The New York herald., 1868-04-29
FINANCIAL AND COMMERCIAL.

TUESDAY, April 2s-8P M.
The market for railway and miscellaneous shares
has been on the whole dull and dropping to-day-a
natural result OF the recent rapid advance. New
York Central, which more than twenty per cent
within ten days under merely speculative influences,
was the weakest OF the railway stocks, and it is
probable that 1t will continue to react downward,
its real value as six per stock being not more
than ninety. Moreover nearly the whole OF
the "short" interest which stimulated the
rise has been covered and the reports
relative to stock dividend to which
we referred yesterday are entirely unfounded.
IT Is safe to presume that any stock, after rising
twenty per cent from speculative causes, will react
heeyily. and there is nothing connected with the
one alicded to which should make it an exception to
the rule. Pac.dc Mail sold down to 90 under a rumor
elsewhere mentioned and this tended to unsettle
the general market. The street was agog during the
forenoon with the report that Eric was on the point
OF being "jumped,' and an advance to 72T was the
results but before the close the stock sold at 70 It
Is not improbable however, that Erie will be bid up
before long to sustain New York Central, which Is
relatively higher than any other stock on the list.
Rock Island was steady and the prospect OF settle
ment between the contendng parties in the affairs Of
this company gives confidence to the stockholders.
Judge Sutherland having yesterday vacated the order
suspending Mr. Drew from his duties as q director
OF the Erie Railway Company, the ltiga-
ton between the Erie and Vanderbilt parties
is practically at an end so far as he
is concerned. The bill. which passed the Legis.
lature virtually settled the matter in dispute between
the tigants, and it Is difficult to see what the parties
have to fght about in the courts now that the bill In
question has provided for the expenditure of the
proceeds OF the ten millions of new stock.
The money market continues easy at per cent
the leading dealers In government securities being
fully supplied at the lower rate and in not few in
stances the stock houses also. Six per cent
was more the rule than the exception
in the forenoon, but towards the close the transac
tOns at seven were more numerous. Currency is
however, rapidly returning from the interior, and
the tendency is towards still greater monetary ease.
The applications for discount are very moderate
SCALE aud the banks take the best grade Of their
toners paper at the legal rate by Treasury state
ment just made public 1t transpires that OF the
$5l, l,40S5so OF compound interest notes outstand-
ing $2S,927,0Oo mature on the 10th OF May,
s12, $685. 40 on the 1st OF August, $s,127,2 900
on the 1st of September, and the remainder between
that time and October l8 excepting SIS, 1893 900, which
have already matured and which interest has
ceased. To meet portion Of this aggregate the
Secretary Of the Treasury has in reserve $3 10000
OF three per cent certificates the remainder OF the
fifty millions authorized for this purpose. The Sub
Treasury bought seyenthirty notes and sold gold to
amoderate extent to-day. At Cincinnati and Chicago
the money market IL becoming gradually easier, but
currency is stln rather low in the banks, and the
demand for loans in excess Of their ability to make
them.
The gold market was strong throughout the day
and the fluctuations from 13o to 139h, with the
closing transactions at 1So4 prior to the adjourn
"a
vanced to lS9is 1917. The advance was stimulated
by the action OF the Assembly at Albany yesterday In
adopting the Bacolm resolutions requesting Con.
gress to pay the national debt in greenbacks.
This must not be construed into o blow at
the public credit, however; and even sup
posing the recommendation to be carried
out, of which there Is probability whatever, its
first effect would be to advance the price OF govern
ment securities In common with things In general
The borrowing demand for coin was moderately
active ana loans were made without interest and at
a per cent for carrying. The gross cearings
amounted to $3,737,8OO, the gold balances to
$1,3O470O ana the currency balances to $1,947 502.
The steamer Teutonia, for Hamburg, took ont
500. 900 In specie, and the Henry Chauncey, from
Aspinwall. brought $780, eO9 in treasure. American
silver Is quoted at 6a7 per cent below gold, and
Mexican dollars are rated at 103 1o3h IN gold
Government securities were very firm, and there
was good investment demand for them, although
the volume Of speculative business was light. After
the Treasury begins to dsburse the May interest on
the public debt the inquiry for renyestment will
doubtless stimulate activity, and the purchases OF
fve-twentes on foreign account will probably equal
at least onehalf Of the interest due to bondholders
residing abroad, or about six millions in coin.
United states bonds are the only low priced invest
ments left in Wall street. for on the Stock Exchange
bear little relation to real values. At the close the
market was strong, but quiet at the highest
point of the day. The first mortgage bonds OF the
onion Pacific Railway Company are in good de-
mand at par from investors. The closing quota
tions were "a subjoined:-Registered 1881, 113 a
49,; coupon, 1881, 1875 1i3i; 5-20s, registered
1892 1O5 1861; 5-2o's, coupon, 1862 112 112h,
do, 1854, 1l0;s "a ll06: do, 1866 110S 1l0A; dO
1865, January and July, 1oS,s 10sal; do. 1867,
looJS 109f: 10-i0s, registered 1929 1o2I 10-4o's
coupon, 1928 a 1929: June 1905, 107H 1878;
July 1905, 107ss O 1O7H; May compounds, 1884,
11sS; August do, 1l7is; September, do, HI;
October do, il5h.
At the commencement OF business the stock market
was barely steady, and at the early session OF the
open board II was dull Erie sold at 7l1S 72Is and
New York Central at t2sh 12sI. AT the first rcgu-
lar board the volume OF business was light, the spec
ulatNc leenlH peihg 'dhc. TaOiio "" was ho"'y
under a rumor that one OF the company's steamers
had been lost on the Pacific; but this was entirely
without confirmation. New York Central closed y
lower than AZ the same time yesterday, Reading a.,
Rock Island r. Northwestern preferred Il, Ohio and
Misslssippi a, Pacific Mail 1,S and Canton Company
=: while Erie was q higher, Hudson River Il, Cleve-
land ana Toledo ss and Fort Wayne -. Government
securities were very firm at the closing prices OF
Monday. North Carolina skies advanced 2N. new
issue q At the open board at one o'clock New York
Central sold at 12sA l29 aud Erie TIA 725, while
pacific Mail declined to e2's. At the second regular
hoard the market was dull and steady and New York
! Central closed = lower than at the first regular
board. Eric 4, Reading X, ohio and Mississippi y
and Pacific Mail 15., while Cleveland and Pittsburg
was /, higher Cleveland and TdAdo X, Northwest.
| ern !, and Quicksilver x. Government securities
| were strong After the call prices were yielding,