The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-22
FINANCIAL AND CONNER GAL.
TUESDAY, July 2l-o NJ

WHICH. however, tnere was gradual advance TO
l4Sk, and the closing price prior to the adjourn
ment Of the board was 1435, while the latest quota.
ton on the street was 143 l43H. Coin was in
superabundant supply, and loans were made at rates
varying from one to four per cent for carrying and
without interest. The gross clearings amounted to
oOo the gold balances to ST. S97 $780, and the
currency balances to $1,000, $685. The recent ad-
vance In the premium by stimulating shipments
OF bonds increased the supply Of foreign bills
ana reduced the rates Of exchange, which reacted
upon tile gold market, ana, together with sales to
realize produced the decline from the highest point OF
last week. The bulls are now trying to rally gold
again, but the Indications in favor of decline
rather than advance from the present point. The
operators for rise attach considerable importance
to the agitation Of the question whether the princi
pal OF the 1ve-twenty loan is payable in gold or
greenbacks; but the real solution Of this lies IN max
Ing the one worth as much as the other, and this
can only result from good financial management
and the consequent improvement OF the public
credit. The steamer Hammonia from this port took
out S2llooO in specie, and the Nebraska, from San
Francisco to-day, had 100000 in gold on board.
Money is in extremely abundant supply at four
per cent on mixed coaterals and three on govern
ment securities, while the demand from the Stock
exchange is only moderate and the applications for
discounts are on very restricted scale, the best
grade OF commercial paper being scarce and In re-
guest at five per cent. The domestic exchanges are
In favor OF this CENTRE and there is no prospect of
the prevailing monetary ease being disturbed for an
Indefinite length Of time to come, although the rate
Of interest will doubtless be advanced to seven per
cent after the drain westward to the crops sets
In. No advance in the rate above per cent Is,
however looked for until after the middle Of August.
the calls for remittances from the interior having
almost ceased. lIyVQv oho ma nUa
arm in tone and the signs Of the times favorable
to higher prices and greater activity.
Government securities were firm but quiet during
the forenoon, and at the quarter past two O'Clock
call they became strong and active, fve-twenties OF
1867 selling up to 109H and coupon SKIES Of 1881 to
1l5H ll5H against 114H bid at the opening the
advance in the last mentioned being stimulated by
reported "corner' In the bonds of that issue dated
1894 on the Frankfort Bourse with which those dated
In 1851 sympathzed under the impression that they
may be accepted instead Of those Of the later date.
The greatest activity was in the issues Of five
twenties, and at the close the market was very firm
at the subjoned quotations. Registered 1881, lax
a114k; coupon, 1884, 1151I a115H; $685. registered,
1852. 1oo2s 11os; 52os, coupon 1882. Hay 114K;
Co., 1864, 1l1M 1115s; do, 1886, 1127l 112H; do,
1856, January and July 1o9N 1929; do, 1852. 1o9X
A109X do. 1858, 109K 109X; 10-40's registered,
JOSH losh; 1o-4o's, coupon, 1857 1881; July
1905, 100 109X; August compounds, 1885, 11SH;
september do, 11s; October do, 117k.
At the commencement Of business the stock mar.
ket was firm, and particularly so for the western
railway shares At the early session of the open
board prices were slightly higher in some instances
than at the close last evening. At the first regular
board railway shares continued firm, but State
stocks and especially Tennessee skies OF the new
issue, were weak, at decline Of x IN, Missouri
skies excepted. which advanced u. New York Gen.
trail closed lower the call than at the same time
yesterday Erie u, Rock Island u, Tennessee skies
lex cOupOn) e, new issue ~ and North Carolina
skies Tex coupon 1; while Reading was u higher
Cleveland and Pittsburg X, Fort Wayne u, Milwau-
kee and st. Paul u, do preferred Y, and Ohio and
Mississippi 4. Government securities were steady
at decline Of y. At the open board at one O'Clock
The market was steady and dull At the second
regular board it was stronger for the North
western shares, but otherwise without change.
Reading closed higher on the call than at the first
regular board, Northwestern preferred "a, Fort
Wayne u, Milwaukee and St. Paul y, do. preferred
and Western Union Telegraph u, while Michigan
southern was y lower. Government securities were
strong at an advance Of 1S per cent. During the
remainder Of the afternoon the market quiet
but steady and at the close at quarter-past five
O'Clock the quotations were as subjoined:-New York
Central, 1888 1884; Erie 6s7S 6sh; Hudson
River 1873 1917; Reading, 95I o5H; Michigan
Southern. Oh 91ss; Cleveland and Pittsburg, ST.
Rock Island, 1O7S 107h; Northwestern, s3,s
ssA; do preferred, 1884 s37s; Fort Wayne, 11oh
o 1905 ONO and Mississippi, 29s 29s4; Pacific
Mail, 1918 1914; Western Union Telegraph, o5sS
O 351s.
The foreign exchange market was weak in tone
under an increased floating supply of bills; but
rates were nominaly unchanged the leading drawers
declining to sell sterling bills at sixty days below
uOld, although bankers bills drawn against fve-
twentics were offered at no. At the close bankers
bills at sixty days were quoted at ITO a 110k; at
three days. 1l0,s I1Ox; commercial bills 109Is
1O97S Bankers bills on Paris at sixty days. 5.13Z
5.12is. On Berlin-BanSers' ~; commercial, 71X a
Tx. On Bremen-Bankers, 1917 a so; commercial,
40h a A. On Observation-Disclosures, 41k q AK;
commercial. Al a Az. On MISUNDERSTANDING,
3ek 30ss: commercial, 80 a ss11. On Antwerp
Bankers, 5.13X 6.121s; commercial, 517h 5.15.
The bank Of England return for the week ending
July shows the following totals and changes from
the return Of the previous week.
Rest. .f3, 24S535 Inc ..f126, 655
Public deposits -....... 439e,41s Dec .2,624,63o
Other deposits "a, l5S,43 Inc 1851 III
On the other side Of the account
Government securities. ETA 614394 Inc. e. 100000
Other securities. 412,7S5 Dec. .2,03s, $40
Notes unemployed. III, 6o6, 100 Dec. 9Ob
The position Of the bank and the price OF consols
and French rentes the date mentioned and on the
corresponding date last year are thus shown
1868. 1867.
Bullion. .E22 551, 542 f22 541, 231
Notes Notes in circulation. a,Saa 100 aossoso
Rate of discount. ........ 2 per cent ~ per cent
Consols ................. 94X 94x
French rentcs. ........... 7O.45 6S.62
The clause legalizing contracts payable in specie
mas been struck out Of the Funding bill without
good reason but In framing act for this purpose
in the future care must be taken that Is not made
retrospective its character; and in this connection
. correspondent sends us the following