The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-03
FINANCIAL. AND COMMERCIAL.

tNANCtAc' ANO OOMMcRCsHG'
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THURSDAY, July 90 p. N.
The gold market has been very 1rm all day and the
fluctuations were limited to quarter per cent
namely from 14OH to l4ok, with the closing transac-
lions at 140h. The borrowing demand for coin con-
tinued good but the supply was fully equal to It, and
loans were MADE without interest ana at per
cent for carrying. The gross clearings amounted to
$685. s63 000 the gold balances to $2slSO5s and the
currency balances to 32Ss6s5. The foreign bankers
are among the principal buyers OF gold, ana the
nrmness OF the rates Of foreign exchange and the
continued export OF specie favor somewhat higher
premium. The steamer Union took out $2si 900 In
specie. Government securities opened under consid-
cradle depression, the slight Improvement In the
tone OF feeling visible at the close last evening having
given place to renewed distrust and at the rs call
prices were about quarter per cent be-
low the lowest quotations Of yesterday. At the
same time opinions were very much divided az to
the fate Of the bill called for by the resolution OF
the House Of Representatives taxing the interest
on United States stocks Soon after one O'Clock
however Washington telegram was received to
the effect that the Committee Of Ways and Mea0s'
had reported the bill in question to the House with
strong protest against It, In which they expressed
their intention to employ all the means In their
power to defeat 1t. The demand for stocks at once
quckened and prices advanced n 4 per cent but
towards the close there was disposition shown to
realize at the advance, and q decline OF an
eighth per cent from the highest prices Of the day
took place. At haHpast four O'Clock the
market was dull at the following quotations.
United States 6's, 1884, registered, 11s 1875 cou.
pom, 1881, lib 113k; 52O's, registered 100 1O9A;
6-20's, coupon, 1852, 1ls 1l3H; do. 1864, 1OH
HOS; do, 1866, Ill 1l1s; do, 1865, new, 1881
1857; do, 1857, 1857 100; do, 1858, 100 1O9h;
10-4Os, registered, 1857 107; 10-4O's, coupon 107
1O7H; 1905, second coupon 1857 IO9S; do.
third do, 1857 1O9H.
The Sub-Treasury disbursed s1,O4S, 900 In coin in
payment of interest on the public debt making more
than nine millions and half since the beginning of
the week.
There was somewhat brisker demand for money
than yesterday, and loans on mixed coaterals were
made in rot few instances at five per cent although
the general rate was four per cent where first class
firms were the borrowers; and loans outstanding at
three per cent have not been advanced called in
unless in few exceptional cases. The national
banks will have made up their quarterly returns by
the close OF business tomorrow as no business will
be transacted on Saturday, and the money market
VIII Immediately assume its former extreme ease.
Commercial paper continues scarce, and best grade
Is in request at q per cent. The indications
that owing to the government being out of the mar
ket as borrower, the dulness and legitimate
character of the trade Of the country and the stop
page OF all contraction of the currency, there will be
no monetary strngency experienced from natural
causes-at least at any time this year.
The leading feature OF the stock market to day was
the development OF a great scarcity Of Reading,
which caused the cash stock to sell as high as
M vh ich
there was q break in the stock to 95x
large amount Of the stock was bought
in under the rule the afternoon both in the lower
hall and at the board owing to the failure of parties
deliver the stock they had sold ''short." The ex-
element attending the transactions in it greater
than has been witnessed in any similar event for
long time past but before the close the excitement
had entirely subsidized. The remainder of the railway
share market was on the whole firm, but quiet. The
dealings in the State stocks, and especially Tonnes
see skies, continued large The latter well
tained owing to the ''shorts" covering. The fact
that about two millions of dollars OF the past due
Tennessee bonds and coupons Of the State unre.
deemed discourages the expectation of an early re-
sumption OF interest payments, particularly as
this sum will be swelled to nearly seven millions
within the next two years by maturing bonds and
coupons and the best policy the State could proba
bly, pursue under the circumstances woald be to
fund this Indebtedness into new bonds and after
wards provide for interest payments out OF the reve
nue. resulting from increased taxation.
At the commencement OF business the stock mar.
ket was firm, and at the early session OF the open
board Reading sold at 1927 los, Erie 69A and
Northwestern "a. At the first regular board there
was an unusually large business transacted, espe-
cialy in the State stocks aud on the call New York
Central closed Il lower than at the time yester-
day, Erie u, Michigan Southern "a, Fort Wayne =,
Milwaukee and st. Paul and Missouri State skies
q, while Reading was rs higher, Ohio and Mlssis-
sippi u, Pacific Mail u, Tennessee skies, cx coupon,
IL, issue 2, North Carolina skies, ex coupon,
a. and new issue 3k. Government securities were
pressed for sale at a decline OF IsaI below the
closing quotations OF yesterday. At the open
board at one o'clock the cash price OF
Reading advanced TO los, while the stock
sod at 1o1 u, regular. At the second regular board
Reading was bought in under the rule at prices
varying from 1854 TO 1o7<, while sales were made
in the regular way at looI The general market
was without material change, and New York Central
closed :. higher than at the FIRST regular board and
Tennessee SKIES ex-coupon, ": while Reading was
q lower, regular way, and North Carolina skies,
new issue Ia. Government securities were strong
at an advance Of q 4 per cent At the open board
at half-past three Reading declined TO 9jJs 95x,
while the rest OF the market was steady AT frac.
tional decline in some instances subsequently
Reading sold mp to 9eH, but the volume Of business
during the remainder OF the afternoon was hight,
and at the Close at quarter TO SIX the quotations
we're suboined:-New York Central, 134k q 134s.
Erie, 10 ION; Reading, s57s 90; Michigan South
ern, 91x q sl14; Cleveland and rittsburg, seX q
s7h; Cleveland and Toledo, los a 1886 Rock Island
loa,s los; Northwestern TAX q IS; Northwestern
preferred, 7s,s 7sh; Fort Wayne, 1922.
The foreign exchange market was nrm, but quiet,
and bankers bills on England ct sixty days were
quoted AZ l1ok 1iOk; at three days. lios q 11oX
commercial 1oex s1ooI. Bankers bulls on Paris at
sixty days, 5l3k 5l2k. on Berlin-Bankers' 7ix
a ": on Bremen, 7o7. q 80: on Frankfort, Il; on