The New York herald., 1868-04-08
FINANCIAL. AND COMMERCIAL


FINANCIAL AND CoMMERc cIAL.
-->~--~~~-~-----~-~----
=. TUESDAY, April I-sP. NJ
The gold market has been on the whole nrm 70
day, and the fluctuations were from 1874 TO 1851,
with the opening transactions at the lowest point
mentioned and the latest sales both prior 70 he ad
journment OF the board and afterwards at lssh.
There was good borrowing demand for coin and
rates turned decidedly in favor Of the lender owing
to the growing monetary ease. Loans were made at
from seven to two per cent and nat or without In
terest The gross clearings amounted to $4s ooo
the gold balances to $l,927,7e4 and the
currency balances to $2,65s45l. Efforts were made
by the bears to depress the premium upon the result
Of the election In Connecticut and by the bulls to ad
vance 1t for the same reason; but neither side sue
ceeded materially for matter Of fact considerations
at oil times outweigh mere political feeling in the gold
room According to the statement OF the public debt
just published the Treasury held o17 IN coin on
the 1st nst Of which 600 was represented by
gold certificates Of deposit In the hands OF the people,
leaving 557 the property OF the government
The money market has been easy at seven per cent
In currency, although q few transactions at the
legal rate in coin were reported during the forenoon,
following which the supply was fully equal to the linn
tied demand from the Stock Exchange. Currency s
coming In slowly from the interior, and the banks
show disposition to discount for their
tile customers to a limited extent Commercial pa
per Is, however still dicut Of sale the street,
and the best grade Is rated at seven nine
per cent. The dulness Of business on the
Stock Exchange s favorable to borrowers and loans
made last week at seven per cent in coin being
replaced at the legal rate In currency. IT, however,
the demand from the stock houses were large the
loanable resources OF the banks and street lenders
would prove inadequate to meet 1t, and immediate
stringency would be the result. Borrowers fOresee
this and are disposed to limit their transactions until
they feel assured Of abundant supply of money.
At the same time, owing to other causes, speculation
In railway shares s extremely languid and the market
for them wholly lacks outside support The task
OF supporting prices, therefore, devolves upon the
bull cques, and they have thus far shown great
determination in upholdng them; but the result Is
that they are very heavily loaded with stocks, and
whenever anything occurs to weaken their power to
sustain the market rapid decline will be inevitable.
For the time being the Erie bill, now pending in the
Senate at Albany, tends to check operations more
perhaps than any other cause both on the part OF
the c1ques and the street, as In the event OF its
passage break In Erie would be probable, and this,
1t is believed would affect the remainder Of the rail-
way list sympathetioally. The Erie party are said to
feel sangune that the bill will become law, while
the Vanderbilt party are somewhat doubtful as to the
result. The bear movement in Pacific Mail Is under
stood to be led by the leading director Of the oppos
tion line who, 1t is rumOred, hopes to make up his
steamship losses by the profits his 'shOrt sales
Hence the vigorous" opposition which is to be 'per
manent," according to the company's announce
ment, and the equally vigorous efforts of those con-
cerned In bearing the stock Some Of the directors
OF the Pacific Mail Company under the suspicion
OF having taken advantage of existing circumstances
to sell their own stock Short" and there is good
reason to believe that 1t Is not altogether without
foundation. In the present unsettled condition OF
affairs the public will consult Its interest by
carefully avoiding railway and steamship stocks, for
there is no knowing how soon they may 60 from bad
to worse The banks, too should be more careful
than usual of both their margins and coaterals.
There was an active investment and speculative
demand for government securities all day, and the
market was consequently buoyant the advance In
prices having averaged x e per cent. The nat
ura reaction from the recent depression was stmu-
lated by the advance In vetwenties to 72% in Lon
don and the returning ease in monetary channels.
Prices are still considerably lower than they at
the end Of February, allowing for the accrued inte-
rest, and the Improvement is likely to make further
progress, while in May the outside demand will
receive an impetus from the reinvestment
Of the interest on the public debt due
on the 1st proximo The indications are that specu-
latiOn will run this class Of securities than
II has done hitherto owing to the dstrust OF the
railway share market which prevails and prices are
sufficiently low to allow q good margin for rise
At the close the market had strong up
ward tendency and the quotations were as
subjoined:-Regstered, 1881, 112a d 1l2H; coupon,
1851, 1929 l12h 52os, registered, 1882 1o4 a 1oaK;
5-2os, coupon 1862, Ill 111S; do, 1884, 1907
109A; do, 1885, 109% no. do, 1885, January and
july 1913 l0Sb do 1867, 1os'S los Il; 1O40s reg
istered, 1O2 q 1929; lo-4o's. coupon, l02 a 1927;
June 1905, 1861 a 107; July 1905, 1ook q 107;
May compounds, 1854, 11sH; August do, NIX; Sep
tember do, III; October do, 118h.
At the commencement OF business the stock
market dull and rather heavy. and at the early
session Of the open board Erie sold at 1914 and New
York Central at 1924 while Pacific Mail recovered
to 944. At the first regular board the market was
quiet and without any material change. New York
Central closed Y lower than at the same time yes
terday, Erie 1S, Reading e, Cleveland and Pitts
burg =, Cleveland and Toledo 4, Milwaukee and
ST. Paul Ia, preferred Y, Pacific Mail 4 and Quick
silver u; while Northwestern preferred was =.
higher, Fort wayne y, Ohio and Mississippi *, At
lantic Mail 4 and western Union Telegraph u.
Government securities were very strong and active
and coupon skies Of 1881 showed an advance Of u,
vetwenties Of 1862 q, issue Of 1854 ~, issue of
1868 l. new issue Of 1865 Y, ten-forties /, seven
thirties q. At the open board at one O'Clock
Erie declined to 70, New York Central to 122K
and Pacific Mail to 92H. At the second
regular board the market was firm but inactive
Reading closed 4 higher than at the first regular
board, nlinos Central 2A. Cleveland and Pittsburg
u, Rock Island q, Northwestern preferred X, Fort
Wayne u, Ohio and Mississippi 4 and Western
Union Telegraph u, while Pacific Mail was Y lower
Government securities Continued strong at fnrtber
advance Of per cent In all classes At the
open board at nafpast three the volume of business
was very light and Erie sold ut 73k; New York Gen.