3oS The steamer Scotia
took out $2O5, 900 in specie ,t
There was a good speculative and investment de-
mand for government securities throughout the day
end the aggregate Of transactions was large. TIE
tear approach of the May interest," disbursements is
stimulating speculative activity in anticipation of the
usual purchases for reimbursement by the general
public snd bondholders residing abroad At the same
slime the Treasury is buyer of seven-thirty notes.
and this imparts strength In some degree to the
whole market, while the increasing monetary ease
ENABLES the dealers and other speculative holders to
carry their stocks with facility At the close the
market was very firm at the following quotations.
Regietered s1ss1, 11S 113k; coupon 1881, 1l8,s q
113k 520s. registered, 1852 LOS 1O5%; 5-2o's cou-
pon 1852, liz 1I2x do, 1894, HOY a 110,S; do,
1855, 11oH 110 do, 1885, January and July, 1855
1osA; do, 1867, 1905 109H; 104O's registered,
1o2x 1o2x; 1o-4o's, coupon, 1929 1924; June
7SO's 107,S 1o7>S; July 7.sO's, 1o7X 1O7x; May
compounds, 1854, 11s5l; August DO, l171s; Sep
teInber do III; October do. l1ek.
At the commencement Of business the stock mar
ket dull and heavy, and at the early session of
the open board New York Central sold ct l2o9l a
126H, Erie 70X and Rock Island 9sx o. At the
first regular board the volume Of business was light
but prices showed fractional Improvement. New
York Central closed 1s4 lower than at the same time
yesterday, Erie IN, Hudson River y, Reading n,
Michigan Southern u, Cleveland and Toledo II, Fort
Wayne y, Pacific Mail ~ and Western Union Tele-
graph u; while Northwestern was n higher. Gov
ernment securities we're strong at advance OF ".
At the open board at one O'Clock the speculative
feeling continued tame and the market was steady
and inactive. New York Central sold at 12s a 12s,s
and Erie at 7oX, while Pacific Mail advanced to 90
s2K. At the second regular board the market was
heavy and there was some pressure to sell New York
Central Erie closed 4 lower than at the 0rst regu-
lar board, Hudson River u, Michigan Southern u,
Cleveland and Pitsburg Il, Rock Island n,
and Milwaukee and st. Paul preferred a; while
Pacific Mail was higher and western Union Tele-
graph 4. At the open board at halfpaat three
there was no material change in prices, and Erie
sold at TOY; New York, Central 127A 127x; Fort
wayne, 1o3x 1osX Rock Island, oSx sszs, and
Pacific Mail, o2x a92X. Subsequently New York Gen.
tral declined to 126K, and the entire railway
list unsettled. Thebul party In the latter stock
fs known to have sold largely during the last few
days and to have meanwhile sustained 1t by borrow
1ng to make its deliveries, producing an eKagge
rated impression of the extent of the short interest
outstanding. As 1t has advanced within the last
twelve days more than twice as much as any other
stock 1t s reasonable to infer that IL will react pro-
portionately for it is obviously worth more now
4han when it was selling OF 10s%. II is, moreover
che design of the clique in it to mk the street" by
letting IL down and encouraging fresh ''short" in
tercst and II 1t loses half or two thirds Of Its recent
rise seems probable the reaction will be nothing
more than might have been expected In view
sf all the circumstances affecting 1t. At the
close at six O'Clock the quotations were as
follows, the tendency being then downward
Pacinc MAIL 92I 90; Ohio and Mississippi, S0X 81;
Canton Company, 4s q a.: Atlantic Mail, 81 35;
Ouickailvor o9K Marinoaa nraferrad ms q