The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-08-31
FINANCIAL AND CONNER CALL

80. ~ coarse 10 unsettle prices FOR an kinds OF NOR
chad S. aad 10 place drag on commercial operations
ina movements produce stl more iufucncea by
il thai 90 Monday, and -four from thirty 10 nifty
ceus ana pork seveay eve cents TO dollar per bare
lower while wheat dscaod seven 10 eight Coats per
bushel
The Oldest heads 10 thestreet purified 10 know the
immediate future Of gold governments railway
shares and this uncertainty makes spectators and
others act wsry and trust the market no further ihao
they IL. It's believed that nomination Is
made at Chicago. and sl passes eli pesceaby, the
course gold will be still further downward; but that
the reverse should cccur upward turn would be the
result
The duuess which has on the Stock Exchange
panic o, last spring has driven many OF the old
operators channels Of speculation, while the
present those who remain from embark
Ing 10 any considerable tide which involves
risk than the chances OF profit are sufficient TO
yer. The brokers' commission and government
tax amount purchase and soio Of every nunarea
shares thirty dollars, exclusive OF interest
which prep nary ob'ig lion tho daily fluctuations
OF prices the few months hardly dispose men TO
incur. ,ey forsake the purlicus Of William
and Wall streets aud make ventures ia produce or real
estate rythins else, tangible n;sngibe. they find
themselves host OF difficulties, and the road to
fortune recede they advance. The state OF
things is very different from what it was when people
speculate I'd before the paaic when grocers and
taors prze lighters aud barkespers aud clergy
men, widows and spnsters joined the nsensa.e crowd
that rushed blndly TO initiate the sensation bubble OF
The boar, and finally swallowed ", as they
deserved be- the whirlpool Mat followed, for which
they indebted to their former friend ar Chase.
The South Sea bubble, which burst il 1870 and made
itself famous history, involved less disaster Ia point
oil amour; involved than that very panic So it proved
warning, the taiiors and barkeepers, lawyers and
cergyman conhre themselves more TO their legt
business and the Of idle and useless who
formerly depended For subsistence upon the deulorazng
game OF speculation t. great extent dispersed
and It is to DO hoped that they have found
occupation consistent with high moral purpose and
INQUEST 10 ie The produce spectators only thrved
for a little whie, and they being bitterly
disappointed Than before. The nation will be happy to
hear IL, of these that killed on the bet
ter for society. They the mosquitoes OF the
merciaI u mos phere.
Not only SPECTATORS however, whose losses excite
regret but property holders of ali degrees suffering
under the effects OF the antagonism existing be.
tween specie aud currency. Real estate OF all
kinds has been greatly deprecated by the i'd
vance OF the currency premium gold, and rail.
way property selling at only half its original value
The decline 10 gold will do something Indirectly towards
improving the value OF such property Bot persons In
trade, who have been laborng hard under diminished
profits positive losses will be Immediately bene
Atcd by this fall In gold, with the exception OF those
who have hand imported obs paid for at the late
high rates OF exchange, and who viii nnd themselves
heavy by tho dcclae for wholesale prices
sympa,hize very actively with god. ualess
perhaps in product like cotton which Is operated upon
by special influences. Tho majority OF people max
ing far less money than they before the
PENSION while the cost OF living has nearly doubled and
the prospect that most men who remain in legitimate
business through this will be in the end poorer than
they now, aud 10 this apprehension may attribute
the growing disposition among many to retire whle
their burdens are yet light.
despatch from Washington informs that the Score.
tary OF the Treary has received from Hamburg pro
posa for loan OF thousand millions for seventy five
years. three per cent interest, the payments to be as
follows,.Twepy per cent in coin, ten per cent in
United States currency and seventy per cent IN out
standing obligations OF the government The three
per cent s Of course to BIO payable In coin, which
would amount to aggregate Of two hundred and
twenty i've rer cent in gold ct the period OF
the meturity. But another version OF tho story
informs that the principal is to be reimbursed 10
the holders during the last fcrty-fve years OF the
term, N equal semi-annutl instruments This, how
ever, makes little difference. SO far es the rate o.
interest tbis reported proposal would APP
pear to be advantageous than the Gale OF Six per
cent bonds but when consider that The period spu
lated for the loan to nearly times that OF the
bonds authorized the advantage the eide Is
than counlerbalanced by the disadvantage On the
other. We therefore advise the government 10 reject
the oaer. il 1t is fact, led
20 suppose, il evidently emanates from hive q
German usurers, who expect TO- and doubtless would,
mako handsome thing By the transaction accom-
pshed. But disposed 10 think that the proposal
Is accompanied by some obnoxious stipulation OF which
we have not yet heard, such placing the loan q
level other gold bearing securities by pedgiug
the customs for the payment Its interest.
the acceptance Of ,hs loan would require the authority
Congress thete sudden danger OF the country
beng iee making bad bargain; but 1t may not be
untimeiy Mr.. Fessenden against taking any
tiou the which would involve US in unpiss
SAINT and Improbable negotiation, place the nation In
an undign!Ged position.
The money Market Is easy at per cent call,
under very light demand. The scount line 10 how
ever active. and raesrange from 10 10 per cen.
for class signatures Lenders scrutinzpg both
namel and coiiateras very closely and many or the
former Offering unmarketabe al ordinary ratea
foreign exchange there very little doing, and great
irregulaty prevails Bankers bills quoted At from
$50 10 252 about poon and merchants bills unsal
able al much lower figures.
Mr. John A. Stewart for the ast eleven years assocl-
United States Loan Trust Company,
been appointed 70 Nil The vacant Sub Trcasuyshp In this
city
The stock pact ye to-day aud prices con.
tnued TO fall OF. Compared with yesterdays quotations.
Eric Railroad declined at the nrst board day per
cent, Eric preferred ~ Reading *, Michigan Southern
" Illinois Central y. Cleveland and Pi,tsburg u, Chicago
Island " Pittsburg and Fort Wayne Atlaptc
Mail 1 Quicksilver Mining u, and Ohio and Missssipri
certificates 4. New York Central advanced n and Cum
bcriand Coal Y. Hudson River Chicago and Northwest.
oru and Canton Company sold the same.
The marke, was sti weaker 10 the afternoon. At the
second board New York Central fell Of from the noon
prices per cent, Erie u, Hudson River ~ Reading "
Michigan southern x Illinois Central Cleveland and
Piisburg u, Chicago and Northeastern X, Chicago and
Rock Island Y. plitshnra and Fori wauna 4. cr.aA..