The New York herald., 1864-09-24
FINANCIAL AND COMMERCIAL.

rNfual n
oomparea with closing quotations at yesterdays ss
oud board Erie declined at the board this morning per
cant New York Central A. Hudson River 3, Reading
~! Michigan Southern 2 Illinois Central 2 Cleveland
and Pittsburs ~ Chicago and Northwestern l. Chica
20 and Rock Island l. Fort Wayne u, Ohio and hisss
sippScertincaes Cumberland Coal 3ss AS compared
with Tbursdly mornings sales, Quicksilver declined 8,
1ariposa AZ, Canton Company !, American Coal 2.
Government securities quiet Coupon skies OF 1851
aud one year certificates were without variation from
yesterdays quo,atous Coupon ve,wenties decliaeds
state stocks were active. Tennessee 6s sold al SO
Virgin a 6's at IS, Missouri e's at e51s 90 EigntY.
seven was bid for Hannibal and ST. Joseph ISSUE and
90 for North Carolina 6s.
Railroad bonds we're neglected bank stocks dull
AZ the second board The marx, was Irregular Erie
submitted 70 further decline o. =, New York Con-
tra 4, Fort Wayne Ia, Reading 1, Cleveland and
Iittsburg at The sameme, under the manipulation Of
clique sdvanced per cent, and Hudson River improved
a fraction, while other stocks remained steady After
the call the market continued unsettled
Government securities fraction lower. Coupon
fvetwenties declined "a, coupon OF 1851 X one
year certificates r.
There great excitement In the gold market all day
and fur ther heavy decline OF the premium The open
5ng quotation was 2lf from which there nearly
steady recession 70 I'll, which the selling price
at twenty minutes 20 four p M the
towesi quotation that has been reached since
the 22d of June rumor was then in cir.
cuaton TO the eeci that General Sheridan had achieved
another victory Early in the sheranaoah valley
This, however, exerted but very slight influence on
gold, which sinking gradually by its own
weight The tendency is sti downward; bu,
slight spssmodc reactions will be felt at frequent
intervals each reaction being followed by relapse til
having 'tcaohed bottom, the tide turns The eject OF
this continuous fall of the gold premium is 10 lower
prices Tor all descriptions OF merchandise asd produce,
and buyers imt their purchase the Of
their immediate wants. The wholesale trade OF the
country therefore state OF comparative stagnaiion
10 what il was two months ago. Everything hpaGce
nnd commerce IS row rapidly tending 10 cash
basis and speoua:ors OF all kinds compelled 10
operate for faIg The high prices which TIL recent
Jy prevailed on The Produce Exchange through the
sbuli" Efforts OF who wished to enrich themselves
at the expense OF the whole people brought down TO
eomehng more Ike their nltural level And this is
cause for national rejoicing for fall in gold Is its
sequences national blessing 1t great triumph for
the patton 70 have produced this favorable change
financial condition despite the gross buudering OF the
Treasury Department, and il will demonstrate TO tho
world the innate strength aud lperaye power OF the
people.
The heavy fall in stocks during the las. three days
which would baye amounted 10 panic but for the depres
sion which had preceded it, and the fact that it occurred
brokers' Market is attributable t. the growing coAn
dsnce in the future OF the country dis
poe;on TO invost in government securities which stand
n strong competition with all others consequence OF
their high rate Of interest We have before attributed
ebe weakness and sanaIion which have prevailed more
or ess the stcck Exchange ior the last three
months 10 this cause and argument receiving
further practical illustration Tho "bul ciques have
not not been able TO cope with tho bears in the general
s.ccg market for tits very The former outsdes
speculators have for the part gone Of the rail
way share market nvestoE have sold stocks
fallen largely INTO the hards Of speculative brokers'
few oul clques only remain 10 oer sry strong
ancc 10 whatever movements tho .bearsn like make
Many who formerly operated only in railway msce
Ispeous shares have left the street." while
others 10 found exclusively IN the gold
room, aud speculative brokers' VINO before con-
tented themselves with stocks, now dabble largely
gold remain comparatively idle Railway, like al
other real property, Is meauwh hile being enhanced in
specie vaue but gold is falling too fast for The late
currency quotations to be sustaoed and tbor
present quotations railway shares selling for
a gold basis than they did In July last when gold
$50. But spectators allow nothing matter OF course
forpprecaon Of the currency and 50 far as they are
ooucsrncd this correct for decline tho STOCK they
Bold Is not directly compensated for by appreciation
OF the currency they could profit BY that appreciation
without drawtscs W simply Keepiog their greeobscks
<heir pockets.
The prime underlying This fall gold and stocks
and the consequent deranfemeut Of valves s we need
hardly say the Improvement the aepect OF the mill
Gary situation and the growing belief thereby induced
that tho is is termination than was before
supposed.
The money market hds been somewhat stringent to
day. D call loans owing ts tla uncertain value q
stock coliaieras but 6rst class h6lses have had
the discount pc increasing caution observable owing
the risk Of failure the part Of merchants hoins
large stocks Of goods the Old prices. The practical
Gect Of this TO reduce the quantity OF paper made by
sharp limitation Of credits. The rates vary from n.De
90 twelve per cent.
The last usslment OF about iep millions on account
she balance OF the 1881 losa payable TO The
greater portion of this made 10 day, and the
money market my be ccnsidered relieved o. the
5oan, and this will copduce TO o easy feeling.
Foreign exchange has been influenced By the prevail
ing excitement Wall to-day and all who conld
have doerred ing anticipation OF lower rates;
n certain had 10 be purchased for TO morrow
aeauer aad THIS slightly relieved the saspation OF tue
market. Bankers bills London sold at l09 q
iosn for gold. Francs are quoted At 69a5lSk.
The business at the Sub Treasury to-day FOL.
Receipts from customs. OBSERVATION-DISCLOSURES. si52 900
Receipts for government lean oan.............. l3ss50
Total receipts LOGS, s52
Total pas rents ga 440
bafDCe..
The follow ug notice has been issued by the
puperiaieudeul OF the Assay ohce:-
UNITED STATES Assay 0fPcg, }
Nzw YoRR, sept %, 1904 I
Notice Is hereby given 70 parties Interested that FOR
the purp ssc enabling this Office prompt
meats for bullion deposited the Secretary OF he Treasury
has recently transferred to tue Assay Office q bullion
gund Depositors OF bullion viii thei eiore receive
paymoat 10 hass the value OF their bal
zion ehaI have beeu dctsrmDed-usualiy rom two to