The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-08-02
FINANCIAL AND MErCiAL.

TUESDAY August 1-6P. M p
The reactionary movement on the Stock exchange
Continued at ths first board this morning, ana gehera
decline took place, Fort Wayne excepted when aa-
v,,csa Y New York Central closed e lower than at
the second board yesterday, Erie Az Reading u, Hud-
s,n river az Mich igan Southern u, Rock Island q,
Ohio and Mississippi certificates III, Quicksilver Ia.
Government gold bearing securities were less active but
there was pressure sell the seventhrty notes of the
seeond series under which they declined to 93A Old
Hvo .twentcs steady but the new issue was "
lower.
AT tho open board, at O'Clock, there increased
depression and Erie sold the call at S63S. AT the
second regular board the of the market mer,
and general improvement in prices took place Eric
closed higher than the first board Hudson River a.
Reading a Ohio and Mississippi certificates "a Michi
gan Southern x, Rock Island =, Fort Wayne ". Gov
securities were dull and coupon dvewenties Of
the old issue were u lower
AT the open board at haf-past three the Improvement
fully sustained Erie closed the call at 81 "
Reading lo4ss Michigan Southern 64H, Cleveland and
Pittsburg $50, Rock Island 10SK, Northwestern 264
preferred COX, Fort Wayne s8 Canton So Afterwards,
on the street, prices were steady.
The chief cause Of the further decline Of railway
stocks is attributable to apprehensons regarding the i'm
mediate future Of the money market and super
added to heavy sales Of eric by the bull leader.
The rest Of the bulls consider themselves
swindled; but they undertook to play against
loaded dice they disposed to pocket their losses"
without complaint Eric cash stock has been 30 abun
dant to-day that it very difficult to loan it, and the
reports by speculative director and his
clique effect that it would remain scarce for de-
livery have produced only "a delusion and snare
The reports were promulgated whle the promul
gators were saddlng the street with their own
stock and a moro INSCRIPTIONS coincidence"
game probably never practised in Wall street. We
pointed the danger to the duPes at the commence
ment of the RISE and the result has been pre-
diced Now that the leading bulls have sold out at a
handsome profit TO themselves they will likely soon be-
gin to buy again. for, Notwithstanding all the talk about
monetary stringency, there Is great recupera
tive power in the market, and it be
only temporarily depressed. Tie volume Of currency
aoat entirely great to make monetary stringency
possible and circulation of the national banks in
creasing at the rate of than three millions per
week The balance of the SubTreasury is looked upon
by being suspicously large, but 1t must
bs remembered that there are twenty-five mill
lions Of Clearing House certificates out
standing which redeemable In legal tender
notes at sight; also that 900 OF interest ON
sevenhry notes falls due the 18th of August The
'baance" in the Treasury is composed OF "mixed cur
rency" including CON- its par value and yesterdays
total $50, o94 500. About twenty eight millions OF
this lying the credit of disbursing officers
which may therefore, be drawn upon at any
time aud it is not unlikely that the preparation
OF the statement Of the national debt up
to this date may have had influence in checking
tho drafts by these ocers Tho prospect in any
event favorable to monetary The rate for call
loans strictly per cent but the supply OF capital
fully equal to the wants of borrowers The discount
limo is firm at 10 per cent for the best grade Of COM
mcrcial paper
eliminated is shown in the following comparison Of the
prices at the board Thursday morning last and
this morning.