The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-08-04
8.l72,2sl
= 2,163,48 74,736 1890 .403

This statement shows the efforts the banks are
making to rectfy their position, which became q
very false one in July by steady increase Of de-
posits and simultaneous contraction of loans.
They are now endeavoring to make the loans and
| deposits bear more natural relation to each
other. and they are assisted in this undertaking
by the development Of speculation on the Stock
Exchange and by the steady conversions of cur
rency. 1t is fortunate for the banks that these
opportunities Of employing their means are open
to them, as, otherwise. in the prevailing dulness
of merchandise and scarcity Of mercantile paper
they would find it difficult to employ their means
The decrease in the specie reserve s Of course due
to the shpments of gold. This will correct itself
as the European consumption of American secu-
rites becomes more general and more active.
The money market is active; but the brokers get
all the money they want at . 6 per cent. The
increase Of speculation on the Stock xchange
affords employment for great deal Of money. and
prevents the rate of interest from falling to q 4
per cent Certificates of indebtedness are rather
more abundant, and the price has consequently
declined u per cent.
Gold was lower again to-day. without activity.
The news OF the probable detection Of North Caro-
lima from the rebel confederacy and the steady
shaken the courage of the holders of gold. Ex-
change is nominal at about 14O14 a for bankers
bills. The advices of the foreign bankers from
London are very entertaining. Tho news of the
fall Of vicksburg appears to have taken the Eng
lish quite by SURPRISE and some Indignation is ex
pressed by leading English houses at the manner
in which they have been deceived by their news-
papers, especially the London Times. A fresh in
qury for United States securities Illinois Central
and Erie had sprung up, though some well in
formed writer's predicted fall in stocks in conse-
quence of the fall in gold and exchange.
The stock market was very strong indeed this
morning. though the volume of transactions was
less than it usually is in buoyant market. The
favorites this morning were the New York shares.
Harlem rose per cent, Central 3, Erie g. Erie
preferred Ia. Reading wa, also very active and
buoyant at an advance Of per cent. The more
these stocks advance. the more general seems to
be the demand for them. People who were de-
lighted to sell Central at l2l are now eager buyers
at I31, and IL this market lasts few days longer
there is every reason to believe that the Albany
party will in effect, put the price up to'the price
of Hudson River. II seems that Reading has been
largely oversold for account Of Philadelphia opera
tors who have gone upon private information with
regard TO riots among1 the miners. and such sto-
ries; but, Is usual, the private information
proves fatal The other coal stocks, Delaware
and Hudson, Pennsylvania Coal, and Delaware.
Lackawanna and Western. are held 30 high as to
be almost out Of the market. Hudson rose per
cent with small sales. Southern old rose Il, qua
raatced 1, Illinois Central x. Pittsburg x, Calena
| H. Rock Island ", Fort Wayne x, Terre
Haute l. Northwestern q. Missouris were
steady. Ohio and Mississippi certificates we're
active at decline Of Il per cent. Govern
ments were firm. Quicksilver rose 4 per cent,
apparently on the short interest. After the board
the market was very strong indeed and at the one
p. NJ. call an advance Of y. per cent was rea-
lized on the active shares Of the day. At the
second board the buoyancy was still further in
creased. though the movement was not uniform
Harlem dropped Of l per cent; but Erie rose Y.
Central 4, Reading z, and the general list was
very active at an advance OF "a per cent. Erie
preferred sold at LOG. When the Eaglsh ope.
rators learn that the midsummer dividend has been
| paid, and that the company have now the money
| on hand to pay the dividend in January. they are
likely increase their purchases Of the property,
| and IL seems doubtful whether they will succeed
| in efecting them at present prices The feeling
/ up to the close was one Of great buoyancy and
| general confidence in the market The following
were the closing quotations Of the day.