The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-08-02
FINANCIAL AND COMMERCE.


THURSDAY Aug,sH I-0P H.
The railway share market has been varlAo'e ana aui
Today under . lack or speculative enthusiasm. Inc
fu appears to be promoted BY not few OF the former
bulls who holding aloof for the time being with the
view Of buying back the stocks which they recently snd
higher prices The bull element being thus held In
check 10 some extent sluggish tone Ia impaired to the
Dealings and the disposition TO realize the part Of
small holders Of stocks is increased A speedy revival
Of activity H. however looked for attended by further
advance OF pces but whether this takes place not
matter of interest only to the brokers and other
professional spectators concerned Ere continues to
be the most largely dealt in Of the speculative shares
and its movements are atentively watched
Tho plethora Of money Ia rather Increasing than di.
mnishing owing the temporary inactivity of business
the Stock Exchange and large In the aggre-
gate lying unemployed ia the banks The latter arc
however reluctant to accept lower rata than four per
cent for oaas although some Of them have large sums
with the leading dealers in government securities at
three at which rate the latter generally enabled 70
supply thsmssvss On mixed colaterals the common
rate Eve per cent but houses in good credit can bor-
row most Of what they require a. four In the discount
line there very little doing the banks combining their
selections TO the best grade Of mercantile paper which
IL quoted as6a per cent There Ia probability OF
any immediate change In the condition Of monetary
Affairs at this centre, and the redemption Of the
pound interest notes due on the 10th inst. to tho
amount Of about thirty i've millions will have
the effect Of increasing the active reserve Of
the banks temporarily. although it involves a
contraction Of tho currency to the extent Of
Che sum redeemed. The banks not, however, the
solo holders Of these notes. total of $3.50 24o
outstanding on the LIST OF June only seventy-ave mil
lions arc estimated to be held by them II would thore-
Gore appear that fty five millions are In the hands of
The people at large fulfilling mono OF the functions Of
currency the accumulated interest which they carry
has removed them long since from circulation. II
deduct the City millions Of three per cent certificates to
be used as the equivalent of legal tenders at the Clear
ing House, from the supposed TO DO held by all
the banks in the country, wo find that balance OF
twenty five millions remains which represents the net
amount OF contraction which will be felt by the process
OF redeomng tho whole Of the compound interest
Outstanding II the banks Of this city running
close upon their legal the payment Of the August
notes in currency would lead to some disturbance,
unless the latter consisted entirely OF legal tender
notos. AS 1t is the compounds win be redeemed with
national bank notes we'll legal tenders but proba.
bly, more than half and perhaps two.thirds, OF the
amount paid out will be in greenbacka The national
bank notes WILL however, be available when the Western
drain sets In for remittance to the country and
while, the fact of tho banks here having Of
moro than thirty per cent places them in position
where they easily afford the exchange Of Of
their interest bearing legal tenders for national bank
notes.
AT the early session Of the open board railway shares
dull and lower than at the OF business last
evening, Erie selling al 1855 ana New York Central at
1861 AT the rst regular board the volumo Of business
WAS Light, aud prices experienced further slight de-
Gins. New York Central closed so lower than at the
same time yesterday, Erie Reading u, Cleveland and
Pttsburg u, Rock Island Il, Northwestern Z, do pre-.
Par ~ ~ pauJ IN
sipp certificates u, Pacific Mail Il, Quicksilver u,
Canton Y, Western Union Telegraph g. Government
securities were dull, but steady Among the State
stocks Tennessee sixes new, advanced q, and Virginia
eixes new. declined u. The old express stocks were
strong. and United States showed advance Of 25S
selling at 7S American Of IN selling At 75 and Adams
Of a. selling at Az
At the one o'clock open board the market stronger
and prices advanced slightly, Erie selling at 1872 AT
the hapast two regular board prices continued in the
ASCENDANT New York Central closed u higher than at
the nrst regular board, Eric H. Reading ~ Cleveland
knd Ptsburg ~ Rock Island q, Northwestern q, do.
preferred a. Pacific Mail z, Quicksilver u, Canton 2.
Government securities inactive, but steady IN tone.
Coupon tenfortes declined ~ and seventhrtes of the
6rst series advanced y. Among the express stocks
Adams experienced further advance OF " selling at
15& Orders for the old express stocks arc reported
10 be coming in from the country and to these tho ad
vance OF today is mainly attributed. Merchants
Union With 80 per cent paid sold at H. and was quoted
At IL IL for Is paid.
Al the halfpast three open board the market lost
portion Of the improvement and during the remainder
OF the afternoon rather heavy, closing dull at six
O'Clock at the subjoned OBSERVATION-DISCLOSURES York Central
1867. i; Efe, 754 81 Reading, LOT a u; Michigan
Southern, 81 AZ; Cleveland and P.,sburg, 1874 u;
Rock Island, I02 \; Fort Wayne, 1861 o ~; North
western, 4s3 u; do. preferred II *; Pacific Mall,
ti6k Ohio and Mississippi certificates 2sL "a;
Western Union Telegraph, Az u. Express stocks
closed nrm at these prces:-Adams, 15H Il; Ameri-
Can, rs u; United s,ates, 7sa u; wels-Fargo CT.
There was . very moderate business transacted in
government securities at the counters Of the leading
Dealers and at tho close OF business the market was
dull at the suojoined prices Registered 1881, loeI
1loX; coupon, 1851, los "a; 62O's, registered,
1862, 1851 100; sos, coupon, 1862, 11l4 q;
90, 1854. 1922. y; do, 1865, 1905 -; do,
do. January and July, 1881 y; d., 1861 1851
X 1oios registered, 1o2 u; 1o4o's. coupon, 1925
x; gold, 1897 a 140 August Taos, 1915 q;
Juno 1905, 1918 u; July 1905, 1919 x; August
compounds, 1854, 1917 ~ october do, do, 1885 81
December do do 1l7H 4 Nay Go, 1865 1867
1l75S Angus, do, do, 1l57S ll6lS; September do,
DO, li5ss Is; October do, do. lli7s ll5S.
: Tho foreign exchange market shows diminished 1rm
uess and there a wider difference than usual between
che visws Of buyers and drawers The best bankers
7terng at sixty days, has been sold at 1877 although
one house. s.fl asks i1oK. Bankers bills on England,
at sixty days, quoted at 1927 11o1; at three
days. 1lok &; commercial bills, 1905 x; bills
On pars, at sixty days. 513K 5l2is; at three days,
b1lH 510g. Other continental bills were rated
thus:--
Bdntvs'. Commerrial
On Berlin. 70 T2I MA 7lS
On Bremen. .......... 7SIa 1917 - 7SH
Or Frankfort. ....... 407a AK s0xa 40x
On Amsterdam. go. Al %la Al
On Hamburg 81. 49,. SOFA 80 36H