The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-05-22
yoRYI0x rxcHAxGg.

Foreign exchange
OF the high rates for bankers bills and tho limited
amount OF pfimc commercial offered IN the market
gold shipments formed in most more favorable
remittance than Continental commercial bills
especially. Rcichsmsrk are more freely offered. owing
10 the wheat and petroleum shipments Importers
took only small amount out Of the market and most
OF the purchases made by tho bankers them
selves Rates remained firm in spite Of several efforts
made TO weaken the market The only response TO
such attempts decided Discrimination TO sell.
The general impression the to DO favor
able TO y further advance, on speculation ASS
has been paid for 60 days London.
Gold advanced from 1879 10 1925, and aiserward
acted to lls,s. Tho temporary nrmncss in the mar
ket was caused by the continued outflow oil gold 10
Europe The exports Of specie for the week looted up
$685. and since January S22 27S. as against
$50 343 44a tmo last year aud $l7,34i, 94i in
1874 The receipts OF cotton, and by rail,
during week. 49, 800 bales and the number OK
ported was sl,o7o Tho total receipts SINCE septem-
Dor 1.-The commencement Of the cotton ycar-wcre
9l0 GA an OF 593, BAL bales compared with
tho corresponding period OF last year.
GOVERNMENT
The business OF the past week considerably
lower than that OF the week preceding Prices, how
ever, are firm, with advancing tendency, and in
vcsors are evidently selecting this class Of securities
Tor the safe employment OF ncir capital. Tho decline
in several vf tho investment stocks has been nhuen.
tiu In directing attention to governments, and it will
not DO surprising II the latter take the lead OF the
markc. in point OF strength and stability
RAILROAD BoyDs.
Tho sales in this department were irregular but
prices are generally well maintained The market
duh and transactions restricted Railroad earnings,
notwithstanding tho eastern bound freight, show
moderate increase during tho last week OF April and
the first OF May There Is possibility that the diver
sion OF traffic from the canals and other roads, IN con-
sequence OF low rates. may from tho FIRST secure TO
few roads decided gain in aggregate earnings al
though part the business Ia done ut unrcmuncra
two rates. Reports Of expenses and net earnings
will therefore DO awaited with especial interest," since
nero increase Of receipts does promise good TO
stock or bond holders IL the proportion Of losing traffic
is large
PACIFIC MAIL
The Pacific Mail controversy has absorbed much Of
the attention Of the street for several days Several
attempts have been made to quorum Of dircc
tors for the transaction Of business incidental to tho
approaching election, but thus far they have been fu-
tile. prominent Official connected with tho Panama
company that under the direction oil Pacific
MAIL provided it control OF the company. the
interests OF the two corporations will no longer con
fcl and furthermore. that II an effort mado by the
Union Pacific Railroad to cut rates the purpose of
competition, tho gauntlet thus thrown down will be
promptly accepted another conles: will DO initiated
MEMORANDA.
The general duness in the different branches Of our
markets continued this week. Imported goods are
exceedingly dull aud the exporting trade only
wheat and petroleum show somewhat increased ac-
tivty. Cotton declined during the week, and
was only In very limited demand for export.
Thus the influence OF commerce In general on
otrod otiIi
unfavorabc. In fact, there four elements Of
weakness that are regarded as work determining
the character OF the situation Tho first Is the preca-
rios condition OF Commodore Vanderbilt and tho pos
sibilty that his death may serious though only
n momcntary disturbance Of the stock market The
second the pending railway war and tho uncer-
tarty which attaches 10 its effect the earnings OF
the several roads. Third, tho contest between the
telegraph companies snd fourth, the absence OF all
outside support These facts sufficient TO account
for the shrnkagc thai Is taking place and the difficulty
OF keeping prices up when they have advanced.
Mr. Orion admits that the Baltimore and Ohio Rail-
road have allowed tho Atlantic and Pacific Telegraph
Company place their instruments in certain offices
Of the Baltimore and Ohio road.
Tho assignee OF Duncan, Sherman 4 Co. has author
lied the sale by auction OF some 81 0O0 600 securities
face. valuc which were in possession OF the firm
the time OF their suspension.
The Illinois companies trying to arrange - pay
their taxes under late decision OF the Supreme
Court OF tho United States, aggrcgaiing some
$40, O0o, 900, by instruments.
The Administrator OF Finance of New Orleans gives
official that scaled proposals will be received
I'll Thursday Juns for tho exchange OF 3 500 sraw
premium bonds at their face value and for old
bonds OF the city OF New Orleans and OF tho latc cities
OF jefferson and Carrolon.
In accordance with tho decree OF sale rendered by
the Circuit Court OF the United States for tho district
OF Iowa October 10 last W. N. Kaeisor, special
ter In cancsry tho public sale OF the Bur-
ngton. Cedar Rapids and Minnesota road at Cedar
Rapids, Iowa, Juno % next The road TO be sold
OF main line. Pacific and Muscatne branches,
In all about 800 miles
meeting tho representatives OF the Chicago and
Alton Chicago, Burlington and Quincy; Chicago and
Northwestern, and Chicago Rock Island and Pacific
railroads held at tho Office Of the Chicago and Al
ton Railroad for the purpose OF adjusting their quar-
ery accounts. II Is understood that tho meeting was
anything but harmonious Some difficulty had arisen
time ago regarding the equal distribution Of BUSH
ness OF the lines accused OF acting un-
fairly. However, matters temporarily arranged
again and no further trouble is expected present
The New York Central and Hudson River Railroad
Company have secured twenty lease the wharf
property en- tho North River, between Barclay street
aud Park place. owned by the Rhinolaudcr estate The
railroad company have made contract to build pier
and she'd IFS feet square, fronting west street The
long pier tho foot OF Barclay street, adjoining tho
Hoboken Jerry will 10 reconstructed and covered by
shed 600x50 Tho terms Of tho contract provide for
tho completion OF tho work In three months. This
will DO used when completed as freight depot
DOMESTIC MARKETS.
Galveston, May 20. 1879