The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-06-05
FINANCIAL AND COMMERCIAL.



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THURSDAY, June l-eP. NJ
me gold market was firm and moderately active
TO-DAY up 70 one O'Clock, when an adjournment OF
the Board took place in respect to Mr.. Buchanans
memory; but some OF the members continued deal
anW In the room until late In the afternoon. The
fluctuations were from 1917 to 14Oh, and the closing
price was lio. The borrowing demand for coin was
isas active than yesterday and loans were made
without interest, and at per cent for borrowing
and . per cent for carrying The gross clearings
amounted TO $s7,sSs,O00 the gold balances TO
$&ooS ass and the currency balances to 81 927, Sl5
1hs SubIreasury disbursed $l23,0O0 In coin In pay
ment OF the interest on the public debt The steamer
Bremen took out 600, 900 in specie-making nearly
two millions and half thus far in the week-and
this steady outward drain Is the main cause
OF tho extreme nrmness OF the premium IN
the present settled condition OF public aafrs Amer
lean silver is quoted 1t 6k per cent below gold,
and Mexican dollars are rated at 1881 lo3% In
gold. The stock Of bullion In both departments Of
tho Bank Of England on the 10th OF May amounted
20 &2o 1885, 96 while the amount OF notes IN circula
sion was s2s, e25 $50. Within week Of the corre-
spondng date last year the stock OF bullion held by
che Bank was fl9 so7 The Bank OF France held
the llth u more than double this aggregate, namely
xzsS OOo against fsl 64o. 900 at the same time in
1851, and the supply Of bullion in both institutions
3 again increasing. aftt
tho money market continues extremely easy, and
while the leading dealers In government securities
are abundanuy supplied at three per cent the general
rate on mixed c0llateras Ia four, although
transactions, where small amounts are in
volved are reported In some instances ut Ave.
In discounts the current business is unimportant,
ewing to the small amount OF commercial paper
which is being made, and the best grade passes st
. Q per cent. The supply Of money at Chicago and
the other monetary centres OF the West Ia so large
that the banks there ind difficulty in employing It,
and their balances here are increasing. The glut OF
money In this city would, In the absence Of the pre-
valing active demand for United States stocks, soon
bring about condition OF affairs similar TO that
which has existed In London for a long time past
where many millions OF pounds sterling are lying
idle for want OF borrowers at ~ ia per cent.
The stoc.; market has been unsettled and irregular
during the dag. There was further break Of more
than two pcr cent in Fort Wayne, which sold down
to 1924 under continued pressure to sell real
stock, ana New York Central also declined be-
low 133. lock Island experienced further
recovery from its recent depression and sales were
made as bien as 9sX. Erie was firm at about coz
COX, with moderate transactions. Pacific Mail sold
up to 9s2s after the opening, under speculative
were made before the close at 96s4. The market Is
entirely without outside support and the street Is
loaded with stocks and timd about buying more.
The task OF stimulating activity devolves upon the
clques, VINO, having large resources and important
interests al stake, show great determination in sus
tainlng their respective stocks at prices far above
the range OF real values. The general public Is
aware Of this, and is prudenty avoiding the pitfalls
Of the Stock Exchange and combining its attention
to uationd securities which are relatively far
cheaper than any others In the country and selling
ct prices considerably below what they are worth,
estimating their value by the interest they bear.
This has been broken day in the market forgov
eminent securities, owing in par; to the closing Of
the Sub-Trcasury ut two O'Clock and the formal
adjournment OF the gold room at out OF respect
to the memory OF ex-President Buchanan Strong
efforts were made to bear down prices during the
forenoon by some OF the dealers, who having sold
out. were anxious to buy at the decline but quota
lions yielded very slightly, and there was an absence
or pressure 20 sell in the afternoon while before the
close the market, although quiet. became strong
The Assistant Treasurer bid l03s. for seven-thirty
notes, out did not succeed in getting any large lots
at the price The undertone OF the market for
United States stocks is still very firm, and the
present is only transient lull in the upward
movements. the indications being favorable to con-
"
Arst mortgage bonds of the Central Pacific Railway
Company OF which Messrs. Fisk q Hatch are the
financial agents, were advanced in price to 1903 ana
interest to-day In consequence Of THE Unexpectedly
heavy demand Tor them. The Union Pacific Railway
Company has also made an alteration in its terms OF
receiving subscriptions to its rs, mortgage bonds.
These will be received at par, less the interest
TO July az ak per cent In currency aud until FUR
Their notice the bonds will be dated July l. 1863 The
entire ut that the company VII he authorized
to issue upon the work done up 10 the end OF the
present month already been Sold the sales in four
DAYS having aggregated more than i've millions. The
rapidity with which both Of these companies are
building their respective lines III railway Is sitmu-
lating the demand for their bonds Tor investment.
At the close the subjoined quotations were current
for MISUNDERSTANDING. 1851, liz 1921:
coupon, 1851, 1leX l1es; 5-2o's registered 1862,
1854 q I0y; 5-20's coupon, 1862, liz ll2is; do.
1864 no.. I1O4 do, 1866 1l01s 1loi4; do, 1865,
January and July, lia,s 1isl4 do, 1867. 1884 q
113I; 1O-ios registered 1867 log; 10ios coupon,
1851 r0s; June 1905, 109'l 1927; July 7.3o's,
to9x aI0a q; August compounds 1865, liS4; Sep
tember do. TO-, 1l7sl; October do. do. IlIi4.
At the commencement of business the stock mar
ket was au, aud at the early session OF the open
board Erie sold at 6o1{, Fort Wayne at 111M and
Pacific Mali 10 9sH. At the irst regular board the
volume OF business was lighter than usual Of late
and there was no material change in prices.
New York Central closed u higher than at the same
time yesterday, Erie y, Rock Island =, and Milwau
kee and So Paul preferred X, Whine Cleveland and
Toledo was lower and Fort Waync III. Govern
ment securities were dull and - Il lower. At the
open board ~ O'Clock there was increased ac-
avity AMI prices improved slightly. At the second
regular board Rock Island was strong, but the re-
mainder o, the railway list was barely steady and
New YORK Central closed = lower than at the first
regulM.board, Reading y, Cleveland and Pittsburg
X, Cleveland ana Toledo y aad Fort Wayne 81,
while Rocs Island was Ia higher and Pacific Mail r..
United Siates stocks were steady and quiet. During
che remainder OF the afternoon there was only a
moderate degree OF activity. Fort Wayne ana New