The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-27
FINANCIAL AND COMMERCIAL.


SUNDAY, July &c. 1868.
The gold market was on the whole steady and
moderately active last week. and the fluctuations
from la2ss to 1885, the closing quotation being
PASZ l43H. On the Stock Exchange speculation
vas somewhat languid, owing TO the absence Of many
tne brokers and professional spectators from town.
put there was more disposition to buy tnan to SELL
attention was mainly directed the Western shares
Fhe tendency OF which was decidedly upward. and
pm Saturday there were symptoms OF q movement IN
cleveland and Pittsburg, which sold up to ssai. At
the close the market was firm at the subjoned quo
eations:-New York Central ls45s 134a4 Erie, 6s's
os1s; Reading, OAK 95; Michigan Southern slA
90; Cleveland and Pittsburg, SsA ssT; Cleveland
hnd Toledo 10s 1881; Rock Island. lo7A 1885,
northwestern, SO 83X; do preferred, SO s3H; Fort
Wayne, ITO 11O14; ONO and Mississippi, 3o7s
e0a; Pacific Mail, 100 1904; Western Union Tele
graph, IS 351<.
There was steady but quiet market for govern.
nent securities during the week. Towards the close,
However, 1t showed signs OF animation, and on Sat
nrday prices advanced a traction under an improved
hemand. United States stocks may now be consd-
ered have recovered from the disturbing effects OF
the agitation In Congress cernng the taxa
sion OF their interest and In the Democratic COnven
lion relating to the payment OF their principal
cording to the letter OF the law. There is renewed
demand for home investment setting in, while the
purchases on foreign account have been unusually
barge OF late. Hence the tendency OF all the gold,
bearing stocks Is upward, but special attention is
being directed to the fve-wenles OF 1864, which are
Relatively cheaper than either the bonds OF 1862
kse5, which carry the same amount OF accrued in
terest. AS Congress is to adjourn on Mon
day there will be no further tinkering
with the finances at present, and this will
exert reassuring influence upon the minds
of investors in bonds there is doubt that
Congress has exerted damaging effect upon the
public credit ever since the termination Of the war;
Hts reconstruction policy both politically bad and
very costly, and its financial measures have done
nothing to appreciate the value of the currency,
whereas, with our abundant resources and proper
economy in the administration OF the government,
much might have been accomplished to improve the
public credit and command Tor our securities far
higher prices than they have yet touched, besides
largely reducing the gold premium At the close Of
business on Saturday the market was steady at
lthe subjOned quotations:--Re stered, 1884, ll52S
I155: coupon, 1881, ll5s 1855 52O's. registered,
As62, ITO l1014; 5-2o's, coupon, 1852 ll4A 114H;
do, 1904, 1llI o 111H; do, 1855, 112H 112H;
bdo, 1865, January ami July 1895 1921; do, 1857
GOES lO91s; do, 1865, 1905 l0)s; 10-i0's regis
fered. los 1osAl; 1O-4os, coupon, 1854 1OsX;
puly 1905, 1881 1857; August compounds, 1865,
a1S1a; September do, 11s; October do, 1l7k.
The money market was extremely easy throughout
and loans were made freely at three per cent on
government securities and at three and four on
mixed collaterals The demand from the mercantile
community Is unimportant and thei eiore the banks
and private lenders have rely upon the Stock Ex-
change for the employment OF their capital. Hence
The supply is excessive even at the low rates now
rcurrent and there will be nothing to produce q
more active movement Of capital until September,
when the drain Of currency westward to move the
grain crops will begin to be felt. Even then, how
ever, there will be material change excepting an
advance in the rate OF interest and seven per
cent. There is indeed nothing the financial pros
pect 10 warrant apprehensions OF an active money
market so long as currency contraction remains
suspended and trade is az at present devoid Of
any strongly marked speculative features and
even II trade were Otherwise the mercantile
demand alone would not lead to any hing approach
tng stgngency in Wall street Moreover, the twenty
i've ,dilons OF new three per cent legal tender GER
tihcates recently authorizes by Congress Will he
ISSUED in exchange for the compound interest notes
outstanding fast the latter mature and in this
way all danger OF disturbance ar sing from their
maturity will be guarded AGAINST rhe statement Of
the associated banks OF this Guy for the week end
Ing on Saturday shows that they are 1850, 900
strcnger in point OF reserve than they at the
end OF tile previous week, the legal tender notes
bavins increased $6Ss,04l anu the specie s405,070,
while the deposits have decreased $1,000 The
other changes in the retsrn are a decrease OF
&2,570.2S5 in loans, owing To the reduced demand
from the Stock Exchang" and Gold Room, and
decrease OF $4,000 in the circulation The totals OF
the present and last preceding statements are as
OndeIsa.ed:-