The New York herald., 1869-06-21
NEW YORK HERALD MONDAY JUNE 2l l869-TRPLE SHEET

surer the collectors are required to receive the cou-
pons at their par value In liquidation OF taxes-four
ffths OF the debt being held at home. The coupons
on the bonds held In the North will be paid on and
after July at the agency In this city. the follow
ing were the closing prices for the Southern list
Tennessees, ex coupon 81 6S; do, new. 61x
q 62; d., 1--WE per cent, So 70 virginas ex cou.
pom, 56h q 81; do, new, 6lA 62; do.,
registered stock, As 40; do registered, 1866. 30
57 do, registered, 1867; SO 531l; Georgia skies.
SO S3h do, sevens, 951 81; do, interest pay
able Georgia, "a a 95; North Carolinas, ex coupon,
SO a 59H; do, new, 65H q 5s Missouri skies, 90
93H; do, Hannibal and St. Joseph, 92 "a; Lousi-
ana skies, 7lH 70; do. levee skies, 66Z CT; do.
do eghts 81 SIX; Alabama eights, 9s 100.
do 1ves, 65 81; do. sixes sterling e5 100; South
Carolina skies, SO s5 do. new, 81 S2 do, regis
tered stock, 70 a II; City Memphis skies. IS 54;
do Atlanta eignts, S5 81; do. Savannah sevens, s3
95; do New Orleans Consos, 70 a II; do. do, issue
railroads. 10 II; Mobile and Ohio sterling, 65 So;
do. eights, 5S 6s; Mississippi Central Railroad,
first mortgage rs a II; do, second DO, 60 81;
Memphis and Charleston first mortgage, 81 90; do,
second do, II 70; do stock, Al AK; Greenville
and Columbia Railroad, guaranteed 65 q CT
The bank statement OF Saturday indicates
strong contractionary effort in response the with
drawal OF currency from general circulation. The
totals OF the present exhibit show decrease in loans
OF nearly seven millIons-which Is further reflected
in cOrrespondngly large falling OF In the deposits
The loss in legal tenders Is about million and
quarter OF dollars and as portion OF this Is known
to have consisted OF three per cents the actual loss
In greenbacksis comparatively small. The currency
shipped westward must therefore, have gone in
national notes. to great extent. The totals OF the
last two statements are as foows-
June II. Jtt1e 49,
Loans .............. $27l 9S3.73 s265 34l 300
Specie. ............. 19,053,5S0 19025,4A
Circulation. "a, ,l44,7 100 34l0S,S29
Deposits ........... 1913, sSC,905 1S6,244l ll0
Legal tenders. s...... 50,o59.25S 49ol2,4Se
The loss in deposits is so large, as compared with
the decrease In specie and legal tenders, that the
banks while losing actual reserve gain In the excess
above the twenty-five per cent reserve required by
law. The gain as compared with last week amounts
to over six hundred thousand dollars The change
in the item Of specie is Insignificant but shows that
the customs demand for gold has absorbed more OF
the precious metal than was disbursed by the Sub
Treasury. The following are the differences
Decrease In loans S66il, ,S29
decrease IN specie :.........'.....'.....' Zs'a9o
Increase in clrculaton. 64,039
Decrease In deposits. s.................... 7e42,795
decrease IN legal tenders .............. l,24o''o
The stock market continued to show the weak
ness succeeding the recent heavy demonstration OF
nipulators seemed to become confused, and the
fluctuations were, as consequence irregular. The
"Dulls, " however were unwilling to attempt very
strong movement with the money market so active,
while the bears" were content to tempt weak opera
tors into buying. There can be little hopes for the
"bull" side until after the 1st of July, when with
the expiration OF the fiscal year, Mr.. Boutwell, may
be induced to change his policy as to the currency
balance in the Treasury. In the railway list the
weakest stocks were New Jersey Central and North
western In the table Of railway earnings given in
this column yesterday, it will be observed that the
Chicago and Northwestern was conspicuous for an
alleged increase 1t 1s q singular fact, however,
that in making this increase 1t was necessary
to reduce the amount OF the earnings for 1858,
as previously given to the public. The fraudulent
character OF such a proceeding is too obvious to
require condemnation here. Ii is this system OF
misrepresention which has made the name OF Ameri-
can securities SO unpopular in foreign countries.
Erie was q noticeable instance OF the unreliaby OF
such investments. How can we blame foreign CAPT
talists If they refuse TO aid usS The Northwestern
stock was deliberately "clqued" and run up in
value by q ring OF spectators, who, it is further
said, induced the declaration OF dividends which
had to be paid by the sale OF stock. This ring
which includes number Of the directors and stock
holders gave the earnings In 1868 s1s42s COZ. In
1869, In instituting comparison they reduce this
sum TO $12,614,s SAG, In order to make O
show OF increased earnings. The inference
is evident. The following the closing
street prices Of stocks Saturday evening"
Cumberland. 32h 341s; Wells, Fargo Co.'s Ex-
press. SoX a 81; American Express. 40 a 4oA
Adams Express, so o SOY; United States Express,
ee,. e9ZI; Merchants Union EXPRESS, 151s 151S;
Quicksilver 15x O 15lz; Canton, 6l% 81; Pacific
Mail, s7l4 q s71s; Mariposa, 10; do. preferred,
New York Central, 1851 1861; Erie, 80 ao]s; do.
preferred, 81 a 57l; Hudson River, 155 1857;
Reading, 961l a o67s; Toledo, Wabash and western,
67H IS; do, preferred, 80 asO1; Milwaukee and
st. Paul, II 711s; do preferred, S2I So; Fort
Wayne, 1921 1886; Ohio and Mississippi, so 32ss;
Michigan Central, 1907 1856; Michigan Southern,
lO3,f 1o3H; Illinois Central, 14o a 1872 Cleveland
and Pittsburg, s2l e314; Cleveland and Toledo.
1885, 1O3H; Rock Island, ll5K 1l6; Northwest.
ern. 7s,. 7sk; do. preferred, 90 e3ta.
The London Economist says:-
The opening OF the Atlantic and Pacific Railway
which has now been completed may be expected to
illustrate by an experiment on the largest scale the
competing powers OF rail and water communication
yet gone water beat the railway for everything
except mail and passenger trafic, though in regard
to passengers the exception is not complete-tne
cheapness Of the water communication cOmpensat-
Ing largely the comparative slowness Of the travel
ling. Il seems to be doubtful whether the Atlantic
and Pacific line Will not account OF its enormous
length afford the maximum OF disadvantage to pas
sengers, and thus favor existing routes nv with
a short land passage. The whole distance Is given as
1906 miles, ana the time OF the continuous journey
SIX days seventeen half hours, which probably
longer strain than the human constitution can stand.
The railway journey from New York TO San Fran
cisco may be beyond the capacity OF the large
majority OF men and women. unless with breaks,
which, however. Will greatly engthen the time and
diminish the special value OF the railway. But apart
from this difficulty, the expense VIII be a great
drawback In competition with the sea routes. Emf
grants. II Is stated can now travel from New York
to California by the sthmus for fl0 and the charge
at present contemplated by the railway is approx
matey estimateu at $50. to be reduced after July
next to f23 As this Is ed OF penny per mile, q
lower rate may be possibe but the expense OF the
sthmus route may also be reduced SO that the rela
tive proportion Will be preserved. The railway IL