The New York herald., 1868-04-04


torm anything more than rough estimate Of
their extent. There Is strong prejudice
Against this method Of selling the government COIN,
and 1t is advisable that Congress should pass act
requiring all such sales to be made publicly. With
1egard TO their effect upon the money market, It Is
UoviOus that they tend to stringency unless their
Drooeeds are dsbused ON the day that they are
resolved in the purchase Of seventhirty notes for
instance In which event they ease the money market
- the extent Of the amount Of gold sold-provided
~ latter finds its way INFO the banks, where
70 can be held a. Q portion OF the lawful
yeserye; but as they already hold too much Of this
KIND Of unavailable reserve, including compound
eerest notes and three per cent certificates there
Httle practical relief afforded by the influx Of Tres
eury gold on q tight money market, even when the
surSency representing 1t is simultaneously paid
on It, -
There was no abatement Of the extreme stringency
cfthe last few days. and per interest and
An, eighth per cent commission were freely paid
0r call loans all day, and the borrowing
demand was kept up until half.past three. In
some instances the commission was three-slx-
1eenths, and the difference between the cash
and buyer three price Of New York Central
was three e-eighths per cent during the forenoon
mo demand was rather light and somewhat In pro-
portion to the supply, owing to most Of the brokers
carrying stocks having abridged over" to Monday
by paying heavy shaves for the necessary accommo-
daton; but the high rates current for money showed
Es real scarcity The drafts from the interior continu
Cd heavy until yesterday afternoon day or two later
Than usual; but 1t s fair infer that the worst of the
pessure has already been felt and that the ensuing
Week will witness partial abatement OF it, although
the market will doubtless continue very active at or
above the legal rate until near the middle of the
month when the return flow Of currency from the
Interior will restore to it. Tomorrow the sup.
ply OF oanable funds will be increased by the usual
effort oi lenders to make the two days. interest
suting from loans made on Saturday; but on Monday
very large aggregate of such obligations mature,
and the expectations Of decided change for the
better so soon are likely to be disappointed. The
banks are weak In point OF reserve and 1t would be
mprudcnt for them to extend their loans without at
Beast corresponding increase OF their deposits. In
the discount line there is no business doing, and
commercial paper is unstable 1t was rumored
late In the afternoon that one Of the largest and old
est Of the Wall street banks In trouble but there
appeared to be no foundation for the report.
The stock market was strong until after two
e'elock, when break in Erie occurred, with which
she rest of the railway list sympathized. This at the
moment was without any assgnable cause, but It
was afterwards reported that the bill legalizng
NE acts Of the Erie Company had or would pass the
Senate, and that o majority in the Assem-
bly, also favored 1t; further, that there
were several hundred petitions. in the two
A0usesin favor Of the bill, and that 1t was regarded
- certain to become law. The furry subsidized after
the stock had touched 72 72l but the spirit OF the
market was broken by the shock and outside holders
were wisely disposed to sell their Erie. The passage
of this measure seems highly probable, its provision
sor the extension of the wide gauge TO Chicago in
opposition to- the New York Central interest being
very popular. The ease with which the market can
DC demoralized was conspicuously shown in this in
stance and the public will do well to profit by and
leave railway shares to the cques.
Government securities were very firm, with an ad-
vsncing tendency all day, and there was substan
sial improvement Of about a quarter per cent upon
she prices current last evening The Sub-Treasurer
bought about million of seventhrty notes for cash.
but the market price afterwards rose above the
Treasury bid. There was an improved investment
demand at the counters Of the leading Dealers and
at the close the market was strong at the suboned
uotations:-Registered 1881, Ill o 111it; coupon,
yss 1I1S Ill az 52os registered, lse2, 1o2s 1OS;
S20's coupon, 1862, 109s 1097s; do, 1854, los o
IoSs do, 1885, 1884, loS'<; do, 1885, January and
July, 1861 lo7; do 1861, 1o7, 1913; 1o4os, regis
tered 1908 a 10O7s; 1O-40s, coupon, 1o0B 1oo76;
June 1906 1856 1o57s July 1905, 1855 lo57s;
Nay compounds 1864, 11sh; August do, 1I71s; Sep
tembcr do, III; October do, 1lG1z.
nent of business, and at the early session of the
open board Erie was active at 75l5 75is, and New
York Central at 122% 122I. At the first regular
board Erie was slightly lower but the remainder Of
the railway list was steady and quiet except for
New York Central which was active Pacific Mail
was pressed for sale, and the lowest price at which
the stock has sold for years was touched, namely,
1oo,s. New York Central closed TX higher than at
the same time yesterday, Erie 1x, Reading Is,
Cleveland and Pttsburg Ia, Cleveland and Toledo
H, Rock Island "a, Northwestern preferred q,
Fort Wayne "a, Ohio and Mississippi y, Quicksl
yer and Western Union Telegraph IL, while
Pacific Mail was 23. lower and Atlantic Mail y
Goverment securities were firm at an advance OF
xaI. At the open board at one o'clock the mar
tet was firm, and Erie sold at 751x and New York
Central az 123sl 12, while Pacific Mail declined
70 ao Following the call Erie advanced to 75si, but
about halfpast two there was q sudden rush to sell
&c. and the price declined to ~ ,2l in the midst
great excitement. At the second regular board tho
transactions were not large, although there was con
aiderabc activity In the lower hall. Erie closed Il
lower than at the first regular board, Pacific Mai
~ and Quicksilver y; while Rock Island was II,
higher and Ohio and Mississippi ~ Government
securities were strong at an advance OF x AK. A,
the open board at halfpast three Erie sold at 7sX
ssss; New York Central, lz2x O 1924; Fort Wayne
osx; Michigan Southern, ssz; Rock Island, "a q 94x
Northwestern preferred. TAX, and Pacific Mail, os%
After the call Erie declined to 72x, and Pacific Mai
20 e6X but railway shares subsequently recovered
slightly, and at the close at six O'Clock the quota
tons were as follows:-New York Central, 1921
1a2,s; Erie, 1sH 73,s; Reading 90 a eo,4; Michigan
Southern, ssI q 50; Rock Island, sal o3x; Pacin
Nail o61i eol; Ohio and Mississippi, 3o}s o SoK
western Union Telegraph, seK a0H; Fort Wayne
oeA 100.
ho o,t ,,r;cao NJ ta lao 1,c s,,oc,
fsaive stocks in 1894 and 1895 respectively were
follows:-
--lssi.--- -1se5
HIGHEST. Lotcest. Highest. Lo,cest
Ncorr Nnrlrf fNor rAsaI oo