The New York herald., 1864-08-26
FINANCIAL AND COMMERCIAL.
rpurp.r. Aug.s, ss-sp

rumors THIS rs not because mors 5ocei tnrown rpcs
them, bat IN pausng &c sha1 .sf ts trsi sxe:ss
ment Is over, besa M secognzs ;es faci srai IN:
event considerable dsay ms, aiierc ,hs segoi,cn Of
peace and thai, far n railway stoca ne eoncerned.
no permanent fall lake place 10 ne 30 long gold
remains a. anything IKE ~ present price, We repeat
what we said former occasions, that railway and
other property viii improve In actual value with the
reduction sthe gold premium eonsequen, the
OF peace, although the nominal quotations for M would
10 extent, decline Railway shares are selling al
half their original value, and their depreca.
tOn has been entirely owing 70 speculation u
Even considering that the government has more
than six hundred and forty millions or paper money
snoat, gold Is unnaturally high IN view Of the re-
sources Of tbe country, and the tact that u rose
one hundred per cent In short time without any
corresponding imitation OF the currency a fall 10 ns
premium ID, therefore, not unreasonably predicted
the hypothesb that sharp advance 10 United States
gold bearing bonds In Europe viii bs the result Of the
present peace agitation The disposition to invest In them
win increase and the foreign orders viii oe likely 10
furnish 70 great extent, not altogether. for some
time the eQuivaient OF ordinary exchange aud gold for
purposes Of shipment The effect Of this foreign de-
mand for gold bearing securities viii not, how
ever, be SO much 10 pus up their market price
70 put down that Of gold, under ths dmin
ished demand scr II. by which, OF course,
their value win nevertheless be Indirectly en-
hanced. Is, indeed, impossible that the highest
priced Of gold bearing stxss advance much fur
ther while ten fores in the market for sale by the
government Al par Yet there certain ignorant but
presutious writers for obscure sheets who venture to
dispute this logical deduction, and try make believe
that gold bearing bonds going indefinitely high.
We hope their patriotism ID Of better order than their
knowledge Of tho laws that govern finance rise OF
about three Per cent above the present quotations
6vaf vwtt he thA in Th~
price Of the skies Of 1881 wi however, be Iksly to ad
vance 10 level with the hve-twenties before long.
We think that Mr. Fessenden made the coupons next
maturing on the gold bearing bonds receivable the
equivalent OF coin for customs duties would tend both
10 strengthen conddence thesesecurtss and exert,
in some degree lowering influence upon the price Of
gold ts a.s stas. .,lt sr. .,
Tho position Of the Bank Of England and the CONNER
ca classes Of Great Britain at the present time affords
practical commentary the evils OF overtradng We
had occasion mot long ago to remark that the OF
the kingdom for the fiscal year ending on tho
LIST OF July was seventy millions Of pounds
sterling, and that the general prosperity or the
country was % great that double that amount
might have been easily raised. England, however for
the last years has been overtadDg The the
United States interrupted the old trade large extent
forced enterprise into channels and developed specu
ation beyond all former calculation The result has been
immense increase COmmer6lol n6o0c0i
Tho imports. which valued ~ 20 loses9 for the
year lso2 increased f22 0ol during year
the exports from fs 4ss o5S 70 els 52s max.
Ing . difference between the two years OF nearly
twenty millions Of pounds sterling. The balance
Of radc against England last year. will be
eight millions -four hundred aud twenty thou
sand and seventy-fve pounds. Every In business
has been borrowing much he could In his
gel rch and striving TO do the largest possible trade
the smallest possible capital The consequence is that
all the money in the country actively employed, ana
more wanted 70 carry this and inflated order OF
things The whole nation financially top heavy in
danger Of general bankruptcy. 2l s}#
or the f5 600 2s5 which the Bank Of England had in
its vaults the 10th Of August meet liabilities
banking department Of nearly twenty millions sterling
Is 23 723 10 notes. and the probabilities then
IN favor OF reduction OF this small OF assets.
What would become OF En- gsh commerce this
a sudden termination it easy foresee The
specie favor would bs entirely excess
tne present Of the kingdom, and the greatest
panic Of modern times would he the inevitable result
Even h the aspect threatening the condition
extremely critical
There 10 rush on the part Of small holders to turn
their coupons the tenorty and fvetwenty bonds
gnd at the SubTreasury, in accordance with Mr. tcs
sendens that The payment OF interest
those next falling due would be anticipated But the
Board Brokers viii not recognise any bonds ilh the
coupons missing, large holders not generally awaiting
themselves OF the privilege. s .W
The low prices Of railway shares tempting outside
Investments 10 them to limited extent but the feeling
on The street is still very unsettled.
The money market is working easy under increased
demand from brokers at per cali but the
eight for st class commercial paper and nine
ordinary. s-N aaht
Foreign exchange continues dull, but steady Bankers'
sterling is quoted at 1851. l0Sx at short sight,
chants bills at 2,3 for currency, francs at 513H
SIS Lower rates are however, submitted TO in In
stances a
The stock market, although somewhat irregular day
exh bted signs Of improved feeling and returning
tivity. Compared with the highest cash sales
session Of the Brokers' Board yesterday, Reading
Railroad advanced Z per cent, Milwaukee and Prairie du
Chen "a, Michigan southern u, Cleveland and Ptisbuis
K Chicago ard Rock Island u Pi,tsourg and Fort Wayne
s Alton and Terre aute 3, Chicago and Northwestern
u Cumberland Coal 2, Quicksilver Miuing ~, and Mari
posa y. New York Ceptral sold the Erie Rail.
wy declined Hodson River J. Illinois Central y. and
Ohio and Mississippi certificates 4.
The market decidedly nrm at the second board,
The closing quotations showed advance railroad
Of ~ per cent; bat 10 the street Afterwards
this Improvement was hardly sustaioed
The following the quotations for government
curitiesCoupop sxes OF 1881, 1oess llo registered
i've twehtiss, lI2s coupon do 1l2k ll2sS october
treasury notes, III lllas one year certificates,
a. a9t. 4
cid opened a. 254ll and steadily advanced 10 2s5H,
closing K below the latter ngure
acting Assistant in this city reports
day az follows:-
Receipts from 1907 900
Total receipts's ,354 O25 l
Pymete iiSo9sl
Subscriptions 20 gcy ernment loan. 24s ,2U0
Stock Exchange.
THURSDAY August 2S-i03D A. N.
$4,000 SEA 81 ecu ige3i 100 shs sfccnt RRsae i28
xJU 6p. b2yrrrs lI1ts lue Erie RR ...s... I@lN
lao Gs, b4WscoU ll2ss 200 do........... 109ts
6JyO DO ...... ... it2iS 5oU do....t..... I09l3 Il
0WO TT n, 100 lllla l01 Hudson River hK l23
bsBp b Ca yr 90 400 do............ 1873. \
$50 do............. 0f-k 300 Reading RR lx3