The New York herald., 1868-08-20
FINANCIAL AND COMMERCIAL,


were rom lAAE 70 l45A, with the closing transac-
eions prior to the adjournment OF the board at p
Il ct l4sH following which the price was ham,
mered for speculative effect to l44x q l44x. The
men who did all they could to put the price above
400 for the purpose OF selling out upon the
public and the street at the advance are now
doing their best to force an artificial
decline In order that they may profit
oy the violent upward reaction which must follow.
Ine reputed leading bulls. while representing to the
street that they were buyers Of gold have been re-
Gently bearing the market for the purpose Of buying
at lower figures preparatory to fresh upward
movement But 1t would be well If the half dozen
vagabond foreign and native bankers, who make 1t
their business to manipulate the price Of gold and
swindle the public and the street, were
indicted a. conspirators against the public
credit and lodged in penitentiary for
. season, for pickpockets and burglars are COM
paratvely harmless and respectable members OF the
community. What is most necessary in the standard
OF values s stability and such fluctuations as we
have latterly experienced are entirely inimcal to
them. All kinds OF trade reduced to species OF
gambling when gold suddenly rises from 140 to 100
and falls back just as quickly to where 1t started
FROM The speculatOrs care nothing whether gold
goes up down, for they have their profit either
way and frequent and violent fluctuations are what
they most desire. Such class of men would not
have been tolerated in England during the period of
specie suspension there and the eXs ence OF gold
room would have been prohibited. There s no
reason why such an incubus should be suffered to
exist here, and the sooner the disreputable den Is
broken up the better. Loans were made at 5
per cent per annum for carrying. The gross
clearings amounted to $s0,231 ,OOO the gold
balances to sl,sSe715 and the currency bal
ances to $3,469243. The steamer Russia for
Liverpool took out $4,000 in specie, and the Sub
l,ol.
interest during the day. The price Of gold varied as
follOws:-
40 A. NJ: ..145h 3P M.::. ..!5H
1010 A. .l451s $40 p M.......... .144&
The railway share market has been feversh and
at intervals weak and excited since the opening,
mainly owing to the continued decline in
Erie, which Is being sold down largely
by the present directors Of the company,
but apparently without reference to the recent ope-
rations OF Mr.. Drew In the same direction. The re-
port that the Erie transfer books had been closed
this afternoon preparatory to the annual election
took the street by SURPRISE and fall in the stock
AK was the result from which, however there was
rally of one per cent The purpose Of the present
directors In closing the books was construed sgni
0cant Of their intention control of the Compa
ny, possible at all hazards, and for weeks past
It Is known that they have been transferring large
amounts Of stock to their own names. 1t was not
generally expected that the books would be closed
prior to the 18th Of September, and the course
adopted may be designed to arbitrarily shut Off op-
position to the reelection OF the present board.
There ia no change to note in the condition of the
money market. Call loans are made freely at four
per cent on mixed collaterals and In instances
on governments at three and three and half while
1rst class commercial paper quoted at from six to
seven per cent according TO the length Of time 1t has
to run.
There has been q further improvement in the mar
ket for government securities although at the open.
ing prices were slightly lower than the close last
evening There was decided change for the better
later the day. but the advance stoutly resisted
by some OF the Dealers who took the initiative in the
bear movement. Prices are now about two and q
half per cent lower than they were week ago, and
Tor this decline there Is no legitimate More
over, they are nearly two per cent lower than they
at this time last year. At the close the market
was steady at the subjoined quotations:-Re-
gistered, 1881, 1131s 11sa; coupons, 1881, 1884
ia; 5.20's, registered, 1852, l0SK 10sK; 62o's,
coupon, 1862, 11sX 11sX; do, 1894, 1osz 100;
DO, 1885, Ill 1111S; do, 1885, January and July,
1O7xa 1O7s; do 1867, 1o7,< 1O7,t; do, 1sos lo7X
1o7x; 1o-4o's, registered, 1887 1O4; 104o's,
pom, 10s,I a 1OsK; September compounds, 1855,
11s<; October do, 49, Messrs. Jay Cooke & Co., in
their circular, thus refer to the days business-
The government market has been active especially
In the latter Issues OF nvetwentes. 1S67s sold down
so % to S 70 ' has
growing disposition to buy, and good deal Of quiet
purchasing at the low figures all through the list
We also have few buying orders from out Of town,
parties counting upon recovery after q decline
within the week Of ~ o per cent. In shipping
bonds very little is doing.
At the commencement OF business the railway
share market was weak and sales Of rie were made
low as 4sH, but at the early session Of the open
board prices showed improvement, Erie selling at
<9k, New York Central at 122a, and Fort Wayne at
1o4X. At the first regular board the volume Of bust
ness was moderate, and prices were without any
material change. On the call New York Central
closed 3K lower than at the same time yesterday
Eric 1H, Rock Island ~, Fort Wayne IL, Ohio
and Mississippi y, Pacific Mall ~, western Union
Telegraph Il, and North Carolina skies, ex coupon,
AZ. Government securities were dull at decline OF
xax per cent from the prices current yesterday
morning. At the open board at one O'Clock
the market was steady, and at the second
regular board prices were slightly higher.
On the call New York Central closed higher than
at the Arst regular board, Rock Island ~, North
western preferred r. Pacific Mail ~ and western
Union Telegraph r. while Milwaukee and st. Paul
was Y lower Government securities were steady at
an advance Of y AK. At the open board at half
past three Erie sold down to AK upon the announce
'ment that the transfer books Of the company had
Deen ciOseu preparatory W sno anhuoi eoSuon vi
the 18TH Of October, while New York Central sold at
122k, Reading ssk, Pittsburs IS, Michigan Southern
say, Rock Island s7X, Northwestern sOx, and do.
preferred soH. Subsequently Erie sold at 47k In the
midst Of great excitement but at the close at six
O'Clock the following quotations were current, the
market being at the time quiet at partial recovery
from the lowest prices touched:-Ncw York Central.
12sx 123k; Erie, Ask . Isk; Reading, ssk 80;
Michigan Southern, sax SO; Cleveland and Pitts
burg, esx s6K; Chicago and Northwestern, sox
sosx; do. preferred, sox sox Rock Island, ssk;
Fort Wayne, 1857 1oSx; Pacinc Mall, 1oo)< looK;
Western Union Telegraph "a 34k.
The foreign exchange market II quiet and nomi-
naly steady, At the close bankers bills England