The New York herald., 1864-09-02
FINANCIAL AND MMERclAL.

THURSDAY, SEPT. l-6P n
There was great activity in the gold market to-day
90 the strong reaction from the recent heavy decline
Which yesterday progressed rapidly and many Of
the "shors' lost heavily. After opening az 5as, soo
steadily advanced to 2lsA and then declined TO 247H'
which WAS the closing quotation at four O'Clock. This
rebound n likely however to be soon succeeded BY
gradual sinking, but not TO any very considerable sx-
tsut Produce and general merchandise sympathzed, -
mattsr OF course with the advance in gold but prices
were unsettled and business mon hesitate as TO what
they should do knowing what turn affairs may take
merit Tn.i predsposes them TO iacvity, and they are
more inclined think than TO act. The Inconsistent
course the Secretary OF the Treasury tends 70
their embarrassment and they have little confidence
either the administration or their Judgment with
regard 70 the future. The nomination Of Mcclellan seems
TO have Afforded them great encouragement and they
tsk obviously about the Of the platform on
which rests The election OF Lincoln Is regarded as
not impossible therefore the prospec lis regarded as
gloomy enough, and one promising only long years
or end have tasted enough OF that to know what
1t means
The balance OF the 1881 loan will be readily absorbed
by home spectators well may, bearing as IL does,
six per cent interest in god and the expectation OF this
will operate against unnecessary strngency IN the
money market. But the government paying entirely
too much for in resotng TO such issues. and Mr.
Fessenden has displayed q very weak and make shift
pOlicy IN pucluB iaeb soou ou sue nc -
either unable foreseo effects indifferent to the u
mate welfare OF the country but, In any case, he is
repeating the bunders Of Mr.. Chase with the evidence
of their evil consequences staring him directly the
face He may we'll be the laughing stock OF Wall street.
but at this momentoas time laughing stock tie head
OF the Treasury rs a serious matter for the nation
There are at present three government loans the
market-the ten forty the seyen-thir,y in currency
and the remainder OF that OF 1881 Nothing more
rial a., n,iA ~
Is antagonlstic TO the other, and people upiniated
In the mysteries Of the present policy Of
the Treasury perplexed to know what is the dis
tinction between them, and why much confusion
should exist The tenorty FIVE per cent gold bearug
oan redeemabe gold at any time after ten and within
forty years. The 1851 loan six per cent gold bearing
stock redeemable in seventeen years hence, It's name
indicates. The thirty loan bears that amount OF
interest for three years. and then convert
BILE into 1881 goldbearine stock or into currency
at the option OF The hoders the public has It's choice
In opinion the demands on the Treasury not
great and pressing that Mr. Fessepden could have
met them without the zacrnoe OF the tbrty-one and
half millions OF bonds he has just advertised But he
doubt studies temporary convenience than psrma
neu advantage aud thinks himself justified in pursuing
the apdo-mouth policy originated by his predecessor,
and which has brought the country its present depera
Bile financial condition
The money marke, shows increasing activity. Call
loans, for which the demand light, still made at
per cent but discounts range from eight to ten
first class and ten 10 twelve on ordinary signatures
There . drain from the West 70 the crops but
this partially neutrazsd by the cash purchases OF dry
goods and general merchandise on Western account.
Foreign exchange Is IN better demand. Bankers ask
1os 100 sterling, and commercial bills with
q reader sale. Francs range from 5.l2L to STAY.
The stock Market although comparatively active At the
first meeting OF the brokers' board to-day unable
throw Off entirely the depression under which it abored
yesterday afternoon. Compared with the early sales
Wednesday. New York Central declined per cent, Erie
Railroad y, Hudson River heading Ia Michigan Cen
ra y, Michigan Southern y, Illinois Central ~ Cleve.
land and Ptsourg x Cleveland and Toledo IL, Chicago
and Rock Island ~, Pittsburg and Fort Wayne u,
Chicago and Northwestern IL, Atlantic Mail Quick
silver Mining Pennsylvania Coal 8, and Ohio and Mis-
sssippi certi6cates a. Alton and Tcrre Haue Railroad
aud Cumberland Coal sold the Canton Company
advan 'ec II
The market dropped in the afternoon and the closing
quotations the second meeting OF the stock Exchange
eho wed further decline in New York Central OF per
cent, u, HUDSON River i, Reading u, Cleveland and
Ptsburg u, Michigan Southera y, igo and North
u Chicsgo and Rock Tslan u, Pittsburg AMI
For Wayne 4, Quicksilver Mining ~ Cumberland Coal
x and Ohio and Mississippi certificates =
Government securities were active but lower. The
following were the outside qaoationsCoupoo bonds OF
1881 lO7 Io7Is coupon FIVE twentles Ics no, and
small bonds lo7 a; 'oupon teuforiies with interest on
90 a 81, and one year certificates, % a 035s.
The repor, from .ne suS(( feasury is as follows
Recspts from cu.loms .................. fl3o.Voo
Total receipts. ID. 1os
Paymess i,so. sso
Baiance Nv 100 80
Subscriptions government loans. ........... 5000
The condition o. the banks OF the three priucipal
mercisi cities OF the Union is exhibited in the following
table which shows the aggregates o. their last weekly
etuements-
York Aug 27 slss5J2f29 les524is l25ssa is6 so
Pha. Aug. 20 39T7S.5yt S969 i3 2351 IS 35,603 AS
Boston, Aug 40. 6LaSoi9i 5Gs23I 962996i 264N 859
Total 2sli % sg7 2i3 I6 2is5ss 2ls lsL79i
week.. 2S7269e5 3of75Os i6is7as 2ls 627 800
decrease 10 Sic .................-...... 620,ZS3
Decrease IN deposits ls32,556
"A comparison OF the aggregates OF hs returns OF the
banks 10 the above named cities N tde the sth OF
January With their statements, shows the follow.
Ing devations:--
itcteSse W cce.t otZzilso
ltSfease w uepsits. ,3Is35s
TIE New Orleans Piccyne o. August "a thus refers 70
the state OF the criton market in that city