The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-08-04

Government securities continue dull, and this in
activity would be favorable to depression II prices
were unduy high but they are not SO, and hence
they remain without material change. Considering
that the United States bonds issued TO the Central
and Union Pacific Railway companies are selling at
400, although both their ak per cent interest and
principal are payable in currency, the gold-bearng
bonds are relatively much cheaper II we allow for
the difference between coin and currency interest
on the Hve-tw of 1868, for five years we find
that they worth us II the currency six per
worth 1903, and therefore, entirely setting aside
the question OF redemption in gold or greenbacks
the nve-twentes relatively below their value at
present quotations. and with the resumption OF &C.
tivtty they cannot but advance considerably.
The price OF nve-twenties in London de-
clined to 71% in sympathy with the rise
in gold; but the exportable bonds failed TO sympa
thze with this, although those for which there is
only home market declined slightly. At the close
the following quotations were acknowledgement
1881, 115h 115H; coupon 1851, 1851 115 5-20's,
registered. 1852, 1897 no; 5-2Os, coupon, 1862
14,s 1141S do, 1864, 11o7s ILL., do, 1866 112lS
ll2k; do. 1865, January and July, 1855 1888; do,
1867, 1857 100; do 1868, 1854 100; 1o-4o's, reg
istered, 1O4Z l04; 1o-4o's, coupon, 10s1S 1888.
At the commencement Of business the stock mar.
ket steady and at the early session of the open
board Erie sold at 8s New York Central, 1927, and
Cleveland and Pittsburg, seH At the first regular
board there was considerable activity in the State
stocks but railway shares quiet, and the call
New York Central closed Il higher than at the
same time on Saturday, Rock Island IL, Tennessee
skies, ex coupon, 2, new issue ga, North Carolina
skies, ex coupon, z, and new issue e; while C1eve-
land and Toledo was y lower, and Milwaukee and
st. Paul u. Government securities were dull and In
some instances an eighth per cent lower. At the
open board at one O'Clock the market was heavy,
in sympathy with decline in Erie to 66sl, under
vigorous attack upon the latter stock. At the
second regular board Erie was hammered to 653.,
and New York Central closed y lower than at the
nrst regular board. Erie az, Michigan Southern q,
Cleveland and Pittsburg Ia, Cleveland and Toledo
H. Rock Island Y, Tennessee SKIES ex coupon, 4,
aud new issue IL; while North Carolina sixes new
ISSUE were 4 higher. Government securities were
dull and fraction lower. The pressure to sell
Tennessee skies was renewed and the new
ISSUE afer having been bid up to e4n
in the forenoon by frightened bears and
equally alarmed bulls, reacted to e2x. It
having been denied by contemporary that the
Senate bill relating to the funding OF the interest OF
the state debt for three years. OF which we, among
others, published the text last week, had been sub
mtted the Senate In that form, we refer for proof
10 the Nashville papers OF the 3oth OF July and the
Republican Banner In particular, where the bill Ia
printed In full In the Senate proceedings compari-
appears in that and other Nashville Journals. At the
open board at fpast three there was no material
change In prices and the efforts to depress Erie were
not relaxed. After the call, however, Erie declined
rapidly to 81 in the midst of great excitement and
activity but the rest of the railway list remained
comparatively steady. At the close at six O'Clock
the following quotations were current:-New York
Central $50 1904; Erie, 90 esq; Reading. s4j4
elx; Michigan Southern, Seh 81; Cleveland and
pittsburg, 81 s7h; Cleveland and Toledo 10lk a
Io1 x; Rock Island, Ill 111%; Northwestern, s7s
81: do. preferred, 81 s2h; Fort Wayne, loes
ioey.: Ohio and Mississippi, 29A a 80; Pacific Mall
Io1k a10iS.
The foreign exchange market Ia dull but steady in
tone on the basis OF 10 11o for bankers sterling
Mt sixty days At the close bankers bills on England
at sixty DAYS were quoted at 1loa llok; OF three
davs lIos. A IIoX; commercial bills, 1oss 1924.
Bankers bills on Paris at sixty days, SIS 5.l3&;
commercial, 6.1sx 5.16h
Consols aud American securities were quoted thus
An London to-day and on the previous dates men
yury2 JWv3O august 3.
Coneols. eik gst s,s as4t
Five-twenties... i2A .sa
Illinois Central. pj2s H,s se,
Erie .....sss. fJ's 80
The Mon real Gazette contains the following
We stated on Friday last that the London TLnes
OF the 9th inst had announced that tne San adiah
intercolonial loan to the extent Oh tsop ne