The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-02-08

Foreign exchange was weak, In consequence Of
: the large export OF bonds and railway
stocks. The German tRnkers were the prncI-
pal agents for the purchase Of these securi-
ties, indicative OF q European continental
demand. Many OF our railway stocks have been
Tor some time ID the Inst at the Royal Exchange In
London. The lines thus represented are principally
those which connect with the Pacific Railway, either
directly or indirectly. At the close on Saturday
choice prime bankers sterling Offering at 1o9K
Tor sixty DAYS and at 1loE for sight, There Is de-
crease ID the cotton receipts against which to look
ior commercial bills but The shipments referred to
nave been 80 heavy as 10 ehect for the present any
thing Ike activity 10 The exchaige rate.
There was irmer tone 10 themarket for Southern
securities succeeding recoveryin prices alter the
decline previously noticed. Quotations are not up to
me figures which they touched a few weeks ago. The
market is now largely free Of the speculative infu-
ehces then at work. Our reconstructed brethren
we're not slow 70 learn "Yaaae tricks, in specula-
ton. and there il the best reaSn in the world for
the belief that the bonds OF several Southern states
were ingeniously worked up 5ud down the scale. TO
the great profit OF the State authorities The invest,
ment demand from Northern capitalists ana corpo
rstions seems TO have been sat k1ed while specu,a
tive operators are temporarily attracted TO the other
markets.
The stock market was very irregular throughout
the week and at times excited. on Thursday a
panic seemed impending the result or the failure
Of the numerous enterprises undertaken by the Erie
Railway, on which was based me appreciation
OF SO many Western stocks. The decline was a COM
paratively small one, and there res ted, under the
hopeful feeling Of the street. whicnps wen supplied
with money and not likely TO be dshea rtened. Erie
was struck from the call lists at the bards on Mon
Say last for nonregisration in compliance with the
Terms OF the resolution adopted last November and
attempted TO nnd place on the list at the Mining
Board, but was prevented by clause I'm the lease
forbddng dealing In railway stocks at their sessions
Al nrst the effect was 10 depress the price. but
despite the sidewalk market there was an
advance OF about four per cent at one time
AZ tue end OF The week q reaction OF
ABOUT TWO per cent ensued. The wellsrargo and
United states Express stocks are also "hanished.v
A proposition 10 create third board OF brokers.
to be called the Erie Board, mas received a large
number OF signatures. A meeting for the further
consideration OF the subject win be held on Mon.
day, at four O'Clock p. NJ, at No. 81 Broad street
ADAMS was also excluded, but on registering ON
saturday was readmtted. The market waa subse.
auenly excited on the announcement OF the decl.
sion In the jerks Vanderbilt case enjoining the nav
ment OF q cash dividend on the scrip OF the New
York Central. Now as number OF roads are. AZ
IN the instance OF Erie. connected with the Central
the effect was 10 create depression In the general
3ist Of "vanderbnt stocks. as they called. Fort
Wayne nuctuated widely, In consequences OF iegs.
iaton IN Pennsylvania seeking TO exclude New York
capitalists from It's control. while the Northw western
and Illinois Railway stocks we're alternately or
strong, with the chances OF the Fuller bill to reduce
iares which Was nnaliy vetoed by the Governor.
me week wound Up wItl sensation In Pacific
MAIL which underwent a sudden "Dreakn from
IT'S 70 li2-tha result OF large sales by bank.
ing mouse II the lower portion OF Wall
stieet On account u parties inside the directory