The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-09
FINANCIAL AND COMMERCIAL.
WEpNEsDAY. Julv

WEDNESDAY, July 8-SP.M.
The gold market has been quiet but firm to-day,
ANA the fluctuations were nom 140ss to l4l with the
closing transactions prior to the adjournment OF the
board ct l4ox following which the price declined to
1A0x. Loans were made at IN per cent for car
ryng. The gross cearings amounted to $ss. essooo,
the gold balances to 81, 10s.424 and the currency
balances to $s,oss77l The steamer Scotia took out
t7S5. 900 In specie. The Sub-Treasury dlsbursed
SsS300O In coin In payment OF interest ana converted
$e7s,9OO OF seven-thirty notes into nye-twenties'
Money was in good supply at per cent with
most OF the loans where Arst class houses were the
borrowers at the lower rate. commercial paper
continues scarce and the best grace Is quosed
at S q Der cent. There is no probability Of
any further advance In the rate OF inter-
est for some weeks to come, and although 1t may
be put up to seven per cent in October the In
dicatons are against any monetary stringency 30
long as the government remains out Of the market as
borrower and currency contraction is stopped. The
stock market remains firm and the speculative tenn
Der of the street favors higher prices The reports
relative to growing crops from all sections OF the
country are very encouraging; and the bulls argue
from these that the already large earnings of rail-
ways viii be considerably further Increased in con.
sequence Of the heavy demand for grain transporta-
ton after the next harvest; and this expectation is
not likely to be disappointed. .l43
and on the nrst call prices were lower than at
the close last evening. About noon, however, an
active demand succeeded the previous pressure to
sell, and prices advanced V n per cent There was
considerable excitement the street over the bal
i0ting for the Presidential candidate in the Demo-
cratic Convention but the apprehensi0ns which fol-
lowed the adoption Of the platform yesterday SUBJ
sided The resolutions embodied in the latter In
relation to the finances are open to severe criticism
and they fail to carry any weight with them, while
they are without grasp Of the subject and verge on
pueriity The Inference therefore, is that the Con-
venton Is ignorant Of the financial question, and
what true of this part OF the platform applies
or less to the whole Of It, At the close the market
was steady at the following quotations but 1t not
yet entirely acknowledgement, 1881, 1l2X 1875
coupon 1881, llSk 1l3x; 5-2O's registered, 1852,
l09X l09A; 6-20's, coupon, 1852, 113X 113x
6-20's coupon, 1894 110z 1lOH; 5.20's coupon,
1895, lily lily; $685. coupon, 1885, January and
July. 1857 q 10Sx 6-20's, coupon, 1857, 1883
losX; 5-2O's, coupon, 1885, 1883 q 1oSX 1o4O's,
registered, LOT 1o7H 1O-4Os, coupon, 1o7H
Ao7X June 1905, 1881 1855 July 1905, 1881
aosx; August compounds, 1895, 11sh; September
do, 1ls; October do, 117H. 49, ~
At the commencement Of business the stock mar.
ket was firm. and at the early session Of the open
board Erie sold at 70N, Reading ok, Cleveland
and Pittsburg 97K and Rock Island 1O7X. At the
nrst regular board the volume Of business was light
and prices were slightly lower the call. North.
western closed u lower than at the same time yes.
eerday, preferred I, Fort Wayne ~, Ohio and Mis-.
bissipp u. Tennessee Sizes ex coupon u, and North
Carolina SKIES, ex coupon, n, while Tennessee sixes
new issue, were u higher. Government securities
were heavy at decline Of y q u. The transac-
lions In Tennessee skies have become light, and al
though the bonds Of the new issue advanced slightly
AAr LATIN
likely to he only transient while the finances Of
the State remain in their present unsatisfactory
condition, and Of this there Is no immediate pros
poet, II we may Judge by the tone of the Nashville
resS ana Times, the recognized organ Of the party
In power. At the open board at one O'Clock Rock
Island was active and excited and advanced to ITO
Under the operations Of the party controlling 1t and
revival Of yesterdays rumor respecting q cash
dividend to be declared at Chicago to-day The re.
bnatnder OF the railway list did not sympathize with
this movement At the second regular board the
market was steady and Rock Island closed higher
than at the frst regular board, Fort Wayne X, Ohio
Ind Mississippi u, Pacific Mail ~ and Tennessee
sizes. pew issue, u, while Reading was an V lower
Government securities were strong at an advance
varying from an eighth to nve-eghths per cent the
greatest Improvement being the late issues OF five
ewenties At the open board at half-past three the
market was dull and Erie sold At 69x
cleveland and Pittsburg SIX, Reading seK,
New York Central 134k, and Rock Island
lo9K. During the rest Of the afternoon the market
was dull and steady, except for Erie, and at the
close the following quotations were current:-New
York Central 134% 13sx Erie osx q e91z; Hudson
River, 1885, Reading, 90 9eh; Michigan Southern,
DIX q 9lK; Cleveland and Pittsburg s71 q s7h;
Cleveland and Toledo, 1889 1o4; Rock Island, 1O9,.
10ok; Northwestern, 7sH 7sh; Northwestern
preferred Sly 81 \: Pacific Mail o9J. n 99IL West.
ern Union Telegraph, s4X a4X.
The foreign exchange market was firm but quiet
rs usual the day the European mail is despatched
Bankers bills on England at sixty days were quoted
at 1lok HOY; at three days, 11OH 11oA; com.
mercial bills, loo* 1924 Bankers bills on Paris
Ut sixty days. 5.12k a6.11x.
London circular OF the 27th ult says the unusual
spectacle presented of the Bank Of France having
larger amount Of coin and bullion in It's possession
chan the notes In circulation. Not only are these
sums enormously greater than anything the Bank Of
England has to show. but they are remarkable a.
having been reached without any OF those restric
ttons and limitations which imposed by the Eng
alsh system. The Bank Of England Is also nearing
m equality In the amount Of bullion with the notes
IN circulation. The latter amount to 900 and
inc former Inclusive of the coin In the banking de-
Dartmeut, to &22 $4,000. In the two great banking
establishments a sum Of Ell 600, 600 in gold and sill
yer coin and bars h now stored collection OF the
precious metals such ~ has never hitherto been
deemed possible What the result may be upon
monetary and commercial affairs would
~ difncult to forecast. Az such an equai-.
~ Of tho metallic basis with its repre-
sentative notes in circulation Ii not at all necessary
gradual expansion Of the currency In both countries
and thus noverful atiynulua ould ne Utven IN anoc