The New York herald., 1869-05-11
FINANCIAL AND COMMERCIAL.

MONDAY, May l0-6 p N.
The completion OF the Pacific Railway and the pro-
position to begin paying Off the national debt were,
AZ might have been expected, the occasion OF very
buoyant feeling In the street to-day. However large
g discounted the former enterprise has been in the
course OF railway stocks during the past few months
the actual completion of the great work could not
happen without giving one more impulse to the rail-
way interest which has received unusual promi-
nence as a source for investment As the chimes OF
Trinity rang above the busy multitude swarmlng in
the channels OF Wall, Broad and New streets the
speculative fever became more heated and the quo
tatons made to-day are. for many Of the list, the
highest ever known. New York Central, which,
with its expected consolidation on the
one hand with the Hudson River, and on
the other with the Lake Shore routes
70 Chicago, is the nucleus Of one of the eastern
extensions OF the Pacific Railway, touched the ex-
Taordinary ngure Of 1921. Hudson River sympa-
thetically advanced to 1853 and Harlem to 149. Ri
vaing New York Central on the stock list was Fort
Wayne, which, as the prolongaton Of another route
via the New Jersey Central and Pennsylvania Gen.
trail to Chicago, is also the programme as q con-
nection OF the Pacific Railway. 1t is authoritatigey
stated that 1t has been leased in perpetuity to the
pennsylvania road which is to guarantee eight per
cent upon capital stock representing one hundred
and sixty per cent OF the present amount. Going
westward from Chicago the speculative feeling next
took possession OF the Northwestern line, which,
one OF the links between Omaha and the Western
metropolis, must fall in for a share of the great
increase OF railway business. The common stock
advanced to IS and the preferred to 1OOz. Rock
Island Too, which is the rival OF the Northwestern
line in this subdivision OF the great railway route
from ocean to ocean, was active and higher, advanc
ing to 130. On Friday last il sold at 1855 in the
panic produced by the news from England Shar-
ing more less in this investment and speculative
demand were the other railway shares The advance
IN their price was from half to three per cent, as
the details OF quotations further on will exhibit.
The buovant feeling was not confined, however,
10 the railways, but extended, without excep-
ton, to the whole list-eXcepting perhaps,
the express stocks, which were quiet,
If not lower. Marlposa preferred advanced
to Al and Western Union to 43%. Pacific Mail was
also active. Even tabooed, exiled Erie rose two or
three per cent, touching 30H. The speculative feel
Ing was assisted by the easier state Of the money
market. which was the natural sequence Of the
Saturday bank statement. In the government room
the rate was six and seven per cent, but mscel-
laneous colaterals the full legal figure exaced.
Commercial paper felt the easier condition OF the
banks, and the extreme quotation for prime en-
dorsed notes. for periods from sixty days to four
months, to nine per cent, with less paper
The determination OF Secretary Boutwell, to put in
operation the Sinking Fund act was productive Of
still further animation in the government market
and large advance in quotations. The importance
with which this step Is viewed in Europe is shown
In the quick response at the London Exchange,
where five-twenties opened this morning at 7SA.
Afterward there decline to 7ss, but the closing
price 7s%. The home market was compare
lively insensble to these changes, but remained
steady at prices within the range given in the follow.
ing, which were the closing street quotations.
United States siXes 1881, registered, 1l94 llaa;
do, coupon, 1l9ss 1895 fve-twenties registered
1l514 1151l; do. do, coupon 1862, 1893 1l911;
do. do, coupon 1854, 115l4 1153; do do, coupon,
1865 1ld1sa 1854; do do, coupon, 1885, new, l17H
INK; do. do, coupon 1867, 1l716 1l7al; do do,
coupon. 1868, ll7s l1794; do, ten-fortes, regis
tered. los a 10sl4; do. do, coupon, 1854 l0e;
currency bonds, 1861 1064.
Gold closely responded to the foreign quotation
for bonds selling low 1877 at the opening Of the
Gold Room. The dealers in gold would like Official
information as to the intentions OF the Treasury with
reference to the purchase OF bonds viii the gold
sales be continued viii the purchase of bonds be
considered the equivalent thereof In one case two
every week If the purchase is not made with cur
Teucy. The recent advance induced great many
short sales shown by the better demand for cash
gold, the carrying rate for which ranged from eight
down to one per cent, with an exceptional transac-
ton at fiat. The price different times was fol-
lOW3-