The New York herald., 1863-10-24
FINANCIAL AND COMMERCIAL
FRIDAY, Oct. 23-6 p. M.

FRIDAY, Oct 23-6 p. NJ
The increasing balance in the Sub Treasury has
led to some calling In of loans by the banks, and
consequently to rather more inquiry for money
among stock brokers. This ia an accident which
il has been the object Of the government to avoid
rs every semblance of stringency in money checks
at once the sales Of $50 bonds Before the last
call was made on the banks the Treasury Depart
ment, noticing the unusually heavy sales of these
bonds, and the consequent large accumulation of
money in the Sub-Treasury at this point, placed
large sums to the credit of disbursing officers, and
notified the Sub-Treasurer to expect drafts at the
rate OF one or two millions day for some time to
come. 1t was in apprehension Of this drain that
the last call was made upon the banks. As it
has turned out, the call had better not have
been made. So heavy are the subscriptions to
the $40 bonds that, notwithstanding the
enormous disbursements of government-they
were nearly seven millions yesterday-the balance
in Mr.. Ciscos hands does not decline. Under
these circumstances, no further calls will be
made upon the banks at present, and every
exertion will be made to bring down
the balance to the neighborhood of twen-
ty-fve millions. part of the increasing sur
plus in the Sub-Treasury arises from the de.
livery Of the last $35 100000 of legal tender
notes. which are now being finished and sent here
for circulation. But this circumstance is not
generally understood among bankers, who, seeing
an accumulating balance reported from day to
day, apprehend more activity in money and shape
their operations accordingly. 1t is reported to-
day that drafts for $l4 900 900 drawn on the Sub
Treasury are ailoat and will come to hand in a
day or two. This will sensibly ease the market.
This morning call loans were rather than per
cent; but no house in good credit experienced any
difficulty in getting money at on proper col
lateral.
the gold market continues to be excited, and
was again subject to considerable auctuaton. 1t
opened at an advance Of / per cent--say l4i
ll14-was as high as 1917 during the day, and
fell back to l451 l451 at the close. The busi-
ness in exchange was moderate, on basis OF 1907
l6l for bankers bills; but at the close drawers
advanced their rates to l62
There was temporary check in the upward
movement Of stocks this morning, based upon the
increased inquiry for money! but it did not last
throughout the day, and before evening the rise
was resumed again. People's minds in Wall
street are all turned in the direction of higher
prices, and unless some very unexpected
accident occurs to change the tenor of their
expectations they are not likely TO be
disappointed. Increased activity in money and
other similar influences may lead to pauses and
reactions. But in the main the course of the mar
ket must be the same "a il was In August and
February and November last, and the circle Of
speculation must continue to spread day by day rs
1t did then, until it becomes excessive and ex-
plcdes. A severe bear attack was made this
morning upon old Southern and New York Central,
which were selected prominent points Of as
sault. The former was put down 2 per cent, the
latter I% 1t seems that the short interest in o.d
Southern is very large; the stock is in active de-
mand for delivery. At the first board the market
weak ON the CALL and. without any severe
pressure to sell, prices were generally shade
lower on the leading fancies, with the usual excep.
tions applicable to particular shares Erie, Erie pre-
ferred, Hudson River, Southern guaranteed, Fort
Wayne and Northwestern were steady. Southern
old declined l2, New York Central q, and the rest
Of the railway list about a. On the other hand,
Harlem advanced 2, Canton "a and Cumberland
"A. Governments were strong, 1i0% being the
price for clean coupons Of 1881. After the board
the market was rather dull; but at the one p. NJ.
call there was stronger feeling, without material
change in prices. At the second board there was
q rally, and the decline of the morning was par
tally recovered. Quicksilver took quick upward
turn, and was 4 per cent higher than at the morn
ing board. It is rumored that the controversy
which caused this stock to decline to its present
price has been or ia being adjusted, and that the
way is now opened for dividends, which, when
they are declared, will be made in gold. At the
four p. NJ. call the market was steady, and rather
firm on the popular shares. Old Southern was
per cent higher than in the morning, and rather
in demand. The following were the closing quo
tations Of the day.