The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-29
FINANCIAL AND COMMERCIAL.


very confident feeling prevailed among buyers Erie
closed higher than at the second board yesterday,
Michigan Southern 1H Cleveland and Pittsburg North.
western preferred y, Prairie du CHEN X, Fort Wayne
TX Reading was Y lower, Rock Island r. Atlantic
Mail sold ss 14s Government securities dull, and
coupon nve-twenties declined u, ten-forties y.
Atthe open board at O'Clock the market strong
and sharp rise Of per cent took place in Fort Wayne
which, after selling lOak, closed on the call at 102x
Erie closed at CIV, Hudson River d. 81 1oo, Reading
lis. Michigan Southern 1871, Cleveland and PittsburG
S2k Cleveland and Toledo 1884, Rock Island l0TH,
Northwestern son, preferred 66X Prairie du Chen
0lk, Ohio and Mississippi certificates g. Canton 4ls,
Cumberland 4s,1, Quicksilver ASK, Brunswick 10. 10Y
1tk. Marposa "a 81 II.
Afterwards the street. the market lower under
che hammering of the bears who circulated false rumo
10 the effect that steamer had arrived from Europe re-
porting advance in the Bank Of England Of dis
count and further depression the London Stock Ex
change Tho market subsequently nearly recovered the
Decline and closed nrm New York Central advancing
beyond the open board price. At five o'clock p NJ the
latter was quoted At ok ss Erie ok, Hudson River
look. Cleveland and Pittsburg s2as Northwestern pre-
ferrod osx Fort Wayne 1924, Michigan Southern TN
The gold market continued arm and there was an
Increased demand for coin loans which were In some
oases made without interest The opening price was
1Asx, followed by an advance Of y and decline Of y,
from which the market strengthened to 145x, and
closed steady at that quotation The shipment Of gold
by days steamers aggregated $S96o3 OF which the
City Of Baltimore took $464 lib and the Borussia
$4s2, 800, making for the week $sSo,el4
The gold certificates intended to be issued
by the Treasury Department will not be
issued for at least a fortnight to come. Only
those Of the 5000 denomination have
We. been received the Treasury in this city, and it
C,,x~
posts until the of the other denominations arrive
Moreover Is a new department Of business will have to
be created for the purpose the subTreasury building
the which elapse before all the certificates
printed will be required to complete the necessary
arrangements which must precede the receipt of dopo
sits This will involve of course considerable increase
of labor and consequently Of expense, in the SubTrea
suy the advantages to compensate for which pre-
sent probematical although the has the support
of perhaps the larger portion of the banking community
Of the city.
The foreign exchange market has been stagnant The
rates nomnay the same as quoted yesterday. Lead
ing drawers asked 1857 Cor their sixty day bills but
sales made at 1854.
The demand for money on the Stock Exchange has
been fully supplied to-day at per cent ard the
flow of currency which has in from the West
ssts the recupcration of the market from its
traction The Chicago journals note that the banks
there have had to send considerable amounts Of currency
eastward TO meet their drafts and that exchange upon the
East is firm at par buying, and lilo premium selling
The fact s that the Western banks had larger balances
the East when the recent strngeny set in than they
ought 70 have had than entirely consistent with
the interests of the bankers with whom they made their
deposits The rate of interest namely, four per cent
offered upon deposits by the New York banks has led to
much larger temporary balances being lodged here by
haul
The policy apt times prove rather danger
Ous al the best announcement to the banks at this
CENTRE because they liable whenever spasm
in the money market to have their deposits withdrawn;
and the payment Of four per cent upon the latter
Quires that they should be constantly kept out at
higher rate The Western and other country banks al
low interest upon deposits finding that the risk
than countertalances the direct gains.
Tho discount line continues active and irregular but
the scrutiny Of is less close, and commercial
paper OF the best grade passes freely at 10 per
cent At Chicago the bank rate is 10 per cent but out
side OF the banks the regular per cent per
month
The disbursements on account OF temporary de-
posts to-day at the Sub Treasury amounted to
s5N 900, none Of which in redemption Of Clearing
House certificates The Withdrawals account Of the
loan since the 9Th inst have aggregated more than
twelve millions during which the balance in the Sub
Treasury declined from SOS 20 $40 to 500
Tho general opinion OF bank officers favors
more easy condition OF the money market, in
consequence OF the subsistence OF the Western
drain and a dimnution Of that southwark. The
drain eastward which has been considerable,
has also abaed, because the banks in that d.
rscton alike with all tho others keeping balances in
New York have drawn the latter closely that there
is little more left to be drawn In addition to these
tt,a xsua nj I'm NJ Tho
Treasury in view OF the recent strngency, to order
that no more currency be funded into bonds pend
ing the meeting of Congress, is reassuring This
conservative action OF Mr.. McCubch cannot but
exert a salutary influence upon bankers and others
who represent the money market as well as the entire
commercial community, and so relieve host OF appre
tensions The policy Of returning to specie payment
which he very properly has in view-must not be lost
sight OF: but the rcsumpto OF specie payments Of
Itself dogma, which, like the outline Of figure
painting, requires TO be very carefully filled in.
sudden resumption of specie payments would involve an
equally sudden fall OF prices resulting in all but univcr
bankruptcy throughout tho country and the govern
ment cut OF from its by taxation and other
wise large extent. would share in the national dis
aser thus posponng the object in view. Tho country
itself be allowed by the march OF Its prosperity 10
prepare way contraction Of the currency and
resumption Of specie payments
The ns:on is at present In such peculiar position
thai great be used 10 avoid monetary convnl
sons that the recupcraton Of the South and OF the
trade and OF the whole country may not be
interrupted by the curtament Of those ordinary aci
ies which the loan Market when In natural state, In
variably affords OF late tho abnormal condition OF
the South has led to tho withdrawal Of large
amount Of currency from tho North for the
purchase Of cotton, and hcre has yct becn rom
sed In return surhcient amount in payment for
chandiss sent from the North to the SOUTH but tho
South h every day increasing It's Indebtedness to tho
NORTH and oounterpoisc TO the present drain will soon
NJ established BY rcmittances from tho South IN pay.
mon, Tor the goods sent there.
The spssm IN the money market, which was
In some degree Influenced BY the funding loan,
has shown the evil object Of too preciptaic action In