The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-18
FRIDAY, July 17-6 p. n.


sales is only one dollar on every ten thousand dol
lars OF its currency value, whereas tax OF nifty
dollars on every ten thousand in gold would hardly
be excessive The Gold Room Is and always has been
productive OF loss and inconvenience to the mercan-
tile community, who have to pay duties and make
foreign remittances IN coin well as damaging to the
interests Of the country at large by the more less
constant disturbance Of the premium through the
operations of SPECTATORS movements for rise,
alternating with those for fall. Hence II the tax
fails to check the evil referred it will at least
suit in considerable addition to the public revenue.
The fact that gold has to-day sold high as 1857
against only 125 In March, 1866, is a lamentabe
mentary upon the incapacity Of Congress and the
Treasury Department for dealing with the finances
Notwithstanding abundant resources before
and since the date referred to the gold premium,
instead OF having declined has actually advanced
more than eighteen per cent. The case was very
different in England after the battle of Waterloo,
when specie declined steadily to very low pre-
MUM and this result was almost entirely due to the
superiority OF the financial policy OF the British gov
eminent, which strove to build up the public credit
whereas has done little that has not tended to
break 1t down by destroying that confidence which
is the basis of all credit.
Money continues in very abundant supply at four
per cent call, with exceptional transactions where
amount of commercial paper seeking discount is in
considerable, owing to the absence Of speculative
activity in trade, and the best grade is rated at
81 per cent All the local monetary centres through
out the country are supplied with more funds than
they can employ and the glut Of capital here is almost
as great as 1t was q month or two ago. Moreover,
as the banks and SubTreasury at this centre hold
about forty millions Of national bank notes,
the latter particularly form o reserve to
that amount although not counted as
portion Of such in the bank statements.
Hence after the drain Of currency westward sets in
In the autumn, this supply will have to be RENTED
before the legal tenders in the banks will be mater-
ally reduced thereby. The stock market expert
enced further improvement to-day, and there was
good demand for all the leading railway shares, and
especially Erie. New York Central, Reading, and
Cleveland and Pittsburg. The indications favor an
active speculation for rise, which will probably
carry prices much higher than Is generally expected
before the end OF october next The earnings Of the
railways, already much larger than they were last
year, will be further increased by the heavy crop
movements which promised in all sections of the
country.
The revival Of speculative activity in the market
Tor government securities to which referred yes
Ierday. was still more marked this morning, and
prices advanced sharply throughout the list, the
exp0rtabe bonds beng in particularly active de-
mand, owing to the rise in gold. On the two
O'Clock call, however, there considerable pres
sure to sell the nve-twentes of the later issues in
aympathy with temporary relapse In gold from
1889 to 142a4, and prices declined 4 x per cent;
but subsequently the market became strong again
on the street. and the upward course Of prices was
resumed. The option for June seven-thrty notes
having expired the Treasury Department will
redeem them only at par, with the six months OF
accrued interest added At the close the quotations
were as subjoined:-Registered 1851, 1l3Z ia;
coupon, 1881, ia HAS 5-2o's, registered, 1862,
109X ITO; 5-2O's, coupon, 1862, 114,S 114ss do,
1864, Ill 111z; do 1895, 1121% 112x; do, 1885,
January and July. 1ooH a 1904; do, 1867 1904
1097I; 1o4Os, registered, 1o7 1Os; 1o4Os, coupon,
1Osh 1osIs; June 1905, 1OO July 1905, 100 109X;
August compounds 1866, l1sh; September do, lis;
October do, 117Ik.
At the commencement OF business the stock mar
ket was frm and at the first regular board 1t was
strong at advance New York Central closed x
higher oRthe call than at the same time yesterday,
Michigan Southern ~ Cleveland and Pittsburg u,
Northwestern -, Fort Wayne x, Milwaukee and st.
Paul 2k, Western Union Telegraph n, Tennessee
skies, new issue, u; North Carolina SKIES ex cou-
pom, 1, and new issue x; while Tennessee skies,
ex coupon, were y lower. Government securities
were strong at an Improvement Of y per
the market was firm, and New York Central al.
vanced TO 1884, and Cleveland and Pittsburg to
81. At the second regular board prices were some
what Irregular but the market was frm in tone, and
New York Central closed y higher than at the nrst
regular board, Cleveland and Pittsburg y, Milwau-
kee and st. Paul preferred 4, Pacific Mail Y, West.
ern Union Telegraph y, Tennessee skies, coupon,
q; North Carolina skies, ex coupon, q, and new
issue "; while Erie was lower Michigan South
ern 4, Rock Island 4 and Fort Wayne 4. Govern
ment securities were y lower than between the
calls, but active. At the open board at half-past
three the market a fraction lower In some In
stances but IL subsequently became stronger and at
,he close at halfpast five firm at the following
tuotations:-New York Central, 1921 132K; Erie.
o.. . 6Sx; Reading, seh 0s,i; Michigan Southern,
ga92x; Illinois Central, 14sk q $50; Cleveland and
Pttsburg, s6k SOY; Cleveland and Toledo, 103
1BH; Rock Island 1917 q 1915; Northwestern,
TN so; do. preferred, SIX a sly; Fort Wayne,
10k q 1osI; Ohio and Mississippi, 29k; Pacific
Mall 1917 a l02; western Union Telegraph 35x
a5x
The foreign exchange market was firm but dull
during the day. the demand for bills and the supply
of them being equally limited. At the close
bankers bills on England at sixty days were quoted
at 1loh ll0,s; at three days. 1lots 11ox; com.
mercial bills, loeX 10. Bankers bills on Paris
at sixty days, 5.13ai t.12k
Chicago journal of wednesday thus refers to the
easy condition OF the local money MARKET
Money In the local market Is si reported In ex-
cess OF the demand though some " the banks, as
mentioned yesterday, report slight increase OF calls
for discounts and some renewals OF paper are being
made by wholesale goods Dealers who complain
that their country collections slow. borrowers
who can give the proper security lind no trouble
whatever IN getting all they ask for The money il
pressed upon the market by Its and the chief
dhicuty Is IN resist the temptation to let II out for
speculative and novel but plausible enterprises.
Mr.. Camp, the manager Of the Clearing House, fur
nshes the following statement OF the banks OF this
city, national and state institutions included for the
quarter ending July g to which is appended CON-
parison OF the same with that Tor the previous
quarter
LIABILITIES.
AyrTG. (,opuar;so,s.
Capital. ss4ssc9,s ss4,asese3 Dec SSH