The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-24
FINANCIAL AND COMMERCIAL.


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THURSDAY, July 23-6P.M.
The gold market has been steady and rather quie,
to-day and the fluctuations were from I4sh to 143x
with the closing transactions prior to the adjourn
ment OF the board at l4Sx, following which there
was no change In the premium. The supply OF coin
for immediate delivery was in excess OF the borrow
ing demand and loans were made at rates varying
from ~ to per cent for carrying The gross clear
tngs amounted to $43,s44.OOO the gold balances to
$1,617.S71 and the currency balances to s2324So4
The steamer Bremen took out $685. in specie. ON
the Stock Exchange there was a moderate degree OF
speculative activity In railway shares ana prices
were without material change. although late IN the
afternoon q slight decline was experienced. The
temper of the street continues favorable to higher
prices.
The market for government securities has been ex-
tremely dull all day. At the opening prices were
about the same at the close last evening, but at
the noon call there were moderate sales to realize
under which decline OF Il 4 per cent took place,
except In the skies OF 1881, which remained firm
der the foreign demand. Five-twentes were steady
In both London and Frankfort. Advices from WASH
lngon continue to indicate the deeat OF the Funding
BILL a. 1t Is considered impossible for both houses to
agree upon any measure Of the kind, and. all things
taken into consideration, 1t Ia much better that
Il should be defeated, although practically
pabSbBo same
lts defeat for as 1t makes the conversion Of the out
standing bonds into the proposed new loan optional
the result would be that one would convert under
the act and therefore it would remain dead letter.
We have had enough financial tinkerIng in Congress
this session, and in view OF the ignorance displayed
BY that body In dealing with the fnan-
cial question 1t had better leave matters
"a they are instead Of making them worse.
What the country stands most in need OF
as increased confidence in the public credit, and
CHS can only be produced by, among other things,
economy In the national expenditures and efficiency
and honesty in the collection of the revenue. Thus
far Congress has done a good deal Of mischief by
unsettlins confidence in the value of our securities
without comforting any corresponding advantages
while the policy of the Treasury Department has
been equally bad. Consequently with all our abund
ant resources gold Is 14s, against 125 in March, 1885,
The case was very different in England after the
termination Of her wars with Napoleon and the
superior result there achieved was due mainly to her
financial policy, which compelled steady decline OF
the gold premium after 1915, and q resumption
OF specie payments in 1921. Yet the resources
Of Great Britain then were inferior to our
own at the present time. With good financial man.
agement our bonds ought to command far higher
prices than they have yet touched, and ultimately
they will doubtless DO 3d. At the close the market
1881, 1855 11Sx; coupon 1881, 1l5A 1861, $685.
registered. 1852, 1927 ITO; 6-2O's, coupon, 1862
l14k 1143s; do, 1884, l11s HIS do, 1895, 1l2H
1l2k; do, 1885, January and July, 109X q 109k;
do., 1857 109H 1907; do, 1858, 1925 109H;
1040's registered, 1os a 1osh; 1O4os coupon, 10SH
. 1885; July 1905, 1881 100; August compounds,
1886, 11sH; September do, 11s; October do, 117X.
There is no change to note in the condition OF the
money market, which is one OF extreme ease. Loans
on miscellaneous collateras made freely four
per cent, while on government securities the gen.
eral rate Ia three, where the regular dealers
ere the borrowers. The supply of Ioanable
funds is considerably in excess of the demand and
there is probability Of any material change the
aspect OF affairs for sixty days to come although the
rate Of interest Will probably be advanced to six and
seven per cent In September The indications are,
however, against stringency at any time this year,
or indeed so long as the government is not bor-
rover, currency contraction remains stopped and
trade continues as at present. devoid of speculative
features. The monetary ease which prevails here
extends to all the leading cities to the East and
West and the reserve Of national bank notes at
this centre is larger than usual. Moreover the fact
that Congress- authorized the issue of three
per cent certificates to nearly the amount Of the
compound interest notes outstanding and that these
will be issued to the banks In redemption OF the
latter as fast as they mature, all disturbance aris
Ing from their maturity will be guarded against
Attic commencement of business the stock market
was firm and moderately active, and at the early
Sion Of the open board Cleveland and Pttsburg sold at
esH and Erie at esX. At the first regular board the
market was quiet but steady, and Erie closed x
higher than at the same time yesterday, Michigan
Southern ", Cleveland and Pittsburg Il, North
western u, Milwaukee and st. Paul ~ and Ohio
and Mississippi 1; while Cleveland and Toledo was
al
* and new issue n. Government securities were
Gull and steady. At the open board at one O'Clock
the market was dull and slightly lower, but steady
at the quotations. At the second regular board
Milwaukee and st. Paul closed Ia higher than at the
frst regular board, and Tennessee SKIES, new ISSUE
n, while Erie was q lower and Northwestern pre-
ferred 4. Government securities were steady but
Dull. subsequently the Chicago and Northwestern
shares declined about one per cent and some OF the
other stocks sympathzed slightly with this relapse,
but at the close at halfpast i've the market was
steady at the following quotatons:-New York Gen.
tral, 1881 1897; Erie es,I o esx; Reading, e4x a
e5; Michigan Southern, ok 9l7s; Illinois Central,
l51; Cleveland and Pittsburs, SIX s7X; Rock
Island 1O7H o 107K; Northwestern, s2x s2a<; do.
preferred, SEX Sax; Fort Wayne, 1oek q 10eH;
Ohio and Mississippi, 30H 3ok; Pacific Mall 9ek
cox; western Union Telegraph, IS O 35's.
The foreign exchange market has been dull and
heavy in tone, although rates were nominaly I'M
changed. There is considerable amount OF sterling
bills drawn against shipments Of hve-twenties,
which are oered at ITO, and in some instances, at
kax below this rate; but the leading drawers re-
fuse to name lower than l1ol for their bills at
sixty days. In addition to this source Of supply the
bills of the Erie Railway Company against its recent
sale OF f2O0 900 Of sterling bonds have found their
way to the street. The amount OF produce bills
OfYerng Is, however, light. At the close bankers
bills on England at sixty days, quoted at ITO
11ox; OF three days, 1o. 1lo%; commercial bills,
1oox 1osX; bankers bills on Paris, at sixty days,
613k 5.12h.
Mining shares continue dull and at the first board
Corydon sold at 2Oc., Smith and Parmeee Gold,
% 70; Consolidated Gregory 81 IS; United States
petroleum. AZ: Ryud Farm, 1sc. Buchanan Farm,