The New York herald., 1868-06-03
FINANCIAL AND COMMERCIAL.

L
adjournment Of the board r4O bid, and The latest
quotation on the street was 40 q 14ok. The
steamer Hamm0nia took out 100000 in specie.
There was q ratAer active borrowing de-
| mand for coin, and loans were made mainly
without interest to either the borrower the lender,
the exceptions being at n per cent for carrying.
The gross olesrings amounted to $25,976,00o. the
gold balances to 6ss and the currency balances
to 81, 304 l6. The Sub-Treasury disbursed 500 900
In coin only to-day, In payment OF interest on the
public debt. According to the exhibit made by Mr..
! Schenck, the chairman OF the Committee Of Ways
and Means, In the House OF Representatives yester
day. the actual expenditures OF the first nine months
| OF the current fiscal year were 5,o66, and
! the estimated expenditures for the other three
months sos, 600 900, making total for the year
OF say $S70 017so66 OF this $l4s 1888 s for inter-
est ON the public debt. the revenue for the first nine
months Of the fiscal year amounted to $3.50 1874 459,
| and for the remaining three months the esti-
mated receipts $lo6 100000, making a total
Of $4O5, 794,45s, OF which sl65, ,2os,S74 is from
customs. These returns calculated TO
strengthen the public credit, as they show
that the customs receipts alone for the current
fiscal year are likely to exceed the interest
on the public debt by than forty millions while
estimates for the ensuing year show excess OF
about thirty mill ons.
Money continues extremely easy at four per cent
rites, and the supply of loanable funds stl goes
increasing while the demand, which is limited, is
confined to Wall street. the requirements or the mer
camille community being small and the amount OF
commercial paper making very light. That Of
the best grade is scarce and in demand at So per
cent. "The banks md it impossible to employ all
their surplus funds in loans and discounts, and are
therefore large buyers United States stocks the
sake OF making interest their money. The super
- III
posal OF the Stock Exchange does not appear to
stimulate speculation so far as the outside public is
concerned, but the bull clques thereby enabled
to sustain prices far above the range OF real
values and they fnd little difficulty in advancing
them whenever they choose to add to their load OF
stocks by buying more. 1t is therefore dangerous TO
sell "short' under existing circumstances, and
equally so to buy the cques having full control OF
the market in the absence OF disturbing causes. To-
day the most notable incident has been break in
Fort Wayne from 116 to fl3s, under large sales OF
stock hitherto held for investment in Ohio.
The course OF New York Central was irregular,
and after advancing to 1861 it fell back to Lj41s
Erie sold up to 70 and the rmest OF the railway
shares at the close. Pacific Mail continued TO be neg
lected The market cannot be called dan, but
speculation is confined to the street. led by the
cliques, who produce an artificial activity by means
OF ''washes" and who, having enormous resources I
at their command and large interests at stake, are
deperate and determined enough to stop short OF
nothing likely to accomplish their purposes in whole
or in part.
Government securities were strong early in the
day and the advance of last evening was well sus-
tanned, although there were considerable sales to
realize by speculative holders At the noon call,
however, reaction set in, and during the afternoon
it continued to make progress until fvetwentes of
The decline was apparently assisted by OF the
principal dealers who were large buyers at the re-
duced prices, and at the close the bids advanced
eighth and the tendency was towards Improvement.
The full extent OF the fan was % Y per cent, and
ssshort sales were made Mt one time with consider
able freedom sellers options of from ten to sixty
days, but they were taken eagerly by the deal
ers. The present reaction il the natural
result of the recent rapid advance, but il
will doubtless be Immediately succeeded by
sharp rebound, for all the indications are
Enthusiastically in favor of continued improve
ment until prices reach higher point than we have
yet witnessed for United States bonds. With the
funding of the remaining seventy eighty millions
OF seventhirty notes all the gold loans will be prac
tically closed and the growing demand without any
addition being made to the supply, will inevitably
cause a steady advance in national securities
both at home and abroad. The investment demand
is increasing rather than diminishing, while the pur-
chases by the foreign bankers for shipment continue
very heavy. The rapid absorption Of bonds which
has been going forward in this way OF late has OF
course largely reduced the supply in Wall street, and
| hence the market is becoming more than usually
| sensitive to the investment and foreign demand A
| further rise OF about five per cent ~ considered
probable by most OF the dealers before the present
| movement eliminates and meanwhile the rush TO
buy is likely to continue unabated. At the close the
quotations were as subioned: Registered 1881, liz
a1I2l; coupon. 1881, ll6 q ll6s,; 520s registered,
lO9is l094; 5-9os, coupon, 1862 1l2S Il2A; do,
1864, ll07s 1lOi do, 1865 1905 ll0S do, 1866,
new 1888 a 1884: do, 1867, 1854 1132<; lO-4o's,
registered 1O5 a 10s; do coupon, 1853 l06 1905,
second coupon, 1o9I lo97S; do third coupon, 1099t
| q 10e7s.
| At the commencement or business the stock mar
ket was strong especially for New York Central, and
| at the first regular board there moderate de-
gree OF activity and New York Central closed ga
higher than ut the same time yesterday. Erie "a,
Hudson River "a Reading =, Michigan southern /,
Cleveland and Toledo T. Northwestern =, North
western preferred Ia. Milwaukee and ST. Paul pre-
ferred "a, Pacific Mail 4, and Western Union Tele-
graph Il. while Fort Wayne was = lower Govern
ment securities were strong at an advance varying
from 4 To "a per cent the smallest improvement
being in ten-fortes and the largest in the Ave.
twentes OF 1886. At the open board at one O'Clock
there a break IN Fort Wayne 10 1885, under
large sales OF long stock. After the call New York
Central declined 70 la4H. At the second
regular BOARD prices were from a 20 IA
lower than at the arst board. Erie ex-
oepted whch advanced 4. During the re-
mainder OF the afternoon the market quiet and
without material change and al the close at quar-
ter to SIX the suoioned quotations were current:Pa-
cinc Mail, ss e6h: western Union Telegraph 3sas
SsH: New York Central lS4i. a iSi7s; Erie, oa1.
CO.,. Reading, o5% sSil Fort wayne, ii3H a llsKi
Ohio and Missssisppi certificates 50's 30T; Miohi
gan southern, go. 90 Illinois Central, l4Sii
Cleveland and Pttsburg, ssS ss4: Cleveland and
Toledo, i0a7s 10; Rock Island 81 a gfH; North