The New York herald., 1868-06-01
FINANCIAL AND COMMERCIAL.

Yhe most notable feature OF business in Wall street
during the past week was Me continued activity and
Duoyancy OF the maraes for government securities.
The transactions were on an unusually heavy scale,
ana although many OF these were on speculative ac-
count the home inVcstmcnt demaud was very brisk,
while the purchases for expectation were larger than
usual. Tae advance in ive-twenties of 1862 In Lon
don to Tx stimulated the demand for the bonds on
this ssde, and the price advanced to lllS; but the
most marked advance was in the new bonds of 1867.
which sold up to 1929 on Saturday afternoon,
against l101l at the end Of the previous week,
ewing in part to the closing Of the loan, it being
understood that conversions OF seventhirty notes in
future will be made only into the bonds OF 1868
none OF which have been yet issued. Ten-lorties,
after advancing per cent in the early part of the
week, reacted to los under artificial depression pro-
duced for the purpose Of buying; but yesterday
afternoon, in common with all other United States
stocks, they were very strong at 1864 1861,
and as they have risen less than any other
stock during the last six days there is q
wider margin for a rise in them than in any
OF the six per cent bonds. They are, moreover,
quoted within two per cent of fve-twentes of
1862 in London Next in point OF relative cheapness
are the fvewenties OF 1865, which equal in every
respect the original issue of this lOan and yet they
are selling two per cent lower. The indications con-
tnue to be favorable to further considerable improve
ment in our national securities which STILL for the
interest they pay the cheapest stocks in Wall street
The conversions Of seventhirty notes into the bonds
OF 1867 at the SubTreasury were very heavy during
the week, the total exceeding twenty-eight Millions
making more than fifty millions since the 14th INST
There was increased speculative activity in the
railway share market during the week and prices
experienced general advance until Friday morn
ing, the upward movement being led by New York
ont trail and Erin n hoV
ing previously sold some OF their stocks to the street.
a reaction set In which was particularly sharp in
Erie the decline being nearly three per cent from
the highest point touched. There is more outside
support to the market than there has been at any
time during the last three months, but the
cliques have enormous resources at their
command and large interests at stake and
with the cheap and abundant supply OF money now
at their disposal they find little difficulty in advanc
ing prices SO long as they are willing to buy, and so
stimulate speculation for q rise among the army Of
brokers and other professional spectators who
''live, move and nave their being' in Wall street
and who are always on the alert for the moving OF
the waters OF speculation. Hence when the cliques
make the market active by their "washng' opera
tiOns these outside observers sail in and make or
lose in the same hap-hazard manner which dis
tnguishes any other kind OF gambling. In the long
run, with few exceptions they iose
as they have to play against combi-
nations with loaded dice, but for the
time being they willing 10 take the chances
of the game, ten to against them though they
may be. There is clearly no inducement to sell any
thing the list Of railway shares ''short" under
present circumstances, for the cliques have the
power TO put prices up as easily they can put them
down, but stocks are so high that it is equally dan
gerous TO buy them, and, therefore, the outside
ito hve ptinIn To
neglect them; for If 1t in a buyer the cliques
would undoubtedly avail themselves of the Oppor
tunity TO unload AT the close last evening the
market hrmer than IL had been earlier in the
afternoon, ana the following quotations were cur
rent:-Pacinc Mail, 95H 953; New York Central,
1885 1874; Erie, 20 70h; Reading, 95}4 95@s; Fort
Wayne, ll5S 116; Ohio ana Mississippi certificates
3Oas; Michigan Southern, ssss ss7S; Rock Island,
97 97}1; Northwestern, GS1 60; Northwestern pre-
ferred, 1873 so.
Money was in very abundant supply during the
week, and call loans on stock collaeras were made
freely at a per cent, the lower rate being the
maximum on government securities, where the prin-
cpal dealers were the borrowers, and In not a few
instances they were offered large amounts at three
per cent The domestic exchanges are stl In favor
OF this centre and the ioanabc resources OF The
banks are steadily increasing AT the same time the
duness Of trade causes the mercantile demand for
money 10 be very light. Commercial paper Of the
best grade is scarce and II passes at per cent.
rhe statement OF the associated banks OF tins city
or the week ending yesterday reflects the prevailing
easy condition OF monetary anairs, the deposits
showing IN increase OF s2,239 Az, the legal tender
notes Of .3,aoo55l ana the loans Of S5e6 2ll, while
The specie has decreased $2,oi5,s59 ana the crcuia
tion s37,432 But for the decrease in specie inc
increase IN deposits would have been correspond
IDgly larger The totals CT the last two statements
arc as suhjOIned.--