The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-08-05
FINANCIAL AND COMMERCIAL


The money market is very easy and comfortable.
The banks are looking for borrowers at a per
cent on CALL and some of the private bankers had
money over to-day which they could not place at
per cent. Much of the increased ease in
money arises from the increased confidence
which is everywhere felt in railway property.
People who would not lend on such stocks as Erie
Or Pttsburg year ago are now only too glad to
advance money on these properties at per cent,
with 10 or Is per cent margin Debt certificates
are steady.
Gold was as high this morning as 1881, against
125 last evening; in the afternoon it was lower,
and closed at five p. NJ. at about l27s4. Bankers
bills were done this morning aghigh as 142; later
in the day, however, there was considerable
concession from this figure. Advices from the
Southwest encourage hopes of an increased sup.
ply of cotton and the prospect Of the fall of
Charleston, on the other hand, operates to check
speculation in gold or purchases OF bills for re-
mittancc. When Charleston fails everybody feels
satisfied that gold will sell below 100.
This morning, before the board, the stock market
underwent small panic. II began by simultaneous
forced sales OF some small lots of leading stocks
which were sold seemingly to realize profits; and
few bear operators, who have bled freely of late
perceiving the effect Of the SIDES, attacked the
market with vigor and effect. Thus Erie Of
which the last official quotation last evening was
1917, was forced down to about los; Erie pre-
ferred to l041& New York Central to 1923, Harlem
l23, 6S When the board met the market was
still under the influence Of these causes and prices,
though higher than those which had previously
ruled, were still below those Of last evening.
Thus Erie l per cent down, Central g Erie
preferred Ia, Harlem 2la Reading ~, Southern
old "a, Illinois "a, Rock Island /, Galena 4.
This only lasted however, till towards the adjourn
ment OF the first board. As soon as people out.
side heard of tie decline orders poured into the
board, and prices rapidly than they had
fallen. From being weak the market became
very strong indeed, aud remained so throughout
the day. Eric was o7is bid before members left
the board room. New York Central 49, old
Southern 9l1e. and on. At the one r. NJ.
call, aud again at the afternoon board the
same features were exhibited Every ono was
buyer, aud prices rose, not spasmodically,
but steadily, with firm even movement. Har-
lem which had been done at 10 by the bears early
in the day, to 1885, Central to 1872, Eric 1879,
Illinois no. southern old 92s+ &c. The course
OF the market to-day must have satisfied the most
ineredulous observer OF its irresistible tendency,
and II the Wall street jobbers undertake to array
themselves in opposition to it the result will simply
be that they will he broken. The public are en-
listed in The business OF Itock gambling Mcrchan-
disc is 50 dull that merchants have abandoned
their proper ayocaton to deal in stocks; and all
experience shows that when this ia the case the
popular tendency will run its course. Govern
ments were ftTr to-day, with fair demand for
abroad Mssouris advanced "a per cent. The
cock and bull" stories about an issue of rebel
scrip, which GoySnor Gamble was said to be in
favor of paying. DO not seem to have much Affected
the price Ohio and Mississippi certificates rose
3 per cent, with an improved demand. At the
four T.. M. call there was a fractional reaction
from The advance of the afternoon but the market
az whole closed strong. The following were the