The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-08-12
FINANCIAL AND COMMERCIAL
TUESDAY, August 1l-oP N.

TUESDAY, August 1l-6 p. NJ
The gold market has been active and unsettled,
but on the whole steady to-day, and the fluctuations
were from 145 to 1851, while the price az the ad-
journment OF the board at three O'Clock was 14ek
Subsequently the fluctuations were from 14s to 146,
and the latest quotation on the street was 14oh
14sk. The bears vigorously hammered the market
all day, and the 'short" interest was thereby con-
sderaby further increased the leading bulls mean
while Offering no opposition, but rather assisting
the bears. Late In the afternoon however the dis
position to bay became stronger and lao was bid
for several millions. The indications now are that
the full extent Of the decline has been felt and that
q sharp upward reaction will follow. The steamer
Holsatia for Hamburg, took out $S5o00o In specie,
and the Sub-Treasury disbursed $4,000 in CON- in
payment OF interest. The price Of gold varied at
intervals as folows:-
10 A. N. ........... LAG 1880 T. NJ. 14oH =
1885 A. M........ 14eT $3.50 p. M. 14611 a 1861
Although the advance in gold to $50 was entirely
too rapid to be sustained, the decline has been
equally so. and hence . corresponding reaction Is
inevitable. The natural tendency Of the premium is
upward, owing to purely financial and commercial
causes and the political excitement preceding and
attending the Presidential election will doubtless
aggravate this tendency. The large preponderance
OF imports over exports requires to be balanced by
heavy shipments Of bonds or specie, or both, and
since the LIST Of January we have shipped to foreign
ports more than sixty-fve millions Of specie and
bullion from this port alone. The violent speculative
fluctuations Of the last few days opposed to the
public interests, because they unsettle values and
create dstrust, and the Gold Room SPECTATORS are
alone benefited by them. What is most to be de-
sired In the standard Of values Ia stability.
Money remains in abundant supply at three and
four per cent on CALL while owing to the dulness Of
speculation on the Stock Exchange the demand
from that source Is limited Commercial paper is
scarce and the best grade passes at six per cent and
in exceptional instances at five. This monetary
ease fails to stimulate speculation in stocks and the
railway share market wears an unsettled aspect. To-
day the fluctuations in the New York Central were
wider than usual-namely, from 1861 to 12SZ-while
Erie declined at one time to SIX. In other stocks
there were no marked changes, and operators both
for rise and fall move with great caution.
At the commencement Of business the railway
share market was heavy, and at the early session Of
the open board Erie sold at 67x o SIX and New
York Central at 1878 At the first regular board the
market continued dropping, but there was no marked
pressure to sell, and on the call New York Central
closed ~ lower than at the same time yesterday,
Erie l. Reading y, Cleveland and Pittsburg a. Fort
Wayne e and Pacific Mail IN. Government securi
ties were dull and fraction lower than at the close
last evening. After the call New York Central de-
clned to 126H and other stocks sympathzed actively
with the movement. At the second regular board
the market was inactive, but firm at an advance and
on the call New York Central closed 4 higher than
at the first regular board, Erie X, Cleveland and
Pittsburg e, Rock Island u, while Milwaukee and
st. Paul preferred was y lower. Government
securities were active, but slightly lower in some in
stances. At the open board at hafpast three there
was no material change In prices Erie selling
q and MAUI npD Nortr NJ
Of business at this board is now SO great that
the duties Of the Vice President who calls
the stocks quite arduous as those OF the pre-
siding oicer at the regular board, and we can bear
testimony to the efficiency with which they per-
formed. During the remainder OF the afternoon the
market was moderately active, but prices declined
slightly, and at the close at halfpast i've the quota
tons were as follows:-New York Central, l2sk q
12sh; Erie, SIX 5!1s; Erie preferred 6s; kead-
Ing 91H 911a; Michigan Southern, $50 Q SO;
Cleveland and Pittsburg, s7h . SIX; Cleveland
and Toledo, lO1k 1o2; Rock Island, 112X Q 112X;
Northwestern, s2. SO; Northwestern preferred,
SAX s2k; Fort Wayne, 1osx; Ohio and MI Mississippi,
2sk; Pacific Mail, 1osx Q lO4; Western Union Tele.
graph, 33x q SAX.
In the market for government securities there was
an active demand for new hve-twe mites Of 1886 at
100 at the opening this morning. but with the decline
in gold the demand slackened, and the exportable
bonds weakened, while the remainder OF the list
sympathized with these. At the two O'Clock call,
however, there was better demand for bonds and
the offerings were small The outside public Is buy
ing considerably than 1t Is selling and tho pros
pect is favorable to strong and active market. At
the close It was nrm at the following quotations.
Registered, 1881, 115k 116,S; coupon, 1881, l15x
q l15x; 5.20s, registered, 1892 1923 1925 52o's,
coupon 1862 114k 1l4zI; do, 1854, 110X Ill; d.,
1865, l12k l12x do, 1856, January and July, l0s
q 1o9H; do, 1857, 100 fo9X; 1o-4o's registered,
1o5X o 1864; 1o-4o's coupon, 1o9aI . 1osK; Sep
TENDER compounds, 1855, 11sIl; October do, lis.
The foreign exchange market continues weak,
although less so than yesterday owing to the super
abundant supply Of bills drawn against nvetwenties.
These will, however, soon be absorbed, and rates
will improve accordingly. At the close the quota
tions were as suboined:-Bankers' bills on England
at sixty days, 1Ooh q 1oox; at three days, 1923 Q
1926 commercial bills losH loo. Bankers bills on
Paris at sixty days, 61sx . SICK. On Berlin
Bankers, 7lk 7lK. On Bremen-Bankers', 7sK q
1917; commercial, 7sk 70. On Frankfort-Bankers',
4ox Il. On Amsterdam Bankers, loK Al ;bcom-
mercial, 4oh 4oK. On Hsmburg-Bankers', 80
Box; commercial, 35x ASK. On Antwerp-Bank-
ers', 6.lsx o SICK; commercial, 5.21k q $40.
The following statement Of the amount OF gold
held by the Treasury at intervals since the end Of
May, last year. is compiled from the monthly returns
Of the public debit
Gold Coin. tUacdtes. nent Cold.
June l. 1861. $685. 75s,Al7 e17,323 $50 l24 l37
sept l, 1s67... 10l,2oa020 l64o2700 $500, $40