The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-08-10
FINANCIAL AND CONNER GAL.
SUNDAY, August 8, 1863

SUNDAY, August y, 1885,
The money market continues very easy, though
some efforts have been made within day or two,
by parties Interested, to create an appearance OF
stringency by calling in loans and declining to re-
new them. On Tuesday last the fair rate for
money in open market was per cent. Yesterday
most of the brokers paid and few 6. There
was between Tuesday and Saturday no diminution
of supply and no increase Of demand. There has
been no improvement in merchandise and no in.
creased traffic therein The volume Of transac.
tons on the Stock Exchange was quite light yes.
terday and on Friday, and the speculative pur-
chases very moderate indeed On Thursday and
yesterday afternoon there was market. Some
parcels Of currency have been sent from here to
the country to pay the $500 draft fund and for
other purposes; but, on the other hand, currency
is all the time flowing into New York for employ
ment from the East and from the West. On the
whole, it must be confessed that this Is not very
suspicious time to attempt to raise the rate of in
terest A temporary furry may possibly be Gre
ated for day or two among weak operators in
stocks; but, so far as the interest of lenders
is concerned, they are rather likely to
lose than to make money by disturbing their
loans. There are, however, certain set of indi-
viduals in New York who cannot be made to
understand that the war has revolutionized fnan-
cial and railroad matters, and who, because Erie
sold some time ago at 40 and so, consider it pre-
posterous that it should now sell at los. These
Be- SONS, not realizing the crisis through which the
county is passing, and not discerning the obvious
effects of thu crisis upon railroad traffic, dragon
themselves into tnSs belief that present prices
the result Of combinations Of Wall street specula.
tors, and that they must soon leao (. general
collapse Like the oiai fashioned rural CAPITALIST
who lived IL the hope of seeing ..augQads Done
away with and stage coaches set up again in nell
pristine glory, these routine operators regard the
popularity of railroad investments as an eyanescent
delusion and assure their clients that the time will
come when Erie and Toledo, and Rock Island and
Reading, can al be bought once more at so cents
on the dollar. This Giles Of people are ever FORE
most in urging the more shors...sltsd Of our bank
managers to take advantage of each ini1 In the.
market 10 call in their loans, and try to produce
s'ringency IN money. The experiment hasNbeen
Tied iour or five times within the past eighteen,
months; but we venture to So ;, fTftagT 5c.r
succeeded. There &c ~ that it has nevsr
-, . coo much money seeking m
vestrnent TO admit Of an active loan market LOT
more than day or two at time; and it is so
nHHcplt to discover reliable interest bearihp
yestmenfs that good nail way stocks e. nnot remain
in dscredit for week at a time. Tho Government
balance in the suJ.Iteasury i oro;n becoming
very large, and me Depart ,ent is checking the
issue OF deo. certihca'es and resorting to direct
currency drafts. ~ ne 10000 900 will be dis
burse' in payment of troops within ten days.
sold closed y ssterday at l26 q, and exchange
at 1882 l%J. The impression prevails in none
tary ciycles, that both Charleston and Mobile VIII
fall this s,ommer, and hence very general un
| willingness to hold either bullion OF bills. Eve
those operators in Wall street who have pee
most conspicuous as sympathizers with the repe'
now find their feelings too expensive to be trade
on. and sell gold as persistenty as the be'
friends of the Union. On the news oil the taii
| Charleston or Mobile presume that the pr
! MUM on gold would fall below 20. IT Is doupu
whether defeat Of our armies would put u
a much, so general is the conviction that the go
. | eminent will be successful.
The following table shows the course OF the sto'
!. market for the past week and month";