The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-09-04
FINANCIAL AND COMMERCIAL.


steady to-day and the cques IN railroad shares
1nfusng more animation than usual OF late into the
movements of the stocks which they control but IL
Is none the less hazardous to buy them while II Is
equally 30 to sell them ''shOrt." There was well
distributed business all the leading railway shares
and during the forenoon prices advanced; but In the
afternoon they had dropping tendency. Among
the State bonds Tennessee skies were stronger In
consequence of the suits against the Comptroller
OF Tennessee and the Fourth National Bank
as his fiscal agent, having been withdrawn
and the Injunction restraining the payment of inter-
vacated Erie continues to attract the attention
of the street and 1t Is largely dealt In but its uctus
tons during the day were limited TO q little more
than one per cent-namely, from 4o1 to Az. The
negotiations between this company and the Atlantic
and Great Western with view to consolidation, are
much discussed but the fact that the subject IL not
new one appears to be lost sight Of. Overtures to
this end were made by the Sir Morton Peto party
when they were in this country; but Mr. Drew's
decided opposition to any kind OF connec-
ton frustrated all the efforts which were
made in this direction Still later Mr. Cave,
q member Of the British Parliament and one OF the
directors OF the company, came over to this country
and made fresh attempt to bring about this result,
ostensiby in cooperation with Mr.. McHeury, but 1t
subsequently TRANSFERRED that he was DESTROYS OF
ousting the latter in order that he might obtain en-
tire control OF the company himself. Mr.. McHenry
being In embarrassed circumstances arising from his
relations with 1t was warned that his arrest was
intended through Mr.. Caves fundamentally, and to
avoid this he went to Paris and there opened
communications with the creditors Of the COM
pany, the final result OF which was that Mr..
McHenry was restored to power and that
Mr.. Cave withdrew from his position in the board
entirely. Mr.. Mclenry is therefore, now engaged
In efforts to extricate the Atlantic and Great West
Arm I'M from, tho md hQ has
opened with the Erie Company the negotiations
which were proposed long ago. He is now on his
way to this country by the Scotia but it is reported
that Sir William Russell and Mr.. Laing have deferred
their visit until later in the year, in consequence Of
the pending general elections in England both being
Members Of Parliament, and, consequently, having
their constituencies to look after. We have
not hitherto mentioned that Mr.. Henry G. Stebbns,
OF this city, elected President Of the Atlantic and
Great Western Company when in London not long
since; but the fact that man of his prominence,
wealth and ability occupies this position in its
sells s OF itself calculated to inspire confidence in
better future for the bondholders whether it result
from the proposed consolidation with the Erie or
otherwise or course until the receiver Of the road
Is removed Mr.. SteDbins practically do nothing
IN its management; but II is not likely that the re-
ceivershp viii continue very much longer II the ar
Engagements now in view are carried out.
There is change to note in the condition
OF the money Market the supply Of funds
being superabundant at three and four per cent,
and moreover there is prospect of anything
approaching stringency being experienced during
the remainder Of the year. Commercial paper Is in
very limited supply and the best grade is quoted at
six and seven per cent, while IN some instances
prime signatures at short dates are taken at
five. There Is light now OF currency
westward, but the resources Of the banks are so
great that the loss OF deposits thus far has failed
to produce the slightest effect upon the rate of in
terest and this affords criterion for the future to
some extent although an advance in the rate for
call loans TO SIX or seven per cent may be reasonably
looked for at intervals before the expiration Of the
year.
The gold market has been vigorously hammered
by the bears all day, and the result was decline
from 144% to 1857, with the closing transactions
prior to the adjournment Of the board at three
O'Clock at LA, following which there was no mate
rial change, the latest quotation the street being
143x 1885, There was an active borrowing de-
mand for coin, but the supply superabundant,
and loans were made at two and three per cent
for carrying The gross clearings mounted to
$32ss7,Oo0 the gold balances to sl3l9,775 and the
currency balances to sl,942,27l. rhe Sub-Treasury
disbursed $4,000 in coin in payment OF interest
the public debt during the day, and the steamer
Deutschland took out 100000 in specie. The
''short" interest now outstanding Is so large that
the market Is very dangerous one for the bears,
the bulls have 1t in their power to rapidly advance
the price, and the result OF such movement would
be that the bears would wish to their contracts
and 80 play into the hands OF their adversares by
unnaturay stimulating the rise The price varied at
intervals as follows
10 A. M.............. 144x 8P. M...... IA
$50 +. M.......... 1887 6:45 =. NJ .1434 a 143yS
Government securities, although quiet to-day,
have been irm, while for the ivetwenties of 1857
there was an active demand at advancing figures,
sales having been made as high as l0sX,
against 1851 last evening" The "shortr IN
terest In these bonds is very large and the
borrowing demand for them as well as for the other
Issues continues brisk. The outside demand is re-
ported by the principal dealers TO be increasing and
orders coming In from some OF the insurance
companies that have branches In the New Dominion
Tor bonds to send there for q special purpose. The
market has very firm appearance, and the DISPOSE
: ton 10 buy In anticipation OF higher prices is be-
coming moro general than 1t was o few days ogo.
United States securities are beyond question the
cheapest In the country and, moreover the safest,
notwithstanding the political captrap which has been
INDUCED In on the subject Of their redemption
I'm gold greenbacks. At the close at i've O'Clock
the market was steady at the subjoined quota
Registered, 1ss1, l13x 1lak; coupon, 1881,
1isa ll<I; sos registered, 1862, 1osx q los n;
Ssos. coupon, 1862, IIax l1sx; do, 1904, 1os,i
los. do, ls65, 1lis 1llx; d. 1865, January and
July. 1855 1osk; do, 1857, 1osss 1Osk; do 1868,
IosH iOsA; 1o-4o's, registered 1041 104k; do,
coupon 1906 Q 1856; september compounds, 1896.
Jies; october do, 1lsL.
Al the commencement Of business the railway
share market steady at about the closing prices
Of last evening but at the early session Of the open
board Erie declined TO AN while other stocks were
without material change, New York Central selling at
1g7s and Northwestern preferred at $50. At the first
regular board the volume OF business was unusually
large and prices were well supported On the call
New York Central closed q higher than at the same
time yesterday, Erie ~, Hudson River Ia, Reading
N, Michigan southern u, Cleveland and Toledo ~,
Rock Island y, Northwestern y, do. preferred X,