The New York herald., 1868-05-22
FINANCIAL AND COMMERCIAL.


THURSDAY, May N-6 Pm.
The gold market has been firm to-day but quiet
and the fluctuations were limited to an eighth per
cent-namely, from 1asA to 1897, with the closing
transactions at l39X. This is the smallest difference
between the highest and lowest price Of gold on any
business day that have had to chronicle since the
estabIishment Of the gold room. There was mode
rate borrowing demand for coin and loans were made
at So per cent per annum for carrying. The gross
clearings amounted to $22 00o the gold balances
to 800 and the currency balances to e26S5 1885,
The steamer Deutschland took ont $46 500 In Specie
making total thus far In the week Of sl,s62 eeS.
The disbursements In coin In payment Of the May
interest on the public debt at the Sub-Treasury
amounted yesterday to $2l5,oOo making total Of
$1A, 900 since the LIST inst The conversions Of
seven-thirty notes into fvetwenty bonds to-day ag-
gregated $2l24, ESQ., while $75oo0o OF compound in
terest notes were redeemed making total Of $17,-
since the 10th inst, the date OF the maturity
OF the May notes. Nearly the whole of the
authorized nfty millions of three per cent
certificates have been already paid out
IN redemption Of the principal as well as payment
OF the interest Of these notes. The resolutions rea
tive to the finances reported by the Committee on
Resolutions to the Chicago Convention are calculated
to strengthen the public credit; but they are not
likely to depress the gold premium under the exist
being alone sufficient to hold 1t steady. The third
resolution denounces all forms of reputation as
national Crimes the fourth declares that taxation
must be reduced as rapidly as possible, the NTH
demands Of Congress the reduction of the
national debt and the sixth and seventh declare
that the government must be administered with the
strictest economy. These point to policy which
would tighten the burdens of the people and at the
same time so far improve the public credit as to
materially appreciate the value Of our national
securities.
The supply Of loanable funds at this centre is
steadily increasing and loans stock colaterals
made freely at per cent the majority Of transac
tions being at the lower figure, while balances are
aeft with the leading dealers in government secur
ties In some instances at four The latter have
much more money offered them at five per cent by
the banks than they can use and hence they are en-
abled to carry their stocks with great facility while
lenders are forced to allow portion of their surplus
capital to remain idle to become purchasers Of
government securities, the demand for loans from
the Stock Exchange being light, owing to the dull
ness OF speculation in railway shares. There is a
very limited amount Of first class commercial paper
being made, and 1t passes readily at 81 on per
cent discount
The stock market was firm throughout the day.
md prices advanced slightly, under somewhat
more active speculative movement than usual Of
late In few stocks, including Pacific Mail, which
nuctuated between 9lK and 92k, the report OF the
president Of the company and the auditing commit.
tee having been without effect upon its price, the
tendency Of which is at present upward from
some cause not apparent on the surface Of
aatrs. The president in his report says that the
aations Of his company with the opposition remain
unchanged and that with such knowledge Of and
experience in the he has been able to acquire
In ho nQith nica
with 1t, In his judgment, which would not prove a
greater evil than continuation Of the struggle for
the object Of compelling Its withdrawal, result
which he believes can be obtained, but only
ny unninching frmness and an unrelent-
tng persistence In the present policy. 1t
does not follow from this, however that the opposi.
Zion viii last as long the life Of Methuseah. The
speculative feeling with respect to railway shares s
tame and the market for them entirely lacks outside
support, but the extreme abundance Of money and
the prospect Of prolonged monetary enable the
cliques to sustain prices without difhculty, and
should they become large buyers these'would tenn
porarily advance. With any attempt on their part
to sell, however, relapse would ensue, the number
of operators being too limited to absorb considera-
BILE amount Of any one stock without break in it.
To the outside observer the market is still without
any decided feature.
Government securities continue to be very actively
dealt in and the tendency Of prices is still strongly
upward. The home investment demand is unusually
heavy, and this is mainly for the fvetwenties OF
ase7 which carry interest since the LIST of January
and are about three and quarter per cent lower
than the bonds Of 1862, and one and half per cent
below those of 1894 after the accrued interest In each
ease is deducted Allowing nearly four per cent In
currency for the accumulated interest 1t will be
that the bonds Of 1867 selling at 1868 1oeX
only, and there Is consequently wider margin for
rise In these than In any other Of the six per cent
stocks. There has been sharp inquiry for ten-forty
bonds, supposed to be on foreign account,
the result Of which was an advance in the
price to 104X 1o4X, against 1o4h 1o4,I
hate yesterday afternoon. The banks have been
buyers to large amount for the sake Of finding
ployment for their surplus funds, and the same re-
mark is applicable to the trust companies and other
corporations. The removal Of the suspense with
which the result OF the impeachment trial was
awaited has at the same time stimulated the demand
for the reinvestmen of the May interest the pub
Tic debt from parties who before held back, while the
langour Of speculation in railway shares has turned
general attention to governments and the volume OF
speculative business in them Is therefore very large
All the indications continue to be favorable to
o considerable further advance, even IL q
plank is not introduced In the platform
adopted by the Chicago Convention against the pay.
ment Of the principal interest OF the national gold
bearing debt in anything but coin At the close the
market was buoyant at the following quotations.
Registered, 1881, 114H lis; coupon, 1881, 114X q
a1sk; S2os registered 1862, 1904 lor; s2o's cou-
pom, lso2, 1oex ITO; do. 1854, losk a 1os7s; do
1Seo, loSk 1oskj do 1896, January and July, 1lox
o llok; DO 1861, 11oH Q hoy; 1o4o's registered
1o4K Q 1o4k; 1o-4o's coupon, 1o4x q 1o4X; June
1905, los losk; July. 1905, los o 1osH; August
compounds, 1896. llss 1lsI, September do, 1l1x
iI8. OctOber do. I17L 1I7N