The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-08-15
FINANCIAL AND COMMERCIAL
FRrpAy. August la-sp.M. ,

price at T. NJ. subsequently there was less pres
sure to sell and more disposition to buy and q re-
covery TO l47S was the result but relapse to I4ey
succeeded, and the latest sales the street at
this figure. The market has very firm undertone
Notwithstanding the decline this afternoon and as
the aspect OF affairs France is cons>ued war
like by some OF the foreign bankers this Is not wholly
without influence upon the course OF the premium
The reaction just chroniced mas strengthened the
market for further advance, looking at it from a
speculative point OF view; but all these sudden
fluctuations are adverse to the interests Of the
munity at large. There was moderate borrowing
demand for coin, and loans were made at from two
20 six per cent for carrying. The gross cearings
amounted to s8s,s77, ooo the gold balances to
$l,556,773 and the currency balances to s2,4i5,sS9
The SubIreasury disbursed s75, 900 in coin Ia pay
ment OF interest the public debt during the day.
Tie price OF gold at intervals varied as under
stated:-
10 A. M............ AS p. M............. 146A
1890 p. M.......... AK 5:15 P. M......... 1867
There was somewhat better demand for money
to-day than usuai Of la e. bat the supply SUPER
abundant at four per cent on CALL with excepuonaI
transactions at three, three and half and Ave
Some remittances OF currency the West have been
made within the las few days and this has led to
the belief IN some quarters that the verge
OF change in the coudton Of the money Inarket;
but this Is not well founded although it Is reason
able to look for less stagnaton in both monetary and
mercantile affairs nthe iuture than We have had in
the past. Chicago Journal before us, dated We'd
nesday last, Says there has been noticeable i'm
provement in all branches of general trade since last
week. and country ord srs liberal but the revival
has not yet reached any department of trade in the
city requiring large amounts of money. Grain
shipments to the seaboard light as yet,
and although Of the banks report an
increased city demand for accommodation the ma
Jority fall to remark any. Nevertheless, counFy
ders for currency large and steadily on the in
crease. Inasmuch however, az the supply of loan
able funds IN Chicago and other Western centres is
very large and far in excess Of the demand all fears
Of monetary disturbance in that section or else
where are premature. We shall merely witness
moderate degree of activity, and this viii be more
healthy sign than inertia. The demand for dis
counts at this centre Is very limited ana comes main
ly from country merchants and bankers who are not
In immediate need OF the money The best grade OF
commercial paper is quoted at 51a per cent.
There has been bear attack upon the market for
government securities to-day, under which prices
yielded from to z per cent; but the probability is
that the sellers will reverse their tactics bear
operations looking to permanent decline prema-
ture at the present time. It's noticeable that there is
pressure to sell by the outside public neitheris the
investment demand large while shipments of bonds to
Europe are temporarily suspended, owing to the diff
fculty of selling the bills OF exchange drawn against
them. Messrs. jay Cooke Co.'s circular contains |
the following remarks relative to the days bust
ness
The government list has been sold down steadily |
all day. The movement Is artificial and in advance |
ply OF bonds from the country and the sales banks
and savings institutions, whose money Is required
dealers have been out OF Stock and some of them
short" ana, therefore, to make lower prices has
nothing, and the only sellers to-day have been the
smaller operators, VINO are always more eager to
with largest transact ons In domestic bonds Nothing
dong by shipping houses. .London quotations OF
bonds lsS) Simply reflect the fluctuations In gold
and exchange here
At the close the quotations were as subjoined:-
Registered, 1881, lis ll64; coupon, 1881, 1861
1861; 5-2os, registered 1882 1oSal a 100; 5-2os,
coupon, 1862, l143s ll4h; do, 1864, 1923 109A;
do, 1855, ll2 o l12H; do, 1885, January and July,
1881 1887; do, 1867, 1881 loS1s; do 1868, 1881
1Osh; 1o-40's, registered, 1851 1857; 1o-aO's,
coupon, 10s7S 100; september compounds 1885,
1ls1; october do, lis.
At the commencement OF business the railway
share market dull and barely steady, and at the
early session of the open board Erie sold ut SIX,
New York Central l2sS and Rock Island 111X. AT
the first regular board Adams Express shares were
pressed for sale and sharp decline to 4sai was the
result against So on Thursday on the call. Cleve-
land and Toledo Closed x lower than at the same
time yesterday, Fort wayne u, Tennessee sixes
issue, q, and North Carolina skies, coupon, rs;
while Hudson River was higher. Government Sc
curities were on,red down FOR speculative purposes
by some OF the dealers, and prices showed decline
ranging rom an eighth 10 half per cent. at the
noon call there q further decline OF from an |
eighth 20 half per cent. AZ the open board at
O'Clock the market AZ weak, and Erie which hal
previously experienced brea. to 5iJs, sold at 55Is
while New York Central sod az 1878 and Adams
Express at 4s&. At the second regular
board Erie suffered further decline to 53&
and the whole market was heavy and unsettled.
New York Central closed on the call 7S lower than
at the first regular board Erie ~, Rock Island ~
Fort Wayne "a, Milwaukee and ST. Paul ~ and pre-
ferrcd 7S Government securities were STEADY at the
further decline OF J. u r cent previously referred
TO. The pressure OF sales which caused the decline
cOnlned entirely to few Of the dealers, who 1t
is supposed are anxious to buy cheap stock. AT the
open board at half past three prices had downward
tendency, and subsequently Erie broke TO 81 In the
midst OF great excitement and then reacted to 52L
at the at six COCK the quotations were as fol-
iows:--New York Central, 1865 126k; Erie, sax
.52x; Ecadng, soX go%; Michigan Southern, 81 a |
sax; Cloyoand and Pittsburg,' S5X SO; Cleveland
and Toloao, ogK COX; Rock Island. 1l1H NIX;
Northwestern, s2 s24; Northwestern preferred,
SIX slX; Fort Wayne, los; Ohio and Mississippi
% "a COX; rncinc Mail, lo2 l02J<; western Union
Telepapn,3ak 33n.
The foreign exchange market is quiet and rates
are without Improvement Notwithstanding the
diminished supply OF bills, the demand from import
and Others being for the present light. An i'm
proved demand and advance in rates Is, however,
liable to be felt at auy time. Bankers bills on
England az sixty days we're quoted at the close at
10a& 1o9A; at three days, 1923 lO99t; CONNER
ciai bills 1917 ios. Bankers bills on Paris ut
sixty DAYS, DISK a 5.154.
ConsOli and American securities were quoted thus
In Londoa today and the previous dates men
toned ff1 iti
Aug. Aug. g. Aug. IA.
onsoi5......"........e4,s a0iX % oiX
fNe-tW Cutins. .........I2 al 7Ia1
Illinois Central. ok 0I