The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-08-28
FINANCIAL AND COMMERCIAL.


bic nrmness during the morning 1t afterwards de-
seloped dropping tendency. Erie was moderately
dealt In but the indications that before recover
ng u Is going considerably lower, under the opera
lions OF those who forced the recent decline nom 10
% A. and hence we repeat warning to the public
20 leave 1t severely alone, as IL entirely lacks sup
port Pacific Mail, after advancing to 104, was sold
down to l0l the uleory Of the bears being that tho
stock is not worth more than par even supposng the
opposition to be permanently Withdrawn; but TINS
view Of the case refuted by past experience, and
Chose who act upon 10 on the Stock exchange wiz
De likely to ind themselves ultimately in the wrong
The fluctuations in the Milwaukee and st. Paul
stocks were very slight compared with those OF yes
eerday and th,y reported to be less scarce or
delivery no attempt to effect close 'corner' being
apparently made, although the object In bidding
Ne price up suddenly after the publication OF the
esaer made by Judge Barnard was evidently 10
Brighten the bears into covering their contracts
Fort Wayne continues strong, and street rumor
saws that new combination IL OF work to advance
fts price rapidly, the "short" interest being large
and the stock di0cult to borrow.
Money is In superabundant supply at four per
cent with exc optional transactions on government
securities at three The banks report that they have
O large unemployed surplus and that the demand
for both loans and discounts is on very moderate
scale. The amount OF commercial paper Offering is
The applications for discounts from the West have
almost ceased, and the remitauces to that section
have suddenly been suspended the banks at Chicago
Cincinnati and other local centres having over
supplied themselves with currency. There is
reason to believe that the eflux Of currency from
this city during the two weeks preceding the
present was stimulated by artificial means the
movement being both earlier and on a larger
scale than usual. The design may have been to ad-
rato ~ hnra apJa f tha
time to depress government securities for specula
tive purposes. All approximations OF monetary
sringency this year appear to be unfounded accord
ing to the facts we have to guide US in forming an
estimate Of the future course OF the money market.
Contraction has now been so long suspended that
Che business OF the country has become adjusted to
che volume Of the currency and trade is more than
usually on a legitimate as distinguished from
speculative basis. The power Of the Treasury TO
lock up greenbacks at this centre longer exists,
except to very limited extent, and the fifty mil
lions of new three per cent certificates to be
issued in payment Of the principal and interest Of
the remainder OF the compound interest notes out
standing efectually guards against any disturbance
arising from the maturity Of these notes, as the
certificates exceed the latter in amount and can
be held as part Of their legal tender reserve by
the banks SO far too, as the national finances are
concerned there Is no cause for alarm. The contro
VeESy hDouJ tnc klnV vi CuTTCuCy III WHICH uNc-
twenty bonds payable is INDUCED In only for po-
iit.cal eject, and those who suppose that Congress
will settle the question way or the other before
long are mistaken. There will be- In ell probability,
no legislation the subject, and the ultimate re-
sumption OF specie payments ten or twelve years
hence will solve the question in favor OF redemption
IN gold But meanwhile must expect to hear a
great deal Of political claptrap concerning this and
kindred matters
Mr.. William H. Camp, the manager OF the New
York Clearing House. has just prepared very use
full statement Of the loans, liabilities and reserves OF
the banks Of this city, together with the amount OF
specie held by them and the percentage of specie and
legal tenders to liabilities, ct weekly intervals from
the I'd 0fSeptember 1885, TO the odd OF the present
month.
The gold market has been the whole firm dur
ing the day. although strong efforts were made by
the spectators deprcss for the purpose OF buy
ing what they call cheap gold. The opening sales
were at 144x, following which there was decline to
l44X and O subsequent advance TO 1861. Tie clos.
ing transactions prior to the adjournment OF the
board at three p M. were at 1ii7s, following which
the quotation advanced to 1856 1851. There was
an active borrowing demand for CON- and loans were
made without interest to either borrower or lender,
and at \ per cent for carrying. The gross clear
ings amounted to $e36ss,Ooo, the gold balances to
g. $780, 49, and the currency balances to 1851 il6.
and the steamer New York took out $751; 600 in specie
The price varied at intervals rs follows
10 A. M............l44S 1851 p. M...........l45L
I0:24 A. ..144I 5A5 p. NJ. .1i5j4
Government securities continued very active and
puoyant to-day, and prices experienced further
Advance Of 4 4 per cent during the forenoon. but
subsequently, under sales to realize and also for
speculative effect By the bears, there was slight
decline in the nvetwenes Of 1867 and 1865. AT the
close, however, the tendency again upward, and
the indications are that there will be further
siderable advance before the present movement cul.
inmates, as considerable orders to buy are coming
into the street from parties who have other EN-
ployment for their surplus funds. We extract the
following relative the days business FROM the cir
eular Of Messrs. Smith, Randolph Coz
The market for government bonds has again been
q scene Of great excitement and prices achieved
still further advance. The scarcity OF some OF the
still prominent feature Of the market, and cumi-
mated today In purchases OF 1882 nvetwentes under
the rule against deiansers In delivery under which
Although the cable furnishes daily the quotations
ses m ars ean d or %
vate dispatches to-day furnish the following London
E2o's OF 1862. ........71H 5.2os Of 1866 ......7o
B-20's of 1854. .......69H 10-f0's......."...6 6f
At the commencement Of business the railway
share market was steady at about the closing quota
lions Of last evening, while Pacific Mall was strong
and sold up 104 At the early session Of the open
board the stock declined to 1885, while the rest Of
the market was somewhat dropping, Erie selling at
Esx and New York Central at l2s At the
nrst regular board the market was moderately &C.
tive and steady. On the call Reading closed IL
higher than at the same time yesterday, Michigan
Southern I, Cleveland and Toledo / ~ Rock Island
~, Northwestern preferred *, Fort Wayne, u,
Milwaukee and st. Paul preferred X, Pacific Mail I,
western Union Telegraph *, and Tennessee skies,
new ISSUE Nj while New York Central was u lower,
and Milwaukee and st. Paul u. Government secur.
tiles were active and buoyant at an advance Of Il o