The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-04-23
FINANCIAL AND COMMERCIAL.


Ing transactions prior to the adjournment of the
board at 14o, following which this price was bid.
Loans were made "nat" and at Q per cent for
carrying-a sign that the borrowing demand was
nearly equal to the supply. The gross clearings
amounted to So, 900, the FOLD balances to
81, III, 4o7 and the currency balances to $27O711s
American silver is quoted at 6x q IL below gold,
and Mexican dollars are rated Il lo3 a l03h in
gold. The steamer Russia took out $4,000
in specie, and the Arizona, from Aspnwan
brought $94s,O2O. The hrmness Of the rates
OF exchange on Europe and the prospective
export Of coin the main causes OF the present up
ward tendency of the premium, while the temper Of
the spectators is becoming buish than it has
been since the President was mpeached, and in view
OF the OF political affairs at Washington the
duh, steady tone OF the gold market during the in
terval has been remarkable.
There was a further decided change in the aspect
of the money market this afternoon, and for
the first time in many weeks loans were
made at six per cent, although there was a brisk
demand at seven early in the day. There was more
disposition at the same time shown to discount first
class commercial paper at the legal rate The specu-
lators for q rise on the Stock Exchange were en-
couraged by this, and the volume Of business was
larger in consequence. The return flow of money
from the interior has been greatly quickened since
the beginning of the week. and the operations of
the Treasury not calculated to interrupt the
in which it has resulted Should the of specu
latve business in stocks largely increase, however,
the immediate effect would be seen in moderate
degree OF activity at seven per cent until after the
oanabe of the banks have been augmented.
The stock market was firm and quiet during the
forenoon after which it became strong and some
what excited under report that the parties to the
Era ost nod com m epd I'M ria il
case, except perhaps far as Mr. Drew is concerned,
and he, 1t appears, has seeded from his party
after endeavoring to place the proceeds OF the
sale of the new stock in the hands Of Mr.. 0sgood,
the receiver appointed by Judge Barnard. Mr.. Drew,
1t is said, left Jersey City on Sunday evening and
came to New York, where he saw Mr.. Vanderbilt,
and on Monday morning he sent over to Jersey City
for the boxes containing the company's funds, his
alleged object being to place them III the receivers
hands before the bill then before the Assembly
became a law; but in this attempt he
foiled, his codrectors in New Jersey
having applied for and obtained an attachment
against the property there so that it has not passed
out of the hands Of the company, and the new law
provides for its expenditure upon the road. What
the upshot of this split In the Erie party will be
remains to be seen; but the contest is for the
moment between Vanderbilt on the one side and the
there is TO fight for now that the Legislature has
decided upon the disposition which is to be
made Of the proceeds Of the new stock 1t Is
difficult to see; but nevertheless the Erie party soy
that compromise Is impossible, and that tie legal
proceedings can only be terminated by withdrawal
of the suits by the original plaintiffs.
Government securities were in good investment
and speculative demand all day, and they expert
enced further advance OF q Il per cent. The
natural tendency of prices Is upward, now that
money has become abundant, and the disbursement
OF the May interest the public debt amounting TO
more than twenty-G millions, will undoubtedly
suit large purchases for the reinvestment OF inter-
est These stocks were unduy depressed during the
recent monetary strngency and for the interest they
pay they are the cheapest investments anoat. The
demand at present Is most active for ve-twenties OF
the issues OF 1865 and 1867 and those Of the issue
OF 1855 are relatively Il u per cent cheaper than
those Of 1867, the amount Of accrued inter-
est on both being equal. This hast remark
applies also to the fve-twentes OF 1852 and
the old issue of 1865; yet there is a difference
of IL. between them, simply because there is
larger foreign market for the bonds Of 1882 but ut
mately they will doubtless be equalized In
value The advance in the gold premium
by increasing the rates OF interest the gold
bonds bear in currency is stimulating their upward
tendency, and the supply OF them in Wall street
Is sufficiently limited to make very moderate
investment demand affect prices materially. There
will be no financial tinkering in Congress this SEES
sion calculated to produce depression, and hence
the future of the market is clear. At the close 1t was
buoyant at the following quotatons:-Regstered
1891, 112% 1l3; coupon, 1881, 1l3 113b; 52O's
registered, 1852, 1o4k lO4a@; 5-2o's, COUPON 1862
lI2 I12A; do, 1884 1101 1104; do, 1885, 1905
r,u - ~.
do, 1867 1885 a 1ossl; 1O-4O's registered, 1929
1929; 10-4o's, coupon, 1927 a 1927; June 1905,
1867 1861; July 1905, 1867 1867; May cont
pounds, 1854, 1ls,s; August do, 1l7ll; September
do, III; October do, 1l6h.
AT the commencement of business the stock mar
ket was steady and at the early session Of the open
board Erie sold at 500 oos, and New York Central
at 1875 lIo%. At the first regular board the mar
ket was firm but quiet and New York Central closed
u higher than at the same time yesterday, Erie ~,
Hudson River 8, Reading q, Michigan Southern 2,
Cleveland and Pttsburg IL, Cleveland and Toledo
y, Rock Island Ia, Northwestern preferred rs,
Milwaukee and st. Paul Il, preferred 81, Ohio and
Mississippi u, Pacific Mail y, Canton Ia and
Western Union Telegraph -. Government securities
were strong at an advance OF y Z. The state
stocks were a a Ia higher. AT the open board at
one O'Clock the market became strong and excited
in consequence OF the return OF the Erie directors,
recently sojourning in Jersey City, 20 New York,
from which the false inference was Drawn that
compromise had taken place between them and the
Vanderbilt party Erie sold ON the call at sl5l 71a{,
New York Central at 100 a lg2h and Rock Island at
e5X. After the call New York Central sold up TO
123 ana Erie to 72 but at the second regular board
prices slightly lower, although ,he market was
well supported. New York Central closed 2Is higher
than az the first regular board, Erie IL, Hudson
River x, Reading Il, Ceyelanu and Toledo q, Fort
Wayne Z, Milwaukee and ~. Paul preferred 81, Pa
cihc Mail Ia, Canton Company q and Western
Union Telegraph a, while Michigan Southern was
Z lower and Cleveland and Pttsburg =. Govern
ment securities were strong at further advance Of
= =. AT the open board at half-past three
the market was steady, and Erie sold at II "a, New
York Central al l22il q l222s Rock Island at
W 95H and Pacific Mail at e3l o "a. Subse-
quently Erie declined 20 7O7s II and New