The New York herald., 1868-05-21

vae lenders have to seek other employment for their
| surplus The applications for discounts are on q
very limitedscae owing to the dulness OF trade and
the best grsde Of commercial paper passes at q ex
per cent IN the street. The conversions Of seven
| thirty noes into bonds at the Sub-Treasury are
going forward very rapidly, the aggregate to-day
being $.774,650, while $1,245,oOo Of compound
| interest notes were redeemed. In addition
to the 900 of the latter which matured on the
18th inst, there will mature on August l. $12 12O;
| on September !, $3,12 200; on September Is,
81, ,1S1 800; on October l. ST. $780, and on October
15 $1,000, 750 More than half Of the May compound
notes have already been redeemed in three per cent
certificates through the Assistant Treasurer The
latter is understood to have neither sold gold nor
boutht seven-thirty no tes during the day.
Tie stock market was strong and moderately &C
tiv during the early part OF the day. and the
tio0s in Pacific MAIL which advanced at one time to
9a, were unusually heavy. The demand for this
stock, which appeared to from outside parties,
took the street by surprise. The stock has been
target for the bears for months past, and the
shor interest in it is SO large that the street s by
no means prepared for the turn in the opposite
direction, Of which 1t begins to show some symp.
toms. The auditing committee Of the Pacific Mail
Company to-day made report, which was unani-
mousy accepted and adopted by the Board OF Direc-
tors, In which they state that they unable at
the present time, in consequence Of delay in the
transmission Of the Pacific accounts, to lay before
the Board the customary quarterly statements and
balances referring thereto. The President Of the
Company, in his report to the auditing committee
recommends 'that the consideration Of tAs Ques-
ton Of a dividend be postponed, md In
definitely" The improvement referred to was not
sustained in the afternoon, and with tive q three
exceptions prices decnsd but at the closs 10 ten
dency was again upward. The speculative feeling b
very tame, however, and the cliques aFs aVpareasy
idle; but with money - abaAAan& - It
is at present there u NO lifncufty b ~
tanning prices In tho absence Of ~ 0ogoou1
disturbing causes. The bulls arc looking fsewar6 %
innation plank In the Chicago platform and talk
ing about the crop prospects,, which aFe un1oubtedly
very promising in all parts Il the country, while the
bears point to the prevailing dulness In the railway
share market and ask suggestively, who there is to
buy such fancies" Fort Wayne and kindred stocks
at their present prices.
Government securities were very largely dealt In
during the day. the aggregate Of transactions being
even greater than yesterday, and prtcss underwent
further advance Of 4 y per cent The domestic
demand was mainly for the nsv Ave-twentes Of
1867, while the purchases By tho German bankers
included dvc-twenties Of 1854 and ten-forttes, In
which the most marked advance took place. The
demand from country banks and investors is un.
usually heavy, while the supply Of bonds in
Wall street is below the average at this
season. At the same time the difhculty Of
loaning money Is causing large amounts to
be placed In governments for the sake Of the tempo
rary employment Of the capital The dulness in the
general stock market, too Is calculated to stimulate
activity in these securities and the indications point
to steady advance until prices reach considerably
higher point. At the close the quotations were
as subjOned, the market being 4
higher than on the quarter past two O'Clock
call, when there was o fractional reaction-
Registered 1881, 114f 114'f; coupon, 1881, 114x
A$Ts; 6-2O's, registered 1852, 1864 lO7; 6-2O's,
coupon, 1862, 109x 109Z; do, 1884, 10sk 10sh;
do, 1885, 1Os,t 10sh; do, 1885, January and July,
11os 1lok; do, 1857, 11oK 11o,s; 1o-4o's, regis
tered, 1o4x q 1O4k; 10-40s, coupon, 1o4,1 104%;
June 1905, 107A 10s; July 1905, 1O7Z los; Au-
gust compounds, 1885, 11sK; September do, 1l7%;
October do, 117H.
At the commencement Of business the stock mar
ket was firm, and at the early session OF the open
board New York Central sold st 1885, Erie e9h and
Pacific Mail OK. At the first regular board there
was moderate degree Of activity, and prices were
well sustained, while Pacific Mail advanced to e2X,
and after the call to 90. New York Central closed q
higher than at the time yesterday, Reading 4,
| Michigan Southern u, Fort Wayne u, Milwaukee
and St. Paul preferred Il, Ohio and Mississippi q,
| Pacific Mail IN, and Quicksilver x while western
| Union Telegraph was \ fower. Government secur-
ties were strong and active at an advance OF u in
the nvetwenties Of 1854, in the issue OF 1885, in
| tenforties and Ea1S in the remainder Of the list.
At the open board at one O'Clock prices were without
material change and New York Central sold at 1854,
Erie 6sx o 6s% and Pacific Mail at o27S.
| At the second regular board the market
was duh and slightly lower, and New York Central
closed u lower than at the first regular board Mil.
| waukee and st. Paul preferred u, Ohio and Mis-
| sssippi u, Pacific Mail Il Atlantic Mail and
| Western Union Telegraph y. Government securities
were eighth per cent lower In some instances, but
following the call they quickly recovered the decline
! aad the demand was stronger than before. At the
1 open board at halfpast three the market was duh
but steady and Erie sold at 6sh New York Central,
12sx, and Reading, 9i,s. During the remainder Of
| the afternoon the volume Of business was very
limited and at the close at halfpast five the quota
tons were as subjoined:--western Union Telegraph,
/ ak q 37x; New York Central 12sK l2sx; Erie,
| esh osH; Pacific MAIL ELK Q %; Hudson River,
137K 1ssk; Reading, DIX s1x; Michigan South
ern, seX Q se,S; Cleveland and Pittsburg SAX q
Sax. Rock Island, s4x o s4x; Northwestern, 90 q
| eok; preferred. rex ~; Fort Wayne, 1osk.
The foreign exchange market was inactive and
heavy In tone, but rates were nominay unchanged,
namelys-Bankers' bills ON England at sixty days
ITO 11ok at three days, i1oH 11ok; commercial
bills l0ok 1Osx. Bs on Paris at sixty days. a1s,i
s612n.
Consols ana American securities were quoted thu,
IN London so-day and on the previous dates men
toned A.to
Nays. Mdv II. Nay 20.
Ss's.n,;:: ScnsCls ,;:"'.% ;ou HsoM ~ nsTs sstS
Illinois Central. sss s.n .S a.
The organization Of the South Pacific Railroad
Company (the purchaser Of the Southwest Pacific
Rsilroed Of MissourD was completed today Al
the once of the COMPANY In New York. FrancLl