The New York herald., 1863-09-30
FINANCIAL AND CONNER ClAL.

TUtspAy, Sept. 29-6 r. NJ.
Gold rose to-day ts Id4Is, and exchange TO
1877, IJs for frat class bankers bills. At the
close gold was l42s4 and bills 1861 l57. This
sudden advance Of per cent in gold has
been . subject of considerable wonderrnent in the
street ~ nothing has transpired either in the
military in the course Of trade to Justify
80 sudden jump. II may. perhaps, be assumed
that the rumors Of disaster to the Army OF the
Cumberland which, though not authenticated,
were current in Washington last evening had
good deal to do with the advance. Should these
rumors prove as baseless as they are now believed
to be. the price will naturally react, aud
may fall below the point at which it stood
before the rise. Tomorrow the Sub-Trea.
surer win dsburse some $4,000 900 of gold
in payment of interest on the 7.3o notes. and
on lst November further payment Of some
IS 500 900 will be made in coin for interest on the
five-twenty bonds. Moreover, the advance in gold
to l4s will have the effect of increasing to a very
large extent our experts Of produce, merchandise
and stocks, and will thus reduce the inquiry for
gold for export. Whatever be the course OF gold
hereafter, Hhere can be no question sbut that an
advance of per cent in day, in the absence of
very bad news from the army. must be followed
bya corresponding reaction.
Money easy to-day at per cent for cali
loans. Some brokers get all they want at per
cent The recent fall in stocks has set at rest for
the present the disputes about margins Which gave
much trouble to houses with limited means
when the market was on the last upward wave.
The stock market was more active to-day and
the tone at the morning board decidedly buoyant.
The advance in gold is again operating to increase
purchases Of dividend paying shares. There are
many people who object to sec their money depre-
cating at the rate OF one to five per cent a day.
and whs do not the philosophy Of locking it up
in gold. which pays no dividends. This cause is
rendering what may he called the higher class Of
dividend-paying shares very scarce. Though the
price has varied but little, the amount Of Michigan
Southern guaranteed. Michigan Central Reading.
Toledo &c. available for the speculative purposes
Of the street is now very SMALL and the time is
not far distant when. Ike the Cleveland Columbus
and Cincinnati. the Buffalo and State Line. the
New Jersey Central, &C.. they will be withdrawn
from the speculative list altogether. New
York Central is likewise affected by the
same Influences though the recent aboriive
bull movement in this stock operates against il for
the time. But nj l34 1856, with gold at lao ld1,
New York Central ia about as good remittance
az can be made TO the other side, and it will
doubtless be shipped. 1t sold at 95, in 1861. for
gold. when the company had no surplus on hand,
With surplus now on hand. which reduces the
real cost Of the stock to l2O, il is likely 20 look
cheap il gold rises. At the morning board to-day
Central rose |, Erie 4, Erie preferred l. Hudsoa
TX, Harlem ., Reading l. Chicago and Alton pre-
terred a. Michigan Central Il, Southern old ~.
Illinois Central 3, Pittsburg III, Galcna I. Rock
Island ~, Fort Wayne l, Chicago and Alton "a.
Governments were firm at an advance Of u per
cent At the close Of the first board the
market was very strong and everything was
wanted at an advance of q a q above the board
price. The advance was maintained at the one
p. NJ call of the public board At the second board
the market irregular. New York Central
and Erie were firm: Michigan Central advanced q,
Chicago and Alton and Illinois Central X. On
the other hand, Harlem fell of per cent, Galena
a. Rock Island !, and Hudson 1% The market
was not active, but the tone firm. Harlem
dropped more than anything else mainly IN conse-
quence Of the difficulty of carrying H. few bankers
being willing to lend on it. Nothing further has
transpircd with regard 10 the litigation in which
the company il involved. At the four L. NJ. call OF
the public board the market rather dull, and
prices we're Il lower than at the upper
board. The business done was light. The follow
ing were the closing quotations of the day.