Year: 1868

the opening. The dulness and slight depression In
the previous week, following the extreme activity
and buoyancy which preceded H. strengthened the
upward tendency OF prices by showing the public
that Notwithstanding the large sales TO realize profits
which were made, and the efforts OF many OF the
dealers TO depress prices FOR the purpose ofbuyng the
market remained firm at an average decline OF less
than one per cent from the highest point touched in
the midst OF the May excitement. That the ten
decy OF prices for our national securities 10 towards
higher point than has ever yet been touched since
the suspension Of specie payments ;s obvious for sew
era reasons. In the first place. nearly the Whole Of the
seyen-thirty notes are already f.nded, and before
the end OF the first week in July the remainder ex.
cept trining amount held IN out OF the way corners
will have been converted Ike the rest into fve.twenty
bonds The gold bearing debt Will therefore have
reached its maximum and the supply OF bonds will
be stopped. The demand w:ll however continue as
before probably be stimulated by this fact and the
effect upon prices Is easily foreseen. In the next
place. nearly thirtytwo millions Of coin interest
the public debt fall due on the 1st proX.mo In
addition to about eight millions OF the principal OF
the bonds Of 1S4S, and large portion OF this viii
probably be renvested in governments. At the same
time about thirty millions OF semi.annual interest
and dividends wl become payable by corporations
throughout the country, and this WI. contribute to
swel the aggregate demand for investment. Mean
while there Is great improvement in the foreign
market for our bonds, and this Is particularly the
case at Frankfort, where marked change for the
better has been going forward since the first the
Senate on the Presidents impeachment, and quota
tions have steadily advanced in the interval. The
nvc-twenties Of 1852 are held most largely abroad,
but those OF the issue Of 1885 also popular there
and the fact Of these being more than two per cent
cheaper than the Others while the accrued interest
On them is the same is calculated 10 create better
demand for them until the price Of both issues Is
equa.izeQ, which Will Ultimately be the case. The
home investment demand is Almost exclusively for
the later issues Of dvetwe2:!es ard particularly
those OF 1867. The high prices now current for
railway ard other speculative shares make govern
ment securities The cheapest and therefore the safest
stocks in the country. for they relatively much
lower than the former The prevailing gut o! money
causes large demand for them. .or the employment
OF l!!e funds, from the banks trust companies and
ot!er corporations, and there is. as q matter o.
course, considerable speculation IN anticipation Of
the natural effect of these combined causes IN ad.
vancag quotations permanently towards higher
range.


The railway share market was very Arm through.
out the week. and more active than usual OF late.
particularly as regards Reading, Cleveland and Pitts.
burg and Northwestern common and preferred The
most marked advance was In Reading, which Is still!
relatively lower than the other leading stocks. and





apparently upon belief that it will command
higher price upon its merits as an investment. A
good demand for the stock is also reported
at Philadelphia from which orders have
been received here to a considerable extent
OF late. The rise has less the appearance Of specu-
la,on than Of being due to legitimate demand from
parties who believe in the superior value Of the
property; but certain amount OF speculation is
inseparabe from everything on the Stock Exchange,
and the street generally has been buying 1t under
the impression that it is going considerably higher.
The activity In the Northwestern stocks was somewhat
checked by the commencement of suit to restrain
the directors Of the company from paying the ten
per cent stock dividend. which has been declared
payable the Goth inst The case Is to come up for
argument on the 2ath inst. before Judge Ingraham.
and the result Of the application for permanent
Injunction Is awaited with interest That the prac.
tice OF unnecessarily and indiscrminately watering
stocks in this manner Is pernicous one cannot be
doubted aud 1t is well that the right Of a railway
company to declare scrip dividends should in every
instance be tested. The company, however, de-
cared scrip dividend two years ago with
out question New York Central and Erie
were throughout heavy and neglected, and
the former is selling so much above ITS
real value that the street is AFRAID to touch It. An
effort was made to create furry in Pacific Mai, on
Saturday afternoon by one or two professional
speculators and the price was 'washed up slightly;
but there is no change in the relations OF the Pacific
Mail Company and the opposition. The temper OF
the railway share market is very bullish. and with
money at three and four per cent the bulls control the
course OF prices. The bears are therefore, unwilling
to oppose the prevailing sentiment, and the opposi-
ton to further rise Is hardly perceptible high as
prices are already.


The gold market was very firm and active during
the week, and the fluctuations were from l40 to
1nK, with the closing transactions at 14oH. The
advance to the highest point was due to the efforts
OF spectators for rise, vino on Wednesday morning
made cash gold appear so scarce that loans were
made high as 5-32 per cent per diem for borrow
ing although within two hours afterwards 1t became
sufficiently abundant to cause loans to be made with
out interest to either borrower or lender this sudden
change being partly In consequence Of borrowers
having supplied their wants early In the day but
still more to the bulls selling out for cash, and the
high rates previously paid having caused outside
holders OF coin to send 1t into the Gold Room for en-
ployment, and thus the export OF specie was ma
terialy curtailed the aggregate for the week
having been less than $l,900,0O0, making
total from the port Of little more than twenty.
eight millions since the 22d Of March. The amount
of coin In the banks Of this city has been in con.
sequence reduced to se.l24,sso. The weeks Gus
toms receipts at the port amounted to 81 s66so and
the Treasury disbursed s233,oo0 in coin in pay
men OF interest on the public debt and ST. In
redemption the bonds OF 1s4s, which mature on
the LIST proximo.


The statement OF the associated banks OF this city
for the week ending yesterday is favorable to pro-
longed case In the loan market, although the specie
shows a further decrease Of s2,0es,so1, owing to
continued Withdrawals for export and the payment
of customs duties. The legal tender notes have in
creased s3ss+,7i2, however, ana the deposits
$sl3622, Notwithstanding the deduction OF the loss
in specie. The limited demand for money Is indi-
Gated by the decrease OF sl,o24,4le IN loans. The
only other change decrease OF s47.7 .72e in the CIR
culation The totals Of the last two statements are
as subloined:-