The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-29
FINANCIAL AND CONNER GAL,
TUESDAY. july es--eP. NJ.


TO three and hall per cent for carrying The gross
oiearngs amounted TO 6s2l4dJo, the currency bal
nnces TO $2,64l,44 and the gold balances TO
$1,7SS,04l. The sudden decline In gold to l434 was
due to an error In the press despatch which quoted
fve-twent!es at 1914 1874 in London instead OF 12}s
n 72H and when the correct quotations became
Known gold Immediately recovered to l444. The
speculative feeling in the Gold Room continues
strongly in favor OF higher premium, and the
floating supply OF coin is so small that Its price can
be to great extent controlled by speculative COM
b;natons and the Treasury is poweriess to influence
the premium materially except by good management
OF the fnances including the efficient collection OF
the revenue. The new Funding bill prohibits the
Secretary Of the Treasury from paying any commits
sions upon his sales OF gold or securities and from
this and the fact that the balance OF gold In the
Treasury vaults is smaller than usual 1t Ii generally
supposed that the government will remain out OF the
market as a seller.
The tone OF the market for government securities
bas been decidedly 1rm all day, Notwithstanding
Thar the speculative transactions have been on very
restricted scale. More orders are, however said TO
have received by telegraph than usual OF late,
while tho offerings OF stock both the street and by
parties In the country, have been very light. Now
that Congress has adjourned ii is reasonable to look
Tor increased activity and considerable improvement
In quotations. The German houses continue buyers
OF nyetwenties for shipment, and the plethora
of l0apabe funds makes 1t an easy task 1or
the dealers to carry large amounts. The investment
demand which would have Immediately followed
the disbursement Of the July interest on the public
debt but for the agitation Of the financial question
has not yet been fully felt, and hence 1t Is liable TO
develop itself at any tme for at present prices there
are no other securities Offering the same induce
ments to Investors governments. At the close
the market was steady but dull at the SUBJ
joined quotations:-Re yistered, $751; 1852 115%;
coupon, 1881. 115lS a l152l; 5-20's. registered
1862, ITO 110s; 5-a0s, coupon, 1862 1l43s ll4&;
DO, 1864 111h lll5S do, 1868, 1l2's hex;
do 1865, January ami July 1o94 109's; do, 1857,
l091s 1925; do, 1858, 109S 1o9I; 1Oios regis
tered. 1881 1882; 1c-aO's, coupon, 1888 1857;
July zoos, 100 1895; August compounds, 1865,
I1s1S; September do, 11s; october do, 1i7A.
The railway share market continues hrm but only
moderately active. The prevailing disposition or
the street is however to buy rather than SELL and
there have been large transactions to-day In Erie.
New York Central and Cleveland and Pittsburg for
the next two quarterly dividends which last four
per cent is offered In cash. The other stocks were
comparatively neglected. Tennessee bonds Of the
new issue were bid up to 667S, apparently Tor the
purpose OF making market to sell on. report was
circulated to the effect that the State OF Tennessee
had called upon the government at Washing
ton for twenty thousand troops, but this
probably originated tn the call on the Legislature
Tor that number Of the militia to suppress the Ku
Kiux Khan. Money continues IN superintendent sup
py at three per cent on government securities and
other nrst class colaterals to borrowers In good
credit and at four per cent on mixed coaterals to
borrowers in general. The banks find their Geld for
the employment OF money limited to Wall street. the
applications for discounts being unimportant, and
nrst class commercial paper is scarce and In demand
ct per cent The condition OF ex-
treme ease which exists here prevails In
oil the large cities both East and West
and there Is nothing in the financial prospect likely
70 materially disturb this state Of affairs for an in
definite length Of time to- come. The twenty-five
millions Of new three per cent certificates will sup
ply the place Of the outstanding compound interest
notes as fast as they mature and the fact Of all the
government loans being closed and trade being duh
and mainly on cash basis will cause money to re.
main In good supply In Wall street, while the drain
Of currency westward to move the crops is going
forward although 1t is reasonable to expect an id
vance in the rate of interest to six and seven per
cent? September and October.
At the commencement OF business the railway
share market was nrm but dull and at the early ses
sion of the open board Erie sold at 6e Cleveland and
Pittsburg s9,I and Reading o5x. At the first regular
board prices were slightly higher, and there was
dealings. New York Central closed on the call e
higher than at the same time yesterday, Cleveland
and Pittsburg z, Rock Island y, Fort Wayne Il,
Milwaukee and ST. Paul preferred ", Canton " Ten
nessee skies, ex coupon. IL, and new issue e.
Government securities were firm but inactive. At
the open board at one O'Clock prices were fraction
lower but steady aud after the call their tendency
was upward again. At the second regular board
the market was strong and moderately active, and
New York Central closed x higher than at the first
regular board, Rock Island ~ Canton V, and North
Carolina skies, new issue, Y. Government securities
were dull but steady. At the open board at hafpast
three the market was firm. and Cleveland and Pitts
burg sold at ssA, Erie COZ and Reading s5x. bur-
ting tho remainder Of the afternoon the volume Of
business transacted was rather light, and at the
close at quarter past nve the quotations were a.
suboined:-New York Central 1876; Erie, 90 o 6oH;
Heading o6R o o5k; Michigan Southern, 92k 92k;
Cleveland and Pittsburg, soh; Cleveland and Toledo,
lo2,t I03x; Rock Island, 10sx 1907 Northwestern,
So. s2ys; do preferred, s2h Q s2x; Fort Wayne,
IioS Ilox; Ohio and Mississippi, 30k 30k; Pa
cinc Mail, 1907. loox; Western Union Telegraph,
Ia1%.
The foreign exchange market Is nrm but dull on
ths basis Of 1lok for prime bankers sterling at
sixty days. although the leading drawers ask 1l0H
for small amounts. The suspension Of an old es-
tablished exchange house tMessrs. Abraham Bells
Sous. OF this city Ii announced. At the close
bankers bills England at sixty days wore quoted
at 10 nov; at three days, 11oh nos; CONNER
cia bills, io9x 109x. Bankers bills on Paris at
sixty days, 615 5.12K. On Berlin-Bankers, MA
70: commercial, NIX INK. On Bremen-Bankers'
7sx 80; commercial 1917 7ox. On Frankfort
Bankers. Il AK. On Amsterdsm-Bsnkers',E AK
aux; commercial, Al Az. On Hamburg-Bank-
ers. 80. a as,s; commercial, Sc q 3eS. On Ant
~erp-Bankers', Sis 6.121s; commercias A17h
Sis.
The amount OF legal tender notes outstanding at
Intervals since the beginning Of June 1885, IL thus
shown
1880 1857