The New York herald., 1868-05-28
FINANCIAL AND CONNER clAL,


lat
was some little excitement ID the dealings at inter-
walls. There WIS moderately active borrowing
demand for coin, and leans were made with
out interest and at 2 8 per cent per annum
for carrying. The gross clearings amounted
10 sas 3OO0 the currency balances to 81 422 7o6
and the gold balances 70 sl72s,2le. The export OF
spece fell somewhat short Of the expected amount,
the aggregate being 100000 OF which the steamer
Russia took $l,olo,0O0 and the Manhattan the re-
mainder. The disbursements Of coin during the day
at the ubTreasury In payment OF interest on the
public debt amounted to $370,000 and the |
conversions of seven-thirty notes into bonds
TO s5,s4o,sso. The supply Of money at this centre
is still increasing and the extreme rate for loans on
stock coiaterals Is now five per cent while the lead
ing dealers in government securities and other first
class houses are offered more than they take at
four and in not few instances large sums are
loaned at three per cent in preference TO allowing
the funds to remain idle 1t is this growing plethora
OF money, combined with the extremely light demand
from the mercantile community and the very mode
rate one from the Stock Exchange. that is causing
the banks to be among the largest buyers
Of government securities and this monetary ease
win be likely to last throughout the summer and
until after the drain westward begins in the autumn.
Meanwhile the banks and other lending institutions
WIN probably be compelled to continue purchasing
United States stocks from time to time In order to
md employment for their surplus; and in this con-
nection it may be mentioned that, although govern
ments have advanced considerably OF late they are
still lower than they were last July, or even In Janu-
ary, allowing for the accrued interest
The stock market has been active and on the
whole strong to-day, except for Pacific Mail, which
lost its buoyancy and became dull the sharp ad
vance OF yesterday morning having caused the
'short' interest TO be largely covered while 1t In.
duced the principal holders OF stock to sell out The
rise referred TO too sudden to last and It would
not have taken place probably to such extent but
for the assistance Of some prominent bulls In
railway shares, who in this way wished to
stimulate speculative activity in the general
market All such spasmodic upward movements
In stock like this tend to throw 1t back,
as it brings stock out Of strong hands and puts
Into weak ones for the time being, those who would
otherwise have been buyers becoming sellers. The
cques In railway shares are trying to engineer the
long talked Of rise and the transactions in
Erie, New York Central and Rock Island were large
at advancing prices These combinations are, how
ever, without the support OF the outside public and
therefore their operations win be confined to 'mking
the street, and ''washingn the stocks which they
control In order to give them an appearance Of
healthy activity. Just now, however, the tendency
OF prices Is upward under speculative Influences,
although 1t Is liable to change at any time.
There Is considerable interest felt in Wall street in
the result OF the Rock Island contest and the
can OF the committee OF stockholders to hold the an
nual election In June is regarded as stroke OF
policy eminenty proper under the circumstances
The committee Of stockholders are unremitting
In their efforts to accomplish their purpose and the
public certainly wishes them success in their under
taking. The committee represent and already have
the control OF over nnetythree thousand shares Of
tAe stock OF the company which is more than the |
wnoe amount OF the capital stock 1t was before
the recent ISSUE and 1t Is not improbable that the
committee will before the day named represent |
she whole capital stock 1t now stands, and |
that the stockholders will vote unanimously at.
the election The Rock Island stockholders |
represent In fact, the stockholders in every |
otier railway company In the United States The
principle contended for is Of the greatest importance
ana involves very important interests Aside from
every other issue between the stockholders and Mr.
Tracy and his codirectors and without reference to
the question whether the complaints of the stock.
holders with regard to the action OF the former In
other respects be well founded not is ndisput-
able that these stockholders have just grounds of
complaint against them for refusing TO call or sane
ton the holding OF the annual election.
The volume OF business in government securities is
growing larger, and this days aggregate OF trans
actions was the heaviest Of the season. During the
forenoon there further general advance of Il a
per cent in prices but at the quarter past two call
and afterwards on the street there some dlsposi-
tien shown to realize speculative lots and frac.
uonal reaction took place; but there was good de.
mand from strong parties for all that offered and be-
fore the close the tendency was again as decidedly
upward as In the morning. Some OF the large deal.
ers and foreign bankers endeavored to depress
ten-iorties Tor the purpose OF buying but |
they were firmly held at 1861. The advance
In nve-twentes OF 1882 in London to 70
caused sympathetic movement on this side and
they sold freely at 11124. The domestic demand con.
tinues undiminished and the purchasers ON foreign
account are increasing. Ten.fofties are In active
request owing to the PRINCIPAL OF the bonds being
payable In coin under the authorizing act as well as
70 the fact that they have practically forty years TO
run rom their dates the government not being likely
70 pay or five per cent loan efore maturity unless
AL the six per cent bonds have Aeen previously with
srawn The indications are that United States stocks
VIII rise considerably higher, before the pre-
sent upward movement eliminates all the no. |
hticai and financial conditions affecting them |
being favorable TO this. At the close the |
market was steady at the suboi MI quotations.
Registered 1851, l151z a ll5A; coupcr, 1881 ll5E
h5'd; 69os, registered, 1852 1875 1osI(: 5.2o's
coupon 1862 1liA 1i1aI; do, 1884, toe,s 1oosS:
oo'' 1865, 1928 loo'{ DO, 1865, January aud July
hl}s lil}l; do, 1867, 11I9E 111l5; 164os. reas.
sered' lOo% l0524 1o4o's, coupon lSs5 a lpsk:
June 'SVs los2s lo9; July 1908, 1887 100: An
October de-, MA
Al the commencement of business the STOCK ms~
kes was strong and sctive, ana AT The early sesuo NJ
the open board prices were slightly higher tlsn ar
fhe close last evening. AT the fret repuar Aar,
quotations continued 70 show an Improving en.
dency, and the volume Of business was large. NV (,
York Central closed IL higher than at the same tiA
yesterday, Erie e, Reading y, Cleveland and ToledA /.
-, Rock Island ia, Northwestern A. do preferred.l
u, Fort Wayne "a, Milwaukee and ST. Paul preferred
u, Ohio and Mississippi Il and Quicksilver =, while
Michigan southern was Z lower and Pacific Mall y. (
Government securities were strong ana active at an
advance Of u II per cent Tennessee skies,
new experienced sharp rise OF two per