The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-31
FINANCIAL AND COMMERCIAL.

prior 70 the adjournment OF the board at
while the latest quotation on the street was l44x
l44X. There was brisker borrowing demand than
usual of late for coin, and loans were made without
interest and at rates varying from half to five per
cent per annum for carrying. The gross clearings
amounted to $so7SS,OO0. the gold balances to
$2tS2I62, and the currency balances to So 765 $50.
esteamer America for Bremen took out $500 In
specie. The SubTreasury disbursed sos, 900 In coin
during the day In payment Of interest, and converted
$26s,4oo Of seven-thrty notes into nve-twenties.
The attendance in the Gold Room was very large
and the dealings were at intervals attended with
great excitement After the price touched las there
were evidently large sales to realize PROFITS made by
the bull spectators; but at the subsequent decline
the market had very firm tone.
The railway share market developed increased
strength and activity this afternoon, and q gen.
era Improvement took place in prices, the
tendency of which is decidedly upward. Money
continues In superabundant supply at three
per cent on governments and three and four
on mixed collateras. while commercial paper Is
scarce owing to the entire absence of speculative
activity in trade. All the signs OF the times are
almost conclusively against anything like monetary
stringency at any time this year, although moder
ately good demand for money at six and seven per
cent likely to be experienced in October, but at
these rates the supply cannot fail to be ample. The
conditions Affecting the money market have changed
materially since this time last year. and sufficient i'm
portance has not yet been attached these changes
IN the causes influencing supply and demand. One
OF the most noticeable features Of business in Wall
street to-day has been the increased pressure to sell
Tennessee skies, owing to the Funding act which
passed the State Senate yesterday, and with the
heavy decline in these all the Southern and border
states sympathized actively.
At ameeting OF the Erie Railway Compan held to-
IAxv NH
President, and Mr.. Jay Gould was elected to fill the
vacancy thus created, while MIR. William NJ. Tweed,
of this city, elected to the seat at the board rem
dered vacant by the retirement of Mr. Eldridge and
Mr.. Charles Sisson OF Jersey City, was elected In
the place OF Mr.. James s. Whitney, resigned. This
change In the presidency Of tho company WILL
1t Is understood result In perfect harmony in all the
details OF Its management and Mr.. Could as one of
the most able and experienced railway managers in
the country, will doubtless command for the pro.
perry OF the Erie Company in the future greater
degree Of public confidence than 1t has hitherto
shared.
The market for government securities has been
dull and rather dropping under considerable ham.
merng on the part OF the bears and sales by
weak holders to realize, but their offer.
ings were eagerly taken by strong par.
ties. The indications continue favorable to
higher prices Notwithstanding the prevailing stagna.
on and the adverse influences referred to- for these
Will doubtless soon give place better state OF feel
ing and renewed activity At the close the quotations
were as acknowledgement 1881, us 1861 cou.
pom, 1884, l15A 115l; $685. registered, 1862 109X
ITO; $685. coupon 1852, 114H 1141S; do 1884, 111X
all1H; do 1855, 1924 l12s; d. 1865, January and
July 100 1osH do, 1851, 1ooH 1oo1l; do, 1858,
1o9H 1oo 1o4o's, registered, 1857 1OS'I; 1o-4Os
coupon, 1osK 1osK; July 1905, 1857 1907 August
nda o.. So,to ia
do, 11s.
At the commencement Of business the stock mar.
ket was steady and at the early session of the open
board prices were o fraction higher in some in
stances than at the close last evening, ex.
cept for Tennessee skies, new, which were
largely pressed for sale at 65 651l. At the first
regular board the pressure to sell Tennessee
skies continued but railway shares were steady and
on the call Cleveland and Pittsburg closed x higher
than at the same time yesterday, Rock Island a. Pa
CHIC Mail ~ and Missouri State skies n; while Ten
nessee skies, ex coupon, were 3x lower, new issue
az, and North Carolina sixes new issue, 1. Govern.
ment securities were inactive. At the open board at
one O'Clock prices were higher for railway shares,
but the volume OF business light At the second
regular board the market was strong except for
State stocks the pressure to sell Tennessee skies,
new, carrying them down to 63H. New York Gen.
trail closed Il higher than at the first regular board
and Cleveland and Pittsburg Il, while Tennessee
skies, ex coupon, were x lower; North Carolina
skies, ex coupon Ia, ana new issue Z. Govern
ments were q u lower. At the open board at
half-past three the market was stronger and more
active, especially for Erie and Plttsburg. During
the remainder Of the afternoon the tendency Of
prices was upward and the activity previously
noted continued the transactions in Erie being large
At the Close at hafpast ve the quotations were as
suboined:-New York Central, 138x o 1857; Erie
COX o9h; Reading, 94T 95; Michigan Southern,
OK o2K; Cleveland and Pittsburg 90 90X; Rock
Island 1929 looK; Northwestern, SO o ssH; do.
preferred, SO sa,t; Fort Wayne, 11ox 11oI; Ohio
and Mississippi. aoX a soK; Pacific Mail, 1919
lo1X; western Union Telegraph, S5X.
The foreign exchange market Ia dull ana there is
still considerable supply of bills drawn against
shipments Of nve-twenties All but prime bills are
regarded with more distrust than usual Just now
owing to the recent failure Of Messrs. A. Bells Sons
At the close bankers bills on England at sixty days
were quoted at Ito 1loHj at three days. 11oH o
11ox; commercial bills, 1ooK . 1o9x. Bankers
bills on Paris at sixty days, 6.15 6.1aM.
The Deputy Comptroller Of the Currency publishes
the following corrected abstract Of the last quarterly
returns of the national banks of the United States
showing their condition the morning Of the nrst
Monday In July, 1885, the returns Of fortyour banks
having been inadvertently omitted from the first one
given to the public on the 23d inst, and we append
to this the statement for the corresponding quarter
OF 1907
REsoURcEs
July 8, 1858. July I, 1867.
United States bonds deposited to
circulation. SSQ 100 s67 $50
United States bonds and securities
deposited TO deposits. g77s3l50 ss302 $50
United States bonds and securities
on hand. 43os7,sso Ss7ssoo
Other stocks bonds mortgages l99qy33 2l452040
Due from national banks. 1ybj2326 p22s79O6
Due from other banks and bankers. 94bs547 q.634t9
Real estate furniture fixtures. 2266q666 lq55023
Current expenses. 291s,5H 82l7747
Premiums. ...................... 2t2752l 1881 2l7
Checks and other cash items 1N,of20 12s255647
Bills OF national banks. 139B35 I6I2sSQ6
Bills OF other banks 3l2550 b31 ,2N
Fractional currency. ............ l,9l6742 =
IN otes...