The New York herald., 1864-09-01
FINANCIAL AND COMMERCIAL.
wrpss nAY. Angus, sl-eP. n.

yrpxr nAY Angus, S1-oP. H.
rn.r. - Great activity but iess excitement IN the
rod room 10 day at any time this week Inc oom
n,uon of General ncClelsu tor The PRESIDENCY ~ 'ne
1., con,sn,ton seemed op oste inaue, CO
:, sod TO whs, msny imagined would, and instead ~
...,snus its decline gave It an upward turn After
op.p,ps az 2ss advanced steadily to 2llh which was
tbe closing quoatior but the street afterwards sold
a. 24sx with slightly upward tendency. This reaction
We predstsd on Noncay.
Flour, wheat, pork and other produce rympathized
with In gold, and Aeuera advance took place.
Activity other descriptions OF merch ndise was thereby
stimulated and the stagusion Of the last few days was
partially removed Blu, the uncertainty which has Iat
tery prevailed regard the future st remains and
the proceedings at Chicago have produced no Improve
nent Of feeling.
In the afternoon the chief talk bore upon the action
Mr. Fessepden placing the balance OF the 1851 six per
cant gold bearing Market amounting to about
thirty -ons half mliors, sealed proposals for which
wiz be received TIL the 9th Of September The effect OF
this viii be TO depress government securities to
Simited extent, ard reduce the subscriptions TO
the new seven aud three.ienths aud teuorty loans
very materially well as to induce increased stagna
tion in the railroad and miscellaneous share list TIL
after the taken up, therefore, may look for
period speculative duness but, the amount not
too large prevent It's beng entirely absorbed by specu
lstors at home It's influence upon The market may be
calculated with toleiabe accuracy. The govern.
mens paying dearly for money 10 borrowing
upoa gold bearing bonds at such high rate
c interest, and nothing can excuse this fur
ther Issue but the immediate necessities Of the
government and these sufficient to make this policy
the part OF Mr.. Fessenden dispensabe, and there
fore jusliHabc they only the straits to which the
Treasury reduced. Temporarily. however, all that the
government borrows bonds direct should operate
against rise in gold by the tendency OF such loass 30
diminish the ratio OF Increase to the currency which
In their absence, might take place. There is NOS
. little Inconsistency, however, shown by hr.
Fsssenden In tho course be is plrsuing; and II
becomes more ard evident that he is not
the TO properly snvern the national finances
ut this critical period in history he Is timd and
vacillang, and apparently lacking foresight and
Of mind. He do nothing better than
walk in dangerous footsteps OF Mr. Chase and there
Is little be hoped from him. he had m opportunity to
distinguish himseif as rnancer, hampered though he
former egsaion but be has proved himself VI.
equal the cccasior and may be put down az failure
without further trial.
The stock market, which had resumed . huoyant tone
in the morning, experienced decided change for the
the Treasury advertisements appeared owing
to the anticipation OF more stringent money market.
Certain Washington correspondents seem anxious TO
direct attention 10 the alleged Offer OF thousand million
loan the government from parties in Hamburg. We,
therefore, repeat our warning the Secretary OF the
Treasury to do nothing which would be likely 10 place
the country In such humiliAting position as
the negotiation OF this loan would lead
TO- N may be tina. has foundation 10 fact, but II
has objoct is get seventydve years three per
gold boring stock redeomabie in specie, out
OF the country Tor twenty cent 10 con ten per cent
In currency and seventy cent 10 the bonds aaoRt
The government would derive FAR more harm than good
from such transaction 1t would be fundiGg large
part OF the bonds already sd, which run for sevenccn
and eighteen years oLy, into one TO run nearly
times long in order parcel OF German spec
uaors might pedde them a. profit or convert them
into lottery specultons they have before done with
che securities OF other gov Ths would bo a
financial disgrace TO the country and we condemn all
negotiations for the sale OF Uuted states bonds with pri
vste parties Whenever have bonds 20 sell let them
be sold in The ordinary n the home Market and then
il foreigners should like to speculate in them they may
DO IT. but by all means lie, tho government keep clear or
such pal,ry, Improbable aid undsn ned associations
The money market is more active .Ihat aemsId for
commercial paper and the increasing pressure Of this
has advanced the quotations That OF the frst class rates
from TO- and that OF The second from 10 to II per
cent But much OF tbe paper atoat Ia unmarkctabie.
In foreign exchange there 10 very little doing bnt
prices are ned BY the advance In gold. the
quotations, however, are only nominal
Bankers ask losh ~ Tor s,erng and francs are
quoted at 8 12h.
There was improved feeling 10 the stock market st
TO day. and prices generally ranged above the quo
tatons of yesterday from han T. three pr cent Erie
Railway advanced at the FIRST board ~ krie preferred
stock K Hudson River iI Reading Railroad I Z hichi'
gan Central u, Michigan Southern II, Illinois Central
~ Cleveland and Pttsbure Cleveland and Toledo -,
Chicago and Rock Island a. Ptsburg aud Fort Wayne
Chicago and Northwestern l, Atlantic Mail Quicksilver
Mining !, and Asriposa 4 Cumberland Coal declined y
and Ohio and Mississippi certificates x.
The advance the market not sustained In
che Afternoon. Erie fell OF =, Hudson River *, Read
ing lH Michigan Central - Pittsburz and Fort Wayne 2,
Michigan Southern Ia, nlisos central Ia Cieccand aud
Pi,tsburs =, Chicago and Northwestern lH, Cleveland
and Toledo y Chicago nud Rock leland 2. Quicksilver
Mining /. and Ohio and Mississippi certificates -.
The highest cash prices OF railroad and miscellaneous
shares at the Board OF Brokers day
compare with the quotations OF Wednesday Of last week
a. folows:-
Aao. - Aug. 81
American god 265Z 2sIH
Tarra u4.,r a.r md rs