The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-08-29
FINANCIAL AND COMMERCIAL.
FRIDAY, August os-sP.M.

taton declined 10 las a l45l. There was moderate
degree OF activity IN the dealings and the speculative
temper was less bearish than it has been of late,
whne there was an active borrowing demand for
coin consequent on the heavy 'shortr interest," which
caused loans TO be made without interest to either
borrower or lender aud at one and two per cent
for carrying The redu ed rates Of foreign exchange
have ceased to exert any perceptible effect upon
the course Of the premium. the natural tendency OF
which Ii upward. in view OF the disturbing effect OF
che approaching Presidential campaign and the
diminished supply OF gold in the Treasury and the
country. The disbursements OF coin In paymen. OF
interest on the public debt during the DAY were
$4,000. The gross cearings amounted to SAT- 0o0
the gold balances to ST. 1850. and the currency
balances to 81 293, OS9 The price varied follows
ct Intervals
Up. .I44I $50 P. NJ. .145
Money continues very abundant at four per cent
on call, and the principal dealers in government Sc
curities enabled to borrow largely at three and
three and half per cent, although small amounts on
mixed collateras are loaned at five per cent, and in
one instance we heard Of bank which proposes to
advance It's rate stock TO Six but we ques-
ton whether any can be found willing to pay it
at present. The remittances OF currency westward
this week have been very light compared with those
OF the two previous weeks, and the bank statement
TO be published tomorrow Is expected to be CORE
spondngly favorable. The railway share market is
dull and the puDic looks alphabetically, but the
cques diligent in sustaining prices whether JUS
titled by real values not Erie is still waverng,
end to-day it declined to 479s, while the Western
shares were generally 1rm.
The market for government securities has been
again very steady and active to-day, and further
advance In prices took place. especially for the five
twenties OF 1862, which are scarce for delivery and
considerably overscld by the bears alike with the
later issues OF the same bonds. There has been
particularly active inquiry for the bonds OF 1854 and
1857 and the brisk borrowing demand for them ndi-
Gates the extent OF the short" interest outstanding.
The demand for all the issues has been both large and
well distributed and the indications favor consider
ably higher prices, national securities being still
the cheapest as well as the safest in the country.
There is movement on foot among the foreign
bankers to convert large amount OF the
dve-twenties Of 1862 now held in Europe into
the bonds Of 1864 and 1867 for the sake
Of the difference in price between them, the new
bonds being preferable, also owing to the fact OF
their having q longer period to run The exchange
I'm question will be made without any disturbance
whatever OF any OF the markets. and it will result
closer approximation in price Of the old and the
new bonds. At the close the market was firm ut the
following quotatiOns:-Regisered, 1881, la 11is;
coupon, 1881, ll44 l143S; 5.20's registered 1862,
l0Sx o 1O9 5-20's, coupon 1852, 1l4% 49, do,
1854, 100% 10; do, 1865, 1114 lily; do 1885,
January and July, 1851 a 1881; do, 1867, 1854
iOs7S; do. 1868, 1887 1855; 1o-4os, registered,
Ioia 104h; 1o4o's, coupon, 1881 10S9S; September
compounds, 1885, l1s4; october do, 1lSI4.
At the commencement OF business the railway
share market was dull and dropping and the early
session OF the open board Erie sold at 4S}s and New
York Central at 124X. At the first regular board the
Volume OF business was light, but prices showed
some little Improvement and on the call New York
Central closed q lower than at the same time yes
serday, Erie e, Cleveland and Pittsburg q, Pa
cihc Mail x, and Western Union Telegraph q;
while Michigan southern was IS higher, Rock
Island 4, Tennessee SKIES, ex coupon, Y, and
North Carolina SKIES, ex coupon, x. Government
securities 1rm but in some instances one-eighth
per cent lower, Five-tweuties OF 1862 excepted,
which were n higher. AT the open board at one
O'Clock the market was dun and heavy, especially
for Erie, which declined TO AK, but after the call 1t
developed hrmer Tone and at the second regular
board Michigan Southern closed q higher on the
call than at the first regular board, Cleveland and
Pittsburg q, Rock Island Ia, Fort Wayne Is,
Milwaukee and st. Paul preferred, 4, and ohio and
Mississippi ~ while Tennessee skies, coupon
wero Il lower and North Carolina skies, ex
coupon, e. Government securities were stong
and 1ve-twenties showed an advance of ~ a
AZ, sales having been made as high as us; while
the more recent issues, known as the home bonds,
were y a u higher. AZ the open board at half-past
three the Western stocks were stronger but Erie
sold down to Az and Pacific Mail was steady at
1o1H 1918. Subsequently Erie advanced to 47ai,
anu the remainder Of the list, although inactive, con-
tnued firm. At the close at six O'Clock the quota
tons were as subjoined:-New York Central, 125%
1857; Erie, AK a AN; Reading, 91Is Ola; Mchi-
gan Southern. s51 a s54; Cleveland and Pittsburg,
seH sesl; Rock Island, 1913 1919 Northwestern
So s3tf; do preferred, So s3.; Fort Wayne, 10sx
losx; Pacific Mail, 1914 101H; Ohio and Missis-
slppi, 2e,. O 2e%; Western Union Telegraph, "a
14k.
The leading drawers OF foreign exchange to-day
further reduced their rate for sterling at sixty days
90 100, owing to the supply of bills, although not
very large. being still in excess OF the limited de-
mand At the close bankers bills on England at
sixty days quoted at 100; at three days, 1O9k
sOex; commercial bills, 1854 1854. Bankers bills
on Paris at sixty days, 6.1s,l 5.16A.
San Francisco journal Of the 18th inst. thus re-
fers to the effect upon the money market there OF the
late advance In gold here TO 1907
The demand for money has been very active during
Che past ten DAYS consequent upon the rise in the
price OF gold In New York to i49k the 7th. THIS
rise naturally induced very strong demand for tce-
graphic transfers, which were freely supplied by the
Institutions up 70 certain point OF the regular rate,
one per cent. There was also q demand for money
with which TO purchase transfers. There was no at
tempt however, TO advance either the rate OF money
or exchange to meet the exigency. IL has been the
that In consequence Of the low rates Tor trans
portatlOn there has been accumulation OF funds In
New York in advance OF the current wants here.
The rise OF nearly ten per cent in gold produced
simultaneous demand for gold credits there which
soon exhausted the supply, and transfers ceased
measurably. There were those willing to pay more
for the transfers rather than miss the opportunity;
but we believe the leading bankers, as rule fol-
lowed the juicous plan oil supplying at the regular
rates as far credits he out, and we should not be
surprised H. in some cases gold had been bought TO
cover transfers with which some customers had been
accommodated.
The amount OF the national debt, without deduct
ing the cash In the Treasury was as subJoined on
Che dates MENTIONED
lsC4 1866.
June .sL7soo3oess Dec. l.... 80, os4 ooSs15