The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-08-06
FINANCIAL AND CONNER ClAL.
WEDNESDAY. August ZIP NJ

WEDNESDAY, August So p NJ
The gold market has been very strong and active
to-day, and the fluctuations were wider than usual
From the opening to the adjournment OF the board
sales we're made at prices varying from 147 to I4s1,
with the closing transactions at 14s; but following
this there was rapid advance to l49h and the
latest quotation on the street was l49 l491S. The
attendance in the room was large and great excite
ment accompanied the dealings at frequent intervals.
The volume OF business was very heavy and there
was moderately active borrowing demand for coin.
Loans were made "1atn and at rates varying from
Two 10 Tour per cent for carrying. The gross clear
hss amounted to sl04, COG, 000 the gold balances to
s266a99a and the currency balances to s3,547, 097
The steamer Australasian took out $1,000, 900 in
specie on account OF the Alaska payment twas
diligently rumored this morning that German
banking house, heavily Il" short" OF gold,
had failed or was about to fail, but
the report was afterwards contradicted. There was
no apparent cause for the extreme advance in gold
late in the afternoon; but feeling Of anxiety pre-
walls among the importing and foreign exchange
houses who are ''short' OF it that speculation will
carry it considerably higher, and hence there is
disposition among them to "cover" their contracts
and return the gold they have borrowed. The Sub
Treasury dsbursed $685. 900 in coin payment of in
terest on the public debt during the day.
The railway share market opened weak, but after
IL StrOnB anu WHICH III 90 III
the opening, advanced to 81 before the close. The
street was as much surprised by this reaction as by
the downward turn in Erie on Monday and Tuesday
and 1t is completely befogged as to the influences
at work. Rumor says that a new party began to buy
the stock this morning and that this entirely reversed
the programme Of the party which engineered the
decline, and hence the sudden upward movement
instead OF the confidently predicted further decline
TO much lower figures. Whether Erie will advance
or decline from its present point is uncertain for 1t
depends e. rely upon clique manipulation, and out
siders Wi therefore do well to leave 1t severely
alone. To operate in such stock is to play against
loaded dice and designing swindlers, and the man
who either buys sells Erie might without any
risk stake his money at the faro table. The whole
market improved in tone sympathetically but the
warning which Erie has afforded should not be lost
upon the holders Of speculative stocks in general and
the outside public will do well to leave Wall street to
the clques. Money continues easy and loans are
made at three per cent on governments and four on
mixed coaterals, while in discounts there is no
change to note.
Government securities were firm at the opening
but afterwards there was slight decline on por-
ton Of the list and fractional advance the ex
portable bonds in sympathy with the advance in gold
The home investment demand is increasing, but
there is speculative activity yet. Ten-lorties
advanced to 109H. At the close the market was
firm at the subjoined quotatiOn5:-Regstered, 1881,
1l51s 1l6; coupon, 1881, 1l6 1l64; 5-2Os, regis
tered 1862, 1o92l no. $685. coupon, 1852, Hay
114ai; do, 1864 1l0% Ill; d. 1866, 1922 112H;
do, 1865, January and July, 1881 1OSs; do, 1867
1857 lO9; do, 1865 1885, 100; 1O4Os, registered
1861 log; 1O-4Os coupon, 1895 1927; September
compounds, 1885, llsH; October do, lls.
At the commencement OF business the railway
share market was weak, and sales OF Erie were made
as low as So, but at the early session of the open
board it rallied to 577s. At the first regular board
the market was active and steady, and Erie closed
~ lower than at the same time yesterday, Reading
81 Michigan Southern IL, and Pacific Mail u,
while Rock Island was II higher, Tennessee SKIES,
ex coupon, l. new issue 1A and North Carolina
skies ex coupon, TX. Government securities were
firm and ten-forties were one per cent higher. At
the open board at one O'Clock there were large
transactions in Cleveland and Pttsburg, which
advanced from SIX to s93S the call,
while Erie sold at $50 5SZ. At the
second regular board the market was strong
and Erie closed "a higher than at the first regular
board, Reading Ia Michigan Southern TX, Ceve-
land and Pttsburg "a, Milwaukee and st. Paul pre-.
ferred y and North Carolina skies, ex coupon, l.
At the open board at half-past three railway shares
continued strong and Erie sold at COZ. Subse-
quently Erie was bid up to 3d. and at the close at
six O'Clock the following quotations were CURRENT
New York Central, 1917 a 1872; Erie, 61I 62; Read
ing % 92 y Michigan Southern, 1914 81 Cleveland
and Pittsburg SO 500; Cleveland and Toledo, 1O1%
lo2; Rock Island, 1929 1l2i4; Northwestern So
a s2I; Northwestern preferred, SO a s2H; Fort
Wayne, 1927; Ohio and Mississippi, 80 a 3Ok; Pacific
Mail, 1O1 Quicksilver, %; Western Union Telegraph
3iI IS.
The monthly range Of the gold market since the