The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-08-14
FINANCIAL AND COMMERCIAL.
THURSDAY, August 10

$1,2s4.46 and the currency balances to S. s3l.
The steamer Hermann, for Bremen took out Sill 437
In specie. and the Havana steamer Eagle $25S 900.
The Sub Treasury disbursed $4,000 in coin in pay
ment OF interest the public debt during the day.
The foreign bankers and other strong parties con-
time 10 be among the largest buyers OF gOld but the
demand Is well distributed, and the indications are
that the premium will gradually rise to about $50.
There tx large speculative ''short" interest
outstanding and this contributes to temporarily
strengthen the upward course OF the premium.
Al the same time the reduced rates OF foreign
exchange operate against any large shipments of
specie the time being, but there Is no knowing
how the surplus bills on the street may be
absorbed and the rates advanced above the specie
shipping point again. The price OF gold at intervals
during The day is thus shown
10 A. M. ........... 147X 46 p. M.......... 147Z
IL 20 A. M......... 147H As p. M........... lax
Money continues abundant at three four per cent
for cal loans On governments and other satisfactory
collateral. and the transactions at five are excep-
tiOnal even where small amounts are borrowed on
misceianr securities. First class houses have
large sW:ia offered to them by the banks at three
per cen5 without reference TO the class of
securitie 1ledged. There is perceptible increase
IN the s.. ppy Of commercial paper, and the best
grade is arce and in request at "a per cent. 1t
is noticeaoe, however, that applications for dis
counts I. II the interior are beginning to come for
ward IN autcpation OF greater monetary activity in
the cOu.sc Of month two when discounts will
be mate with less freedom These discounts are
pracic&y only credit entries in bankers books at
presen', because the money is not wanted now, and
Therefore he banks lose OF their currency. The
country l2aers who ask for this accommodation are
willing 20 pay thirty even sixty days interest for
capital tiicy have for in order that they may
command 1t when they stand in need Of it. The
specai significance.
The ke for speculative stocks continues very
languid ANA prices barely supported. 1t
is to tir interest Of the various controlling
clques, howeyer, that they should not decline
and VITA The abundant resources they are sup
posed 10 have al their command they would pr0ba-
bly, mae Il their business to advance quotations
IN the event of the bears having The temerity to sell
them short TO any considerable extent. IT, on the
other hand the street or the outside public would
obligingy buy enough to make it an induce
ment TO lei the market down Ii would be lowered ac
cOrdiugiy Hence there is no safety in going either
'l0ng' short" AMI the only wise plan for out
sders pursue is to leave the speculative stocks to
the cllques. rumOr has been current for than
week past 20 the effect that the Erie Railway Com.
pany mas leased the Northern Railway of New Jersey,
but as no ocia announcement or this kind has been
made we merely give 1t for what il is worth. 1t is
announced Tor some unexplained purpose just now,
that the Michigan Southern abroad Company has
the right 20 increase its capital from twelve to
fifteen millions OF dollars. 1t is at the same time
stated that II this increase is made it will be In order
to place Tie company in position 20 extend its
road to Akron or to consolidate with the Lake Shore
line, as the interests OF the company may require
The application for injunction to restrain the
company from paying the cash dividend which it
recently declared was denied by Judge Barnard on
Tuesday. that no obstacle now exists to the due
payment OF the dividend in question. The Mr. Samuel
Strong who suddenly left Wall street last week after
overra wing his bank account to the extent of about
$4,000 was yesterday expelled from the open Board
OF Brokers, of which he had been member. The
crop prospects continue highly encouraging and the
yield Of grain this year WILL 1t is expected be greater
than for six years past.
The market for government securities has been
very quic all day, the transactions being more than
usually limited both at the board and the counters
OF the principal dealers. There is no inquiry at
present FOR the eXportablc bonds and all the
issues seem to sympathize with the stagnation
In these IL will be observed that the fve-twenties
OF 1868 quoted fraction higher than those OF
1867, and This preference is attributable to the fact
that they have year longer than the lat ter
At the close prices were generally fraction lower
than at the opening, but 1t will be surprising II be-
n
demand for our national securities attended by a
considerable advance in prices. The quota
tOns at four O'Clock were subjoined
the market being firm at the 1gures:--
Regtstcred 1881, 115k 1l5ta: coupon, 1881, 1855.
1857; 5-20's, registered. 1862, 0sta 1O9H; 5-20's
coupon. 1862, 1l4,s 114,l; do. 1854, ilOl l1ox
d. 1856. 1i2sS 112h; do, 1866, January and July,
1O9z alo9A; do, 1867, 100 q 1907. do, 1868, 109h
. 1924; 1o-4Os, registered 1881 a 1O5K; 1o.4O's,
coupon. los& a 1oe,s; September compounds 1885,
1lsI.; October do, 11s.
At the commencement Of business the railway
share market was dun and heavy and at the early
session of the open board Erie sold at 57s; New
Yorf Central, 1857, ana Rock Island, l12Js.
At the nrst regular board the volume Of
business was unusually light and prices
were without material change On the call
Erie closed x lower than at the time yester-
Gay, Michigan Southern -, Cleveland and Toledo n,
Pacific Mail x, North Carolina SKIES ex coupon. y,
and new issue Il. Government securities were dun
and fraction lower In some instances. At the open
board al one O'Clock the market was inactive and
Erie sold at So. and New York Central at 1881. At
the second regular board the transactions very
limited and prices showed only fractional changes.
At the open board at haifpastthree Erie sold at 57
New York Central 12sH, Rock Island 1llX and
Michigan Southern s51s. During the remain
der or the afternoon the market was dull
and barely steady, and at the close al q
quarter 10 six O'Clock the following quotations
were current-New York Central 121I. 1879;
Erie, 81. 57'.; do. preferred Gejs Hudson River,
1875 a13s; Heading, 9l1 asl7s; Michigan Southern,
s5Sas5't: Illinois Central, 14o a l49ii: Cleveland
and P't,sburg. 81 s7is; Cleveland and Toledo,
100" lol; Rock Island 1ll,{ a 1la; Northwestern,
SIS. as2's; do. preferred s21 s2sa; Fort Wayne,
1oS's 1881; Pacific MAIL 1927 q 1903: Ohio and
Mississippi 2ss q 2ok; Canton Co., 49, AK;
quicksilver, 2l's o 2lx; Western Union Telegraph,
S3H.
The foreign exchange market Is quiet and weak
In tone. although the supply OF bills drawn against
hve-twcnics s considerably smaller than 1t was
two or three lays ago, many or them having been
bought up at the low rates at which