The New York herald., 1869-05-24


The most nattering feature is the gain in legal re-
serve. lnasmuch as the deposits show trihing in.
crease, the increase in specie and legal tenders
almost entirely to swell the excess the legal
reserve
In the government market there were a great
many fluctuations, but its general course was up
ward In the beginning OF the week some fears
were entertained for the effects in Europe OF the
heavy failure referred 10 above but as Monday WAS
holiday in London and Frankfort, the easier feel
ing which succeeded the disaster went out along
with the first news, so that no very violent
disturbance OF the foreign market ensued. The
higher price OF gold the continued purchases OF
bonds by the government kept the home market
strong, and when gold did at last decline, the
higher price Of bonds In Europe resulting nom this
change induced purchases oy our foreign
houses for shipment Prices closed as fol-
lows on Saturday eYenlng:-United States SKIES,
lssl, registered 1924 1221z; do, coupon, 1924
I23; do. 1ye-twenties, registered, III ll7k; do.
do, coupon. 1852, 1924 1913; do. do, coupon,
1864, III NIX; do. do, coupon, 1865, lie
lls1S; do do, coupon, 1865, new, l2o l2ois; do.
do, coupon, 1851, 10 a 1905; do. do, coupon,
1868, 40 1905; do. ten-fortes, registered, los;.
100; do. do, coupon, lO9i. no. currency
bonds, 1917 lO7,l.
Foreign exchange, under the dlscredit thrown
upon the lower grades OF bills by the failures in the
beginning OF the week was very fym on Thursday
and the prime bankers asked 1907 for sixty day
and l1OJs for sight sterling. But the immense num-
ber OF bills drawn against ponds bought on Friday
for expectation caused q reaction which led TO a
yielding In rates OF 4 to u per cent.
The following were the bids for the city bank
stocks on Saturdsy:-New York, 1S0; Merchants,
l27; Mechanics, 1S9; America, las; Phenix, ll2;
Butchers and Drovers', 1915 National, 112; Mer-
- cf
Commerce, l26.; American Exchange, 1l3; Chat
ham, 1855; Bank OF North America, Ill; Hanover,
II21s; Metropolitan 1925 Peoples, l43; Nassau, I05
81. Nicholas, l16: Commonwealth, llo; Importers
and Traders, 1877; Park 1914; Central National, 115
First National, 22O; Fourth Nationa, 1854; Ninth
National. 113
the operations OF tho Gold Exchange Bank OF
Saturday were a. follows:-
Gross cearances. t2a O0C
Gold balances. OBSERVATION-DISCLOSURES. 22ls, 81
currency Dalances ..........-.........'' S''Oo9J'
Tho stock market was excited ami inclined TO
panic on the announcement OF the causes which pro
duced the per,urbauons Of the gOld market III,
decline IN some stocks was almost equal 70 tha
which followed the recent announcement OF PAM,
on the London stock Exchange, and for portion o
tue time the apprehension very great. But tn,
immense strength which stocks have acquired thi
spring from the large advance In New York Centra
and expected scrip DIVIDENDS, asserted Itself an,
prices only went the higher in the dissipation @
specuators' fears. New York Central sold "a hig
as Ig3ls, Hudson River at 164 and Harlem At lj2 a
consequence OF the Governors approval OF III
laws enacted by the last Legislature aTecting ihos
roads. Erie, however, was inclined 10 droop in th
presence Of the final approval Of the bin which keep
the present directors In power beyond the period 70
which they were elected by the stockholders. III
htter have now power m the man
agcment Of their afairs. The directors ma
or may not own stock. They retain oDic
equally as well. Pacific Mail broke to s5k oi
Saturday equivalent to ssJi the quotation benz
eX diyidend-and some wide fluctuations may b
looked for. The ostensibe reason Of the decline 1
the fatal composition Of the Pacific Railway. IN
stock IL either almost worthless or worth great
deal more than par. The directors will show IN,
real state Of affairs the 1st OF June by pubic an
nouncement and, as the secret will doubtless b,
well maintained meantime. the spectators are {,
have fine opportunity for the exercise OF thei
gambling proclivities. Ohio and Mississippi an,
Reading were quite active and assumed propinenc,
in the later operations OF the week Fort WAYNE or
Saturday suddenly rose from 1917 10 leo. through
fears OF "corner,n as well ~ in anticipation OF IN
scrip dividend, which will be paid upon ratification
Of the contract with the pennsylvania Railway pri
vste dispatches state that at the meeting In Phia1e
mia few DAYS since the negotiations were not COIN