The New York herald., 1868-08-19
FINANCIAL AND COMMERCIAL.
TUESDAY, August ls-sP.M.

advanced to l46S, following which 1t gradually de-
clined to l45T under the hammering OF the bears
assisted BY sales OF ong" gold by houses and opera
tors carrying railway shares and governments which
bad deprecated on their hands. The closing trans
actions prior to the adjournment the board at three
r. NJ were at l451s and subsequently sales were
made as low l45 but the latest quotation on the
street was 145H l45K. Loans were made at 8
per cent per annum for carrying. The volume OF
business was large and during the latter
| part OF the day considerable excitement
attended the dealings The gross cearings amount
ed to $4,000, the gold balances to l623, 757
and the currency balances to $2,52s,5oo. The
premium has already been declined SO far that
! sharp upward reaction is invited. the short" nte-
| rest outstanding being very heavy. The steamer
C1mbria, for Hamburg, took out $ls3,67l IN specie,
and the SubTreasury disbursed s51 900 In coin In
payment Of interest the public debt. The price of
gold varied at intervals as follows:-
10 A. M........... I46H 2:3) P. M......... 1457s
1880 A. NJ ......... 146's $3.50 r. M.'...... i4o*
This has been day OF great excitement on the
Stock Exchange, owing to further decline In Erie
60 4SA and q sympathetic movement In the entire
railway list. Margins consequently weakened,
and forced sales OF large amounts OF stocks took
place. There is no more reason however, why
stocks should decline at this particular time
than there was three months ago. The
bear element Is noticeaby active in all the Wall
street markets just nOw and the losses Of the street
have Of late been enormous, particularly In Erie,
which has declined more than twenty per cent al
most within many days. The market for Erie Is
beng manipulated at present by Daniel Drew and
few others In manner well calculated to swindle
che street, and the outside public will do well to
leave it alone.
Money continues in abundant supply at four per
cent for call loans to the Stock Exchange with
fiNpa fran efiA ot and five nor
In the discount line there considerable frmness
and the supply OF commercial paper Is larger than
usual OF ate the best grade being rated at per
cent according TO the length Of time 1t has
TO run. The disposition to realize on stocks reflects
to some extent the feeling of apprehension which
prevails in relation to the future OF the money
market and In this connection 1t Is well to say that
all fears of stringency through the operation OF
natural causes at any time this year are un-
founded. We shall merely have healthy demand
for money six and per cent in October and
part Of September, and the indications are that
the supply will be more than equal to IL even when
the dram westward is most felt The Treasury will
not In former years interfere with the free circu-
lation OF the currency. 1t has ceased to be bor
rover and 1t has no gold TO SELL and consequently
its operations can have no effect In disturbing
Che course of monetary affairs. Then, again,
currency contraction having long ceased, the
trade Of the country las become adjusted
to the present volume Of the circulation,
and full provision is made for the redemption Of the
nfy millions or less of compound interest notes
standing by the issue OF fifty millions Of three per
cent certificates which be held legal tender by
the banks. Moreover the general trade of the coun-
try is without any speculative features, and the inte-
. rior demand for currency this autumn will be con-
fined almost entirely 10 the West for the movement
OF the crops.
In the market for government securities an i'm
proved feeling and larger volume of business was
generally reported although at the close prices
= fraction lower than last evening. The leading
dealers are sill enabled to borrow at three per
sent, but the disposition of the street is to
discount higher rates, and in this way very heavy
"short" interest has been created which will mate
tally assist the upward reaction which must inevi-
ably follow the present depression. At the close
.he market was quiet at the following quotations.
Registered, 1884, ll3N ll41s; coupon, 1881, 114>4
t14h; 5-2os, registered, 1852, 1851 1OsA; 5-2O's,
coupon, 1852, ll31s 1l3ls; dO 1864, 1885 1Os7I;
TO-, 1865 1l1H l1lA; do 1s65., January and July,
to7A 10S; do 1867, 1914 1878; dO 1868, 1913 o
tO7; l040's, registered, lO3% l04; 1O4os, coupon,
= toSH q 1oSH; September compounds, 1866, 1l8H;
koctOber do, 11s
At the commencement Of business the railway
Ihare market was dull and heavy, and at the early
session Of the open board Erie sold ut 521a, New
York Central 1864 and Rock Island co. At the first
regular board the volume OF business rather light
and prices had dropping tendency. On the call
New York Central closed u higher than at the same
lime yesterday, Cleveland and Pittsburg u, Milwaukee
md St. Paul l, DO preferred IL, Pacific Mail l, Ten
nessee skies, ex-coupon, u and North Carolina skies,
ex-coupon, q, while Erie was y lower. Govern
| nent securities were dull and a 4 lower. At the
open board at one O'Clock the market was active
put weak, and Erie was pressed for sale at 61's
5IX and New York Central at 125h 1854, while
Fort Wayne declined to 1851. At the second regu-
ar board the market was weak and New York
Central closed Il lower the call than at the first
regular board, Erie ~, Michigan Southern l, Cleve-
land and Pittsburg u, Rock Island *. Fort Wayne
'ix, Milwaukee and ST. Paul Y, do preferred u, Ohio
md Mississippi y and Pacific Mail 1. Government
securities were u lower and dull. At the open
board halpast three stocks pressed for sale
and further decline In prices took place. After
wards the pressure to sell increased and Erie
declined to 4sSl while the entire list weak. At
the close at few minutes past six O'Clock the
quotations were as subjoined:-New York Gen.
trial. l22l 1925; Erie ASK; Reading, ssk q ssX;
Michigan Southern, 50 q s2x; Cleveland and
'ittsburg, 81 s44; Cleveland and Toledo es osk;
Rock Island, 97I e7k; Northwestern, soH q so,s;
DO preferred, soh son; Fort Wayne, 1o4t< 104si
Ths foreign exchange market is quiet, and although
the supply OF bills the street has been largely re-
duced the rates without Improvement At the
close bankers bills on England At sixty days were
quoted at 1o9k l091s; at three days, loos 1o9%;
commercial, 10sh 100. Bankers bills on Paris
LAT sixty days, 5.1s% SIG. On Berlin-Bankers,
I71H 717s; commercial, 71k ny on Bremen
Bankers, 59A T9AS; commercial 7sA 7eH On
rrankfort-Bankers', 4oas a 4o1s. on Amsterdam
Bankers, 4o3. 4o5S; commercial, 4o1s 4oh. On
|Hambury-Bankers, 80 a36ts; commercial, 35x q
|s5%. on Antwerp-Bankers', 5.lsI SICK.
Consos and American securities we're quoted thus
I'm London to-day and on the previous dates men,
I1oned:-
Aug.S. A,t1 IL. dug. Is.
IConsols. .................g g2ys p3stag3I %
.Five-twentics. .......... 7l% 7i8a- 71x
| ILLINOIS central. o2h 92 n vi
Erie. rie..................... IS 36ka- ssI
The President OF the Mechanics Banking Associa-