The New York herald., 1868-08-18
FINANCIAL AND CONNER GAL.
MONDAY, August 17-sP.M


MONDAY. August 17-s M.
The cold market was strong at the opening this
morning and the earliest transactions were at 147Is
following which there was an advance to 147I, but
from this point sharp decline to l46t4 took place
under renewed efforts the part Of the bears de-
press the price, the 'shortn interest outstanding
being very large. recovery TO 146% succeeded,
however, and the closing transactions prior to the
adjournment OF the board at three p. M. were at
,a46k. During the remainder Of the afternoon the
market was steady and the latest quotation on the
street was 146H 1863. Coin was In abundant sup
ply and loans were made at 3a 4 per cent per an
mum for carrying. The gross cearings amounted to
s$45 $3.50 900, the gold balances to $1,022,539 and
the currency balances to S1,66i $685. The imports
OF coin at the port from foreign ports last week
amounted to $780, 1902, making total of $4,673,3 364
since the 1st OF January The fact that the Treasury
reserve OF coin has been largely reduced and that the
government will have to disburse five millions IN
payment of interest on the public debt in Septem-
Der, twenty-five millions in November and thirty
three millions in January is of itself calculated to ad-
vance the premium, added to which we have
largely reduced supply in the country at large owing
to the export of more than sXty-two millions OF.
specie and bullion from this port since the lst of
January, while our exports fail very far below our
foreign imports. But paramount TO all other con-
alterations Is the politico financial one in estimating
the future course of gold. The speeches and letters
of prominent politicians of both parties directly tend
to disturb confidence with regard TO the future iDan.
cial policy of the country, while the political eX-
citement attending the Presidential campaign cannot
fail to strengthen the upward tendency Of the pre-
MUM. All this s to be regretted, and 1t furnishes
commentary upon the past legislation of Congress
as well upon the policy of the Treasury Depart
ment the reverse Of natterng to all concerned.
With It's ruinously mistaken financial and recon-
struction policy the country has had narrow escape
from even worse evils than those under which it now
labOrs; but there is no knowing yet what the end
will be. The SubTreasury disbursed S43OOo in coin
In payment Of interest during the day. The price Of
gold al intervals was as foows:-
10 A. M.......... l411k 2.32 p. M.......-... 146A
1872 A. M......... 147A 5:45 p. M.......... 1867
The railway share market has been weak and fe-
verish, and after the first regular board there was
break below rs in both Northwestern common and
preferred while New York Central declined to 1876;
but gradual improvement succeeded, although an
unsettled feeling prevailed all day. The bears made
capital out of the unfavorable bank statement; but
while money remains as cheap and abundant as it is
at present is straining at gnat to argue that this
is cause for immediate decline. Railway
shares are artifcally supported to a great extent
by the cliques and hence prices do not rest
upon very reliable foundation, and the heavy break
In Erie has demoralized the bull element IN the mar
ket but these considerations are distinct from those
affecting the supply OF money.
At the commencement of business the railway
share market was heavy, and at the early session OF
the open board Erie sold at 52A, New York Central
1858, and Cleveland and Pittsburg, s5k. At the
first regular board there was moderate degree OF
activity, but prices were yielding, and on the call
New York Central closed lower than at the same
time Saturday, Erie "a, Cleveland and Pittsburg
1H, Cleveland and Toledo /, Milwaukee and st. Paul
preferred TX and Pacific Mail /, while North Caro-
lima skies, ex coupon, were 4 higher. Government
securities dull and barely steady at the decline
OF Saturday, ana at the noon call they were frac
ti0n lower. After the call the railway share
market fell into state Of semir anic,
and Northwestern common and preferred declined
for a moment below rs, New York Central to 125 and
other stocks in nearly the same proportion; but
at the open board at O'Clock there partial
recovery, and Erie sold at 81 ~ New York Central
1863 and Rock Island at 9SS. At the second regular
board the market continued to improve, ana on the
call New York Central closed 4 higher than at the
first regular board, Reading Il, Cleveland and Pitts
burg Z. Milwaukee and St. Paul preferred q, and
North Carolina skies, ex coupon, Y. Government
securities were heavy at further decline Of y 4
per cent except for the fvetwenties Of 1864, which
were steady At the open board at half-past three
prices yielding again; but later in the day the
market became 1rmer, and at the close at six O'Clock
the quotations were as subolned:-New York Gen.
tra, 1861 1861; Erie, 623S 521z; Reading, 9o's
COZ; Michigan Southern, s3h S3Ss; Cleveland and
Pttsburg, 88x a s6%; Cleveland and Toledo, 9sh;
Rock Island, 90 q 994; Northwestern, SOS S07i;
do. preferred, s0,a sOS; Fort Wayne 1919 1928;
Ohio and Mississippi %; Pacific Mail, 1O14 1o2;
Western Union Telegraph, "a a 3iH.
The foreign exchange market continues quiet
and there are fewer bills drawn against Ave-
twenties being offered for sale. At the close
bankers bills England at sixty days were
quoted at 1O95s 109h; at three days, 1927 1091s;
commercial bills, 1851 100. Bankers bills on Paris
at sixty days, 6.1s1l SICK. On Berlin--Bankers',
71H 71H; commercial, 7I1 q 7l1z. on Bremen
Bankers, 79A a 79s; commercial 7sA 79IS. On
Frankfort-Bankers', 4oss 40N. On Amsterdam
Bankers, 40x q 4o7S. On Hamburg-Bankers', SO a
36H; commercial, 35% a 357S. On Antwerp--Bank-
ers, 5.1SK 5.16A; commercial. 5.221 a 5.1s9f.
COnsos and Ameri can securities were quoted thus
in London to-day and the previous dates men,
toned
Aug. Z. aug. IL. Aug. L.
Consols observation-disclosures. 035S e5I %
Fve-twenties. .............. IN IL uI
Illinois Central. ............. 02H 92,4 91k
Erie. 3S 81 341i
Government securities have been persstently
hammered by the bears during the day, the result
being further decline Of q y per cent, but there
are no stocks coming into the street from outside
sources, and the Indications that the present
artificial depression will be followed by a brisk up
ward movement the reaction being proportoned to
fail -