The New York herald., 1863-08-27
FINANCIAL AND CONNER ClAL.
wEpsrspAY, August 2e-c P. N.

WEDNESDAY, August 20-C p. N.
Money was in active request to-day and the de-
nand was readily supplied. The old commission
houses had all the money offered which they could
use at per cent, and had balances to lend to
more active operators at and Z. There seems
20 be no difficulty in borrowing all that is wanted.
Business paper continues unchanged, and the cur
eency certificates of indebtedness arefrm at 99sx.
6old rallied again this morning to 1924 at which
rate it remained until afternoon, when it rose TO
s23. Two hundred thousand dollars made up the
lays export by the Cunard steamer. Exchange
bot active at 1857.
The decline which was observed in stocks yes
terday has continued to-day, to the extent of 10
per cent in Harlem, and / or Q per cent all round
che list. The best prices of the day were made
sarly on the street. Comparing the close of the
call at first board with yesterday evenings rates,
We note the following diherences:-Pa fell 2
per cent, New York Central rose a. Eric 4, Har-
lem fell 4, Reading "A, Michigan Central 2,
1euthern old l, guaranteed 81, Illinois Central "a,
Pittsburg "a, Galena J. Toledo 3, Rock Island a.
Font Wayne "a, Prairie du Chen 4; Chicago and
Northwestern rose "a; Chicago and Alton preferred
recovered II from yesterday mornings sales.
The feeling at the close of the call was better
than, during the market; but the dulness
continued on the street and at the one p. M. pub
lie call. At the second board prices were again
lower; Harlem sold down to 1917, Erie to 1897,
New York Central TO 1857, Southern old to log,
Galena to 1l214, Toledo to 1917, Fort Wayne TO
81 On the other hand, Illinois Central was steady
at mornings rates, and Pittsburg sold at 1917,
half per cent advance. Some sales were
made of Illinois Central, seller forty days, which
bear the appearance of reference to the London
market The reports Of the 14th instant from Lon
don indicate an increasing demand for our railroad
securities, most activity being shown in Eric. New
York Central and Illinois central. Money was in
good demand, owing TO the operations Of the har-
vest, and the bank rate was four per cent, while
short loans on government securities were az two
per cent. The tendency of prices was noted as
good. The time is probably not very far distant
when governments will be here, as IN England. the
great speculative stock, and il would probably he
well il il could be so. The public feeling ex-
presses itself more sensitively in speculation in
such securities than in any other way, and il is
question whether healthy freedom Of this kind
Of speculation would not enlighten us all good
deal on the true temper of the people with refe-
renee to matters Of national policy. Meanwhile.
IL IS gratifying to know that the conversions
into the fve-twenty loan continue steady and
we are informed of heavy purchases of various
government bonds for investment by capitalists
who think railroad securities do not yield them
that return in interest and security combined
which they seek. The skies Of 1851 are attracting
good deal OF attention in this manner rs they
will pay six per cent in gold for some eighteen years
10 come, thus covering time in which il is rea.
ponabe TO suppose that the national debt will be
adjusted at lower rate Of interest. The shorter
loans appeal to n class Of buyers who have the
payment Of principal at an early day in view; and
altogether we are gratified to note an attention
epringing up on this subject which the intrinsic so
tidity of the securities warrants. The four r.
n. public call showed a further slight
decline from the second board. Very
contrary opinions arc expressed about tho nature
of The present check in prices, and the bears have
taken courage TO sell short considerably to-day
and yesterday. Those who have been buying
stocks all along maintain that IL is nothing but
. necessary and healthy reaction, and in many
cases take the opportunity TO increase their into
rest at the decline. There can be no question
Chat the supply Of money ia equal TO the wants OF
srcculators and, ~ we have often had occasion 10
semark, men who want money largely can afford
20 pay higher for II than those who have smaller
wants. One per cent Of ipteres. doss not aourc
Nor muchin a stock spocrlaSoa, ana niost m,,
would rather get their loans qsicky Of six than
.szsrt thcnsaiyes Y pay only I've: