The New York herald., 1862-09-11
FINANCIAL AND COMMERCIAL
WEDNESDAY, Sept. 10-6P. M.

"WEDNESDAY, sept. l0-6 L. M.
Money is very abundant indeed. and lenders find
1t difficult to get per cent on call. Business
paper sells at 5s6s per cent, according to
grade and length. Certificates Of indebtedness
are quoted ssH ". the supply having increased
late. II will not do to overload the market with
certificates. They will keep in the neighborhood
of par go long rs the supply remains moderate.
But il il be suddenly increased Che price cannot
help declining, no matter how strong the public
confidence in the government may be. Demand
notes still in demand for duties and are quoted
1887 az.
Exchange and gold were inactive to-day. The
former must be quoted at 1870 1907, with sales
at the higher rate. Gold op0ned at 1lah+, sold
down to 1885, and in the afternoon at the same
price; II closed that bid. A delusve notion pre-.
walls in certain quarters to the effect that the
premium on gold is 40 much extracted from our
pockets for the benefit of foreigners. This is a
most erroneous view Of the subject. To the bulk
of the people Of this country the premium on
gold is q matter of no consequence what
ever. They do not or deal in gold, and
whether it sell at par at 100 it is all one to
them. The only parties who are directly interest
ed in the specie movement are the importers, who
have TO pay for their goods in gold, and the con-
sumcrs of foreign goods. The consumer is the
real sufferer by the premium; for the importer
naturally adds ii to the price OF his goods. But
there is very simple remedy for this. Why buy
foreign goods' Five-sixths OF the foreign goods
which are imported into this country might just as
well be made here. # people will have foreign
goods in preference to goods of domestic manuiac-
ture. they must not complain OF the extra tax
WI al Inv IN al in fba
price Of specie With regard TO our export trade,
the premium on coin is rather advantage than
q detrment. What we send abroad we sell for
gold; what we take from abroad we pay for in
paper. II is true that the difference in value be-
tween gold and paper causes q difference in the
price of merchandise exported and imported. But
the price of merchandise does not keep pace
with the fluctuations in specie. and thus
far the exporter has had the advantage
on his side. The premium on gold, more
over, has had the good effect Of putting stop to
importatons of American stocks from Europe.
This must be considered an important gain. Had
gold been selling at par, the recent transactions
in Virginia and Maryland would have probably led
to very large shipments of American securities
from Europe for sale in this market. With gold at
lla holders viii prefer to retain their stocks. By
and by, when peace is restored and gold falls in
price, we shall be in condition to take all the
American securities that may be sent here. At
present it is better for the public credit that the
shrewd European capitalists who invested their
money in our stocks in the old days of our prospe
rity should be induced to hold their investments.
The stock market was again better to-day. A
better feeling pervaded Wall street. though no
news is publicly known which explains the in
creased development of confidence and buoyancy.
Skies Of 1881 sold this morning at par, and the
railway bond and share list was generally active
at better prices Between the boards prices ad-
vanced in the street, and there was lively de-
mand for Central, Erie, Erie preferred, Toledo
and the Michigan shares. At the second board
the market retained its strength, and stocks
were sold at the highest prices Of the day. Com
pairing the closing prices of the day with those Of
yesterday we note an advance Of Il in registered
sixes. % in 7.30 notes. Il in Mssours, z, in Pacific
Mail, "a in Central, "a in Erie, Is in Erie preferred,
IL in Hudson, 70 in Reading. "a in Michigan
Central, x in guaranteed, ~ in Illinois Cen
trail, y, in Galcna, Il in Toledo, and "a in Rock
Island. Harlem was an exception TO the market,
being 4 lower. At the close. though the general
market was strong, there were some heavy sales
Of stocks by leading operators and the feeling Of
buoyancy rather subsided. No unfsvorabe news
was made public but there was o less general dis
position to buy than there had been. The follow
ing were the closing quotations
uses. reg 81 eoHa 99K Michigan Cen. esn 6sx
US6's,cou. .8l0i00 a100x Mich SO &Na SIX 31E
US 5s "a. 50 SO MiSo&N la qua 62R 63
7.3o Troas n I03M l03k Panama lao
Tennessee 6s. a. - Illinois Central 63% "a
Virginia 6's. i. 55xa b6 Gaiena& Chi. ~ 72
Carolina 6's 90 10 Ccve Tol. 81 ~
Missouri G's. i 46z 46h Chic Rk Isl. OK 67H
Pacific Mail. Ill al1fx Chi, Bur &Qu. 85H 81
Y Central 0lXA 94I Mil 4 Pr du Ch ~ . 33L
Erie. e......... 3Sk 3SH Clev Col Gin, ,12l \. liz
L~ss, Eri 1nrh a