The New York herald., 1862-09-04
FINANCIAL AND COMMERCIAL.
WxpsespAY. Sept. SEP. II.

This has been an exciting day. At an early
hour this morning the Philadelphia reports Of the
retreat Of General Pope's army and Of the advance
Of Jackson toward the fords Of the Upper Potomac
were known In the street, and . panic ansued,
with the usual effect upon money, stocks. ex-
change and gold.
Many loans were called In. and no new ones
made under five per cent. In many casea IN
which loans had been effected with sfnaA margins,
additional security was demanded. Certificates Of
indebtedness fell OF 4 per cent; demand notes
rose to 1881 a Il. Little or nothing was done in
mercantile paper.
The exchange and gold markets were very ex-
cited and irregular. Gold advanced to llS at the
first board, and to llS between the boards; It sold
from the latter figure down to ils% In the after
noon, closing Ut llS% bid. Bankers bills on Lon
don ranged from $50 to 1871. without much bust
ness. People are generally inclined to wait few
days to see what may be the upshot of the present
crisis In many quarters the recent advance in gold
ia deeply deplored. implying, as it of course does;
a steady depreciation Of the national currency.
But there are some compensating advantages in
the advance in specie: il prevents any further m-
portatioas Of American stocks from Europe. II
amounts to an additional duty upon importations
u
check mportations very materially. The foreign
importer who is obliged to pay for his goods in
gold. which u worth lls. while he sells them fer
currency worth par. requires to make a very large
profit indeed to preserve himself whole. So far
the read and permanent interests Of this country
are concerned. it Is Of very little consequence
whether gold sells at ITO or $50, or exchange at
130 200. The people Of the United States are
not interested in the price either Of bills or Of
gold except as consumers Of foreign goods
The only practical effect Of the advance In
exchange and specie viii be 10 enhance the cost OF
all imported commodities, and. consequently. to
reduce the consumption Of them, which Ia not.
after all. circumstance that is wholly to be
regretted
The stock market was more agitsted by this
mornings news than it has been for soms time
past. number Of holders Of stocks lost courage
his morning and sold out, causing a general de-
cline throughout the list. Government SKIES fell
~ per oent, and 730 Treasury notes 4. Many
people seem to bo selling their governments, and
investing their money in railway bonds, on the
theory that the latter are the safest property to
hold in times like these. u need hardly be 70.
marked that all the property in the country. in
cluding the railways, u responsible for the pubic
debt, though it is not unnatural that governments
should fuctuate more rapidly, in q crisis like the
present. than securities whose future is less di-
rectly involved in the contest. Very few railroad
bonds were offered for sale this morning. and
prices we're. n . whole. well maintained. In
stocks tho decline ~ the morning board was equal
to per cent in Pacific Mail. u in Central. Y tn
Erie. Il in Erie preferred. in Hudson, in Read
ing, ~ in Michigan Central, y in Southern old, Y
IN guaranteed. u in Illinois Central, ~ in Galsna,
x in Toledo, and IL in Rock Island. The amount
Of stock sold was small. For some time past In
vestnent in railroad shares has been pretty sctive,
the street probably swns fewer shares than usual.
Thus, though the short Interest Ii small, sEd can
not be relied upon an element Of strength In the
event Of panic. there IL but small quantity of
stock to be slaughtered, n saughtering should be-
come the order OF the day. At the close Of the
first board the market was heavy. At ths second
board the market opened again lower; but towards
the close Of the session better feeling mani
fested. and later In the day railway slarea were
arm but the feeling was still feverisA- The fol.