The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-04-26
FINANCIAL AND COMMERCIAL.

I FINANCIAL AND COMMERCIAL.
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~ ,r,F 'rer-F.- SATURDAY, April 25-6 p. M.
The gold market was heavy at the opening this
morning and decline TO 1884 took place, but sub
sequentiy II became nrmer and sales were made at
l39, with the closing transactions prior to the adj
journment Of the board at lss. Following this,
however, the premium tended upward, and the
latest quotation on the street was 1885, 1894,
Cash gold was in superabundant supply, and loans
were made at from two to five per cent for
carrying, and 1-32 until Monday, as wen a.
"nat" The shipments OF specie for the
week aggregated $l,ss7,20 The Stock Exchange
to-day repealed the article In the bylaws Of the asso-
citation which forbids members from visiting other
organizations where stocks are dealt in. The stock
market was strong throughout the day, and par
ticularly towards the close when New York Central
sold up to 127, this being the most buoyant Of the
railway shares Erie was quiet and, although firm,
did not move in sympathy with the last mentioned.
Rock Island rose to 95 at one time but afterwards
fell back to 94. Nothing new has transpired in the
Erie contest beyond the fact that Mr. Drew returned
from Jersey City last evening and up residence
In New York, the attachment against him for con-
tempt having been apparently withdrawn. The
street Is very much divided in opinion with regard
to Erie, and the doubts entertained respecting Its
future course tend to make operators timid about
touching 1t. Mr.. John s. Eldridge the President Of
the company has just made report to the directors
In which he shows reasons for the issue Of the ten
millions Of convertible bonds in order to repair and
complete the road, and after referring to the
recent accident at Port Jervis, which might
not have occurred II the proceeds of the
bonds in question had been applied to the purpose
for which they were sold, instead Of being enjoined
by the courts he goes to say that the judicous
and speedy expenditure Of this money is undOubted-
ly called for by the best interests Of the Erie Railway
Company. And when the storms of the present dis
pute are blown over he has no doubt that all will
agree that the financial step which got for the Erie
company over seven millions of dollars, to be ex.
pended in double tracks, steel rails equipment and
proper termini, without increasing the absolute
charges upon It's revenues not only wisely TAKEN
but has produced results Of which every gentleman
VINO sanctioned 1t may be proudn
Government securities were strong but quiet
during the day. The home investment demand con-
tinues good, and prices for all but the bonds dealt
In abroad advanced q fraction. The latter did not
respond to the general Improvement owing to
slight decline in the gold premium. The new FIVE
twenty bonds Of 1868 to be issued in exchange for
seventhirties will probably not be issued before the
beginning Of July next and there is no present pros
pect of the Treasury issuing ten-fores in exchange
for seventhrty notes, although such contingency
has been talked of on the street. At the close the
market was firm at the following quotations:-Re-
gstered, 1884, 11224 49, coupon, 1881, 112x 113;
5-2o's, registered 1852, 1041 1O5; $685. coupon
1862, 1112< 111, do 1854, 110h 11O14; do, 1885,
11oH HOY; do, 1865, January and July, 1881
1os1s; d. 1867, 100 1926 1O-4Os, registered, 1929
1929; 10-4Os, coupon, 1929 1926 June 1905,
1917 1914; July 1905, 1919 1919; May COM
pounds, 1894 11S1l; August do, 1171a; September
do, III; October do, ICY.
The conversions of seven-thirty notes into FIVE
twenty bonds at the sub-Treasury during the last
six business days have been as foows:-
April $401, $50 April o. 5000 500
April 20........ 116,500 April %. ......... Ss5S5O
April 2l........ 272,050 April 24........ 246 $50
Money was in abundant supply at seven per cent
to the stock houses, and In some instances loans
were made at six. These transactions WERE how.
ever mainly confined to the leading dealers In gov
eminent securities. who were offered more than
they could use ut this rate. The banks at the same
time were prepared to discount the best grade OF
their customers paper at seven. The statement Of
the associated banks of this city for the week ending
to-day Is moderately favorable under all the circum
stances affecting local monetary affairs. The legal
tender notes have increased since this day week
$3033 o97 while the deposits have decreased $685.
034, and the specie Is reduced sl,S42O95 1t follows
from these changes that the net of the banks
has been increased 1880, 900, the reduction In
the deposits having involved a reduction in the re-
quired twenty hve per cent Of $4,000. The
other changes decrease OF 81, 500 800 in loans
and Increase Of s0,043 In circulation. The totals
Of the present and last previous statements are as
subjoined:-
Apr1 IS. Aprft rs.