The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-08-26
FINANCIAL AND COMMERCIAL.
TUESDAY, August 25-6P.M.


high as 1s6S. At the board, however, the earliest
transactions were at l451s, following which there
was an advance to 146, but the pressure to sell at
this point soon carried the price down. and there was
steady decline to lf41l The closing sales prior to
the adjournment OF the board at 14iss, fol-
lowing which there was more disposition to buy
than to sell manifested, and the latest quotation on
the street was 1441s l444. Cash gold was
In superintendent supply and loans were made at
rates varying from three to six per cent for carry
ing. The gross clearlngs amounted to $7l,3s9,0OO,
the gold balances to s70l l64 and the currency bal
ances to ST. $685. sos. The steamer Saxonia took out
e39O,6S6 in specie. False rumors of shipments Of
speciefrom Europe to this port were put in circua-
ton for speculative effect to assist the decline in
the premium. The price at intervals was as sub
toined- ,,,<
10 A. M............ 1857 1853 p. M........... 144H
yO3O A. M.......... TAG $50 p. M........... 1444
The railway share market has been dull and on
the whole steady during the day. The fluctuations
in Erie which still continues to attract the attention
OF the street and to restrict operations in
other stocks, were less wide than yesterday,
namely, from 4sH to 6OH, and the evident de-
sign Of the party manipulating it, headed by Mr..
Drew, is to force 1t considerably lower
and that they have the power to do this the rapid
decline in the stock from 70 to Al affords sufficient
evidence. How low the stock will ultimately sink
may be it is equally hazardous to predict; but our
warning to the public to leave severely alone loses
nothing by repetition, Those who have taste for
dabbling in Erie will, If they crafty it, run about
the same risks as the gamblers who stake their
money upon o throw Of dice. For the last two or
three days the course OF the stock has been
20 engineered as to produce an impression that
1t was going up, but the street spectators should
guard against this deception and avoid 1t as they
would an arrow. There was an improved demand
for Pacific Mail, coming apparently from outside
sources under the effect OF which the price advanced
to 1Ol1l a 1914 before the close. Fort Wayne was
very frm and 1861 was bid for considerable
amo UNITS.
Money continues very abundant at our per cent,
with exceptional transactions on government secu-
rites at three and three and half per cent. Com
mercial paper Is in somewhat limited supply, the
best grade being quoted at q per cent, and
the applications for discounts from the West
show marked falling Off. The drafts on Western
deposits in the banks here also diminishing, and
hence the next weekly statement Of the banks of
this city Is likely to be favorable in comparison with
the two last returns The drain of currency west
ward from this centre set in early to be connu-
GUS on SO large scale, and the fears Of monetary
sringency to which 1t gave rise were entirely I'M
warrant ed.
The market for government securities opened de-
cidedly weak this morning and prices were Aass
lower than at the close last evening" but after the
FIRST call heavy demand to .'short' contracts
developed itself and prices advanced considerably.
The market is largely oversold, and the indications
are that brisk upward movement will follow the
extreme depression which has latterly been expert
enced Our national securities are the cheapest as
well as the safest in the country and they lower
now than they have been for long time past, If we
deduct the accrued interest, which the ive-twen-
ties OF 1864 and 1865 is 2s per cent and the bonds
OF 1867 and 1868 Ia per cent. There was sharp
advance after three O'Clock, and the latest
quotations the street az fOllows:-
Registered, 1881, 1927 ll3; coupon. 1881, 113h a
Il3a; 5-20s, registered, 1862, lo74 los; $685.
coupon, 1852 ll2 ll3; do, 1864, 1O9S o 109A; do
1865 1903 Hos d. 1865, January and July, 1914
a 1O794; d. 1861 1915 lO75l; do. 1868, 1875
1919; 1O-4o's, registered 1o3 u 1O4; do coupon,
I0SH 1854; September compounds, 1865, 118A;
October do, 49,.
At the commencement OF business the railway
share market was dull. and at the early session of
the open board Erie sold at 495, Milwaukee ana st.
Paul coz and Rock Island 9sH. At the first regular
board the speculative feeling was tame and the
volume Of business light On the call Erie closed 81
lower than at the same time yesterday, Tennessee
skies, new issue, u, and North Carolina skies, eX
coupon, "a, while Pacific Mail was "a higher. Gov.
eminent securities were weak and prices showed a
decline ran aing from 4 to Ia. At the open board
at one O'Clock the market remained quiet and prices
were without material change. at the second
regular board Erie was 4 higher than at the :.
first regular board and Milwaukee and St Paul %.
Government securities were firm at an advance of q
q per cent, and there was good demand from
some of the principal dealers At the open board,
at halfpast three, Erie sold at 1917 New York Gen.
tral 1247S aud Rock Island 9Si4. During the
mander of the afternoon the market was dull and ut
the close at six O'Clock the quotations were as sub
joned:-New York Central, 125 & 1252i Erie, 491
q 4o7z; Reading, 9oS OIL; Milwaukee and St. Paul,
74G 20: do, preferred, 80: Fort Wayne, 1861 d
,oG2f; Michigan Southern S29i Pittsburg, $50 q
s5H: Toledo 90 a p9Ia; Rock Island, 9S6; North
western, 81 sl4; do. preferred, 81 a S1A; Pacific
Mail, 1Olh; Quicksilver, l91s q 20iS.
with respect to the Injunction order made by
Judge Barnard yesterday against the Milwaukee and
st. Paul Company, it appears that the United States
Supreme court decided In a affecting the same
rights as io.iows:-"Ihe sale TO The Milwaukee and
Minnesota Company must be set aside, and sad
company perpetualy epjoined from settling
up any right or title under 1t. The Judgment credit
ors the eomplainants, are at liberty to enforce
their Judgments against the defendants therein sub
iect to oil prior liens and membranes" The order
OF Judge Barnard Is against the company In whose
favor this decision was rendered.
The foreign exchange market was shade lower
to-day but steady aud quiet the basis Of 1904 for
prime bankers bills at sixty days. At the close
bankers bills England at sixty days were quoted
ut l0oI n 1925; at three days, 1904 q 1925; CON-
mercial bills, 1904 10a Bankers bills on Paris, at
sixty days, 51sH 5.l6z. on Beriin-Bankers'. Tx
a7l5s. On Bremcn-Bankers', s0b n 1o3s; CONNER
cial, 7ss< 10. on Frankfort--Bankers', 40s 4oz.
On Amstcrdam-Bankers', 4o,f Al; commercial
so& 40ik. ON Observation-Disclosures, 30 a 36ls COM
mercial. a5sS a 355S. On Antwerp-Bankers', 5.is,4
5.17S; commercial, 5.22h n $40.
The highest prices OF the leading stocks at the
regular board on each of the last four Saturdays
were as subiuined:-
ana. l. Aug.s. Auq15 Aup.22.
New York Central. 1927. l31 III