The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-08
FINANCIAL AND COMMERCIAL.


property, including United States bonds, and the
payment In lawful money Of the principal OF the
latter where the authorizing act does not expressly
provide for their redemption In coin. The opening
transactions were at 140x, following which there
were sales at 140H from which point there was Q
steady advance al, and the closing transactions
prior to the adjournment Of the board were at l40.
Following this the latest price on the street
was 140H. There was moderately active borrow
Ing demand for coin and loans were made without
interest to either borrower or lender and at per
cent for carrying. The gross cearings amounted to
ss2ll 600. the gold balances to sl,79O6Oe and the
currency balances to $2,44s,467 The steamer Cm-
bria took out 5000 in specie. Mexican dollars are
quoted at 104k 104S In gold. 1t Is expected that
the shipment Of specie tomorrow will amount to
about $3.50 900. The SubTreasury disbursed $780,
during the day in coin in payment OF interest on the
public debt and converted $54s,so0 of seven-thirty
notes into 1ve-twentles.
The market for government securities was duh and
steady during the forenoon, but when it became
known that the Democratic Convention had adopted
resolutions In favor Of taxing the interest on them
and paying the principal in greenbacks where not
otherwise specified strong pressure to sell set in and
prices declined Y per cent for the later issues
OF hvetwenties although the ten-fores and the old
nve-twenties remained comparatively firm. Late in
the afternoon, however, the market became steady
under an abatement OF the pressure to sell and a
moderate demand from the Dealers and at the close
the quotations were as subjoned:-Unted States 6's
Pacific Railroad, 1927 1903; United States 6s 1881, re-
gistered, 1l2A 49, do. coupon, 1927 1l35; 5-2O's,
registered lOsA 100; 5-2O's, coupon, 1862 112X
1l3; do. 1864, 10 HOY; do, 1865, 11Ozs 111H;
do, 1866, new, 1Os 1857; do, 1857 1os 1OS do,
1858, lOs a 1851; 1O-4o's, registered, 1861 1O7
lo4o's, coupon, 1o7 1O7h; 1905, second coupon,
los 1os; laos, third do, los 1854; August
pounds 1855, 11Sh; September do 11s; October
d. 117H.
The private circular Of leading banking house
thus refers the course Of the market during the
day.
at last evenings quotation, the only inquiry being
for old '65s to ill foreign orders. About noon the
platform OF the democratic party became known on
the street. and prices at once fell OFF, 1928 declined
q, lS64's y, 1865 y, new 1865 ~, 1S67's u,
1905 and 1o4O's and ISIS remained steady. For
quarter-past two O'Clock call disposition was
shown to take what stock was offered, and the whole
The determination shown in the platform to tax
bonds and pay principal In currency again destroys
were given to sell.
The supply OF money was abundant at four per
cent CALL but In instances transactions were
reported at five. The mercantile demand continues
very light and the best grade Of commercial paper Is
in request at S 8 per cent. The stock market was
on the whole firm, although at intervals somewhat
variable and irregular, Erie declining to es% and
then advancing to 7oH, and Rock Island improving
to l07X. The largest transactions were in the two
stocks mentioned and Reading, which last was in
demand at the close ct an advance Of
half per cent upon the opening price.
The speculative feeling respecting railway shares
is very bulish the large earnings Of the railways and
the highly promising crop prospects encouraging
speculation for rise, while inspiring correspond
ing degree OF tmidity the part Of the BEARS The
action Of the Democratic Convention was construed
rs favorable to an advance In railway stocks and q
decline In government securities, and temporarily
this view OF the case Is likely to he sustained to
limited extent The State stocks and especially
Tennessee skies were weak, the new bonds de-
clining to 6sx. telegram from Nashville an
nounces that Governor Brownlow has issued
proclamation converting the Legislature in extra
session on the 2lst Of July; but, according to
the Knoxville Wntg. the main object he has in view
is the suppression OF the Ku Klux Khan by calling
out the militia, although 1t Ia fair to presume that
the State finances will also engage the attention Of
that body. How far 1t Is In Its power to afford relief
to the creditors OF the State In the present demo-
rallied condition Of Its finances, 1t Is, however hard
to say but until the local revenues are increased
the funds necessary for the regular payment Of the
interest It's bonds not likely to be forthcom
q policy which would be worse in the end for the
bondholders than the interest suspended until
such time as the State could resume payment on q
legitimate basis
The stock market was firm at the commencement
OF business, and at the early session Of the open
board Erie sold at 7ok, Reading 96x and Ceve-
land and Pittsburg SIX. At the first regular
board the market continued nrm, but quiet ex-
cept for the State stocks, which were weak, and
New York Central closed " lower than OF the same
time yesterday, Erie y, Hudson River u, North
western Ia, Fort Wayne IL, Tennessee skies ex
coupon, III new issue l1< North Carolina skies, ex
coupon, l "a, and new issue y: while Rock Island
was J. higher, Northwestern preferred u. Pacific
riaii "a and Western Union Telegraph u. Govern
ment securities were steady but dun. At the open
board at O'Clock Erie declined to CO... and Fort
Wayne 10 1863, while the remainder Of the railway
list was steady. At the second regular board the
market was without material change, and Cleveland
and Toledo closed y lower than ct the first regular
board, Northwestern u, preferred n, Fort Wayne
a. Ohio and Mississippi e, Pacific Mail y, Quick
silver l. Tennessee skies, ex coupon, /, and
North Carolina skies, new issue. "; while Read
fng advanced u. Rock Island X. Government
securities were weak at decline from the morning
prices varying from y to u per cent, the smallest
falling or being In ten-forties and the greatest in
Hvc-twentes OF 1897 At the open board ct halfpast
three the market was stronger, and Erie sold
afro, New York Central lax, Rock Island lo7x and
Cleveland and Pittsburg SIX. During the re-
mainder fthe afternoon there was o good demand
Tor Erie which advanced to 7o,t 7ohj and for
Reading, which sold mp TO ooN q %. Rock Island
was also strong under report that the company had
declared dividend Of nvepe cent ct Chicago, with
interest from the date on which It would have been
paid had not the payment been postponed by ltiga-
zion; bat OF this there was no ofncia confirmation.
AT the close at halfpast i've O'Clock the quo
cations were a. subjoincd the market being
lstrong:-Eew YORK Central 134x q 1875; Erie,
COX 7oK; Hudson River lss lso; Reading se5s
b.; Michigan Southern, s1h e1k; Cleveland and
Pittsburg SIX SIX; Cleveland and Toledo, lo2,s