The New York herald., 1876-09-18

January j, tnls year. were $2oS, ,slo,yov ngainss
s245 us for the corresponding period 1875 and
s295, 437, a15 in 1874
The total exports of produce from the port since
January l. this year, we're slS5, ,5li. 95s against
sl76 l55 for the corresponding period 1878 and
sos 32e OBJ 1874 The exports OF specie
s39 COS s52 against s62 226 l72 in 1875 and s42 S
in 1874.
THE MARKEr
The gold speculation heavy carly In the week
and the prices declined from ll03. to l0es but subse
quently there was irmer feeling and recovery to
ITO 1-3 Cash gold has been somewhat difficult OF
access and lent for /, and per cent per an
num-
GOVERNMENT BONDS
were quiet and firm There was, however, special
feature in the marke, that closed at the best
prices of the week. In reply to numerous, inquiries
from investors, oficers OF institutions. trustees Of
estates and others having money invest as to what
government bonds they should ouy for investment, or
whether they should exchange the government bonds
they now hold tor the new four and a half per cent
bonds, Messrs. Fisk Hatch, bankers and dealers IN
government securities have issued q Circular which
they compare The relative value of the four and
half per bonds with the old government issues
They say in substance that the rapid decline IN the
price OF most OF the government bonds consoquent
upon the negotiation OF the four and hall
per cent conuS mas leu many 10 suppose eh"s az
way the older Issues had suddenly lost some
thing OF their value Investment; that
tho sale Of the bonds necessarily involves
the early calling IN for redemption, and a consc-
quent appreciation value all the older issues; and
that there be advantage In selling their old
bonds and buying tho The facts, stated IN thc
circular, :'The amount Of the four and half per
cent bonds authorized by law s $500, 900 0C0 The
amount OF the vc-twcutes OF 1865 old MAY and No
vcmber outstanding is Sl5u, ,55s,d5o The amount OF
the ivetwencs of 1865, new January and july, out
standing is $202 663 leo. These bonds called in
ior redemption only the order Of their ISSUE and
only the bonds sold and when called In
draw interest for three months alter the date at which
they called. From which it will be seen that
$3.50, 100000 of The four and half per cent bonds
be sold before the old ls65s can DO called IN
and before any Of the 1865 be disturbed;
and that the sale Of the entire amount OF the four and
half per bonds authorized will still leave
$50 000 coo OF tho 1S65s outstanding and all the
lvc-twent OF 1857 and 1865
ut has been part OF our purpose TO depreciate
the value OF the iour and half per cent bonds,
but only to indicate the relative value OF the other
government bonds In comparison. We believe that,
in the present condition Of national credit. and
with steady growth throughout tho financial world,
bond OF the United States, bearing four and half
per cent interest and offered for salc at iitlc over
par in gold, is the most attractive investment now
offered to tho capital OF either this country Europe
excepting only for the time being the other issues of
United States bonds, which, through misapprehonson,
have temporarily declined below their true relative
value We have heretofore opposed the issue OF four
and half per bonds but only the ground that
the ISSUE Of such bond unnecessary II the gov
srnment would abandon tho policy Of short and op
amt issu fp,r cAuth hnu bavn
sufficient time TO rum say fifty years. and that four
per cent bond having fifty years would DO moro
desirable and attractive to capital than four and
half per bond having the promise of but fifteen
years OF life, and would, in time, be available for tho
funding all the outstanding six per cent bonds at
saving tho National Treasury in the inter-
est payments for future years"
SOUTHERN BONDS
v,ginias were firm, without sales; Louisiana consols
better Texas bonds lower, Tennessces weak and de-
clinng and Alabamas in fair demand by home buyers
The unsettled condition of political affairs In the south
is not without effect on this market
RAILROAD
There was, usual, large and active business in
railway mortgages, and more than the usual irreg.
ularity existed, especially the coal lines The mos,
Conspicuous bonds of the New Jersey Central
system. which were fcverish and subjected 70 wide
changes. The bonds OF tho Western roads were gen.
orally nrm and higher, notceaby tho Chicago and
Northwestern coupon gold consols Tho Pacific coast
bonds were In good request at Arm figures. Al the
close bonds Arm Northwests and Missouri,
Kansas and Texas, continuing weak on Central New
Jersey.
MEMORANDUM.
The American Mining Board will officially commence
business and tho call tho stocks which
approval on Monday, tho I'd of October The Board
have leased for the purposes of their Exchange the
handsome premises recently occupied by Duncan,
Sherman Co.. opposite the United States Treasury,
on the Of Nassau and Pine streets. The num-
Der Of members now upward Of 240, and they rep
resent many of the large and wealthy Trims OF New
York. Philadelphia. Baltimore, Virginia City and San