The New York herald., 1869-04-29
FINANCIAL AND COMMERCIAL.

1he stock market was again excited to-day for the
shares which nave been the prominent features dur
ing the past few weeks and for one which is com.
psratively fresh in the speculative fever. At the
first morning board 10000 shares Of Michigan South
ern were sold by a well known stock house, and the
dealings of the day in this stock were hardly less
nan thirty thousand shares. The price under the
frs sales declined from lol to 9oL but reacted later
II the day to lO2A, amid considerable excitement.
u is said that the Michigan Southern Company, by
an old resolution, were empowered to convert and
sell s2,oooo00 Of their convertibs bonds when
lie stock should touch par. This value was reached
yesterday and by some 1t is thought that the first
sales were made as short" speculation, but later
lie impression gained a footho.d that the stock
house referred to merely the agents of the COM
pany in placing the new stock on the market. lnas-
much the total amount Of liabilities OF the corpo-
ration not changed by the conversion OF the bonds
the reaction in price towards the close is more
clearly understood. Indeed as the bonds have
borne fixed annual rate OF interest and were nrs.
lien upon the road their conversion leaves the
amount Of two millions subject 10 receive such
rate OF interest as the earnings VIII allow.
Hence the addition TO the capital stock is apparent
only, which again accounts for the upward turn in
the price OF stock. New York Central was also eX-
cited and irregular, selling in the early forenoon as
high as l753< ana thence almost Immediately drop
Harlem TO las, but reacted with Centra-all three
becoming heavy under the pressure OF sales sup
posed TO be based OF uniavorable legislation
at Albany. Erie was panic-stricSen at the National
Board, and dropped to 524, but recovered late in
the day to 325s. The Northwestern stocks were
flrmer and higher, the common touching s67s and
the preferred 9S7s. The other railways were
irregular or heavy, while the business OF the
market after the morning regular board was
.a,-M ahl Wp1l.
Fargo touching 81 and United States declining
to 624 ex.dividend. Pacific Mail was "on''
and comparatively neglected, while Mariposa
was weak and lower western Union yielded to
42ss, but recovered TO 20.
a continuance OF the influences which have been
already commented upon preserved the strength OF
the foreign exchanges In the afternoon the relax
anon in the rates for cash gold caused further
advance, and the prime bankers put up their quota
ton 10 lo9s for sixty days sterling. The following
the range OF quotations at the close:-Sterling,
sixty days. commercial 1851 a lOs4; good to
prime bankers, 1Os5s 1895; short sight, 1Os1s
1oe2i; Paris, sixty days. 5.221a 5l71s; short sight,
5.l71s SIS; Antwerp, 522H 517k; Switzerland,
5.22K 5.l71!; Hamburg 35i4 357s; Amsterdam,
395s 402S; Frankfort, 40A 4034; Bremen, I75s
7s}s; Prussian thalers, 7os 71H.
Governments were frmer and an eighth 20 quar-
ter per cent higher. The market seems to disregard
the foreign quotations, which to-day declined 10 sos
at London, rallyng subsequently TO So%. The fo:-
egn bankers are buying in spite of the fact and are
probably basng their calculations upon the advance
to93. 9334 for consols which indicates very
easy money market In London, the signal for re.
newal OF speculation there in our securities. The
62s were 1919 bid, and the CTS sold al ll6l4. In
the afternoon a stock house supposed TO be carry
ing out a "bear'' order sold heavily and put the
price Of the latter temporarily down TO ll55s, but
with the withdrawal Of their efforts the whole list
recovered again, and prices closed as follows
at five O'Clock this evening:-United States
skies, 1851, registered, lis llsii; do, coupon.
lls1 a 1ls7s; do, fve-twenties, registered
ll2% ll2I; do do, coupon 1862, l21A
l2lA; do do, coupon, 1864, ll7}4 q ll7's
do. do. coupon 1855 lls7t ll91S; do. do, coupon
new, 1865 ll6 lle1s; do do, coupon, 1867, ll6
ll66; do do coupon, 1885, ll6 a l16iS; do, ten-for
ties, registered, 1o7 a 1914; do. do. coupon, 1918
lo7,l; currency bonds, 1868 a 1853.
Southern securities active and higher for the
Louisiana levee eights and the Tennessees and lower
for the new North Caroiinas. The following were
the closing prices for the leading bonds:-Tennes-
sees, eX coupon 6e4 e91.; DO, new, 6s's 6s5s;
vrgnias, coupon, 5sJs SO; do, new, Go; Georgia
sxes So 81: do sevens, ej}l s6 North Caro!inas,
ex coupon, e2 a GA. do, new, 551s So; Missouri
skies ssyS ssls; Louisiana skies, "a IS; do, leyee
DO, 72is 20; do. do, eghts, SO 81; Alabama
eights, lO2; Memphis skies, So 81.
The saes OF government gold VIII commence to-
morrow secretary Boutwell, Is TO be present at the
opening OF the bids by the Assistant Treasurer Mr..
Van Dyck. The market to-day was generally steady
between ls3 s. ana 1885,, but there were exceptional
transactions at the extremes, l3S1s and 1884, The
market was htful and operators continued unable
20 satisfy themselves TO the future course OF the
premium. The political situation Is quiet, and the
Government Is roinr TO sell-Cod ought. therefore
10 20 down. But exchange Is hrmer, creeping TO
the specie shipping point, the government Is going
20 sell only million a week, and the imports have
been very heavy-Vold ought, therefore TO go up.
such is their quandary. The range oi the price TO-
day was az fOlows--