The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-02-06


which were the issues sold. The rest OF the market
remained steady Throughout the day. With buoyant
tendency, which suilced TO check the influence OF
the decline In gold. The present price in London is
likely to stimulate further shipments OF bonds as
the advance is sufficient to warrant their sale at
concession for delivery by ste amer-equal to SELL
er's option OF fifteen days. The closing quotations
on the street at five O'Clock this evening were as
folows:-United States skies, 1884, registered
1llh 111s4; do, coupon, 112N 112z; do, Ave.
twentles registered, 1905 1l0 do, coupon, 1882
1l32S ll3s; do, 1864 1c9a ITO; do. 1865, 1111
INK; do, new, $780, 1881 100; do, 1861, 100
q 1925; do, 1868, 1895 1929; do, ten-forties
registered, 1881 1031s; do coupon. 10S " 10SI;
currency bonds, 1oiss 10lA.
Money continues without change in the rates on
Call loans. The market is fairly active and bor-
r0wers numerous, but their demands are
promptly met at per cent on the ordinary mis-
celaneous colaterals. To government houses and
TO favored customers, with prime collaterals the
rate Is six. Commercial paper Is steady. Discounts
range from seven to eight and nine per cent. The
failure OF the Philadelphia dry goods house. an
nounced in todays papers, entails loss of less than
100000 the creditors OF the firm. The market for
paper has been without any change in consequence
OF tho affair.
! The stock market was again very irregular, New
York Central, the most conspicuous on the list,
nuctuating between the same fgures-l60 and 1876.
The street was greatly confused to the character
OF the decision rendered in the Jencks- Vanderbilt
Injunction case, and the stock was bought and sold
according to the different interpretations given
thereto 1t was not until afternoon had nearly
passed that the exact terms of the decision were
generally known but still operators continued
tive and the price went up and down the scale.
The official opinion, which is very elaborate
M ri m full yboro TN ns,v
columns, authorizes the issue OF scrip divi-
dend upon the whole stock, but forbids
the payment OF q cash dividend upon the scrip,
which 1t further regards as utterly worthless II not
Illegal. 1t was mooted question on the street to-
day whether the directors could not hold meeting
before the Goth Of February and declare cash dvi-
dend upon the scrip. payable at that tlme which
would get around the judicial idea that as the in
debtedness was not in existence at the time OF the
declaration or the dividend upon 1t any such pay
ment on the date above mentioned would not be
sanctionabe. The street at the close was inclined
TO regard the opinion not 80 unfavorable as ap-
peared at the first flush and there recovery In
the price. The question is very much mud
died aud will need legislative action to clarity
It. The committees at Albany are impatlently
waiting for the railroad men to make their appear
ance and II would receive prompt solution at their
hands. The authority TO convert the scrip into stock
will have to be sought for from the Solons at the
capital. When this is obtained there will be no
more litigation or doubt. Indeed, this must have
been the objective point when the scrip issued.
otherwise the directors lay themselves open to the
suspicion that the whole AFFAIR Of the interest GER
tihcates was a grand stockjobbng scheme. Erie
thrives under persecution, having risen three
per cent since yesterday. 1t closed at $50 3sx.
The dealings in 1t were transacted upon the sidewalk
in New street, near the Mining board. third
board of brokers IS freely talked about.
The other .banished" stocks were variable with
che rest or the market Western railway shares
were nuctuating The Northwestern shares were
strong the expectation Of gubernatorial veto Of
the Illinois Railway Fare bill. The "vanderbilt'
stocks were variable sympathizing more or less
with New York Central. Fort Wayne was better In
consequence OF q report throwing doubt upon the
constitutionaty OF the late enactment OF the Penn
syivania Legislature. Rock Island was strong and
recovered several per cent. Prices closed a. fol-
lows at the last regular board:-Canton, 5sX
o 81; Cumberland, se1s as; Western Union, SO
Q 3sh; Quicksilver, q "a; Mariposa, ~ q
8; do. preferred 25 20; Pacific Mail, 1l6X q
117k; New York Central, 1887 1881; Hud-
son River, 1856 o 13s; Harlem, 1856 lao; Reading
o5x q 90; Michigan Central, 1194 12oK; Michigan
Southern, % 81 Illinois Central 1857 1885, Pitts
burg % a 931; Northwestern, 81 sax; do. pre-
ferred 92,s q o2k; Toledo, 1o4k 1857; Rock
Island, 13l 1876 St. Paul, 64x e5,<; DO. pre-
ferred. 70 10Y; wabash, o. . e4h; do. pre-
ferred Tx a 70; Fort Wayne, i1sk 49, Ohio and
Mississippi 81.
Prices closed as follows at the last open board
Pacific Mail, III a ll7A; western Union Telegraph,
ssa3s,s; New York Central, 1895 1857; Hudson
River, 1854 1850; Reading 95k n e5k; chicago and
Alton 1871 bid: do preferred. 1853 bid Bankers and
BROKERS' los q 10; Alton and Terre Haute 40 q Al;
Toledo and wabash, 635s 64i4; Milwaukee and st.
Paul e4s1 65; do. preferred, 70 7oa Fort Wayne,
11p,. a lleh; Ohio and Mississippi, 36x q 36x;
Michigan Southern s3s 934; Illinois Central, 1888
bid; Cleveland and Pittsburg, 937s o.; Cleveland
and Toledo, 1otx 1o45s: Rock Island. 13l 1917;
Northwestern, 81 a sax; do. preferred, ok o.;
Boston water Power 15a q 10; Mariposa preferred,
25,S 25N; Harlem, 1876 1917; Lake Shore, 1o2,s
102x.
In the closing transactions on the street there was
better feeling for New York Central which sold freely
at 1872 The disposition seemed to be not to hold IT,
however ut these figures, and the street sales were
quite numerous. Quite sensation was created by
che sudden advance at this tme OF Erie to 3ss, at
which figure 1t was rapidly taken up The closing
street quotations OF the day are appended to the list
OF stock sales.
Southern securities were very dull. The general
fist was steady. Prices closcd-Tennessee, ex c0u-
pom Elk 6s; do, new, o72s e7h; Virginia, OK cou-
pom 81 57}l; do, new 62 e2xdo registered stock,
so a5Ok; Georgia skies, SO so; do. SKIES small, Is
81; do. sevens, % a %; North Carolina, ex cou-
pom, 02,s 50; do, new, GA ao2K; Missouri SKIES
90 seA; Louisiana skies, u IS; do, levee
skies, eeh o.; d. levee Fights, s4k s6h; Ala
bama Fights. % q o.; do, nves, "a q 90; South
Carolina skies, u "A; do. new, 20 n; DO, reg
istered stock, o5 a 81; City'of Memphis SKIES, %
53k; Mobile and ohio sterling, 90 es
~ The bill introduced In the Legislature for ree
banking system In this state 10 succinctiy a. fol-
lows