The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-09-21
FINANCIAL AND COMMERCIAL.

SUNDAY, Sent 90. 1868.
mere Vas no particular change Ia lie money
market last week. On call money is worth aboua
per cent to good borrowers with good collateral.
some OF the street spectators are glad TO get
money at 7, and on the other hand many leading
houses are supplied at 8. On governments is
probably nearer the rule tan the exception.
Mercantile paper seila mt o. a 6l& per cent for
first class names Debt ccrtifo 4tes worth
about "a discount. Toe baahs have paid into the
Sub-Treasury Is per cen, account Of the recent
negotiation say S. 250. 900, and have hand three
to four millions more legal tenders than they had
WREN the negotiation was concluded Ii seems
little singular that any who was familiar with
finance should hayeever seriously apprehended
scarcity of legal tender money, when every one
knows that there are four hundred millions of it
aioat in the country. At this time last year the
rural districts, and especially the West were pay
ing ne-sixteenth of per cent for legal tender
notes, which were supplied from here. At present
The country is supplying US with the same cur
rency at par.
Gold rose last week to ls5, and exchange to
I4sZ. The advance has long been deemed in
eyitsble by all who have watched the steady
growth Of our imports, and compared it with tie
II
the comparatively low price of produce. Mer-
chants never did better than they are doing at
present. The inquiry for every article of foreign
production and especially dry goods and groceries,
is active and increasing. Both importers and jobbers
have made and are making money. Under these cir
cumstauces o continuance of heavy importations is
inevitable. On the other hand, exports con-
tinue large; but the material decline in the price
Of breadstuffs makes great difference in the
amount credited to the country. 1t takes three
targoes this year to pay for many bales of dry
goods as were fully paid for last year by two.
The result must of course be an export of specie
Up to a certain point the deficiency in our exports
was partially made up by shipments of American
securities to Europe Until within month or so
every European steamer took ont considerable
parcels of United States securities and railway
bonds and stocks, which met with q ready sale in
Germany and others parts of Europe. But latter.
iy the upward tendency of gold has checked this
trade. European investors are waiting to see
whether gold will not rise to 100 100; for il it
does they will save Is 25 per cent on their pur-
chases Of American stocks. Hence the actual
balance of trade against at the present time is
even greater than the apparent one. Again, the
payments for duties into the Sub Trea-
sury which are now almost exclusively
made in gold. are becoming very hea-
Wy. In August they were about s65Oo,OOo,
and now they will average quarter of a million
a day This steady drain has to be supplied from
the loose gold in the street which is daily grow.
ing less, as there is no supply from California
worth mentioning, and the banks are not parting
with their bullion reserve. True, the government
is supposed to dsburse the gold in payment of in
tessst almost rs fast as it is received; but in
realty the coin lies for long time in the Sub.
Treasury before is discussed, and the accumula-
ton bids fair to become unsatisfactory large. II
has been intimated that the Treasury Department
will take care of this matter, and will keep down
the premium on gold by judicous sales. If this
policy he adopted. 1t is to be hoped that it will be
frankly announced, and discreetly carried out II
the Secretary waits until speculation in coin has
got under full heAdway again. he viii discover
that he has not got gold enough to check the mar
ket for a day.
The following table will show the prices OF stocks
ral~