The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-08-01
FINANCIAL AND COMMERciA


rMDAx, july SA--o r. -.
The money market continues rs easy a. could be
desired. Money is offered in large amounts to the
leading brokers at per cent, and at the specu-
Ators IN the light fabrics find no difficulty in get
ting supplied. There is less caution than there
was some time since in scrutinizing margins rail-
way stocks are improving in the opinion Of bankers
as . collateral. and those which paxregular divi-
dends stand as high as any other class of securi-
ties Wall street appears to be learning y lesson
that in country Of great internal tn 3 the
United States the great corporationSa EfSrry
on the traffic of the country must in thu III do q
very profitable business. Debt certificates ere
steady. Mercantile paper continues TO be quoted
At s per cent for strictly prime Names and 81. q
eH for good mercantile paper. -s' 'ti'' ~.
Gold advanced to-day to l291S, closing at i've P.
II. at 129. Exchange sold at 14lZ 142 for
bankers bills. No special cause ia assigned for
the advance in gold and bills; but it was evident,
some days since, that unless we heard of the fall
of Charleston the tendency Of the market would
rather be toward reaction after the recent heavy
decline. There will be heavy specie export TO-
morrow. Gold will fall, Of course, eventually, to
par. But this event is far of; and meanwhile the
premium may rise considerably If we have no more
military successes.
The stock market opened weak this morning,
and there was rather q disposition to improve the
reaotiOn by putting out some sellers options. But
at the close Of the first board the decline brought
infresh buyers and the market soon recovered
strcagth. These temporary reactions, which
arc the invariable accompaniments Of q rising
market serve to Brighten inexperienced operators
out Of their stocks for the benefit Of older and
moro cool-headed spectators. At the nrst board
cumberland fell of "a per cent. Quicksilver !, New
York Central l, Erie N, Harlem 2, Erie preferred
I. Hudson ~, Reading n, Michigan Central a
Southern old ~. Illinois Central ~, Cleveland
and Pittsburg l, Galena n Tsrre Hsuts y. Toledo
Il, Rock Island Il, Fort Wayne 1, 60, &c. State
stocks were steady; Missouris Il better. Govern
menss were steady, without activity. After the
board there was rally in the whole market, and
at the one P. N. call the transactions show an adj
vance on the active shares Of X . l per cent all
round. Erie sold at l03 against 10l, AZ the first
board People who sold two mornings since at l04
aphsed to be quite eager to get in again at the
decline; no one seems to look for . reaction
OF more than . per cent. At the second board
the upward movement was continued, and the
market became very buoyant. The advance was
resisted by the regular bear.operators, who tried
to hammer some Of the leading fanoies; but their
efforts appeared to have no effect in checking the
advance, whilethe existence Of q bear interest
will naturally impart strength to the next upward
surge. Erie rose y, Central u, Southern y, Fort
Wayne 1, Rock Island y, &c. Central was espe-
oialy strong, selling, dividend off, at I251I. 1t is
understood that new p9ty. with headquarters at
Albany and Saratoga, hss been formed to put up
the price Of Central, and operators who are sup
h.. xy,.;-a nkat att ~ -.
dcnd and $50 for the stock. It ought to sell as
high a. Hudson River. At the four p NJ. call the
market was very strong indeed. Few stocks were
offered for sale, and every one wanted to buy.
The following were the closing quotations of the