The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-25
FINANCIAL AND COMMERCIAL.
FRIDAY, July 24--6 p. NJ.


to l43. Loans were made at rates varying from two
four per cent per annum for carrying the supply
I coin being In excess Of the borrowing demand
ne or % clearngs amounted to s2s 2ss oOO the gold
. to $l,Se6, 1885, and the currency balances to
.,129 The disbursements of coin In payment OF
crest at the Sub-Treasury during the day aggre-
gated s272,0O0, while the conversions Of seven
sniry notes into nvetwenties amounted to $341 400
The stock market gradually recovered from
The slight depression of last evening" and in the
afternoon 1t was decidedly strong with an active
1emand Tor Cleveland and Pittsburg, Erie and other
leading railway shares The recent sale by the Erie
Company OF its sterling bonds at about l06 for the
purpose among other things Of laying the road with
steel rails has had good effect upon the stock,
although 1t has not yet developed itself in any ma
terial change In price.
Money continues extremely easy at three and four
per cent mixed conaterals and three govern
ment securities and the banks fnd 1t impossible to
employ large portion Of their surplus funds In
loans. Owing to the dulness of trade and the cash
basis which business ia to a great extent trans
acted, the amount Of commercial paper Offering is
very limited and the best grade is In request at
per cent while good but not prime names rated
At 6a7 per cent. The statement OF the national
banks OF the United States for the quarter ending on
The first Monday In July, when compared with that
Tor the corresponding quarter last year. shows an in
crease OF fftysix millions in loans and twenty -four
millions in deposits; and erroneous inference
may be drawn from this extension OF the loans it is
well to remind the public that all the securities
owned by the banks are counted as loans and that
no part OF this increase is probably due to either
loans or discounts, but to purchasers OF government
securities for the employment of capital The state
ment is satisfactory, and shows far figures can
show, that the banking interests Of the
country are prosperous and sound. The banks
hold only $19,494 $50 OF compound interest notes.
and these will be more than covered maturity by
tt twenty-five millions OF new three per cent GER
tiAcates authorized be issued by recent act OF
Congress.
At the commencement of business the stock mar
ket was dull but steady at the decline of last even
ing and at the early session OF open board Erie
sold at ss14 and Cleveland and Pittsburg at S75s At
the first regular board the volume OF transactions
was rather light and New York Central closed a
lower than at the same time yesterday Northwestern
~. preferred ~ Milwaukee and st. Paul preferred
~, and North Carolina skies, ex coupon x; while
Cleveland and Pittsburg q higher, Milwaukee
and ST. Paul u, Tennessee sixes ex coupon n. and
new Issue y a l. Government securities were dull
and In some instances fraction lower, although
steady In tone. At the open board at one O'Clock
prices were slightly higher New York Central selling
at 1S4h. At the second regular board the
market was firm and somewhat more animated.
Rock Island closed q higher the call than at the
drst regular board, Northwestern u, preferred
- Milwaukee and st. Paul preferred q. Tennessee
skies. ex coupon, q, and new issue 4, Govern
ment securities dull, but coupon skies OF 1851
were higher and ten-forties 4. AT the open
board at halfpast three prices continued to show
Improving tendency, and there increased de-
mand for the principal railway shares. Subsequent
ly there were large transactions in Cleveland and
Pittsbuig under which che price advanced to SS1
| &c. and at the close at half-past five the whole
market was strong at the subjOined quotations.
New York Central, 1S41s a 134k; Erie, 6sss
6s2l; Hudson River, 13s a 1891; Reading,
94I a 81; Michigan Southern, s17s s2; Clcve-
land and Pittsburg, ssa 9Ss; Cleveland and Tole-
do, los 1881; Rock Island, 1913 a 1879; North
western, 3Sl S39l; do. preferred, $3.50 s3; Fort
Wayne IlOH llo1I; Ohio and Mississippi, 3o3s
800; Pacific Mail, 1oojs 1905; Quicksilver, 2l1s
Western Union Telegraph, 35% 359S.
Government securities have been dull all day, but
'ces were without material change, there being an
Ia absence OF pressure either to buy sell. Late
the afternoon, however, after the close OF regular
dsness. the tone OF the market improved. and
buyers in instances advanced their bids the
prices previously asked, while there were stocks
Offering. The five.twentics of 1864 attracting
special attention just now from their cheapness In
comparison with the bonds OF 1862 and 1885, all OF
which carry the amount OF accrued interest.
The option which holders OF July seven-thirty notes
have to convert them into fve-twenties expires on
the Isl of August, after which they will be re-
ceived at par and interest. At four O'Clock fol.
lowing were the quotatons-Registered, 1881, l15
115; coupon 1881, 1154 115ls; 5-2O's, registered
7S62, 109A ITO; 5-2o's, coupon, 1862 114A 114L;
do. 1864, 1l1%; d. 1865, 1124 1123s; do, 1855,
January and July 1895 l00; do, 1857, 109's; do,
1865, 1091 1925; 1o-i0's registered, los 1881;
aO-aOs coupon 1851 1885 July 1908, 1857 a 100;
August compounds, 1866, 1lSh September do, lis;
October d0 117h.
The foreign exchange market was nrmer than yes
terday and the leading drawers asked 110s for their
sterling at sixty days in small amounts although
che parties were willing to draw for round
sums at ll0x. The transactions were, however, on
limited scale, and this, in view OF the large amount
OF bills drawn against fve-twenties well az
against the f200 900 Of the Erie Railway Companys
sterling bonds recently thrown on the market makes
the renewed irmness Of the latter all the note
worthy. Bankers bills on England at sixty days
were quoted at the close at 10 1lo at three days.
a1o,s llo.; commercial bills, 1osk losX; bank
ers' bills on Paris, at sixty days, Sis SHY.
The three directors OF the Union Pacific Company
and Credit Mobler ordered by the Supreme Court to
appear before the referee and give evidence in the
suit commenced by James Fisk, IT., having failed to
appear attachments were this morning issued
against them baiable in ten thousand dollars EACH
This reluctance Of the defendants to undergo an
examination has excited good deal of unfavorable
eminent.
= In reference to the great accumulation OF specie
Ind bullion In the Bank Of France and its causes
1here IL considerable discussion going forward In
England. An English writer, in dealing with the
subject calls attention to the fact that shortly after
the accession Of the present ruler OF that country
. premium on gold bullion was onered BY
the Bank Of France, and the payment Of
this premium on the article was con-
tinued for several years. Large quantities Of bullion
were brought to the country and upwards OF one
hundred and nfty millions sterling In gold have since
been coined in France, while the Of gold in cir
cuaton among all classes Of society proves that by
some means or other the nation has very quickly