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

Notwithstanding that an increased investment de-
mand Is reported for government securities the
ket here has been dropping to-day in sympathy with
the decline in gold. 1t is apparent however that some
OF the dealers are encouraging the decline for the
purpose of buying stock and it will probably not be
long before decided change for the better takes
place, our national securities being cheaper than any
Others in the country At the close the market rm
at the following 1881, 115x
115k; coupon, 1881, 115A 116; 5-20s, registered,
1862, 109H 1926 5-20's, coupon, 1862 114x 114a<;
do. 1884 11OH q Ill; do, 1885, 1925 11211; do,
1856, January and July, 1883 1Os'; do, 1867 losH
a 1887; do. 1858, 1887 100; 1O-4O's registered,
1861; 1O-4O's, coupon 1O9H; September compounds,
1886, 1181S; october do, lis.
There is no change to note in the condition Of the
money market, the supply Of loanable funds being
abundant to FIRST class borrowers at three per cent
and these relend freely at four on miscellaneous COL
laterals in amounts to suit. The banks have q large
unemployed surplus on hand and the demand for
money is confined almost entirely to Wall street.
Commercial paper Ia in very limited supply, and the
best grade is quoted at 6X per cent, according to
names and the length Of time 1t has to run. The
railway share market was dull and variable and the
course of Erie unsettled its general tendency being
downward and its fluctuations from 5sX to 59H. In
the present demoralized condition of this stock the
public should be careful neither to buy sell It,
ana Tile same Temdrk applies HiOrc Ut less W Ill
speculative railway and miscellaneous shares. The
disappearance Of q member Of the Stock Exchange
leaving deficit Of $4,000 in his bank account has
been the subject Of street talk during the day.
At the commencement Of business the railway share
market dull and dropping, and at the early
sion Of the open board Erie sold at SO q 5ox and
New York Central at 1909. At the first regular
board prices experienced further decline, and the
volume OF business was rather light, but well distr
buted. On the call New York Central closed 11
lower than at the same time yesterday, Erie M
Cleveland and Pittsburg Is, Rock Island ~ North
western q, Milwaukee and st. Paul ~ do. preferred
=. Ohio and Mississippi y, Tennessee skies lex
coupon IL, new issue Ia, and North Carolina
skies NEW issue) X; while Pacific Mail was z
higher. Government securities were active and u q
3. lower. At the open board at one O'Clock Erie
sold at 59k, and the speculative feeling
was tame At the second regular board
prices were without material change, and
New York Central closed 4 higher than at the first
regular board, Erie Y, Cleveland and Pittsburg y
and Rock Island x, while Tennessee skies, new
issue, were u lower. Government securities were
fraction lower At the open board at hafpast three
the market developed declining tendency and 800
shares Of Erie sold at 6sh a 5s%, Cleveland and
Pittsburg sold at ssH and Reading at ok. subse-
quenty Erie, after selling at 5s9, advanced rapidly
TO 69k under large transactions and then reacted to
bsx, and the close the following quotations were
-current:-Pacifc Mail, 1o2k 102K; New York Gen.
trail, 131 q 13l y; Erie 5sx 5s7s; Reading 9lS
Ok; Fort Wayne, 1ook loo16; Ohio and Mssis-
sipp, 20x 2oX; Michigan Southern. se's Sos;
Plttsburg, ssx o SO: Toledo, 1929 1o2,<; Rock
Island, liz 1l2x Northwestern, 50 s2,4 do. pre-
ferred SIX q 50.
The foreign exchange market is weak under sur
plus OF bills drawn against shipments OF nve.
twenties. At the close bankers bills on England at
sixty days we're quoted at 1921 1os's; at three
days, ITO llO,S; commercial, 1881 a 1904. Bank.
ers' bills on Paris at sixty days, SHY a Sis.
The receipts of coin and bullion at this port from
foreign ports ana California In the first seven months