The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-08-08
FINANCIAL AND NUMERICAL.
"WEDNESDAY. August Top. NJ.


WEDNESDAY, August I'd p M.
The railway share market has been variable and on
Che whole barely steady to-day. Strong efforts were
hads 10 impar upward impulse TO Erie BY the par
tss manipulating IT, but without success, the street
being divided opinion its future course. and the
sudden break Of Saturday last having made men timid
about buying at any price II the most treacherous
or oil the footballs OF Stock Exchange and the
gins Of those who venture take "nyer in it are
aabs 70 be 'scoopsd away short notice 1t Is proba
BILE however that the further decline OF Ere wouda
present exert little influence upon the general
market the tendency of which is towards further i'm
lprovemeut the prevailing temper or the street,
although the demand for stocks is purely specu.
nativs en1 thers is outside support to the
bali element The effect Of the contraction Of
nearly twenty six millions Of legal tender notes. ncud
ing compounds, during the two months ending with
July was antaaonlstic TO speculative buoyancy, and 1t
Is likely to all the decided because had been
assumed that no further curtaiment Of greenbacks
would take place for long and indefinite period TO
roms. Jus. now money is easy that the contraction
referred to will practically be unfe in Wall street, but
when money becomes active will be used strong
argument on the bear SIDE When the compound inter-
st notes are being withdrawn at the present rapid rate
s regard the further contraction Of greenbacks in
0udicous; bat We have TO deal with fact and evil
dent purpose on the part of the Secretary
or the Treasury to perscvere in the work OF
Producing the volume Of the currency The
result OF his perseverance will probably be that his
niue receipts will suffer further falling of, aud that the
aurpus necessary to contraction will DO wanting in the
Treasury Golfers.
There change 10 note in the condition OF
tary Affairs The supply of capital is in excess OF the
demand aud loans made to houses in good credit AZ
i've pcr mixed coateras, and generally at four
government securities. The principal dealers in gov
ernmants are at the same time enabled borrow In
aoms instances at three. The margin exacted by the
banks upon collaeras varies with the character OF the
securities from to twenty-five per cent There is
very little movement in the discount line, and the best
grade OF commercial paper passes at six to per
cent but no other quality is acceptable.
A. the carly session OF the open board railway shares
barely steady at slight decline from the closing
prices Of last evening Erie sold at 7 and New York
Central at 1851 At the first regular board the market
strong and moderately active with the principal
Erie. Milwaukee and st. Paul preferred
was the most buoyant Of the railway stocks, and adj
vancsd to 6sX. New York Central closed q higher
than ct the Same time yesterday, Erie ~, Hudson
River 81. Michigan Southern 49, Cleveland and Pitts
burg Y, Cleveland and Toledo 1H Northwestern T. do.
prsferred ~ Fort wayno Il Ohio and Mississippi
tincaes e, Milwaukee and St Paul M do. preferred
2x. Government securities strong and active.
Coupon Of 1881 closed u higher nve.twenties OF
1s62 ~ issue Of 1854 y, issue Of 1855 "a, ten-for
~ seven.thirties tho second and third r.
The old express stocks strong. Adams showed
advance Of y and American 1Js United states sold
IT'S. Merchants Union declined y, selling at II, with
thirty per cent paid. Among the State stocks North
CAroliua skies declined r.
Al the o'clock open board the market was rather
Asavy and inactive At the second regular board the
speculative feeling tame and prices experienced
further decline, Erie selling at 0X. New York Central
closed lower than at the first regular board, Erie ~
Michigan Southern Y, Cleveland and Ptsburg 4,
Cleveland and Toledo u, Rock Island 81 Northwestern
q, do preferred ~, Milwaukee and ST. Paul preferred
l. Western Union Telegraph q. Government securities
Gsactsd slightly and fvetwenties Of all the issues
= lower. Ten-fortiss advanced H. Tennessee sizes,
new, declined y. The express stocks were firm, but
dull. United States sold IS, aud American at Tx.
Al the hafpast three open board prices slightly
higher subsequently there q disposition to
azs manifested and general decline took place. Al
elk o'clock the market closed heavy at the following
quotations. Erie being then the weakes Of the railway
sharss:-New York Central, 1861 1o6X; Erie, 7oK
JOx: Reading losx lo5X; Michigan Southern, 81 .
slh Cleveland and Pttsburg, 951s o5s; Rock Island.
1osX 1oax; Northwestern, 4oX 4os: DO. preferred
yos 7oX Pacific Nail, lAe l4e1S; Western Union Tels
graph, 46k 46x
There vas good speculative demand for government
securities among the Dealers but the outside public
were generally sslera 6even-thirty notes OF the
August issue, maturing the 18th inst, being
vsrsd into nve-twenes through the Sub-Treasury At
che rate Of than million per day, and It IL
psoled that the amount outstanding II the date Of
maturity will DO small The market closed strong at
the subjonsd prices:-Resistered, 1881, llox Ill;
coupon, 1884, INK 11l,s; nve-twenties registered
1852, losx Ito; nvetwentiss, coupon, 1862, 1la,s
1Isx; nve-twentiss, coupon, 1854, lloh l1ok Ave-
40 nd
July, 1857 iosX; nvetwentiss, coupon 1851. 1osHa
10sx: tsa-fortiea registered, 90 9ok; ten-forties
coupon, lo2X los; gold, 14o4 No7!; August seven
thirtss, 1917 10SK Juno do, 10TH los: July do,
Ao7x 1879 August compounds, 1864. 1l9k 119h
October do, 1lsx lisk December do, ll7,s NIX;
Nay do. 1885, III 1l7K August do, lls ll6k;
Sepssuoer do, 1l5S l15x October do, lis ll5k.
The gold market nrm, the range Of the day hav-
ing been from lao 14o. with the closing transactions
at l40x The gross clearances amounted TO $43
end The gold balances TO S666 s5o. There was an &C
svs borrowing demand for CON- and loans made
rates varying from a-32 to V per cent per diem in
favor OF the lender Silver quoted at per cent
below the price OF aod and Mexican dollars current
81 lo3k 1o4 In gold The total amount Of coin certih
Gates issued by the Sub Treasury up the 3D. OF August
waAe2ix ION, 22o of which sls5,4se,O0o had been
Assnsd, leaving s2s. Less. go outstanding.
The rates Of foreign exchange steady and Ms
transactions light The markc, for contn days, were
fat Bankers bills on EnslsRSs, HOY az. Com.
quoted a. 1923 ~ 1ob; bills on Paris at sixty days.
nercis 6!l5 At three days, SIX a512K.
ohs afsment Of the public debt bearing date August
that the legal tender notes were contracted be-
tween tho LIST Of juno. the date OF the previous state
msst end that time 70 the extent OF S25 745 7o3-nams
H. $40 In compound interest notes and s. 500
10 srsssbaoka The Of the latter not ex
pscsd asr NJ NcCuloch's Boston letter in relation to
hc curreury, and Is 70 Be inferred from the present
that be sti intends 70 avail himself far ~
possible Of the authority conferred upon him BY Con-
Srsss 10 reduce the volume Of United States notes.
Tner, has been active conversion Of thirty
notes into etwsnties the total converted being
chan SIXTY millions while than seventy six mil