Year: 1868

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SUNDAY, April IL, 1858.


The most notable event Of the week in Wall
street was the decline OF sixty-two and q half per
cent in the stock Of the Atlantic Mail Company in
single day. This should and doubtless will serve as


warning TO the banks to be more careful than they
hitherto been OF the character their coateras
wen as the extent Of their margins. Pacific Mail
also declined to so, while railway shares and partic
ularly Erie, New York Central and Hudson River
were weak, the first mentioned having sold down to
cos on Saturday and the second to ll7x while there
was nominal break Of ten per cent in the third the
quotation after the boards having declined
to 126 against sales at 136 In the morning but this
was followed by recovery to l2o. The market
was however, dropping at the close and very un.
settled feeling prevailed among holders Of stocks
whose chief anxiety at present il to realize. Money
was In moderate supply during the early part OF the
week at seven per cent In currency but towards the
close it became active and this rate In gold was paid
in many instances lenders at the same time discrim
mating very closely as to colaterals


The abatement Of stringency in the money market
at the commencement Of the week led to strong up.
ward reaction In government securities and the ad
vance averaged about twOper cent nom the lowest
prices OF the previous week, the Improvement
being stimulated by purchases to cover short" sales
On Wednesday afternoon, however, they began to
react In the opposite direction and by noon on Saur
day decline Of more than one per cent had taken
place. chiefly owing to artificial pressure. From this
point, however, there was a sharp advance Of half
per cent under good investment and speculative
demand and at the close the market had strong
upward tendency, the apprehensions of increased
monetary activity previously entertained having
given place to feeling Of confidence In moderately
abundant supply Of money at seven per cent next
week on governments and other first class collate-
rails. The difficulty OF borrowing from the banks on
the high priced speculative stocks is however, likely
to be much more difficult in the immediate future
than 1t has been In the past, and this
will tend to make money easier to borrowers on the
public funds. The demoralized condition of the
railway share market has very nat uray aroused the
dlsrust Of lenders and the break in Atlantic Mail
wil it is feared, prove the precursor Of similarly
rapid decline in such high priced stocks as New York
Central, Hudson River and Harlem, which, together
with Erie are regarded as dangerous owing to the t
CATION and unprecedentedly heavy Wall street opera.
to- =" which the party Ggn!golling and sustaining
them is engaged. The ou.a..ae pQplic has entirely
withdrawn from the stock market, al" tne latter
depends for its support wholly upon cliques. and
such market is always in reality weak one.
Under such circumstances capital Is likely to be
diverted from railway securities into governments,



demand for them than usual until prices are much
lower than at present for other stocks. The dis
pursement OF the day interest on the public debt
VIII temporarily stimulate the demand for invest
men, and the fact that the government issues have
reached their maximum and been absorbed favors
an appreciation Of their market value, while for the
interest they pay they are the cheapest stocks id
Wall street.


The gold market was on the whole, firm, but with
out speculative animation, and the fluctuations
from 1874 to 1854 1885, with the closing transac
tions at 1887. The shipments OF specie and bullion
during the week aggregated 1891, ,SO7, and the
cepts for customs duties at the port ST. GIG.
The Sub-Treasury sold coin to moderate amount
and the sales on Saturday are understood to have
amounted to about 100000. The undertone OF the
market was strengthened by the 1rmness of the
rates OF exchange on Europe; but no important
change In the premium is likely to take place under
existing circumstances, and speculation is without
any decided feature The ''short" interest created
by sales Of borrowed gold for the sake of the cur
rency during the recent stringency has been
duced, and the borrowing demand for coin Is lin
tied.


The statement Of the associated banks Of this city
for the week ending yesterday is less favorable
than was expected, In view Of all the prepare
tions for the quarterly returns having been
made in and before the previous week. 1t
shows that the banks continued to lose de-
posits, and consequently to contract their loans
after the latter were made up. The deposits show q
decrease of ST. $685. the loans OF 35l 1885, the cir
culation OF S32 S36 and the specie OF s75149 while
In the legal tender notes there Is an increase OF
903 The totals Of the two last statements are
as su bJoned:-