The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-09-08

The exports consequently preponderated over the
receipts from foreign and domestic sources to the
extent of s31, 1921, 17S.
The stock market has been more than usually
active to-day, and during the forenoon prices tended
upward, especially for some Of the Western shares
but subsequently slight reaction set in, and at
the second regular board there was considerable
decline in the express stocks Railway shares
were, however, firm at the close. New York Gen.
tral and Erie failed to sympathze with the activity
and buoyancy in other stocks and were compare
lively neglected. but the latter being quietly picked
up by the general public, and the aggre-
gate withdrawn from Wall street during
she last month is very large There Is doubt that
Erie will eventually sell as high as 1t has done at
any time for two or three years past and it Is being
bought under that belief by parties who are able to
lock away in their strong boxes regardless OF its
temporary fluctuations. The details of the state
ment OF the public debt, dated the LIST inst, were
not known on the street before half-past five, and
therefore there was opportunity to discuss them.
Yhe changes which IL shows with the exception Of
an increase of less than ten millions in the total
without allowing for the coin and currency in the
Treasury are important There were conversions
OF seven-thirty notes into hve-twenties to the
amount Of few millions, but as only about
four millions and half OF the former remain out
standing the funded debt may be considered to have
concerned; and herein lies a strong argument in
favor of steady advance in our national securities
Tor while the supply has stopped the demand contin
ues and win 60 on increasing from year to year. AS
is, they relatively far cheaper than any others
In the country, for the amount Of annual income they
yield on the capital invested and the inducements
sor Europeans to buy them are very great.
The market for government securities was Arm at
she opening and there large transactions in the
later Issues OF vetwenties at an advance upon the
closing prices of Saturday. At the noon and quarter
past two calls prices well supported, but there
was diminished activity. Nevertheless, the market
closed strong at the suhjoined quotations, and the
indications conclusivey in favor OF considerably
higher prices before the present upward movement
Observation-Disclosures, 1884, 113Is 113sl; coupon,
1851, ia a 1l4E; 5-20's, registered, 1862 1851
los1S; 520's, coupon, 1852, 1881 ia; 62o's.
coupon, 1864, lo9a 1929; 5-2os, coupon, 1866,
l111s 1li%: do, 1865 January and July, 100
lO91S; do, 1851 100 1895 do, 1858, 1907 ioe%;
Io-4O's, registered 1ol a 1o44; 1o4o's, coupon, 10o
q 1o514; October compounds, 1895, 11sa.
Messrs. Smith Randolph 6 Co. IN their circular of
this date thus refer TO the course Of the market
The upward movement In government bolds has
continued to-day and carried prices forward q trac-
ton, though with some irregularity the later issss
oil yetWentie being still the ay0ritos. The lSG4s,
which carry seventeen in gold more accrued interest
than the Jannayy and July bonds, have been selling
beOW ther pfCp0rtiOnate value, ana tne market
pears to have awakened In measure 70 this fact
TO day. Ne'therthey nor the 1868 have kept pace
with the last advance: but from the increased inquiry
for them to-day they appear 10 be arousing TO some
degree OF sympathy with the rest Of the market.
In connection with the controversy relative TO the
redemption of the fve-twenty bonds the following
extract from report OF a speech of Senator Fessen
den, recently made ct Portland, Is invested with
considerable Interest,"
lie would say what had never before been men.
la nYlt' In al M
Department the day before he took II thirty million
loan was proposed by Mr, Chase. 1t was Withdrawn
because II could not be n0ated. He found hundred
rniiiors OF renuistions due, and hundred millions
coming in within two or three months with ouly
forty or fifty millions to meet it. lie was forced into the
treasury AGAINST ms WILL lie went In because had
he not done 80 II would be considered confession
OF want oil confidence in the ability vi the govern
1nent to go on. lie was In the tighest place he was
ever IN, except when obliged TO vote 10 acquit the
President. Tic appealed 90 the people and issued
eeven-thrtes, redeenable in paper. with the pryi-
lege of taking tue bonds and through his agents he
promised ne people that the principal shoald be
paid III gold. -
There is no change to note ia the money market,
which remains extremely easy, loans on call being
made ireey at three and four per cent, while com
mercal paper Is In very limited supply, aud the best
grade Is rated AT from Ave to seven per cent. Tie
banks report that the drain OF currency westward
Is on considerably reduced scale ANA not the
sighlest monetary arrangement is Anticipated
from the preparations Of the banks throughout tho
So""'iy i'i "V" quarterly returns, winch VIII bc
made on the first Monday in October. The indica.
tons continue favorable TO more abundant sup
ply OF money during The remainder of the year than
We had in the corresponding period OF 1896
and then 1t was only In the last three
weeks q Dscember that the rate OF interest
ruled steadily st seven per cent the previous rates
having been lvt and six two or three short inter
sas excepted, waen it temporarily rose to seven. A
comparison of the statement of the associated banks
Of this city for the week ending on Saturday las,
with that for the corresponding week in each OF the
three previous years shows the following chanoes.
SsDt T. 1867. Sept. g. 1893.
s2JO,2Z4560 Inc. S21, 60G 30
..'.''''...' lY6I,6le Inc. SEAS 1859
1nSu,a..on.'''''''' 5.TOSl12 Inc. 49,, 2l7
,epoSis. 1900. lscls2l4 Inc. 1892, 22I
Desoi-'n"Vih' ONCI4 Dec. 3,613, Bs2
Sent. g. 1sGa Co., Icco