The New York herald., 1868-04-20
FINANCIAL AND CONNER ciAL.
SUNDAY, April 10, 1868.

SUNDAY, April 10, 1858.
The stock market was In a state OF semi panic
during nearly the whole Of last week, and heavy
decline took place In all the speculative ra lway
shares New York Central sold down to 1885, on
Friday morning, Erie TO 6zx, and HUDSON River to
I23h; but following this there was sharp rally,
although the market was unsettled and heavy again
when Ii became known that the Erie bill had passed
the Senate at Albany substantially In Its original
form. Express shares declined fr0m five to ten per
cent on Wednesday morning, but subsequently
recovered part OF the decline under the purchases
Of the parties controlling them. In point OF real
value, however, they entitled 10 rank with Attain
tic Mail. The break Of sixty-two and half per cent
In a couple OF hours in the latter stock naturally
aroused the disust Of money lenders, and the warm
ing thus conveyed viii, ii is 20 be hoped, not be
lost upon the banks that for a long time
past have been in the habit OF ioanng
heavily the speculative railway shares with mar
row margins The prices OF these as well as of the
miscellaneous stocks are largely above their real
value, and an ultimate breakdown, snch as this
country witnessed in 1857, and England in 1896, is
inevitable II has been threatening for week past,
and continues to threaten: but the SPECTATORS for
rise in Wall street win move heaven and earth 10
avert this revuson, and the most eifectual means
Of accomplishing their purposes they alike with many
others, will urge upon Congress the Western pro
gramme OF an imitation OF the currency. With Ben
Wade as President they believe that fifty or even
hundred millions more OF greenbacks cou be Sc
cured and with these the bubble OF speculation on
the Stock Exchange could be blown TO yet huger di-
mensions before 1t collapsed. or course we all
know that the consequences OF imitation would be
runous but the spectators care nothing for this,
their object being merely to postpone the crash
which must finally come by temporarily producing
.laI.,.
of fresh issue of paper money, and nothing but
this can save those who loaded up with stocks at
present prices from heavy losses and in many in
stances absolute ruin. The railway system Of the
country Is SO far rotten that there would be in
ducement for investors TO buy railway stocks unless
quotations varying in most instances from twenty
to forty per cent below those now current and
hence they are likely to remain footballs Of spec
ulation In Wall street until they reach that point OF
depression when they win be absorbed for invest
ment. AT the close the market was unsettled and
the danger that attends anything that is de-
pendent upon the life of one man is
making itself felt in various ways even among the
veteran spectators Of the street, and the public
does well to leave stocks to the brokers and other
professional operators. AT hafpast five last even
ing the the quotations were as fonows-New York
Central l1SA; Erie, o67s a 81; Hudson River, l261s
O l2S Reading, S7k 872S; Michigan Southern,
SIX q SEE; Cleveland and Pittsbufg, s6h s7]s;
Cleveland and Toledo 1c2 1o21s; Rock Island, 8eA
S9A; Northwestern, 61; preferred, Y 72}i; Pa
ci6c Mail, OH 81; Western Union Telegraph, 362G
q 81; Port Wayne, 10l4 1oI%; Illinois Central
1414 l4H; Michigan Central, ia q ll5; Ohio and
Mississippi, 3oH 302; Canton Company, 46]2 471i;
Atlantic Mail, 80 a 81; Cumberland preferred, 81 a
SO; Mariposa preferred, OF 10; Toledo and Wa
bash, AZ.
Government securities were on the whole firm, the
dstrust of the speculative stocks having Quickened
the demand for investment, and prices were higher
at the close than at the beginning Of the week. while
the tendency was strongly upward in view Of
the low quotations now current, the gradually
returning monetary and the disbursement Of
the May interest on the public debt, much OF
which WILL usual, be reinvested In United States
stocks. This reinvesment Of interest which occurs
semiannually cannot fail to advance market prices,
for already the supply Of United States stocks in
Wall street Is very light and as the demand increases
1t only be supplied by drawing securities out OF
the hands Of investors conversions Of the repain
ing $1s5 O00 600 Of seventhirty notes into bonds Of
course excepted. While nearly all other stocks are
selling at prices largely above their real vaue, gov
ernments are very little above par allowing for the
accrued interest," BECAUSE like the former they have
not been inflated by speculaton and no surer sign OF
the frmness Of the basis on which they rest, and
the confidence Of money lenders in the stability OF
their value could be found than was witnessed last
week. for while all other stocks declined with panic
like celebrity these remained nrm and there was no
difficulty In borrowing upon them wherever money
was for loan.
The gold market was on the whole steady and its
extreme range was from lSs $780, with the closing
transactions at 1888. The frmness Of the rates Of
foreign exchange imparts for the time being an up
ward tendency TO the premium, but the high rates
Of interest lattery paid for having coin carried has
checked speculation for rise, while the unsettled
condition Of affairs at Washington has prevented
operators from selling "sh0rtv freely. The ship
ments OF specie ana bullion from the port were
larger than usual Of ate the aggregate being s25
ass while the customs receipts were 81, 4,5s2.
The money market was stringent up to yesterday,
when lenders evinced the usual disposition to en-
ploy their balances over Sunday, and the result was
comparative at seven per cent for call loans.
The return ow ofcurrency from the interior has not
yet been sufficient TO place the banks In stronger
position than they month ago, but 1t Is likely
TO gradually increase in volume. II will probably be
some weeks however, before the loanable resources
Of the banks at this centre will be large enough 10
make q really easy money market, and meanwhile
the rate OF interest will be seven per cent and the
preference Of lenders win continue 70 be In favor of
government and other investment securities "a col
lateras. Indeed IL may be said that the banks are
not willing to extend their loans on speculative
stocks OF any kind, as they consider themselves
already too much extended In that direction in view
of receneevents, and not without good reason. One
great cause which Is operating against an abundant
supply OF money in Wall street ls the real
estate speculation which for some months past has
been going forward with vigor which in some
quarters has hardly been surpassed since 1896. The
statement Of the banks of this city for the present
week is not very encouraging to those who have
been anticipating an easy condition Of monetary
AFFAIRS as it shows them to be sl,2Io,6i7 weaker in
reserve than they were at the end Of the previous